Younan Properties has acquired Norfolk Tower, a 206,680 sq. ft. Class-A highrise in Houston from ING Clarion for approximately $23 million. The 11-story office property is currently 75% occupied with major tenants that include Frost Bank and TranSystems Corp. Younan's national portfolio includes 21 Class-A office properties totaling more than 4.8 million sq. ft.
The joint venture between Colliers ABR and AEW Capital Management has purchased the 22-story office tower at 119 West 40th Street with additional development rights at 120 West 41st Street in midtown Manhattan for $100 million. AEW acquired the property on behalf of AEW Partners V LP, a real estate opportunity fund.
Maguire & Partners Property Group of Bala Cynwyd, Pa., has acquired the 91,748 sq. ft. Highland Office Center located in Fort Washington, Pa., for $10.2 million. The business campus offers a prime centralized location in greater Philadelphia and is home to major corporate tenants such as Verizon. Highland Office Center is 96% leased.
Equastone of San Diego has acquired 330 South Third St. in Las Vegas for $9.3 million. 330 South Third St. is an 11-story, 70,000 sq. ft., Class-B office building located in the office district of downtown Las Vegas. The building was approximately 64% occupied at acquisition with Clark County as the major tenant. Equastone was represented by David Scherer of Grubb & Ellis in the transaction. The seller was Buffalo Nickel Limited Partnership.