The 15-year owner is an investment group controlled by the New York City-based Teachers Annuity & Insurance Association. The land came to market in late October, pitting Hines against a large number of institutions, private companies and investment advisers. Insiders tell GlobeSt.com that the exchange isn't going to close as high as its rumored price, $118 million, but it will go down in record books as one of the year's top land sales. Word is the final price will be slightly more than $4 per sf.
Brokering the land sale has been the Holliday Fenoglio Fowler LP team of executive managing director Mark Gibson and associate director Todd Savage, and Henry S. Miller Commercial president Robert Grunnah and executive vice president Darrell Hurmis. All the brokers would say yesterday is the deal is "on track" to close before the year ends, but other insiders have confirmed it's scheduled to close today.
Industry sources say Hines' plan is to immediately sell 300 acres of the assembly. Speculation is riding that the "to go" pieces include land in the Urban Center, where streets are lined with marble curbs and canals and its high rises hold headquarters and regional offices for many of the nation's top-tier corporations.
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