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MIAMI-The slight increase in the vacancies are nothing to be concerned about, says one area broker. But Brickell Avenue vacancies will rise next year. In Q3, investors showed confidence, as major buildings were sold for more than $669 million.
CITY OF COMMERCE, CA-Los Angeles Die Casting, a division of Del Mar Industries, signs the lease for 36,108 sf of space in a move from downtown Los Angeles after 75 years there.
PHILADELPHIA-The Baltimore-based owner puts the 18-story, 435,000-sf office building at 3535 Market St. on the block for an asking price of $195.40 per sf. Located in the University Science Center, it is 93% leased at about $25.50 per sf.
CHICAGO-The $1.1-billion fund manager acquires the 1.28-million-sf tower at 311 S. Wacker Dr., topped by a distinctive crown, for a reported $275 million, from Teachers Insurance & Annuity Association.
LONDON-Reflecting the continuing strength of the German open-ended property funds, the SEB ImmoInvest fund managed by SEB Immobilien-Investment has bought its first property in Spain, the 180,000-sf El Mirador shopping centre in Cuenca.
CHICAGO-"Nobody will be happy until it's 95%, 96% or 97% leased," Prentiss Properties Trust president and chief executive officer Thomas F. August says of the company's $87-million investment, but he considers 400,000 sf of space leased since September 2001 to be quite an accomplishment.
DALLAS-A 15-year tenant exits the Crescent in Uptown for the Plaza of the Americas in the downtown. The 10-year win carries a two-year lease buyout with a hefty price tag, a practice becoming more frequent in Dallas face-offs.
HOUSTON-Turner Bros. of Oklahoma City finds some supplemental industrial space for its Houston operation. The short-term lease fills a warehouse at 8825 Mississippi St. near the Port of Houston.
GRESHAM, OR-Developer Opus Northwest has four buildings under development at the 54-acre business park, including two build-to-suit industrial buildings and two speculative flex buildings. The two build-to-suit facilities will total just over 100,000 sf and the two speculative buildings will total about 70,000 sf.