Office
Brookfield Closes on Sale, $120M Financing of Chicago Office Building
Brookfield Asset Management sold 300 S. Riverside Plaza, a Class A office building in Chicago’s West Loop submarket.
$930M Sale of John Hancock Tower Finalized
The iconic 1.7 million-square-foot tower was sold to Boston Properties Inc. According to Cushman & Wakefield Inc., which handled the sale on behalf of a joint venture between Normandy Real Estate Partners and Five Mile Capital Partners L.L.C., the deal is the largest pure investment sale transaction closed in the U.S. this year.
SL Green Wraps Up $390.8M Purchase of Gramercy Assets
The company did not have to shell out cash for the entire purchase, which accounts for an aggregate 1.2 million square feet of premier space, as the deal included the assumption of $265.6 million in debt.
Barry Joins Avison Young
Veteran commercial real estate broker Phil Barry will serve as a principal and member of the office properties group, providing a range of real estate services ranging from investment sales and acquisitions to build-to-suit development and landlord and tenant leasing.
Manhattan’s 111 Eighth Avenue Trades for $1.9B
In one of the year’s largest sales, Google has scored the biggest non-portfolio commercial real estate deal in the United States.
KBS REIT II Purchases National City Tower
The shopping spree continues for KBS Real Estate Investment Trust II Inc. with the purchase of National City Tower, a 723,300-square-foot office building in downtown Louisville, Ky. KBS acquired the premier property from Meridian Realty Investments L.L.C. in a $115 million transaction that marks the REIT’s Kentucky debut.
Miami Sees Largest Office Sale of 2010
Miami Tower, a 600,00-square-foot, Class A tower, was bought by I&G Miami Inc. from owner Blue Capital US East Coast Properties L.P.
Chicago’s Hyatt Center Trades for $625M
Hyatt Center, the 1.5 million square-foot office high-rise at 71 Wacker Drive in Chicago, is now part of The Irvine Company’s office portfolio.
KBS Closes on Denver’s Granite Tower
The 31-story Class A office tower was bought for $149 million, or $265 per square foot. The transaction is one of Colorado’s largest deals this year, according to KBS.
Hudson Pacific Boosts San Francisco Portfolio by 1.6 MSF
Since it entered the commercial real estate market as a REIT in June, Hudson Pacific Properties Inc. has had its eye on San Francisco. The company has just snapped up a pair of office properties in the area.