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Forty540, located in the RTP/I40 Raleigh submarket, was 100% leased at the time of sale to the buyer Align Technology, which houses the company's Americas region headquarters at the property.
The WWE lease of more than 415,000 square feet was nearly 60% of all Fairfield County's 709,068 square feet of leasing activity in the first quarter. Despite the WWE's deal, the county registered 106,006 square feet in negative office space absorption in the first quarter.
Asana officials state that the fund received commitments from a diverse set of institutional investors, including public pension funds, corporate pension funds, insurance companies, endowments, foundations, sovereign wealth funds and family offices.
The all-cash transaction was closed in 90 days and includes Waldron Square (621-645 Waldron St.), Settlement (515 W. Stadium Ave.) and Cedarwood (515-527 N. Grant St.), among other properties.
The five-year investment will include infrastructure changes by architect David Manfreddi and urban designer Gehl, a public square with tech-focused art installations by Culture Corp, a host of new restaurants and hybrid retail experiences, 5.5 million square feet of Class A office space, luxury residential towers and a second hotel.
Washington Property Co. reports the four lease deals total 14,036 square feet and leases totaling another 7,407 square feet are currently the subject of negotiations.
The fully-leased property, which also includes a marina and a two-story office building, was sold by Hudson Capital Group, Inc. Mast Capital financed the purchase with a loan from CIT bank, N.A.
Franco, 50, who has been with Vornado since 2011, was one of a number of what Vornado chairman and CEO Steven Roth termed as “important and even generational” changes in its senior management in his annual letter to shareholders in the company's 8K filing with the SEC on Friday.
The agreements with JACK Entertainment LLC call for VICI Properties to acquire 100% of the membership interests of a subsidiary of JACK Cincinnati that owns the land and real estate assets of JACK Cincinnati for $558 million, and Hard Rock will acquire the operating assets of JACK Cincinnati for $187 million.
The fully-leased building is the closest privately-owned laboratory/office building to Harvard University and is situated within walking distance of the Massachusetts Institute of Technology.