The Koll Co. has acquired a four-property office portfolio from Invesco for $24.4 million. The four properties are located in Houston and consist of 13 buildings totaling 380,010 sq. ft. The portfolio includes the Westport Business Center, Pineway Business Center, Pinehill Business Center and Westway Business Center. Each of the properties will be leased and managed by third-party firms. The properties have an average occupancy of 66.2%.
Abbey Road Advisors, who providesopportunities in commercial real estate for institutional and individual investors, has acquired two office buildings from Diamond Properties for $50 million. Located in Valhalla, N.Y., both buildings, 400 and 465 Columbus Avenue, total 241,000 sq. ft. Current tenants include Avaya Communications, Axiom Software and Delfino Marketing. The buildings are 95% and 70% occupied, respectively.
Jay-Z along with co-developers Charlie Blaichman and Abe Shnay have acquired a West Chelsea High Line parcel for $66.4 million. The site was purchased in two separate: the base site sold for $51 million and the air rights for $15.4 million. Jay-Z has earmarked the site for his new hospitality brand, J Hotel, an upscale five-star 150,000 sq. ft. luxury hotel. The site is occupied by a five-story, 88,000 sq. ft. warehouse and parking facility.