BELLEVUE, WA-Cole Real Estate Investments has acquired CityCenter Plaza for $310 million from Boston-based Beacon CapitalPartners. The 583,179-square-foot, class-A tower here is 96% leasedthrough 2024 to Microsoft’s Bing division.
The all-cash acquisition is considered one of the largest realestate transactions in the US in 2010, according to aprepared statement. And according to Tom Roberts, head of realestate for Cole, “It is a rare opportunity for a property such asthis to become available.”
Cole expects the average capitalization rate for this propertyover Microsoft’s remaining initial lease term to be approximately7.7%. Additionally, the company is currently in discussions with alender for a possible $156-million loan secured by theproperty with a fixed interest rate of 3.99% per annum and ananticipated maturity date of July 2015. Cole could not divulge thename of the lender to GlobeSt.com at this point because they arestill in negotiations. “Due to the favorable terms of the potentialloan, Cole expects it to have a positive impact on the property’sinvestment return,” says Roberts.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
