WASHINGTON, DC-The area began last week with news not to expect much in the way of leasing for 2012. It ended the week with news of not one but two large-sized government leases. Following news that the State Department was leasing a significant chunk of space at 600 19th St., NW, the US Small Business Administration announced its renewal of 254,267 square feet at 409 3rd St. SW. This 10-year lease brings the Vornado-owned building to 99.7% occupancy. GSA’s acquisition team was led by Tawanda Beverly and Arisha Griffith. Jones Lang LaSalle’s Jae Lee, Bill Craig and Rob Carey also represented the government. Vornado’s Greg Redding and Brendan Owen represented the landlord.
Vornado Realty Trust also made news in a separate transaction: the closing of its previously-announced acquisition of the 97.5% interest that it did not already own in 1399 New York Ave., an 11-story, 130,000-square-foot East End office building. The purchase price was $104 million.
RICHMOND, VA-Another REIT, Taubman Centers, announced that the mortgage lender for Regency Square accepted a deed in lieu of foreclosure on the property. Title to the property has been transferred to the mortgage lender on behalf of LNR Partners, LLC as special servicer. As a result, Taubman has been relieved of $72.2 million of debt obligations plus accrued interest associated with the property. LNR Partners has tapped Jones Lang LaSalle to lease and manage the mall.
GLEN BURNIE, MD-Phillips Edison–ARC Shopping Center REIT seeded its PECO-ARC Institutional Joint Venture I with its ownership in the Burwood Village Center, a grocery-anchored shopping center valued at $17 million.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
