Skip navigation

Office News

Trump's 40 Wall Street ready for rebirth after rehabilitation Trump Organization's newest project, The Trump Building at 40 Wall Street, is set for unveiling this spring after being completely renovated. Trump purchased the building two years ago from Kinson Properties, a Hong Kong-based consortium, for an undisclosed sum.

The 72-story, 1.3 million sq. ft. office tower was the tallest building in the world when it was built in 1930 in under 12 months. The lower Manhattan landmark was nearly vacant when it was acquired by Trump, but it is now nearly 100% leased. The building has been completely gutted and rehabbed. All that remains of the original building are the steel frame and curtain wall.

The aging elevators and all 3,500 windows were replaced. Italian marble and bronze now grace the lobby. The tower features a state-of-the-art telecommunications system with two separate backup systems, including a wireless fiber system connected via satellite dish.

Proposed tower in Loop would be second-tallest in Chicago Chicago-based European American Realty hopes to replace the Citibank building at Dearborn and Madison with a 1.7 million sq. ft., 1,220 ft. tall skyscraper. The 70-plus-story building would offer 812,175 sq. ft. of office space and be the second-tallest in Chicago, outranked only by the 1,450 ft. Sears Tower.

European American is purchasing the 18-story Citibank building for less than $24 million. Construction of the mixed-use office and residential tower could cost $290 million.

The Citibank building was built in 1902 by the Chicago Tribune but has been altered extensively and was never declared a historic landmark.

Brandywine acquires 14-property portfolio in Pennsylvania Newtown Square, Pa.-based Brandywine Realty Trust has purchased a 941,471 sq. ft., 14-property portfolio for $55.5 million in King of Prussia, Pa., and Middletown, Pa. The property was acquired from Chicago-based RREEF Funds, a real estate investment adviser.

The portfolio includes the King of Prussia Business Park and 19 acres of undeveloped land on Allendale Road in King of Prussia and 180 Wheeler Court in Middletown.

King of Prussia Business Park occupies 863,258 sq. ft. and includes tenants Lockheed Martin and Smith Kline Beecham Corp. The 180 Wheeler Court property is a warehouse measuring 78,213 sq. ft. Tenants include West Coast Entertainment Corp. and Lainiere de Picardie Inc.

TriNet and Whitehall Fund make big buy in The Big Easy TriNet Corporate Realty Trust Inc. and Whitehall Street Real Estate Limited Partnership IX have acquired two office towers, a parking facility and a development parcel in New Orleans for approximately $114.3 million.

The properties are located downtown in Poydras Plaza, adjacent to the Hyatt Regency and the Louisiana Superdome. TriNet and Whitehall each own 50% interest in the properties, with TriNet managing the venture's assets. The properties were purchased from Koll/Bren Realty Advisors.

Properties consist of the 28-story, 526,041 sq. ft. Entergy Building, the 24-story, 422,890 sq. ft. Mobil Building, a 1,078-space parking garage, a .68-acre garage expansion site and a 1.5- acre parcel zoned for a 1.1 million sq. ft. office tower.

Equity purchases downtown Boston office building Equity Office Properties Trust of Chicago purchased the 32-story, mixed-use 100 Summer Street building in Boston's financial district. Blue Cross and Blue Shield of Massachusetts sold its 600,000 sq. ft. condominium interest for $108.5 million. Equity acquired the remaining office space from the Trustees of Associates Summer Street Trust and the Trustees of Erem Summer Street Trust.

The 24-year-old building measures approximately 1.04 million sq. ft. and is 99% leased. Equity Office is continuing to expand its presence in Boston, now boasting almost 9 milllion sq. ft. of office space in 43 buildings throughout the area.

New York-based World Financial Properties has leased 104,000 sq. ft. on three floors of the 44-story 245 Park Avenue building to officials of Major League Baseball.

The commissioner of Major League Baseball, the American League, the National League and Major League Baseball Properties will have headquarters on the 30th, 31st and 34th floors of the tower. The 14-year lease began April 1.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.