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CHICAGO-The downturn in US office markets results in more class A assets with high vacancy rates that can be acquired at a price below replacement cost, the largest US office REIT notes.
DENVER-The two-paragraph note from the US General Services Administration didn't mention it, but Opus Northwest LLC built a 120,000-sf building in Lakewood for the Department of Transportation according to Leadership in Energy and Environmental Design guidelines.
BEDFORD, MA-Opta Foods Ingredients Inc. sells 25 Wiggins Ave. to Toxikon Corp. for $4.8 million. Opta Foods previously fully occupied the building and will now share the space with the new owner.
MIAMI-Net absorption showed a great improvement in the second quarter and the first half of the year, recently released market reports show. Net absorption was 245,000 sf in the quarter, up from negative 53,600 sf this time last year, Grubb & Ellis states.
DALLAS-Mike Silliman is working his last week at Crescent and readying for the job as sidekick to Maguire's partner in Dallas. The immediate challenge is a 400,000-sf, class A block in the 900-acre Solana, with 300 available for development over the long term.
CORAL GABLES, FL-Fleming's Prime Steakhouse & Wine Bar plans to open at the new 2525 Ponce de Leon building here by the end of the year, taking 8,659 sf of ground-floor space in the 250,000-sf, class A office building. The building is scheduled to open in August.
BOSTON-Shreve, Crump & Low moves its flagship store to 222 Berkeley St. The jewelry store will relocate this fall from 330 Boylston St. to space that was formerly occupied by FAO Schwarz at the corner of Berkeley and Boylston streets in the city's Back Bay.
KATY, TX-Hines has been hired by Tristar Holdings to develop a mixed-use plan on empty land at the junction of Pin Oak Road and Interstate 10, right across the highway from Katy Mills Mall. The master plan won't be done before 2005, at the earliest.
ITASCA, IL-Occupancy at One Pierce Place in the Chancellory office complex is 86% with First Midwest Bancorp, Inc. signing a 50,000-sf deal and US Cellular converting a sublease into a 42,100-sf direct lease.
HOUSTON-The tax consulting firm of Ryan & Co. pens a long-term lease for 22,263 sf to drive a relocation of 41 employees from Uptown Houston to Post Oak Boulevard. The firm will move next month.