Deals & Projects

Koll/PER, a limited liability company owned by Newport Beach, Calif.-based The Koll Co. and the Public Employee Retirement System of Idaho, has acquired an office and research building for $10 million from Hewson Development. The 73,283 sq. ft. building is in the Fiesta Tech Center in Gilbert, Ariz. The single-story building is designed to accommodate three separate tenants and is entirely leased by General Dynamics Advanced Information Systems.

Hypo Real Estate Capital Corp. recently closed a $130 million loan for 681 Fifth Avenue in New York. The sponsors of this deal are Robert Siegel and descendants of the Herm├Ęs family. The property is located between 53rd and 54th Streets in the Plaza District submarket of Manhattan. Built in 1912, the 17-story Class-A office and retail property encompasses 82,500 sq. ft. and includes a unique penthouse with outdoor terraces.

KBS REIT I has acquired North Creek Parkway Center in Bothell, Wash. for approximately $41 million. The 205,707 sq. ft. Class-B office and flex complex is located 19 miles northeast of downtown Seattle and sits on more than 13 acres. The complex consists of six one- and two-story buildings and was constructed in 1986 and 1987. The building is 97% leased and includes tenants Albany Molecular and Alder Biopharmaceuticals.

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