Office news

Jones Lang Wootton negotiates two bicoastal transactions Representing the sellers, New York-based Jones Lang Wootton has completed record-breaking transactions on both the East and West coasts.

In the largest transaction in suburban Maryland in 1997, Jones Lang Wootton negotiated the sale of NYLIFE Funding Inc.'s 710,000 sq. ft. Air Rights Center. The three-building office complex in Bethesda, Md., sold to Lowe Enterprises on behalf of an institutional investor for $96 million.

The company also negotiated the sale of Obayashi Corp.'s 566,434 sq. ft. 550 South Hope Street to Equity Office Holdings for $100 million, or $177 per sq. ft., the highest price paid for an office building in Los Angeles' CBD.

Cornerstone acquires an interest in Boston's Sixty State Street New York-based Cornerstone Properties Inc. has purchased a controlling interest in Boston's Sixty State Street.

Cornerstone bought a second mortgage on the 823,000 sq. ft. downtown office property for $131.5 million. The 38-story building is located in the financial district and adjoins Faneuil Hall and Quincy Market.

Cornerstone also has agreed to purchase a Chicago area office park for $150 million. Corporate 500 Centre is located in Deerfield, Ill., and was built in two phases from 1986 to 1990.

Corporate Property Investors signs 100,000 sq. ft. Atlanta lease Signing the largest lease in Atlanta's Buckhead submarket in more than three years, Corporate PropertyInvestors has inked an agreement with Premiere Technologies for a 10-year lease at CPI's 20-story The Lenox Building. Premiere Technologies will occupy more than 100,000 sq. ft.

SL Green purchases portion of multi-use New York property SL Green Realty Corp. has completed its $57.8 million all-cash acquisition of 810,000 sq. ft. of office space in lower Manhattan.

The company purchased the 22-story 17 Battery Place North, which contains approximately 410,000 sq. ft. of Class-B office space, as well as floors one through 13 within the 31-story 17 Battery Place South, which total an additional 400,000 sq. ft.

A portion of the South Tower not included in this transaction will be developed as a Ritz-Carlton Hotel.

Brandywine buys 23-property portfolio for $229 million For a purchase price of approx-imately $229 million, Newtown Square, Pa.-based Brandywine Realty Trust has purchased a portfolio of 23 properties totaling 1.98 million sq. ft. from GMHAssociates Inc. and other partners, including Whitehall Street Real Estate Limited Partnership VII and GECapital. Also included in the transaction were related management operations.

The portfolio is located in Pennsylvania, New Jersey, Delaware, Maryland and Ohio.

CB Commercial arranges Arizona office portfolio sale CB Commercial's Phoenix office has negotiated the $87.2 million sale of a commercial office portfolio to Carr America Realty Corp. of Washington, D.C. The portfolio comprises four Class-A properties in suburban Phoenix and Tuscon, Ariz.

The portfolio was sold by PREFCOVIILtd. of Shelton, Conn., a subsidiary of Pitney Bowes Credit Corp., and The Herrick Co., Boca Raton, Fla.

L&B snaps up office buildings in Minneapolis and Dallas On behalf of clients, L&B Real Estate Counsel, a division of the L&B Group of Dallas, has acquired three office properties located in Minneapolis and Dallas which total 402,000 sq. ft.

L&B acquired 8333 Douglas, a 16-story building in Dallas' Preston Center submarket, from Textel Partners.

In the Minneapolis area L&B acquired Eagandale Office Center, a three-story, 68,800 sq. ft. building in Eagan,Minn., and 8200 Normandale, a five-story, 82,000 sq. ft. building in Bloomington, Minn. The properties were purchased from Northwestern Mutual Life Insurance Co.

Correction In the January issue of NREI, we had printed in the office news that TrizecHahn had acquired the Sears Tower in Chicago for a total price of $110 million. However, TrizecHahn actually paid a cash price of $110 million and assumed the first mortgage debt of $734 million for a total price of $844 million.

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