March – Briefs/Sales & Development
- Mar 08, 2012
Jamestown, Rockwood Drop $390M on 530 Fifth Ave.
Jamestown Properties and Rockwood Capital have acquired 530 Fifth Ave., also known as the Bank of New York Building, for $390 million. The Midtown Manhattan office and retail asset is located between 44th and 45th streets and will soon undergo a $20 million renovation that will bring the property to Class A standards. The purchasing partnership also included Crown Acquisition and Murray Hill Properties.
The building’s office-leasing efforts will be led by Newmark Knight Frank’s tri-state president, David Falk. Retail development and leasing will be handled by Jamestown and Crown. A third-quarter 2011 report by Jones Lang LaSalle Inc. showed that Fifth Avenue held the second most expensive domestic office rents at $97 per square foot.
Hines, DFT Begin 800 KSF Development in New Delhi
Hines has partnered with DFT Ltd. to begin construction on One Horizon Center, an 800,000-square-foot project that will be located southwest of New Delhi in Gurgoan, India. The complex will include a 25-story office tower with 800,000 square feet of space, 65,000 square feet of which will be retail.
TCC, USAA Break Ground On Distribution Facility
Trammell Crow Co. and USAA Real Estate Co. are breaking ground on a 700,000-square-foot Class A speculative distribution facility at Mountain Creek Distribution Center in Carlisle, Pa. The distribution center is a two-building industrial project situated on 113 acres in Central Pennsylvania. The project is approved for 1.3 millio square feet of Class A warehouse space designed to achieve LEED Core & Shell certification.
Lucescu Closes $166M Ariz. Sale
Lucescu Realty has completed the sale of Promenade Corporate Center for $56 million. The transaction was the second part of the larger sale of Scottsdale Promenade in Scottsdale, Ariz., which had a total consideration of $166 million. The 1 million-square-foot, mixed-use asset was purchased by Excel Trust Inc. and sold by a local private investor.
Griffin-American Makes $174M Healthcare Pickup
The newly minted Griffin-American Healthcare REIT II has made an 11-property pickup for $174 million. Ten of the properties are skilled-nursing facilities; one is a medical-office building in Texas. Together the assets total approximately 454,000 square feet. The nursing facilities—which are located in Georgia, Tennessee, Alabama and Louisiana—are master-leased through 2027 through affiliates of Wellington Healthcare Services L.P.
Regency Centers Buys N.Y. Asset
Regency Centers has closed on the acquisition of Lake Grove Commons, its first property in New York. The 141,382-square-foot, Class A property is located on Long Island and was purchased for $72.5 million in partnership with First Washington Realty Inc. Built in 2008, the center is fully leased to six national tenants and anchored by the only Whole Foods Market in Suffolk County.
SL Green Closes Manhattan Sale
SL Green Realty Corp. has closed the acquisition of 724 Fifth Ave. in a joint-venture partnership with Jeff Sutton. The purchase of the 12-story, 65,010-square-foot property was partially financed with a five-year, $120 million floating-rate mortgage. The asset is located between 56th and 57th streets. Prada occupies 20,700 square feet of space.
Clarion Buys Pair of Boston Assets
Clarion Partners L.L.C. has acquired two office buildings in Boston’s Back Bay on behalf of a separate-account client. The 184,000-square-foot purchase carried a price of $87.1 million. The buildings are currently 92 percent leased.