West
Hawaii’s Largest Office Property to Trade in $232M Deal
Bishop Square, which with 960,000 square feet of office space holds the title of the largest office property in Hawaii, is about to change hands. Santa Monica, Calif.-based Douglas Emmett Inc. has signed an agreement to acquire the premier complex for $232 million from Bishop Square Associates, a partnership involving Sacramento, Calif.-headquartered California Public Employees’ Retirement System (CalPERS) and Milwaukee-based Northwestern Mutual.
Hines and Partner Sell Premier Office Building in California for $103.2M
Houston-based international real estate firm Hines and Fort Worth-headquartered Crescent Real Estate Equities Co. have just sold the 271,556-square-foot office building at 2211 Michelson Drive in Irvine, Calif., to Los Angeles’s Kilroy Realty Corp.
Voit Continues Expansion With Opening of Phoenix Office
The opening is actually a re-opening: the Newport Beach, Calif.-based company has previously had a Phoenix office, but closed it in 2008 during the recession. So could this herald the return of good times to the market? Perhaps.
Kaye Scholer Takes 42,000 SF in Century City
L.A. Realty Partners has negotiated a long-term lease renewal for international law firm Kaye Scholer L.L.P., which has signed a 10-year lease agreement for 42,000 square feet at Sun America Plaza in Century City, Calif.
Aloft Hotel in Arizona Awarded LEED Certification
The Aloft Hotel in Tempe, Az., has become Starwood Hotels & Resorts’ seventh LEED-certified property. It is the first certified property amongst the 40-hotel Aloft brand.
Skanska Nabs $73M Hospital Expansion Contract
The project calls for Skanska to build a three-story healthcare facility encompassing approximately 72,000 square feet. Construction of the building, which will meet LEED certification standards, will commence this summer and wrap up by the close of 2012.
Ground Broken on $70.4M Pharmaceutical Facility in Southern California’s Life Sciences Market
BioMed is developing the project at a cost of $400 per-square-foot, or a total of $70.4 million.
Voit Advances Distressed-Asset Mandate Via $100M Portfolio
Voit Asset Services executive managing director John Strockis said that the firm was retained based on its expertise as a real estate operator: specifically, developing, owning and managing comparable projects.
Huge SF Apartment Complex in Default
The San Francisco Chronicle is reporting that the owner of the city’s 116-acre Parkmerced apartment complex is expected to announce that the loan on the property has fallen into default.
Equity One Makes its California Debut with $600M JV Purchase of C&C USA
There are few better ways to enhance a commercial real estate portfolio by 2.6 million square feet in one fell swoop than by acquiring a commercial real estate company, and Equity One Inc. has done just that.