August 2007
The Archives
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August 28, 200714 Penn Plaza Sold for $350M
New York
Dakota Realty Group LLC purchased the office tower at 225 W. 34th Street in New York from Pennsylvania Building Company for $350 million, or $630 per square foot.Delivered in 1925, the 558,000-square-foot building stands 22 stories high and is in close proximity to Penn Station. The building was 92% occupied at the time of sale.
Dakota Realty Group was represented in-house by Mordecai Elazary. Scott Latham, Jon Caplan, Richard Baxter, and Yoron Cohen of Cushman & Wakefield represented Pennsylvania Building Company.
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August 27, 2007WRIT Acquires CentreMed I & II
Washington DC
Washington Real Estate Investment Trust purchased CentreMed I & II in Centreville, VA from INOVA Health System for $15.3 million, or $294 per square foot. The properties were 100% leased at the time of sale.The medical office buildings are located at 6201 and 6211 Centerville Road in the Route-28 Corridor South submarket of Fairfax County. Each class B building totals 26,000 square feet, and is in close proximity to Prince William Hospital and INOVA Fair Oaks Hospital.
Kay Patterson and Chuck Matincheck of Donohoe/CORFAC International represented INOVA Health System. Washington Real Estate Investment Trust was represented in-house.
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August 26, 2007Porteous Leases 95,000 SF
Chicago
Porteous Fastener Company signed a long-term lease for 95,000 square feet of industrial space in the Fullerton Commerce Center located at 410 - 420 Fullerton Ave. in Carol Stream. Panattoni Development listed the asking rate at $6.15/SF/Yr, but the actual rate agreed upon was undisclosed.The property has 95,000 square feet of rentable building area, sits on 7.8 acres of land, and has 114 car parking spaces. It features 30′ clear ceiling heights, 27 loading docks, and two drive-in doors. Porteous will use the property as a Midwest distribution hub.
Andy Zimbaldi of Alden Management Group represented Porteous Fastener Company. Noel Liston of Darwin Realty and Development represented Panattoni Development.
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August 25, 2007JPI Acquires Capitol Hill Parcel
Washington DC
JPI acquired the 47,313-square-foot parcel at 23 I St. SE in Washington, D.C. from South Capital Partnership for an undisclosed amount.New ownership plans to develop a $150 million multifamily project on the Capitol Hill submarket parcel just blocks from the new Washington Nationals stadium.
The new building will be named Jefferson at the Ballpark, and will contain 416 units as well as ground retail space. Construction is scheduled to begin in the summer of 2008.
Jayne Shister of Cassidy & Pinkard Colliers represented JPI.
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August 24, 2007Regus Group Leases 35,000 SF
New York
The Regus Group leased the entire eighth floor at 260 Madison Ave., a total of 35,000 square feet, for 190 months.The building was delivered in 1952, stands 22 stories tall, and totals 479,700 square feet of rentable building area. Located near Grand Central Terminal, the building also houses such prominent tenants as Hanes Brands, Reader’s Digest, MetLife, and McLaughin & Stern LLP.
Regus is the world’s largest provider of workplace solutions, and has over 950 locations in 70 countries.
Richard Rosenhaus of Rosenhaus Real Estate represented The Regus Group. David Rosenbloom of Cushman & Wakefield represented the landlord, The Sapir Organization.
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