Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS) have joined together to purchase the Manhattan Tower located at 1177 Avenue of the Americas for just over $1 billion. The 47-story tower consists of just over one million square feet, making the sale about $1000 per square foot.
The art deco tower was designed by Swanke Hayden Connell Architects and construction was completed in 1992. the tower is home to tenants including; Pricewaterhouse Coopers LLC, Dickstein Shapiro Movin & Oshinsky, and Krmaer Levin Naftalis & Frankel.
The seller, Paramount Group, was represented by Wayne Maggin of Eastdil Secured and Peter Spies of Goldman Sachs. CB Richard Ellis Investors represented the buyers.
Tags: Commercial Real Estate Property Sale Office Tower
Broadway Partners and Investcorp Real Estate have joined together to purchase 280 Park Avenue Istithmar for $1.28B. The Property consists of two towers totaling 1,237,000 square feet, making the sale just over $1000 per square foot.
The Dubai based firm Istithmar purchased the towers in June 2006 for $1.2B. The towers stand tall at 31 and 43 stories, bridged together by a 14th floor mid-rise section. Tenants of the towers include, Deutsche Bank, The National Football League, Credit Suisse and Investcorp. Broadway Partners and Investcorp will reportedly each hold a 50% stake in the towers.
Tags: Commercial Real Estate Property Sale Office Towers
An unknown wealthy German family purchases the Rookery for $73.4M from Broadway Partners. The 285,706 square foot building is located at 209 South LaSalle Street, Chicago.
The twelve story building was constructed in 1888 and renovated in 1991. The building is a National Historical Landmark and has received numerous design awards. At the time of sale it was reported 97% leased by a number of large government, legal and financial firms.
The unknown German purchaser was represented by the Metzler North America Corp. Broadway Partners were represented by Michael Vesper of CB Richard Ellis.
Tags: Commercial Real Estate Property Sale Office Tower
Professional Packaging Systems LLP will occupy 104,000 square feet of industrial space in Grand Prairie, Texas. The property is located at 2002 Avenue R, just south of the North Carrier Parkway and East of the Great Southwest Parkway. The property is owned by ML Realty Partners headquartered in Addison, Texas.
Professional Packaging Systems is a national discount supplier of plastic packaging products including polyethylene bags, sheeting, shrink film, stretch film and foam.
ML Realty Partners was represented by Michael Stanzel of NAI Robert Lynn. G. Walter Floyd of NAI Huff Partners represented Professional Packaging Systems.
Tags: Commercial Real Estate Property Lease Industrial
Surface Guard Inc. renewed a lease of 107,000SF in Aurora. The lease is comprised of two buildings, located at 515 and 615 Enterprise Street. The two buildings are owned and managed by Duke Realty. No information was made available regarding the lease rate.
Surface Guard specializes in the manufacturing of surface protection films.
Surface Guard was represented by David Friedland, a partner of the firm Epic/Savage. The property owner, Duke Realty was self-represented.
Tags: Commercial Real Estate Property Lease Industrial
Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS) have joined together to purchase the Manhattan Tower located at 1177 Avenue of the Americas for just over $1 billion. The 47-story tower consists of just over one million square feet, making the sale about $1000 per square foot.
