TrizecHahn unloads two Motown office buildings
Toronto-based TrizecHahn Corp. has sold the Fisher and Albert Kahn buildings, two adjacent structures totaling 1 million sq. ft. in downtown Detroit. A partnership of Philadelphia-based Lubert Adler Real Estate Funds and Southfield, Mich.-based Farbman Group was the buyer. Terms of the transaction were not disclosed. Kenneth J. Szady, senior vice president of Dallas-based Trammell Crow Co.'s Investment Services Group, represented the seller and was assisted locally by Eric Siegel, vice president of investment services in Trammell Crow's Detroit office; they were the only brokers involved in the deal.
The 760,000 sq. ft. Fisher Building, one of the jewels of Detroit real estate, features a 28-story tower and two 11-story wings. The 11-story Albert Kahn Building contains 240,000 sq. ft. An underground tunnel connects the two structures. TrizecHahn had owned the buildings since 1974.
Key Commercial provides key loan for Boston project
Key Commercial Real Estate, a division of Cleveland-based KeyCorp., has provided a $72.2 million construction loan for 226 Causeway St., a 12-story, 240,000 sq. ft. mixed-use development in Boston. Completion of the project, which will include office, retail and residential space, is slated for fourth-quarter 2002. Boston-based Intercontinental Real Estate Corp. is the developer of the project. When complete, the building will include 170,000 sq. ft. of office space, 19,000 sq. ft. of retail space and 108 residential units.
Intercontinental is in the midst of a total gutting and rehabilitation of the existing six-story building at 226 Causeway St. The building was built in 1906.
Zeller and ING team up to snag historic Chicago tower
A partnership of Chicago-based Zeller Realty Corp. and New York-based ING Realty Partners has purchased Burnham Center, a 22-story, 575,000 sq. ft. office building in downtown Chicago. A partnership headed by Chicago-based ORIX Real Estate Equities was the seller. Terms of the transaction were not disclosed. Tony Smaniotto, Michael Vesper and Michael Schramm of the Chicago office of Los Angeles-based CB Richard Ellis Inc. represented the sellers and were the only brokers involved in the deal.
Burnham Center, formerly known as the Chicago Title & Trust Center, was built in 1914 and renovated in 1984. The building, which is on the National Register of Historic Places, was 92% occupied at the time of the sale.
SL Green hands over many greenbacks for New York tower
New York-based SL Green Realty Corp. has purchased 317 Madison Ave., a 420,000 sq. ft., 22-story office building in Manhattan, for $105.6 million. New York-based Richfield Investment Co. was the seller. Cushman & Wakefield and Williamson, Picket, Gross Inc., both based in New York, were the exclusive advisors during the sale. SL Green plans various upgrades to the Class-B office facility, which is located at the northeast corner of Madison Avenue and 42nd Street, a half block from Grand Central Station.
Beer-Wells and friends grab Dallas office building portfolio
A partnership headed by Dallas-based Beer-Wells Real Estate Services Inc. has purchased a six-building, 789,000 sq. ft. portfolio of Dallas office properties. Boston-based Beacon Capital Partners was the seller. Terms of the transaction were not disclosed. Transwestern Commercial Services, Chicago, represented the seller.
The portfolio includes the 228,000 sq. ft. Crosspoint Atrium, the 169,000 sq. ft. One Glen Lakes Tower, the 166,500 sq. ft. Northcreek Place II, the 114,000 sq. ft. 6500 Greenville, the 69,000 sq. ft. Forest Abrams Place and the 42,500 sq. ft. Bank One LBJ.
Equity and MaguirePartners are on the (Water's) Edge
A joint venture of Chicago-based Equity Office Properties Trust and Los Angeles-based MaguirePartners has begun construction on Water's Edge, a 450,000 sq. ft. office complex in Los Angeles. Completion of the 260,000 sq. ft. first phase is slated for August 2002. The start date for the 190,000 sq. ft. second phase has not been scheduled and will depend on such factors as local job growth, vacancy rates and space demand. Equity Office will manage the property, while MaguirePartners will be the development manager and leasing agent for the complex.
The $91 million first phase will feature two buildings, one totaling 198,000 sq. ft. and the other 62,000 sq. ft. Once the second phase is complete, Water's Edge will contain parking for 1,238 cars.
NAIOP prepares for fall conference in Chicago
The National Association of Industrial and Office Properties (NAIOP), Herndon, Va., will hold its annual conference at the Sheraton Hotel & Towers in Chicago Oct. 24-26. Complete registration information is available at www.naiop.org. Registrations are not accepted over the phone. Those who register by Sept. 28 will be able to take advantage of various “early-bird” deals.
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