Office News

Cornerstone makes memorable buy on Memorial Drive In a transaction valued at $112.5 million, Cornerstone Properties Inc. has acquired the 20-story office building One Memorial Drive in Cambridge, Mass. The Class-A building contains 352,000 sq. ft. along the Charles River.

Constructed in 1987, the five-sided glass and granite structure features office space on its top 16 floors, ground floor retail and restaurant space and a six-level parking garage, with three below-gradeparking levels. Tenants in the fully leased building include Sapient Corp., Putnam Hayes & Bartlett, David L. Babson & Co. Inc. and InterSystems.

Boston-based Fallon Hines & O'Connor represented the seller, a joint venture comprising Prudential Insurance Co. of America and Congress Group Ventures, and procured the buyer. Cornerstone is a REIT that invests in office properties in major metropolitan areas and central business districts.

Equity Office pays $90 million for San Francisco office buildings Chicago-based Equity Office Properties Trust has purchased two office buildings in San Francisco's financial district for $90 million. Kennedy-Wilson International, of Santa Monica, Calif., brokered the transaction on behalf of the sellers, Rolaco Services Inc. and Paladin U.S.A. Inc.

The Class A 301 Howard building is a 23-story, 315,111 sq. ft. office tower overlooking the San Francisco Bay Bridge. The structure, which features a granite entry and Italian marble interior, won the 1994 BOMA Building of the Year award. The tower is presently 86% leased.

The former Del Monte headquarters, 215 Fremont, is currently vacant, awaiting renovation. The 10-story, 295,564 sq. ft. office building features subterranean parking.

LaSalle to lease and manage Washington, D.C., office building Chicago-based LaSalle Partners Management Services Inc. has been named the leasing and management agent for 1500 K Street, a 244,000 sq. ft. office building in downtown Washington, D.C. The building is owned by a subsidiary of the Teachers Insurance and Annuity Association.

Located beside McPherson Square, 1500 K Street features 24,000 sq. ft. floor plates with a build-out potential of one windowed office per 500 sq. ft. Currently 75% leased, the building has its own concierge services, restaurant, pharmacy and book store.

Insignia/Edward S. Gordon leases eight floors of World Trade Center Acting on behalf of the lessor and lessee, Insignia/Edward S. Gordon Inc. leased the last available office space in the World Trade Center's Tower One to J & H Marsh & McLennan Inc. The international insurance broking firm leased the 94th through the 100th floors and part of the 93rd floor for 16 years in a $196 million transaction.

The floors leased contain approximately 361,000 sq. ft. of office space, the last large piece of contiguous space in the center. According to the Port Authority of New York & New Jersey, which owns and operates the World Trade Center, vacancy is now less than 10%.

In a venture with Angelo, Gordon & Co., Pacific Realty Trust has acquired an office building and hotel portfolio in the Southwest for $265 million. The 2.5 million sq. ft. portfolio was purchased from Sinar Mas, an Indonesian conglomerate. The Pasadena and Dallas properties will undergo extensive interior and exterior renovations.

Properties purchased include:

* The 600,000 sq. ft. Pasadena Hilton Hotel and Office Tower in Pasadena, Calif.

* 801 Figueroa, a 435,000 sq. ft. Class-A office building in Los Angeles

* The Atrium at Collin Ridge, a 235,000 sq. ft. Class-A office building in Plano, Texas

* Fannin Exxon Tower, a 786,000 sq. ft. Class-A office tower in Houston

* Twin Towers Office Building, a 450,000 sq. ft. Class-A office building in Dallas

* The Melrose Hotel, a 184-room boutique hotel in Dallas

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.