TRANSWESTERN COMMERCIAL SERVICES will develop Kingwood Parc, an $8 million, 40,400 sq. ft., Class-A office property in Kingwood, Texas, the first in its class in over 20 years. The project owner, Belgian investor Phillippe Cras, hired Transwestern to develop the new project and to lease and manage the property. Beforebegins, Transwestern will lease 50% of the space with rates expected to go for $23.50 per sq. ft. Cras eventually plans to build three additional office buildings on the site for $8 million. Cras is also currently selling Kingwood Parc land for the development of restaurants.
THE SHIDLER GROUP purchased a 19-building, 1.1 million sq. ft. portfolio of office and R&D buildings in San Diego andfor $142 million from Arden Realty, Inc. Ten of the buildings are located in three business and technology parks in San Diego totaling 366,988 sq. ft. The remaining nine buildings are located in greater Los Angeles with a total 593,150 sq. ft. The Shidler Group also sold an 18-story, 180,000 sq. ft. office building in downtown San Diego for $48 million to Arden Realty. The Shidler Group purchased the building in September 2003 for $35 million.