Boston Properties acquires Manhattan office tower For a purchase price of $321.25 million in cash, Boston-based Boston Properties Inc. has signed a contract to acquire 280 Park Avenue, a 1.2 million sq. ft. property located in Manhattan, from Bankers Trust Co. The property consists of two separate buildings and is 88% leased.
Voit Commercial handles both sides of $40 million deal Irvine, Calif.-based Voit Commercial Brokerage represented both parties in the $40 million transaction involving Phelps Dodge Tower, a 321,125 sq. ft., 20-story Class-A office building in Phoenix. SOFI Equity III was the buyer and Praedium Phoenix Realty LLC was the seller of the property.
Pizzuti brokers sale of Orlando's Citrus Center for $28.5 million
Citrus Center Pizzuti Commercial Real Estate brokered the sale of Citrus Center, a prominent downtown Orlando landmark, to Tricony Florida Corp., Palm Beach, Fla., for $28.5 million. Pizzuti represented the seller, First Capital Financial Corp., in the transaction; American Network Commercial Inc. of Fort Lauderdale, Fla., represented the buyer, Tricony Florida Corp.
Pizzuti, which has leased Citrus Center for the past five and a half years, will continue to lease the property for the new owner.
Opus develops Orange County's first speculative highrise Opus Southwest Corp., Phoenix, and SPI/Irvine Holdings have announced the joint venture development of a 12-story, 250,000 sq. ft. Class-A office tower in Irvine, Calif., representing Orange County's first speculative high-rise project since 1990. The project is part of a long-term plan to develop three new office towers totaling 900,000 sq. ft. of office space.
The first phase is set to break ground in the first quarter of 1998, with completion set for first quarter 1999.
Tower Realty given leasing, management job in Michigan Redwood City, Calif.-based Tower Realty Management Corp. has been named leasing and management agent for Southfield Town Center. The five-building, 2.1 million sq. ft. Class-A office complex, located in Southfield, Mich., is currently 93% occupied.
Batson-Cook begins $120 million Charlotte project Construction has begun by Batson-Cook Co. on Three First Union Center, a 30-story, $120 million office tower in downtown Charlotte, N.C. The building will contain 914,000 sq. ft. of space, of which First Union will occupy at least 400,000 sq. ft. Atlanta-based Childress Klein Properties Inc. is the developer. Completion is scheduled to occur in about two years.
Carter wins Birmingham property management contract Atlanta-based Carter & Associates*Oncor has been awarded the property management contract for Amsouth-Sonat Tower, a 470,000 sq. ft. office building located in downtown Birmingham, Ala.
The building is currently 100% occupied by two tenants, AmSouth Bank and Sonat Services.
Cabot, Cabot & Forbes converts former warehouse to office space Boston-based Cabot, Cabot & Forbes of New England Inc. (CC&F) has acquired Riverside Center, the former Jordan Marsh warehouse in the Auburndale section of Newton, Mass., from Cincinnati-based Federated Department Stores. CC&F has secured all state and local permits and approvals needed to convert the building into 503,000 sq. ft. of Class-A office space.
Northwestern Mutual, Insignia break ground for spec project Work has begun on 6565 MacArthur, a 10-story, 265,000 sq. ft. office building being developed by Northwestern Mutual Life Insurance Co. and Insignia Commercial Investments Group. Located in Las Colinas, the office development is scheduled for completion in the summer of 1998.
Brandywine Realty acquires two office complexes for $77.2 million In a $77.2 million transaction, Newton Square, Pa.-based Brandywine Realty Trust has acquired Green Hills Corporate Center in Reading, Pa., and Berwyn Park in Berwyn, Pa. The two projects consist of eight properties, containing approximately 816,000 rentable sq. ft. Green Hills' five office properties are 85% leased, and Berwyn Park, consisting of three buildings, is 98% leased.
Greenwich Group to provide financing for $180 million project New York-based The Greenwich Group International LLC, has been retained by the owners of 7501 Wisconsin Avenue, a 750,000 sq. ft., 15-story double-tower office/retail complex in metropolitan Washington, D.C., in order to provide both debt and equity financing. The Greenwich Group is seeking $100 million debt and $50 million equity financing for the development.
Patriot American plans to build North Dallas office building In a joint venture with Carbon Development, Patriot American has announced plans to develop a 350,000 sq. ft., Class-A office building in North Dallas to be named 16500 Dallas Parkway. The new project will be the first of twin buildings planned for the seven-acre site. Groundbreaking is scheduled for January 1998.
Insignia arranges the sale of two New York properties Insignia/Edward S. Gordon Co. Inc. has arranged the sale of 685 Third Avenue, New York, for Leucadia National Corp. The 615,789 sq. ft., 31-story building is currently 45% occupied.
Also in New York, Insignia/ESG and Insignia Capital Advisors arranged the sale of the 703,702 sq. ft. 222 Broadway on behalf of SBC Warburg. The 31-story building was sold for more than $100 per sq. ft.
Cushman & Wakefield sells Atlanta building to TA Associates In a two-project transaction, Cushman & Wakefield of Georgia, Atlanta, has brokered the sale of One Securities Centre and 3500 Securities Center to Boston-based TA Associates Realty for an undisclosed amount. Cushman & Wakefield represented the owner -- HMS Office L.P., a joint venture between Hines Interests and Morgan Stanley. The two buildings are located in Buckhead and contain more than 500,000 sq. ft. of Class-A office space.
CarrAmerica purchases development site, six buildings Washington, D.C.-based CarrAmerica Realty Corp. has acquired the Preston Ridge development site in Alpharetta, Ga., and six suburban office buildings in Pleasanton, Calif.
Preston Ridge is a 13. 7-acre site that will be marketed to corporate users of build-to-suit facilities, and the six California projects are all one-story office and R&D buildings, totaling approximately 322,000 sq. ft.
LaSalle completes sale of Atrium One Building LaSalle Partners Investment Banking Group, Chicago, has sold the Atrium One Building, a Class-A, 567,000 sq. ft. landmark building in Cincinnati, on behalf of its owner, Atrium One Limited, for an undisclosed price. New York-based Jones Lang Wootton Realty Advisors was the buyer.
TCP Holdings buys Houston's Arena Towers buildings TCP-APE L.P., a partnership of TCP Holdings and Apollo Realty Estate Advisors L.P., has acquired the Arena Towers, a twin-tower office development totaling 840,054 sq. ft. in Houston. The 20-story development also includes a 2,800-seat theatre.
Cornerstone, Dutch Institutional Holding Co. merge office portfolios New York-based Cornerstone Properties Inc. and Dutch Institutional Holding Co. Inc. (DIHC) have entered into a definitive agreement for the acquisition by Cornerstone of interests in up to nine office buildings, located in Atlanta, Boston, Charlotte, N.C., and Washington, D.C., totaling 4.5 million sq. ft. DIHC, the U.S. real estate subsidiary of the Dutch pension fund Pensioenfonds PGGM, will sell its interests in the 96% leased properties.
Total consideration will be US$1.055 billion, which consists of approximately 34.2 million shares of Cornerstone common stock priced at $16 per share, $250 million in purchase money mortgage debt and $258 million in cash.
After closing, PGGM will become Cornerstone's largest investor. Closing is expected to occur before year's end.
Please contact Assistant Editor Tracy Heath at [email protected] if you have information about current office happenings.