Boston's 265 Franklin Street sold for $70M Los Angeles-based STB Nominee Trust has sold 265 Franklin Street in Boston to New York-based 265 Franklin Street LLC for $70 million. Boston-based Fallon Hines & O'Connor Inc., a Trammell Crow company, negotiated the sale on behalf of STB.
The 392,205 sq. ft., Class-A tower is 15-years-old and occupied by tenants such as Fidelity Investments and Paine Webber.
Allen Group launches plans for Sacramento development The Allen Group, Visalia, Calif., will build a 600,000 sq. ft. office/hotel project in downtown Sacramento. With recently acquired developer Christopher Co., The Allen Group plans to invest $100 million in construction of the development.
With groundbreaking planned for next spring, the $30 million first phase will contain between 175,000 sq. ft. and 190,000 sq. ft. in a 150-ft., 11-story building. In phase II, expected to begin construction in 2002, plans call for a building twice as tall as the first, adjacent to Sacramento's convention center. Depending on demand, the second phase could include more offices or a hotel.
Land negotiations are also underway for a third phase. The third phase will consist of a hotel and could begin construction with the first phase, depending on market conditions and the operator's requirements.
Stiles breaks ground on Huntington Corporate Park Fort Lauderdale, Fla.-based Stiles Corp. has begun work on Huntington Corporate Park, a 21-acre Class-A office/hotel project along the northeast quadrant of the I-75/Miramar Parkway interchange in Miramar, Fla. Stiles broke ground last month for the first of two 91,556 sq. ft. lakefront office buildings designed by the firm's affiliate, Architecture 6400. The four-story, Mediterranean-style building is scheduled for completion in 2000.
The company designated three acres within the park for a hotel site, and plans to bring Miramar its first corporate-caliber hotel. The firm also is negotiating the construction of a build-to-suit office building on-site for a south Florida-based company.
Campbell estate acquires 7600 Leesburg Pike in suburban D.C. The Estate of James Campbell, a Honolulu-based real estate firm advised by Boston-based TA Associates Realty, has acquired 7600 Leesburg Pike in Tysons Corner, Va., from John Hancock Mutual Life Insurance Co. Insignia/ESG's Northern Virginia office represented the Estate of James Campbell in the $32 million transaction and will manage the two-building, 216,145 sq. ft. complex.
This latest purchase marks the Campbell estate's third Washington, D.C. area acquisition.
The estate's initial D.C. purchase was Summit I & II in Reston, Va. The second acquisition was Park Plaza at Shady Grove in Rockville, Md. With these purchases, the firm owns U.S. properties in 13 states.
A trio of spring deals in Manhattan may point to a New York commercial real estate market sales rebound after a skittish end to 1998. All three deals came during a one-week span in April and totaled more than $400 million.
Boston-based John Hancock Mutual Life Insurance Co. sold 450 West 33rd Street to 450 Westside Partners LLC, a real estate investment partnership, for $223 million. Cushman& Wakefield's New York office represented John Hancock in the transaction. Built in 1967, the 1.6 million sq. ft. Penn Station-area office building is 97% occupied and has undergone an extensive capital improvement program to attract emerging high-tech companies.
In another transaction, GE Investments sold 14 Wall Street to W 12/14 Wall Acquisition Associates, a partnership sponsored by Laurence Gluck and Arthur Wrubel, for $100 million. Jones Lang LaSalle's New York investment banking team arranged the transaction. The 37-story, 1 million sq. ft. tower will be managed by Stellar Management, while New York-based Newmark and Co. Real Estate Inc. has been appointed exclusive leasing agent. The building is in the Financial District, and has undergone an extensive modernization and refurbishment program under the direction of Jones Lang LaSalle, the building's previous leasing and management agent.
Finally, New York-based RFR Holdings LLC acquired a 40-story office tower at 521 Fifth Avenue from a partnership consisting of Larry A. Silverstein, Bernie Mendik and Loeb Partners Realty for approximately $93 million. The 442,000 sq. ft. building was built in 1929. RFR plans to invest $4 million to redesign the lobby and implement a capital improvement program to upgrade the building's amenities and operational systems.