CIGNA buys Washington, D.C., office building The New York State Teachers Retirement System (NYSTRS)/LaSalle Advisors has completed the $114.8 million sale Washington's 1800 M Street to Hartford, Conn.-based insurer CIGNA.
The 10-story, 535,253 sq. ft. office building is fully leased. Cushman and Wakefield's Washington, D.C., office represented NYSTRS.
SL Green buys Reckson's Class-B portfolio in New York City New York-based SL Green Realty Corp. has entered a joint agreement with New York-based Tower Realty Inc. and Melville, N.Y.-based Reckson Realty Associates Corp. for the $84.5 million purchase of the fee interest in four New York City office properties totaling 675,000 sq. ft.
SL Green will acquire 286, 290 and 292 Madison Avenue - an entire block front in midtown Manhattan between 40th and 41st streets - and 90 Broad Street in Manhattan. The transaction will increase SL Green's Manhattan office ownership to nearly 8 million sq. ft. It is expected to close upon the closing of the merger between Reckson subsidiary Metropolitan Ventures and Tower Realty.
The Madison Avenue properties are in the Grand Central District and are 86% to 99% occupied.
The 25-story, 339,000 sq. ft. 90 Broad Street building is 82% leased. It includes an adjacent parking lot, which is a separate tax lot representing immediate cash flow. The parking facility also has future development potential of about 100,000 sq. ft.
Koll, Strader and Prudential team up for Irvine development Newport Beach, Calif.-based Koll Development Co. is teaming up with Southern California development veteran Tim Strader Sr. and Prudential Insurance Co. of America in a joint venture to develop a 28-acre, mixed-use project in Irvine, Calif.
Development plans call for 700,000 sq. ft. of office space, 50,000 sq. ft. of support retail and possibly a four-story luxury apartment building and a seven-story, 200-room hotel. Construction for the $125 million project is expected to begin this summer.
Phase one consists of a 300,000 sq. ft. office building; a four-story, 120,000 sq. ft. office building; and two three-story, 90,000 sq. ft. office buildings. No leases have been announced, but the partnership is negotiating with a potential tenant requiring 19-acres and 500,000 sq. ft., a user needing 300,000 sq. ft. and another potential user needing 100,000 sq. ft.
Trump lands billion dollar financing package New York-based Cooper-Horowitz Inc. has arranged $1.45 billion on behalf of Donald J. Trump for a portfolio of New York City properties.The properties include Trump World Tower at United Nations Plaza, a 90-story, 376-unit luxury residential development on First Avenue; The GM Building on Fifth Avenue, a 50-story, 2 million sq. ft. office building; The Trump Building on Wall Street, a 1.3 million sq. ft. office building; The Trump Palace Retail Condominium; The Trump Plaza Retail Condominium; and 100 Central Park South.
The loans were arranged with various investment and foreign banks with Robert B. Horowitz representing Cooper-Horowitz.
Southern Energy building new Atlanta headquarters Cousins Properties Inc., in partnership with a co-mingled trust fund advised by J.P. Morgan Investment Management Inc., will develop a 358,000 sq. ft. office complex in Atlanta's Central Perimeter submarket to serve as the international headquarters for Southern Energy Inc., a subsidiary of Atlanta-based the Southern Co.
The project will be developed by Atlanta-based Cousins and owned by a joint venture between Cousins and the fund advised by Morgan.
The $64 million development includes a 12-story Class-A tower with 291,000 sq. ft.; a one-story, 67,000 sq. ft. energy trading center; and an eight-story garage. The trading center will also house Southern Co. Energy Marketing, Southern Energy's trading arm.
Southern Energy, which will consolidate and relocate from its Perimeter Center-area offices, has leased the first seven floors of the office building for a total of 168,000 sq. ft. The remaining five floors will be leased as speculative space. Construction has begun on the first phase of the project, which includes the energy trading center and garage. Occupancy for the trading center is slated for December with the office tower scheduled for completion in December 2000.