Chase Manhattan signs 20-year lease on Park Ave. New York's Chase Manhattan Bank has signed a 20-year lease with New York-based Brookfield Properties Corp. for 580,160 sq. ft. of office space at 245 Park Ave., in New York City. Chase will occupy floors two through 14 in the 44-floor building. Brookfield has also lined up New York-based Bear Stearns Cos. Inc., which is moving its headquarters to the building. Bear Stearns signed a 20-year lease for 207,625 sq. ft. of space on floors 15-20. Combined, the two 20-year leases will occupy 787,785 sq. ft. of space and give the office tower full occupancy.
The office tower is 1.7 million sq. ft. and is located in midtown Manhattan adjacent to New York's Grand Central Station.
CalPERS and Hines acquire D.C. office building Sacramento, Calif.-based California Public Employees' Retirement System (CalPERS) and Houston-based Hines joined forces and acquired the 1900 K Street office building on behalf of the National Office Partners Limited Partnership (NOP). Aegis Realty Consultants represented the seller, 1900 K Street Associates, in the transaction.
Located at the corner of 19th and K Streets in the CBD of Washington, D.C., 1900 K Street is a 13-story, 337,000 sq. ft., Class-A office property. The property was built in 1996 and is currently 100% leased to a roster that includes PricewaterhouseCoopers.
Future Times Square Tower acquisition complete Boston Properties Inc. of Boston has acquired the future site of Times Square Tower in New York City for $164 million in cash. Boston Properties acquired the interest from Newark, N.J.-based The Prudential Insurance Co. of America. Located on the south side of 42nd Street between Broadway and Seventh Avenue, the 1.2 million sq. ft., 47-floor, Class-A office building will be built by Boston Properties. Construction is scheduled to start this spring with initial occupancy expected by the fourth quarter of 2003.
Boston Properties also signed on the New York practice of Arthur Andersen, which will lease 524,000 sq. ft. on the lower floors of the tower. Times Square Tower is part of the 42nd Street Development Project, which was initiated by the state and city of New York, and is designed by the architectural firm of Skidmore, Owings & Merrill LLP.
Times Square Tower is the second Boston Properties project in Times Square. The first was 5 Times Square, which is currently under construction and already 100% leased to Ernst & Young.
Denholtz Associates enters Philadelphia's CBD market Denholtz Associates of Rahway, N.J., has entered into the crowded Philadelphia CBD by acquiring the 1800 and 1880 John F. Kennedy Boulevard office towers for $50 million. The two Class-A office buildings are both 20 stories and each offer 475,000 sq. ft. of office space.
Denholtz Associates and a partner purchased the properties from 1800/1880 JFK Joint Venture, a partnership between Verizon Properties and Metropolitan Life. New York's Cushman & Wakefield represented the seller in the deal. Major tenants of the buildings include Insignia/ESG, AIG Insurance and the law firm of Post & Schell.
Three L.A. office properties go to KWI Los Angeles-based KWI Property Fund Inc. LP has purchased three office properties in Los Angeles for an undisclosed amount. The three high-rise properties total 576,092 sq. ft., and are located at 7080 Hollywood Boulevard, 1055 Wilshire Boulevard and 6380 Wilshire Boulevard. The previous owners renovated and repositioned the properties in 1998, which has increased the occupancy to 90%.
The 7080 Hollywood Boulevard property is an 11-story, 162,150 sq. ft. office building and includes a separate 6-story parking garage. The property was built in 1968, and is located between the Tri-Cities market and West Los Angeles.
The property at 1055 Wilshire Boulevard is an 18-story, 281,661 sq. ft. office building that has a separate 7-story parking garage. The property was built in 1986 and is located in the Central City West area in downtown Los Angeles.
The 6380 Wilshire Boulevard property is a 16-story, 132,281 sq. ft. office tower and includes a 6-level garage. The building was constructed in 1968 and is located in the Miracle Mile district of Los Angeles.
CB Richard Ellis acquires Atlanta office property Los Angeles-based CB Richard Ellis Strategic Partners LP recently acquired One Buckhead Plaza for $79.5 million. The office tower is located in the affluent Buckhead suburb of Atlanta, the tightest Class-A submarket in the metro area. One Buckhead Plaza is a 20-story, 440,000 sq. ft., Class-A office and retail property. Overseas Partners Capital, a subsidiary of Bermuda-based Overseas Partners Ltd., was the seller.
Located at Peachtree and West Paces Ferry Road, One Buckhead Plaza was built in 1987 and includes the office of Doug Ivester, former chairman and CEO of Atlanta-based Coca-Cola.
American Ventures acquires fourth Houston office tower Coral Gables, Fla.-based American Ventures Realty Investors Inc. has acquired a fourth property in Houston. As part of its property fund launched in June 2000, American Ventures purchased Three Riverway for $50 million or $126 per sq. ft. The firm estimates the resell value is in excess of $200 per sq. ft. The property, located in the Galleria area of Houston, is a 400,000 sq. ft. Class-A office property that is spread out on 6.7 acres. The entire property is adjacent to a 500-room four-star Omni Hotel.
Sonnenblick-Goldman arranges $181 loan New York-based Sonnenblick-Goldman Co., acting as the exclusive advisor for CDC Mortgage Capital, arranged the sale of a loan on Americas Tower. The property is a 960,050 sq. ft. Class-A trophy office tower located on the Avenue of the Americas in New York City. Northwestern Mutual Life Insurance Co. and New York Life Insurance Co. bought the property for $181.3 million. CDC Mortgage Capital acquired the loan from The Capital Co. of America in 1999. The borrower is an affiliate of Kumagai Gumi Co. Ltd., a Japanese construction company.
The 50-story property, which was completed in 1992, is currently 100% leased by 20 office tenants, including Bank Hapoalim American Home Assurance Co. and , as well as three retail tenants.
Construction begins on two Mack-Cali Jersey projects Construction on two new office towers in Jersey City, N.J., is under way. Cranford, N.J.-based Mack-Cali Realty Corp. is developing the two office projects and has selected the Jeffrey M. Brown Associates Inc. of Huntingdon Valley, Pa., as the construction manager for the two properties.
The $150 million Plaza V office complex recently broke ground and is slated for completion by late summer 2002. The 1.5 million sq. ft., 34-story office tower is located near the Hudson River waterfront in the Harborside Financial Center. The tower will have eight stories of parking to accommodate more than 1,200 automobiles and will also feature a small landscape public plaza and easy access to the newly constructed light rail system and the Port Authority Trans Hudson (PATH) subway system.
Plaza X will also be located at the Harborside Financial Center along the Hudson River. The waterfront project will include the 18-story, 684,000 sq. ft. Plaza X office tower, a pedestrian plaza and a public esplanade along the Hudson. Construction began in December of 2000 and is scheduled for completion by the summer of 2002. Upon completion the ground floor will feature retail stores, a childcare center and a cafeteria.
Plaza X is the first phase of a three-building complex. The Charles Schwab Corp. has already signed on and will occupy the majority of the complex as the major tenant.