Office
IPD: U.S. Real Estate Among Top Performers
The U.S. commercial real estate industry is not only recovering, it is performing better than real estate in many other nations, according to findings presented at IPD’s conference.
APF Properties, Prudential to Buy 28 W. 44th St. for $161M
While the property is not one of those premier office destinations with steady, long-term flow so deeply coveted by many an investor these days, it still brought out its share of eager buyers.
1 MSF Phoenix Office Property Changes Hands
In one of the largest single commercial real estate deals in downtown Phoenix, the Arizona Center has come under new ownership in a $136.5 million all-cash transaction. General Growth Properties Inc. sold the property to CommonWealth REIT.
Summit Repositioning Raritan Plaza I
The nine-story, 262,500-square-foot office property will receive lobby and elevator renovations, new signage, restroom renovations and upgrades and exterior work as well as security and energy-efficient lighting enhancements and touch-screen directories. A total dollar value for the work has yet to be determined.
American Assets Trust Buys 365,000-SF Office Property
First & Main, a Portland, Ore., office building that just opened its doors last summer, will soon get a new owner. American Assets Trust Inc. has entered into a definitive agreement with the building’s owner and developer, Shorenstein Properties L.L.C., to acquire the trophy asset for $129 million.
D.C.’s Market Square Fetches $615M
The 679,000-square-foot Class A office complex will be acquired by Wells Real Estate Investment Trust II. Its tenant base includes Bayer Corp., Novartis, Proctor & Gamble and United Healthcare.
National Association of Realtors Forecasts More Stabilization in CRE
The organization’s latest report anticipates increasing improvement across the board for the national commercial real estate market.
New Denver Office Building Trades for $213M
The 500,000-square-foot office building at 1800 Larimer St. comes under new ownership just nine months after developer Westfield Co. Inc. put the finishing touches on the technologically advanced tower.
Eyeing Healthcare Growth, Lend Lease Acquires DASCO
Company executives are counting on the merger to provide a one-stop shop for the burgeoning medical facilities industry.
CoStar Turns Profit on D.C. Headquarters
Exactly one year after acquiring a 169,500-square-foot office building in a $41 million deal, CoStar Group Inc. closed the disposition of the property in a $101 million sale-leaseback transaction with GLL L-Street 1331 L.L.C., an affiliate of GLL Real Estate Partners GmbH. CoStar walks away from the transaction with all cash in its pocket.