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PHILADELPHIA-Delaware-based Morgan Properties and Pen-Del Real Estate teamed up to buy the industrial park near Philadelphia International Airport for about $11 per sf. The 1.8-million-sf manufacturing, warehouse and office complex is 70% leased and has room for further development.
HOUSTON-The Lionstone Group, founded 18 months ago, gets a $75-million initial equity commitment with a buying power of up to $220 million for office buildings in 65 markets. Oregon Public Employees Retirement Fund is the equity player.
SEATTLE-Nearly four years after starting its search, the law firm Preston Gates & Ellis LLP is moving this weekend to 240,000 sf in the recently completed IDX Tower at Fourth and Madison. The firm is currently located in Bank of America Tower at 701 5th Ave.
ATLANTA-The international developer is negotiating with accounting firm Reznick Fedder & Silverman on 40,000 sf for an estimated 10 years at the 400,000-sf 2002 Perimeter Summit office building scheduled to open in February.
ATLANTA-Locally based Haddow & Co. tells the Houston developer the luxury condominium market won't support a planned 40-story, 300-unit tower and a second 150-unit high-rise in Midtown. The Atlanta Symphony Orchestra had planned to co-develop the site.
SEATTLE-A principal with the Seattle-based international engineering firm tells GlobeSt.com that when the firm narowed the field to only Downtown buildings it had designed and that had sufficient contiguous space, they still had 12 different choices.
LEXINGTON, MA-Sensormatic Electronics Corp., a division of TYCO, decides to stay put at 70 West View St. in the Kiln Brook Office Park. The company, which develops electronic surveillance equipment, considered its options before renewing its lease here for five years.
HOUSTON-Intell Management and Investment Co. has closed on the $102-million purchase of Enron Center South in Houston's CBD. The closing marks the start of a new era for the 1.2-million-sf building.
GREENWICH, CT-In one of the highest price-per-sf office building sales in Fairfield County history, an investment-banking firm has acquired Two Soundview Dr., a 37,864-sf office building here, for $17.25 million.
DALLAS-End-of-the-year trading closes the books on what surely is Dallas' biggest sale for 2002. Market speculation pegs the price in the $300-million range. Seller Hines and buyer UBS Realty aren't talking price, but brokers are saying UBS wasn't the highest offer.