National
Brandywine Realty Trust Buys Austin’s Four Points Centre
Brandywine Realty Trust recently paid $47.3 million to buy Four Points Centre and related land parcels in Austin. The acquisition was announced on December 20. At the same time, Brandywine, one of the largest, publicly traded, full-service, integrated real estate companies in the United States, also announced it purchased the remaining common ownership interest in One and Two Commerce Square, in Philadelphia’s Central Business District, for $331.8 million.
New Partnership between LaSalle Investment Management and Harvest Properties Completes First Purchase as Silicon Valley Tech Buzz Continues
Fueled by the numerous investment opportunities that are currently available in the booming tech market of Silicon Valley, commercial real estate company Harvest Properties has moved on the market for one of the most high-profile office assets in San Jose. The full service investment and development firm recently announced the purchase of 60 South Market St. for a fee that was not released to the public. This is the company’s first acquisition as part of the newly formed partnership that Harvest has created with LaSalle Investment Management.
John Hancock Acquires Iconic 200 South Wacker Tower
After KBS REIT III acquired the 1.5 million-square-foot tower located at 500 West Madison Street in downtown Chicago earlier this month, another skyscraper has changed owners in Chicago. The 40-story 200 South Wacker has been acquired by John Hancock for $214.5 million.
L3C Capital Partners Selects Village Green to Manage The Munsey in Downtown Baltimore
Baltimore’s Munsey Building was recently acquired by L3C Capital Partners LLC. According to The Baltimore Business Journal, the New York-based investment company paid $18.35 million for the building. Now, the new owner has selected Village Green, a Detroit-based apartment manager and owner, to manage the historic community
Pedcor to Expand Massive City Center Mixed-Use Development in Carmel
Developer Pedcor Cos. is planning to invest between $80 million to $100 million in the expansion of its major commercial and residential Carmel City Center development.
Village Green Breaks Ground on 82-Unit Addition to Historic Apartments
West End City Apartments recently broke ground on a luxury 82-apartment mid-rise building, an addition to the existing 318 apartments in three historic high-rises.
Holland Partners Closes $80M Property Acquisition in South Lake Union, with Plans for M-U Development
The approved rezoning of South Lake Union, one of the most popular development areas in the much improved city of Seattle, is already paying off. The Puget Sound Business Journal recently reported that Holland Partners, one of the most active development companies in the local market, recently completed the acquisition of a number of properties in the area, and is now eyeing a mixed-use development project for the area. The acquired area was previously targeted as a development site by Equity Office Property. Holland paid a total of $79.5 million for almost a block between Dexter Ave. and Westlake Ave.
Arhaus Furniture to Move 230 Employees to New Corporate HQ in Boston Heights
Arhaus Furniture, one of the fastest growing furniture retailers in the United States, has announced it plans to build a new, $43 million corporate headquarters and distribution center in the Village of Boston Heights. Construction is slated to start in March 2014. Arhaus Furniture hopes to move into the new building by April 2015.
Cincinnati’s Garfield Suites Hotel Changes Hands
CBRE Hotels has announced last week the sale of Cincinnati’s Garfield Suites Hotel. Cincinnati Lodging Associates, a joint venture of Sun Development, Hotel Capital and Silver Rock, it the property’s new owner. It plans to convert the all-suite hotel into a DoubleTree Suites.
Developers Plan Second Luxury Condo Complex at Ala Moana Center in Honolulu
An ultra-luxury condominium complex is slated to rise on the makai (ocean side) parking lot of Ala Moana Center in downtown Honolulu.