Arden hopes Hughes Center is no Spruce Goose West Los Angeles-based Arden Realty Inc. has acquired 6701 Center Drive at the Howard Hughes Center in West Los Angeles for $53 million, or approximately $169 per sq. ft. Arden purchased the 313,726 sq. ft., Class-A office tower from Chicago-based Prudential Realty Group, which was represented by Los Angeles-based CB Richard Ellis. The 16-story officetower will be renamed Howard Hughes Tower.
Arden now owns two of the three office buildings within the Howard Hughes Center and has complete design and aesthetic control of future development in the 72-acre, masterplanned commercial development.
Time stands still on Avenue of the Americas Time Inc., a division of New York-based Time Warner Inc., has signed a 10-year lease extension with The Rockefeller Group, New York, for 1.54 million sq. ft. at 1271 Avenue of the Americas, the Time & Life Building. Time originally occupied 1.34 million sq. ft. in the 2 million sq. ft. tower.
Time Inc. has occupied the building since t 1959. Time Inc. and The Rockefeller Group built the skyscraper in 1956, and The Rockefeller Group purchased Time's 45% ownership in the building in 1986. With the extension, Time will modernize and redesign its interior spaces, while The Rockefeller Group will direct a capital program for building enhancements.
Time Inc. was represented by Mitchell Steir, executive vice president, and Matthew Barlow, senior managing director, both of New York-based Julien J. Studley Inc. Rockefeller Center Management Corp. senior vice president Alan L. Stein represented The Rockefeller Group
Equity Office Properties sells two office buildings Chicago-based Equity Office Properties Trust has sold 215 Fremont Street to an affiliate of Boston-based Beacon Capital Partners for $33.5 million. The company has also sold One Columbus in Columbus, Ohio, to Atlanta-based Lend Lease Real Estate Investments, on behalf of an international investment client. The purchase price was $51.5 million.
Equity Office purchased 215 Fremont, a 265,000 sq. ft. office building in San Francisco's financial district, in April 1998. Equity Office also acquired 301 Howard Street in 1998 and will continue to own and operate the building as part of its 3.2 million sq. ft. San Francisco-area portfolio.
Suburban Chicago complex sells for $200 million+ New York-based J.P. Morgan Investment Management Inc. has purchased Woodfield Corporate Center in Schaumburg, Ill., for more than $200 million, according to Chicago real estate sources. The Oak Brook, Ill., office of Los Angeles-based CB Richard Ellis arranged the sale of the six-building, 1.6 million sq. ft. suburban office complex for a partnership including The Prudential Insurance Co. of America, Newark, N.J.
According to CB Richard Ellis, Woodfield Corporate Center is the largest suburban office development to sell in the United States during 1999. The complex is 91% occupied.
GE Capital provides $280 million bridge loan Stamford, Conn.-based GE Capital Real Estate has closed a $280 million first-mortgage loan to Miami-based America's Capital Partners (ACP) for the acquisition of a 28-property office and R&D portfolio in south Florida. ACP acquired the portfolio from Raleigh, N.C.-based Highwoods Properties Inc., which is in the process of selling non-core assets. The three-year, 75% loan-to-value bridge loan was underwritten and committed in 30 days.
"Speed was essential," says Scott Stringer, territory manager in GE Capital's Atlanta office. "We had to move quickly for a deal of this size and still provide the flexibility in structure necessary for the release of assets."
The 3.2 million sq. ft. portfolio consists of suburban office and R&D properties in Miami, Ft. Lauderdale, West Palm Beach, and Boca Raton. ACP intends to hold some of the properties and recapitalize others after reducing costs and increasing occupancy.