Per Square

Manhattan Tower Sells for $1B

NY Research — Thu, 27 Dec 2007 20:13:14 +0000

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

280 Park Avenue Sold For $1.28B

NY Research — Mon, 03 Dec 2007 23:44:12 +0000

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

Germans buy the Rookery for $73M

Chicago Research — Wed, 28 Nov 2007 23:07:26 +0000

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 Leases 104,000SF

Houston Research — Tue, 20 Nov 2007 01:09:27 +0000

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 Leases 107,000SF

Chicago Research — Tue, 13 Nov 2007 22:45:09 +0000

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

Microsoft Is Building In Northlake

Chicago Research — Fri, 09 Nov 2007 01:33:21 +0000

Microsoft has just announced the construction of a $500M data center in Northlake, Illinois. The site is located about 14 miles from downtown Chicago, and plans to be completed around the middle of next year.

The construction of the building is expected to employ upwards of 500 people, the center itself is only expected to employ 75 people after completion. Microsoft will use this location in order to be more competetive with Google and Yahoo. The Chicago site was based on the availability of electricity and fiber optic connectivity. The location was also selected because of it’s climate, they will capture cool air in order to cool the massive internet servers that it will be housing.

Tags: Commercial Real Estate Property Construction

Somerville Office Building Sold for $20M

Boston Research — Wed, 07 Nov 2007 22:38:27 +0000

A 66,217 square foot office building located at 212 Elm Street sold recently for $19.6M to Upland Capital Corp. The 4-story building in the Davis Square Neighborhood was owned and managed by Paradigm Properties.

Built in 1989, the building features both covered and surface parking. At the time of sale the building was 100 percent leased to tenants including; Arrowstreet Inc., Citizens Bank, and Powderhouse Productions Inc.

The Boston real estate firm, Meredith & Grew Inc. represented Paradigm Properties. Paradigm will continue to lease and manage the property.

Tags: Commercial Real Estate Property Sale Retail Office

Fifth Street Towers Sold For $186M

Minneapolis Research — Tue, 06 Nov 2007 23:19:06 +0000

A London based firm, Strategic Real Estate Advisors purchased the Fifth Street Towers for $186.4M. The sale also included the Riverpark building in Norwalk, Conn., for an additional $107.6M. The final sale price of $294M made this one of the largest U.S. real estate deals in the months.

The 25 and 36 story Fifth Street Towers total around 1.1M square feet, the price per square foot being around $170. The towers were 83 percent leased at the time of sale to tenants including publisher Augsburg Fortress, Qwest and law firm Leonard, Street, and Deinard.

The 4 story, 412,000 square foot Riverpark Building was purchased for about $270 per square foot. It was 97 percent leased at the time of sale to tenants including Priceline.com and Georgia-Pacific Corp.

The buyer, Stratreal was assisted by Atlanta based Carter Real Estate. The seller, CB Richard Ellis Investors was represented by brokers; Tom Holtz, Steve Buss and Ryan Watts of CB Richard Ellis.

Tags: Commercial Real Estate Property Sale Office Tower

Cardinal Cartridge leases 60,000 SF

Chicago Research — Mon, 05 Nov 2007 23:16:14 +0000

Cardinal Cartridge, Inc signed a lease to occupy 61,500 sqare feet of industrial space at 2100 N. 15th Avenue in Melrose Park, Illinois. The Melrose Park property is a 300,000 square foot multi-tenant facility.

Cardinal Cartridge is currently housed at a 30,000 square foot facility in Elmhurst, Illinois. They are one of the leading producers of remanufactured printer and toner cartridges in the US.

Joel Friedlund, John Schwarze, and Marc Gensler, of Epic/Savage Realty Partners represented both parties in the transaction.

Tags: Commercial Real Estate Property Lease Industrial

Fingerhut leases 93,000 SF

Minneapolis Research — Fri, 02 Nov 2007 15:46:39 +0000

Fingerhut Direct Marketing, Inc leased 93,146 square feet of the Superior Office Center at 6509 Flying Cloud Drive in Eden Prairie. The 204,000 single-story office complex is located near the intersection of highway 169 and 62. The building is located on a 16 acre parcel known as the Golden Triangle business area that has been redeveloped by United Properties.

Fingerhut will be moving from their current 35,000 square foot location in June 2008 after all interior renovations are completed. This move will allow Fingerhut to expand their business and increase staff in the coming years. The Superior Office Center was subdivided in 2005 with 70,000 square feet sold to Foss Swim School.

John McCarthy, United Properties Brokerage represented United Properties. Brent Karkula of CB Richard Ellis was the representative of Fingerhut.

Tags: Commercial Real Estate Property Lease Industrial