RTKL Associates to design NationsBank project in Charlotte Baltimore-based RTKL Associates Inc. has been chosen to design NationsBank's Gateway Village in Charlotte, N.C. The project, a joint venture of Charlotte-based NationsBank and Atlanta-based Cousins Properties Inc., will encompass five blocks and contain more than 1.2 million sq. ft. of office space and 450 rental and townhouse units. The mixed-use sustainable development is part of a 16-acre urban village designed to revitalize uptown Charlotte, home to NationsBank headquarters.
on Phase I, consisting of 900,000 sq. ft. of office space, 200 residential units and 2,800 parking spaces, is slated to begin this summer. NationsBank will lease 100% of the office space in Phase I.
TriNet acquires Boston area portfolio for $72.5 million San Francisco-based TriNet Corporate Realty Trust has purchased the Keller/Davis portfolio, a 14-building, 895,293 sq. ft. portfolio in Boston's South Shore area. Boston-based Fallon Hines & O'Connor Inc. represented the seller, Keller/Davis Co. LLC, in the $72.5 million transaction.
Buildings in the portfolio are located on the South Shore's major highways and in eight business parks. The buildings include one three-story office building, five two-story office/R&D buildings and seven single-story office/R&D/manufacturing buildings. The Massachusetts State Lottery and Serono Laboratories are among the major tenants.
Whitehall Fund, Liberty Property purchase Parsippany property Parsippany Place, a five-story multitenanted office building in Parsippany, N.J., has been acquired by Whitehall Fund and Liberty Property Co. for $15.9 million. CB Richard Ellis represented the seller, FGP Parsippany Inc., a division of AEGON. Located on Route 46, Parsippany Place contains 131,341 sq. ft. of office space. Tenants include Toshiba America Information Systems, Matheson Gas Products, NMC Homecare and Brite Voice Systems.
UCC leases former headquarters of ITT on Avenue of the Amercas New York-based Universal Credit Corp. has leased the top two floors of 1330 Avenue of the Americas in Manhattan, the former corporate headquarters of ITT. The lease on the 19,200 sq. ft. space will run for 8.5 years, the time remaining on ITT's lease. The 33-year-old building stretches from 53rd to 54th streets and contains approximately 500,000 sq. ft. of office space. Grubb & Ellis New York represented UCC in the transaction valued at approximately $10 million.
International Properties buys $350 million office portfolio Intell Investment and Management Co. of New York has sold a 3.5 million sq. ft., seven-state office and retail portfolio to International Properties Corp. (US) for $350 million. Northbrook, Ill.-based Grubb & Ellis represented Intell in the transaction. The 24 properties are located in Kentucky, Kansas, Massachusetts, Missouri, New Hampshire, New Jersey and New York. The 22-story, 295,000 sq. ft. Epic Center in Witchita and the City Hall Plaza in Manchester, N.H. are the tallest buildings in their markets. The portfolio is concentrated primarily in Louisville and Wichita, and is currently 95% occupied.
Katell Properties reveals plans for $200 million Los Angeles project Los Angeles-based Katell Properties has scheduled a first-quarter 1999 groundbreaking for Warner Ridge, a $200 million mixed-use office and multifamily project in's West San Fernando Valley. The valley's first new mixed-use development since 1991 will contain almost 700,000 sq. ft. of office space and be constructed in a series of phases.
The 21.5-acre Warner Ridge site is part of the 1,100-acre master-planned Warner Center along the valley's Technology Corridor. Phase I includes two six-story Class-A buildings featuring 20,000 sq. ft. floor plates and fitness facilities.
Insignia/ESG named agent for $55M Phoenix office building The Phoenix office of Insignia/ESG has been selected as leasing agent for the Koll Camelback Center to open in Phoenix in September 1999. Koll Development Co. plans to begin construction Aug. 1 on the eight-story, 233,500 sq. ft. Class-A structure on 1.7 acres along the Camelback Corridor.
LaSalle Limited buys two office buildings in Beachwood, Ohio
LaSalle Advisors Limited has purchased two Class A office buildings from Westmark Realty Advisors for $22.3 million. The buildings are Commerce Square IV and V on Chagrin Boulevard in Beachwood.
Commerce Park Square IV is a 169,469 sq/ ft., eight-story office building, and is 98% occupied. Commerce Park Square V measures 60,708 sq. ft. and is 85% occupied.
Westmark bought the buildings in 1994 for $62/sq. ft. CB Commercial leased and manage
Koll Real Estate signs American Express lease
American Express accounting services division will relocate to a new, 107,000 sq. ft. Phoenix building in May. Separate lease transactions at the building, which is owned by Koll Real Estate, include signings by Daniel, Mann, Johnson & Mendenhall and Cohen Construction. Lee & Associates was named exclusive project leasing agent.
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
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.