Office
AREA, Adler Group Close First Phase of $350M Portfolio Purchase from WRIT
AREA Property Partners and Adler Group, acting together in a joint venture as AP AG Portfolio L.L.C., have completed the first step in acquiring a 3.1 million-square-foot portfolio of office and industrial properties from Washington Real Estate Investment Trust.
Charles Dunn Snaps Up $50M Pacific Financial Center in Downtown L.A.
In a process that attracted more than 15 bidders, the 17-story Pacific Financial Center was purchased by Walter J. Conn, chairman of Charles Dunn Company, for $50 million.
Hines Sells 1.4 MSF Three First National Plaza in Chicago
Thirty years after Hines developed Three First National Plaza in Chicago, the real estate company’s U.S. Core Office Fund has sold the 1.4 million-square-foot office property.
Office Space Tightening Amid Greater Economic Concerns
Despite continued economic volatility and sluggish growth, the top tiers of the office market are still drawing significant activity and interest, according to a Jones Lang LaSalle report.
Transwestern Wins Two Service Contracts for 5.1 MSF in San Fran Bay Area
Transwestern has secured two assignments from Westcore Properties and USAA Real Estate Co. involving an aggregate 5.1 million square feet of properties in the San Francisco Bay area.
JLL Tapped for KeyCorp’s Greening Initiatives
Hot off the heels of achieving LEED Gold for the Sunnyvale, Calif., headquarters of search giant Yahoo, Jones Lang LaSalle has been tapped to serve as climate-and-energy-sustainability advisor for Cleveland-based KeyCorp.
Spear Street Gets 244 KSF Suburban D.C. Office Building for $64.4M
Acting on behalf of the California State Teachers Retirement System, Clarion Partners sold the asset at 1881 Campus Commons Drive in Reston, Va., to Spear Street Capital for $64.4 million.
Hertz Gets $42M Loan in Downtown Cincinnati
Hertz Investment Group took a $42 million loan on The Center at 600 Vine, a 625,765-square-foot, Class A office building in Cincinnati, from U.S. Bank.
CBRE Investors Nabs 242 KSF Class A Houston Office
CB Richard Ellis Investors acquired the approximately 242,400 square-foot property, at 2603 Augusta Dr. in Houston’s popular Galleria submarket, from Behringer Harvard Opportunity REIT I Inc.
Cole Purchases $102M PetSmart HQ in Phoenix
The Phoenix office market continues its march back to recovery, this time led by the $102.5 million purchase of the PetSmart corporate headquarters by Cole Real Estate Investments.