Hines REIT has acquired a Long Island office complex, 3 Huntington Square Quadrangle from AEW Capital Management for $87 million. Two four-story buildings with a total of 408,000 sq. ft. of retail and office space occupy the site and are connected by a central lobby. The buildings are 83% leased to a tenant roster that includes Empire Blue Cross Blue Shield, CIGNA, Cendant, and Sovereign Bank, as well as St. Paul Travelers.Cornerstone Real Estate Advisors has acquired a West Covina, Calif. office complex for $58 million from Ten West Associates. The twin Class-A office buildings at 1000 and 1050 Lakes Drive were 98% occupied at closing and had recently renewed a lease with Wells Fargo Bank. The complex is in the San Gabriel Valley region of Southern California. The sale price on the property equals roughly $333 per sq. ft., or a capitalization rate of 5.5%.
Somerset Partners LLC has agreed to buy 450 Park Avenue, a 33-story, 325,000 sq. ft. office building, from co-owners Taconic Investment Partners and New York State Common Retirement Fund. The price is reported to be $510 million. Developed by Peter Sharp in 1972, the Class-A building is located at the southwest corner of East 57th Street and Park Avenue in New York. The sale is expected to close sometime this month.
