Cushman & Wakefield wins NBC Tower gig The Chicago office of international real estate services firm Cushman & Wakefield won the leasing and management assignment for NBC Tower at Cityfront Center, an 850,000 sq. ft., Class-A office property.
The contract brings C&W's property management portfolio in Chicago to more than 11 million sq. ft.
Compass Management and Leasing Inc. had held the leasing and management contract since the property was sold by Equitable to Sunbelt Management Co. in October 1996, according to Steven Smith, asset services director for C&W's Midwest region.
"We have had a strong relationship with Sunbelt for many years, and even assisted them during their due diligence when purchasing NBC Tower," Smith adds.
In addition to its anchor tenant, NBC Subsidiary WMAQ-TV Inc., which occupies the first through fifth floors, the building also is home to C&W's Chicago office.
LaSalle Partners manages sale of Detroit's massive TechneCenter With a tenant list that includes MCI WorldCom, Teligent, GTE, Federal Express and Metropolitan Life, Detroit's massive Southfield TechneCenter office complex should be an easy property to auction off, at least that's what LaSalle Partners Inc. is hoping.
The Chicago-based company is managing the sale of the 605,620 sq. ft. facility that features three multitenant buildings and 16 flex facilities.
An additional 17.78 acres of vacant land at the site is zoned for nearly 200,000 sq. ft. of new office and flex buildings. Southfield TechneCenter is currently 92% leased.
According to LaSalle Vice President Bruce Miller, suburban Detroit is considered one of the strongest office and industrial markets in the nation.
"Overall Class-A office occupancy in the metropolitan area stands at 94.5%, a 10-year high, while occupancy in the Detroit industrial market stands at 95.1%," Miller adds.
Pacific Realty Trust sells L.A. high rise for $85 million In what was one of the largest office building sales in downtown Los Angeles in 1998, Commonwealth Partners last month acquired 801 Tower from a partnership led by San Diego-based Pacific Realty Trust for $85 million.
The 24-story building contains 435,000 sq. ft. of office space and is the most recently constructed high rise in downtown Los Angeles.
Located in the Figueroa Corridor of the city's CBD, the 801 Tower also is close to the Staples Center Complex, the new home for the Los Angeles Lakers, Clippers and Kings.
Bulfinch lands CDM world headquarters in Massachusetts Camp Dresser & McKee Inc. (CDM) and Needham, Mass.-based The Bulfinch Cos. Inc. are new neighbors, now that CDM is relocating.
The real estate services firm is moving its world headquarters to Bulfinch's Cambridge Place project from CDM's current location in nearby Cambridge Center. With CDM's signing, Cambridge Place, a 314,000 sq. ft. office park under development, is 70% leased
Lend Lease arranges, Mass Mutual funds $66M loan MassMutual has funded a $66 million permanent loan on 200 S. Wacher Drive, a 40-story Class-A office tower in Chicago's West loop. Lend Lease Real Estate Investments arranged the permanent financing with the $100 million acquisition of the property by Prime Property Fund, the $2.5 billion commingled pension fund account managed by Lend Lease.
Booming Sawgrass area makes room for another office complex Increasing demand for office space near Sawgrass Mills mall in Sunrise, Fla., has spawned a new office development, 11-story Sunrise Tower.
The 220,000 sq. ft. project is being developed by the Parmenter Co. and designed by Barretta & Associates architects. Estimated rental rates for Sunrise Tower will begin at $17.50, and space availability starts from 5,000 sq. ft. to full-floor 20,000 sq. ft.