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HOUSTON-Koger Equity makes good on a promise to close the acquisition of the 1.2-million-sf Houston property before the year ends. The takeover will push out a $12-million renovation of the class A office asset.
WALTHAM, MA-Principal Financial Group leases 9,181 sf at Waltham Weston Corporate Center, a 304,050-sf six story office building built by Boston Properties last January. Principal Financial is relocating from its current offices at Lexington Office Park.
BELLEVUE, WA-After months of trying to sublease a large portion of space on Southeast Eastgate Way, Onyx Software has struck a deal with Equity Office Properties that allows the firm to back out of its lease three-and-a-half years early.
LONDON-US Freight business Expeditors has secured a key site at London Heathrow airport, even though it will not become available for development until 2007 on completion of Heathrow Terminal Five.
MANHATTAN BEACH, CA-International real estate firm Hines and GE Real Estate have acquired the 309,705-sf Manhattan Towers from a joint venture of Divco West Properties and Charlesbank for a price in excess of $60 million.
PHILADELPHIA-An unidentified Mid-Atlantic REIT pays locally based BPG approximately $166.72 per sf for the 62,379-sf Union Meeting IV office building, located in a 500,000-sf, eight-building office park. The14-year-old three-story property is 100% leased to five tenants.
BALLSTON, VA-Financial investment consulting firm Cambridge Associates LLC leaves Arlington for Ballston by committing to nearly 83,000 sf over four floors in the new building at 4100 North Fairfax Blvd. Space in the 255,000-sf structure leases for $31 to $32 per sf.
HOUSTON-The Boca Raton, FL-based REIT signs an agreement to buy the 1.2-million-sf office complex in the Uptown/Galleria submarket for about 50% of replacement value. Sellers are Dallas-based Cottonwood Partners and Osaka, Japan-based West Oak/Nissei Associates.
DALLAS-Crow Holdings is about to sit down at the closing table for 2100 McKinney, the latest in a string of trophy sales pushing prices well above replacement costs. Commercial Developments International/East is still rumored to be the buyer.
BOSTON-Hines and TUDC drop the height of the office tower at their 1.9-million sf mixed-use project proposed for South Station. The developers say they are responding to concerns voiced by abutters and the FAA over the planned height of the building.