New Glendale tower plans finalized for PacTen, Morgan
Plans for the first new speculative office building to be developed in Glendale, Calif., in more than seven years, have been approved by the Glendale Design Review Board. That means PacTen Partners and Morgan Stanley Real Estate Fund II, LP are going ahead with the summer groundbreaking on their $100 million, 24-story Glendale Plaza tower at 655 North Central Avenue. Doug Marlow and Nicole Wilson of CB Commercial are exclusive leasing agents for the 550,000 sq. ft. building.
LaSalle named leasing agent for another new Dallas property
No question, Dallas is the place to be for new office developments (see our Newsletter item by Steve Brown, June 1997, p. 10). Now LaSalle Partners will direct the marketing and lease-up of Centura, a 15-story, 410,000 sq. ft. building scheduled to break ground later this year at North Dallas Parkway and Spring Valley Road.
Lincoln tapped for new-build suburban in Legacy park
Electronic Data Systems (EDS) recently tapped Dallas-based Lincoln Property Co. to build Lincoln Place, a four-phase multitenant office development in EDS' 2,665-acre Legacy park in Plano north of Dallas. The first phase is a six-story building of about 150,000 sq. ft. Designed by HKS Inc., completion is scheduled for February 1998. The 24-acre site will eventually accommodate 600,000 sq. ft.
Dallas' Crow family to develop major new office tower In yet another office development for "Big D," the Dallas-based Crow Investment Trust, the real estate investment arm of Crow Family Holdings, is planning to build a 16-story tower just north of downtown Dallas in the Uptown area. This will mark the largest Uptown development in 10 years.is expected to start in fourth quarter with completion set for the first quarter of 1999. The trust will own and finance the project, while the Trammell Crow Co. will develop, lease and manage the property. Preleasing has reached 33% thanks to moves by downtown tenants Gibson Dunn & Crutcher and Crow Family Holdings.
John Buck, Sears announce major lease in Prairie Stone Chicago-based The John Buck Co. and Sears, Roebuck and Co. recently inked afor Transamerica Distribution Finance Corp. to lease 146,000 sq. ft. and relocate its global headquarters to the Prairie Stone development in Hoffman Estates, Ill. Transamerica will occupy space in the new 200,000 sq. ft. Park Center Complex. Occupancy is slated for the third quarter of 1998. Jock Howland and Steve Stratton of Tanguay-Burke-Stratton, Chicago, represented Transamerica. Prairie Stone is a 786-acre landscaped office development located in suburban Chicago, which is owned by Sears.
TriNet Realty completes record $250 million in transactions Last year, San Francisco-based TriNet Realty Corp. completed a record $250 million in acquisitions. And already in this year's first quarter, the firm has invested $149 million to acquire nine office and industrial properties, adding 1.5 million sq. ft. to its portfolio. Most recently, TriNet acquired three buildings in a metropolitan Boston office/R&D campus for $40 million. The company is now targeting the Boston area for further acquisitions.