Deals & Projects

Koll/PER, a limited liability company owned by Newport Beach, Calif.-based The Koll Co. and the Public Employee Retirement System of Idaho, has acquired an office and research building for $10 million from Hewson Development. The 73,283 sq. ft. building is in the Fiesta Tech Center in Gilbert, Ariz. The single-story building is designed to accommodate three separate tenants and is entirely leased by General Dynamics Advanced Information Systems.

Hypo Real Estate Capital Corp. recently closed a $130 million loan for 681 Fifth Avenue in New York. The sponsors of this deal are Robert Siegel and descendants of the Hermès family. The property is located between 53rd and 54th Streets in the Plaza District submarket of Manhattan. Built in 1912, the 17-story Class-A office and retail property encompasses 82,500 sq. ft. and includes a unique penthouse with outdoor terraces.

KBS REIT I has acquired North Creek Parkway Center in Bothell, Wash. for approximately $41 million. The 205,707 sq. ft. Class-B office and flex complex is located 19 miles northeast of downtown Seattle and sits on more than 13 acres. The complex consists of six one- and two-story buildings and was constructed in 1986 and 1987. The building is 97% leased and includes tenants Albany Molecular and Alder Biopharmaceuticals.

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