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ATLANTA-Savings and lower rental rates are cited as reasons why leases were signed in two separate transactions, totaling 188,274 sf at properties in the Fulton submarket, where asking average rentals range between $3.34 per sf and $4.46 per sf.
LAKEWOOD, CO-The Newton, MA-based REIT acquires the 213,000-sf, three-building asset, 100%-leased to the US Bureau of Reclamation, for $28.75 million from the Archon Group. The tenant is attractive to HRPT, which makes a habit of buying government-occupied properties.
PHOENIX-Vacancy rose a percentage point to 21.8% and rent accordingly fell a point to $23 per sf in the suburbs and $22 per sf in town. The metro market's economics are delivering cut-rate deals that are enticing more tenants to trade up.
MANALAPAN, NJ-The class A office building, being developed by a partnership that includes NY Giants running back Ron Dayne, is being marketed by Cushman & Wakefield.
LONG BEACH, CA-An investment partnership acquires a 47,511-sf parcel of Downtown land after a previous buyer backs out of its deal to purchase the property, which holds a nine-story office building.
ORLANDO-New York-based Teachers Insurance Annuity Association paid Heitman Financial of Chicago $41.15 million for The Pointe, a 20-year-old, 94%-leased, 249,000-sf structure at Rocky Point in Tampa's recovering Westshore district.
ORLANDO-Companies filing for protection under the U.S. Bankruptcy Code are vacating large chunks of space in south Orange County's 6.8 million-sf market where 65 properties are located south of the East-West Expressway. The bad news follows the third-quarter office market vacancy level of 19.7%.
NEW YORK-Some of the 14 class-A office properties being marketed by Cushman & Wakefield have garnered more than 20 offers, making Metropolitan Life Insurance Co.'s goal of selling off 10% of its real estate portfolio by year-end appear doable.
LONG BEACH, CA-The $12 million, 180,000-sf project at California State University in Long Beach is the first new development to be built on the land since the Navy granted it to a partnership of the university and the City of Long Beach in 1996.
SAN ANTONIO-Northwestern Mutual Life picks ProLogis as the buyer for the 95%-leased Eisenhauer 35 Business Park. The buyer gets four buildings and 18.2 acres, which it has earmarked for existing tenants' expansions.