The bank’s size needs resulted in the decision to opt for a build-to-suit, he relates.
“That’s a pretty large requirement, and there
aren’t a lot of existing buildings to accommodate it. In this market, development is still a
consideration,” McCarthy says, adding that
final plans for the office building are still being
hammered out.
Some 2,000 employees in five locations in
“The most important
thing for HSBC was the
proximity to its existing
employee base. DAN MCCARTHY JONES LANG LASA”LLE
Chicago’s west and northwest suburbs will
move into the facility in the third quarter of
2010. Like the Mettawa building, the Itasca
property will be built to achieve LEED Gold
certification, which, says the SVP, “is unique
for suburban Chicago.”
McCarthy and Melonides, along with JLL’s
Meredith O’Connor, also helped HSBC negotiate a $14.2-million incentives package with
the state to supplement its own $95-million
investment. The package is part of Illinois
Governor Rod Blagojevich’s Opportunity
Returns program, an economic development
strategy to foster business and create jobs in
northeast Illinois.—Sule Aygoren Carranza
Leasing: Did You Know?
sales
AEW CAPITAL EXPANDS
FLORIDA OFFICE PORTFOLIO
Coral Gables, FL—AEW Capital
Management has acquired the 224,049-sf
355 Alhambra Cir. building from JP Morgan
Investment Management. The 16-story class
A tower was on the market for less than four
months and sold for a price between $90 million and $100 million in an all-cash transaction, according to industry sources. This is the
second office building Boston-based AEW
purchased here from JP Morgan in the past
four years. It acquired the 160,000-sf 550
Biltmore Way in 2004.
The transaction is representative of a
growing trend of institutional buyers purchasing local assets on an all-cash basis on behalf
of investor funds. A
few weeks earlier,
Deka Immobilien, a
German open-end
property fund based
in Frankfurt,
acquired the
207,000-sf BAC
Colonnade class A
office building for
$82.9 million in all-
355 Alhambra Cir. cash transaction.
And there’s more to
come. USAA Real Estate Co., which already
owns the Columbus Center office complex, is
under contract to purchase the Alhambra
Sales: Did You Know?
KBS Realty Advisors achieved a $27.9-million profit
from the sale of Paseo Del Mar, a 232,307-sf class A
office complex in the San Diego suburb of Del Mar
Heights. A fund advised by Metzler North America
paid $147.9 million, or $636.45 per foot, for the
three-building campus, which KBS acquired back in
January 2007 for $120 million. Jones Lang LaSalle
brokered the deal for the seller…Morgan at the Park,
a 270-unit apartment property in Hartford’s CBD, was
purchased for $17 million by an unnamed buyer. The
10-story building includes 10,000 sf of ground-floor
retail and commercial space. Marcus & Millichap
Real Estate Investment Services Inc. acted for both
the buyer and the seller, Capitol Garden
LLC…Holliday Fenoglio Fowler arranged the $103-
million sale of a 427,000-sf power center in Westbury,
NY. Roosevelt Raceway Center is currently fully leased
to tenants such as Home Depot, Michaels and Loews
Theaters. HFF also secured a $70.7-million, fixed-rate
acquisition loan through New York Community Bank
for the buyers, Mattone Group and Gartenstein
Properties. ING Clarion Partners LLC was the sell-er…RMS Airport Hotel LLC, an affiliate of Sandhu
Management & Investments LLC, has gained title to
the 155-key Wyndham Richmond Airport hotel in
Richmond, VA. The total investment, which includes
acquisition costs as well as planned upgrades, was
$10.5 million. The seller was BRE/Richmond Airport
LLC, an affiliate of the Blackstone Group. According
to Sperry Van Ness, the sole broker in the deal, the
Between April and August of 2009, employees from several Time Warner Cable Inc. locations in the Herndon, VA
area will relocate to Brandywine Realty Trust’s South Lake at Dulles Corner. The communications company, represented by CB Richard Ellis, signed a 10-year lease for 195,000 sf of the 268,240-sf office building. The landlord utilized in-house representation as well as CBRE brokers… The North Face will open its first green store in
Downtown Boise, ID in the fourth quarter. The retailer will occupy a two-story, 8,665-sf location in the historic Mode
Building, owned by Baum Realty Group, that will be built to LEED-CI standards…ProLogis has tapped JVC
America Inc. to fill its 540,000-sf New Manchester Distribution Center in Atlanta. The company will use the free-standing facility, which features an energy-efficient, T- 8
lighting system, for the creation and distribution of media
products…The latest name to join the tenant roster at
the Beverly Connection is Nordstrom Rack. The specialty retailer will open a 28,000-sf store, its fifth Los
Angeles location, in the fall of 2009. Vornado Realty
Trust owns the two-level, 330,750-sf regional urban
center…In one of the largest leases in the history of the
famed Manhattan skyscraper, Coty Inc. has taken
almost 90,000 sf at the Empire State Building. The fragrance company will move into the 14th and part of the
15th floors in the first quarter of 2009. Colliers ABR
South Lake at Dulles Corner
spoke for Coty, while the landlord, W&H Properties, rep-
resented itself…MGA Entertainment Inc. of Van Nuys, CA has leased 749,309 sf at the AMB Redlands
Distribution Center, a 1.3-million-sf building in Redlands, CA, owned by AMB Property Corp. Lee & Associates
spoke for AMB in the eight-year, $22.2-million lease. The tenant, which manufactures the Bratz line of dolls, will
be completely moved into its space by year’s end.
Paseo Del Mar
property was a non-core asset within Blackstone’s
Wyndham portfolio. The hotel will continue to fly the
Wyndham flag…A joint venture of Sterling American
Property Inc. and the Collier Cos. has paid approximately $38.4 million for the St. Croix Apartments in
Tampa, FL. The 540-unit gated community features
two swimming pools, two spas, a fitness center and
three tennis courts. Sterling acted for the buying entity,
while CB Richard Ellis spoke for seller Sentinel Real
Estate Corp…A two-story office building at 5775
Flatiron Pkwy. in Boulder, CO is now part of Crown
West Realty LLC’s portfolio. The 96,000-sf asset
fetched $10.9 million for former owner Invesco Real
Estate…Bayrock Group has sold Brooklyn’s
Loehmann’s Seaport Plaza to a partnership of local
and European investors for $24 million. Located in
the Sheepshead Bay area, the three-story property
consists of 63,000 sf of retail space and a 50,000-sf
parking garage. The asset traded for a 6% cap rate.
GFI Realty Services arranged the deal.
