Investment
SL Green Sells London Asset for $100M
SL Green Realty Corp and its partner Westcore Properties have sold their shares in the Jersey Property Unit Trust, which owns a long-term leasehold interest in Procession House, a Class A office building in London to a U.K.-based property company for $100 million.
Morguard Corp. Acquires LEED Gold M-F Complex in Chicago for $300M
Morguard Corp., an Ontario-based investor, agreed to purchase Alta at K Station, an 848-unit multi-family complex in Chicago’s West Loop, for $300 million, with the acquisition expected to close at the end of December.
Apple REIT Six to Merge with Blackstone Affiliate in $1.2B Deal
Less than one month after rejecting an unsolicited tender offer by a group led by MacKenzie Capital Management, Apple REIT Six has signed a deal to be acquired by BRE Select Hotels, an affiliate of Blackstone Real Estate Partners VII.
Paramount Sells 228 KSF Property in Times Square
After owning the Candler Tower for six years, Paramount Group sold the 228,000-square-foot office space in Times Square to Epic.
JV Plans $136M Redevelopment Project in Toronto’s Downtown West
RioCan Real Estate Investment Trust, Allied Properties Real Estate Investment Trust and Diamond Corp. have entered into an agreement to purchase the Globe & Mail Lands in Toronto for $136 million. The transaction is expected to close in mid-December 2012.
IPA Orchestrates $60M Trade of 272-Unit Southern Calif. M-F Asset
Coastal communities are high on investors’ lists and Institutional Property Advisors had no problem securing a buyer for Archstone Ventura Colony, a quality apartment asset located approximately one hour outside of Los Angeles in Ventura, Calif.
Mesirow Financial Acquires 302-Unit Nashville M-F Complex for $59M
Mesirow Financial, a Chicago-based property investment firm, purchased Eleven North, a Class AA, institutionally owned multi-family complex in Nashville for $59 million.
HUD Announces $621M Deal to Refinance Mortgage Loan for NYC Co-op
Backed by a federal mortgage guaranty program that was extended to a co-operative development for the first time, RiverBay Corp. and Wells Fargo Bank have closed on a $621 million deal to refinance the mortgage at Co-op City in the Bronx.
HOK to Design $269M Italian Biomed Hub
Global design firm HOK has been designated as the lead architect for the Ri.MED Biomedical Research and Biotechnology Center (BRBC) near Palermo, Sicily in Italy, selected among 13 other firms that entered the international design competition for the contract.
Dexus Property’s 1 Bligh St. in Sydney Recognized as World’s Most Innovative High-Rise
Deutsches Architekturmuseum, in association with DekaBank and Stadt Frankfurt am Main has awarded “The International High-rise Award 2012” to 1 Bligh St. in Sydney.