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Print this articleFebruary 18, 2009
Download these deals on property and loan investments, leads on properties under contract, lenders and lists of loans approaching their maturity date and all of the stories in the Watch List Newsletter here. The Adobe pdf version also includes all of this week’s leads of distressed properties and loans of concern. In addition, the pdf version contains bonus news items not found in these columns or the CoStar Group web news pages.
Institutional Investment Deals
Office
The world-famous auction house Sotheby's has re-acquired its New York headquarters for $370 million. It bought back the 406,110-square-foot office and auction facility from RFR Realty by assuming RFR's $235 million mortgage, along with two separate cash payments. RFR purchased the York Avenue property from Sotheby's in February 2003 for $175 million in a 20-year sale-leaseback transaction. (By: Andrew Deichler CoStar COMPS #1649216)
Inland Real Estate Trust closed on its $230 million acquisition of the U.S. headquarters of pharmaceutical giant Sanofi-Aventis in Bridgewater, NJ. The seller, a joint venture of SL Green and Gramercy Capital Corp., announced that it was selling its interests in the 670,000-square-foot office campus in fourth quarter last year. According to the partnership, the sale involved the assumption of about $190 million in debt. SL Green and The Gale Cos. acquired the complex for $125 million in 2005 and signed Sanofi-Aventis later that year. Gramercy acquired Gale's interest in 2006. The three-building office park sits on 150 acres at 55 Corporate Drive near the crossroads of I-78 and I-287. Cushman & Wakefield's Gary Gabriel, Andrew Merin, David Bernhaut and Jose Cruz represented the seller, along with the legal team at Greenberg Traurig. Joseph Cosenza of Inland Real Estate Acquisitions and Peter Harsy and Gary Pechter of Inland Real Estate Group provided in-house representation for the buyer. (By: Andrew Deichler)
Prudential Insurance Co. of America sold its 238,594-square-foot office facility at 901 MoPac Expressway in South Austin, TX, to a partnership between HPI Real Estate Services & Investments Inc. and Sarofim Realty Associates. The property traded for $41.8 million, or roughly $175 per square foot. The purchase included two Class A office buildings, the Barton Oaks Plaza II and Barton Oaks Plaza III, on 3.3929 acres in Travis County. The Barton Oaks Plaza II is 117,126 square feet and was built in 1986. The Barton Oaks Plaza III is 121,467 square feet and was built in 1998. Amenities for both buildings include key card access, on-site management and restaurants. The property sold at a 7.5% cap rate with a NOI of nearly $3.14 million. Judd Adams, Barry Brown, Andrew Levy, Todd Savage and Jim Batjer of HFF represented both the joint venture and Prudential. (By: Kristin Sawyer CoStar COMPS #1629532)
Holtec International acquired the Haas Building in Jupiter, FL, from Lionstone Group for $12.75 million, or approximately $208 per square foot. The eight-story office building totals more than 61,350 square feet at 1001 N. U.S. Highway 1. It was only about 43% occupied at the time of sale. The buyer plans to occupy part of the vacant top floor. (By: Brandi Pinkston CoStar COMPS #1620981)
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