Cottonwood Partners acquires Meidinger Tower in Louisville Cottonwood Partners of Dallas and Salt Lake City has purchased the 27-story Meidinger Tower in Louisville, Ky., from First Capital Income & Growth Series XII of Chicago. The 350,000 sq. ft. tower, an anchor in the Louisville Galleria, sold for approximately $28.5 million. The building was built in the early 1980s and is 96% leased.
Northwestern Mutual project under way in Tysons Corner Northwestern Mutual Life has broken ground on the $120 million Westpark Corporate Center in Tysons Corner, Va. The three-tower office project will contain over 650,000 sq. ft. of space and feature underground parking facilities.
The Washington, D.C., office of Bovis Construction Corp. is general contractor of the $32.7 million Phase I. Constructing the 267,000 sq. ft. first phase will require excavating 180,000 cubic yards of earth from a 65-foot-deep cut on the site's north end. Phase I is scheduled for completion in June 1999.
Human services group signs $60 million lease in Manhattan Federation Employment and Guidance Service Inc. (FEGS) has signed a 15-year, 175,000 sq. ft. lease at 315 Hudson Street in Manhattan. New York-based Newmark & Co. Real Estate Inc. represented FEGS in the transaction, valued at approximately $60 million. The 400,000 sq. ft. office building owned by Jack Resnick & Sons is now 100% occupied.
FEGS will occupy the entire sixth and seventh floors, as well as parts of the ground, second, fourth and ninth floors. A loading dock has been converted into a private lobby and loading facility, while three freight elevators have been converted into passenger elevators. FEGS is a voluntary human services and economic development agency of the United Jewish Appeal Federation and United Way.
Holder Properties breaks ground on 18-story Buckhead structure Atlanta-based Holder Properties has broken ground on Prominence in Buckhead, an 18-story, 430,000 sq. ft., Class-A office building in the Atlanta submarket of Buckhead. Chicago-based Equity Office Properties Trust has signed an agreement with Holder to acquire the property and an adjacent 12-acre site for approximately $70 million at build-out, set for mid-1999.
Massachusetts Mutual acquires office center near Chicago In an $18.15 million transaction, Massachusetts Mutual Life Insurance Co. has purchased Lake Cook Office Center I & II in Deerfield, Ill. Massachusetts Mutual was represented by Chicago-based Julian Toft & Downey and Westchester, Ill.-based Podolsky Northstar Realty Partners. Developed by Stein & Co., the buildings were sold by a limited partnership formed when Lake Cook Office Center was developed.
The two structures contain 203,550 sq. ft. of office space, and make up half of the four-building, 25-acre complex. Both buildings are 100% leased to Hewitt Associates, a consulting firm based in Lincolnshire, Ill.
Cousins begins $37M medical office project north of Atlanta Cousins/Richmond, a division of Cousins Properties Inc. of Atlanta, has broken ground on Phase II of a medical office development at Northside/Alpharetta Medical Campus in the Atlanta suburb of Alpharetta, Ga. The five-story, 2 00,000 sq. ft. office and outpatient facility will be precast concrete with reflective glass facade and a multi-level parking deck.
The $37 million project began with Phase I, the acquisition of a 6,000 sq. ft. cancer center and an adjacent 100,000 sq. ft. office building to be connected to Phase II by a climate-controlled pedestrian tunnel. Phase I is 100% leased, while Phase II is 40% preleased with letters of intent for 15% more space. Phase II is scheduled for completion in May 1999, and three additional phases are planned. Cousins/Richmond will provide management and maintenance for the complex.
Pacific Realty makes $265M Southwest portfolio acquisition In a venture with Angelo, Gordon & Co., Pacific Realty Trust has acquired an office building and hotel portfolio in the Southwest for $265 million. The 2.5 million sq. ft. portfolio was purchased from Sinar Mas, an Indonesian conglomerate. The Pasadena and Dallas properties will undergo extensive interior and exterior renovations.
Properties purchased include:
* The 600,000 sq. ft. Pasadena Hilton Hotel and Office Tower in Pasadena, Calif.
* 801 Figueroa, a 435,000 sq. ft. Class-A office building in Los Angeles
* The Atrium at Collin Ridge, a 235,000 sq. ft. Class-A office building in Plano, Texas
* Fannin Exxon Tower, a 786,000 sq. ft. Class-A office tower in Houston
* Twin Towers Office Building, a 450,000 sq. ft. Class-A office building in Dallas
* The Melrose Hotel, a 184-room boutique hotel in Dallas
World Financial scores major league home run on Park Avenue New York-based World Financial Properties has leased 104,000 sq. ft. on three floors of the 44-story 245 Park Avenue building to officials of Major League Baseball.
The commissioner of Major League Baseball, the American League, the National League and Major League Baseball Properties will have headquarters on the 30th, 31st and 34th floors of the tower. The 14-year lease began April 1.