Northwestern Mutual, NADA joint venture in office park project In a joint venture between Milwaukee, Wis.-based Northwestern Mutual Life Insurance Co. and the National Automobile Dealers Association (NADA), plans have been announced for a three-building, 630,000 sq. ft. Class-A office park development in Tysons Corner, Va. The first of the three buildings to be constructed is a 270,000 sq. ft. speculative office building called 8484 Westpark Drive. Groundbreaking is scheduled to take place at the end of this year with occupancy expected in the second quarter of 1999.
Prentiss invests $92 million in three office complexes Dallas-based Prentiss Properties Trust has acquired three suburban office properties totaling 797,532 sq. ft. in its mid-Atlantic region for a total of approximately $92 million, representing a price at 80% of replacement cost. The three projects include Calverton Office Park, a three-building office park in Calverton, Md.; Gateway International, a three-building development in Linthicum, Md.; and Research Office Center, a three-building office center in Rockville, Md.
Atlanta's downtown skyline lights up with a new look Lighting up the night sky, Centennial Tower, a Class-A, 36-story, 630,000 sq. ft. office building, will be the first large commercial structure in Atlanta's Centennial Park, and it will provide a new chevron symbol to the city skyline. The buyers, LNR Property Corp. and Insignia Commercial Investments Group, have plans to rebuild 101 Marietta Street, currently a Class-C highrise in downtown Atlanta. Once completed, the building will be valued at $80 million. Centennial Tower is scheduled to open in summer 1998.
ERE Yarmouth opens Lakeside Commons Two in Atlanta With more than 80,000 sq. ft. of preleasing commitments, New York-based ERE Yarmouth has opened its purely speculative 285,000 sq. ft. office building in Atlanta's Central Perimeter submarket. Lakeside Commons Two is a 14-story, $40 million Class-A office tower.
Indianapolis sees first speculative office building since 1989 Groundbreaking is scheduled to take place at the beginning of 1998 for the first speculative office building in downtown Indianapolis since 1989. Indianapolis-based Midwest Realty Investments LLC and F.C. Tucker Co., Indianapolis, have announced plans to develop the four-story, 66,000 sq. ft. Class-A office building. Midwest will develop the building, and Tucker will handle leasing.
Please contact Assistant Editor Tracy Heath at [email protected] if you have information about current office happenings.
Well, it's just that: a big deal. Recently there has been a surge of office deals that total more than 900,000 sq. ft., showing the strength and desirability of today's office market. Included in those deals are the following:
* Equity Office Properties Trust, Chicago, has signed a letter of intent and entered into exclusive negotiations with Wright Runstad & Co. of Seattle, Wash., to invest in eight properties, totaling approximately 3.34 million sq. ft., in Seattle and Bellevue, Wash.; Portland, Ore.; and Anchorage, Alaska.
* Insignia Commercial Group Inc., West Division, a subsidiary of Greenville, S.C.-based Insignia Financial Group Inc., has been assigned the property management of MetLife Corporate Property Management's approximately 1.71 million sq. ft. office and R&D portfolio, located in San Jose, Santa Clara, Walnut Creek and Redwood City, Calif.
* Duke Realty Investments Inc., Indianapolis, has purchased or has committed to purchase approximately 1.9 million sq. ft. of suburban office properties in four separate transactions, including the commitment to purchase Baur Properties and its interests in eight suburban office properties in St. Louis, totaling 904,000 sq. ft.
* Boston-based Boston Properties Inc. has completed its acquisition of 280 Park Avenue, a 1.2 million sq. ft. property, from Bankers Trust Co.
* Beacon Properties Corp., Boston, has agreed to acquire two downtown Chicago buildings, The Civic Opera Building and a 29-story tower at 200 West Adams, for approximately $132 million. The two buildings total approximately 1.5 million sq. ft.
* Beverly Hills, Calif.-based Arden Realty Inc. has completed the purchase of eight of nine pending acquisitions described in its secondary public offering prospectus. Representing an investment of $111.5 million, the eight properties are located in Southern California and total 965,612 sq. ft.
* In a $94.6 million transaction, Barnes, Morris, Pardoe & Foster, Washington, D.C., represented GSIC Realty Corp. in the purchase of the 17-building, 900,901 sq. ft. Metro Park North in Rockville, Md., from Trammell Crow Northeast.