Glenborough Realty enters $474 million acquisition contract In two separate contracts, San Mateo, Calif.-based Glenborough Realty Trust Inc. has agreed to acquire 15 properties for $474 million.
Glenborough Realty has signed a definitive agreement to acquire a portfolio of 14 properties from Windsor Realty Fund II for a combined acquisition cost of $423 million. Totaling approximately 3.4 million sq. ft., the portfolio consists of 13 suburban properties and one office/flex property, all located in the East and Midwest.
Also, Glenborough has agreed to acquire the Thousand Oaks office complex in Memphis for a total cost of $51 million. The complex consists of three buildings, totaling 418,457 sq. ft., and is currently 92% occupied.
Archon represents buyer in three-property acquisition Representing the buyer, Whitehall Street Real Estate Funds, Archon Group L.P. has purchased three commercial properties in the Dallas area, including two office buildings in Las Colinas, Texas, the CIGNA Tower and The Courtyard, as well as the Prestonwood Creek office and retail center in North Dallas. The properties total nearly 950,000 sq. ft.
Greenwich Group completes two sales for $114.35 million New York-based The Greenwich Group International has completed the sale of Lakeside Office Park in Atlanta and Lafayette Centre in Washington, D.C., for $38 million and $76.35 million, respectively.
The buyer of Lakeside was Boston-based Beacon Properties; Chicago-based Equity Office Properties purchased Lafayette Centre.
Greenwich negotiated the Atlanta sale on behalf of Mutual of New York and the Washington sale on behalf of 1120 20th Street Associates.
Colliers Pinkard sells IBM Building for $137 million For a total price of $137 million, Baltimore-based Colliers Pinkard has sold the IBM Building at 100 East Pratt St. in downtown Baltimore to Boston Properties Limited Partnership.
The 647,141 sq. ft. property was developed in two phases: One was a 10-story building completed in 1975, and the 28-story office addition was completed in 1991.
Chase Manhattan renews lease, expands to 471,675 sq. ft. In one of Manhattan's largest lease transactions of 1997, The Chase Manhattan Bank signed a 471,675 sq. ft. lease renewal and expansion at 1211 Avenue of the Americas. STRATA Real Estate Services, the division of Chicago-based Heitman Properties that exclusively serves third-party owners and users in the corporate, institutional and financial markets, represented building ownership during the lease negotiations.
Now leasing 12 full floors, The Chase Manhattan Bank expanded its previous lease by an additional 150,656 sq. ft.
Boston Properties acquires two East Coast properties Boston-based Boston Properties has entered into a contract to acquire Riverfront Plaza in Richmond, Va., from MetLife for approximately $174 million. The firm also completed the acquisition of 875 Third Avenue in Midtown Manhattan for a consideration of 890,869 operating units in Boston Properties Limited Partnership and assumption of an existing $180 million mortgage.
TrizecHahn Corp. continues multimillion-dollar buying spree In the last few weeks of 1997, Toronto-based TrizecHahn Corp. acquired more than 4.6 million sq. ft. of space for a total price of $229 million. These acquisitions included the 605,000 sq. ft. 1065 Avenue of the Americas in Midtown Manhattan, the 500,000 sq. ft. Midtown Plaza in Atlanta and the 3.5 million sq. ft. Sears Tower in Chicago, along with an adjacent parking garage and development potential for a 1.6 million sq. ft. office building.
In the Sears Tower transaction, TrizecHahn purchased the office and retail property, which is currently 91% leased, from AEW Partners L.P. for a total price of $110 million. Being the last of the three deals, this acquisition brought TrizecHahn's total office investments completed for 1997 to 12 million sq. ft.
TrizecHahn acquired the loan on the 35-story 1065 Avenue of the Americas, which is currently 90% leased, from a New York pension fund for $59 million and restructured it into an ownership position.
And finally, TrizecHahn acquired a 100% interest in Atlanta's Midtown Plaza for $60 million. The property comprises two Class-A office buildings, and it is presently 80% occupied, with 50% of its leases rolling over during the next three years at rates significantly below market. TrizecHahn now controls 24% of the Midtown Atlanta Class-A office market.
Please contact Assistant Editor Tracy Heath at [email protected] if you have information about current office happenings.