Globest Sectors

After a slow start to the year, big box leasing activity in Los Angeles with more than 200,000 square feet in net absorption.

Paramount Group Inc. has completed the acquisition of a 44% joint venture interest in 55 Second St., which was valued at approximately $402 million or $1,039 per square foot.

Marcus & Millichap has been retained as the exclusive sales agent for the property anchored by BJ’s Wholesale Club, LA Fitness and Xscape Theatres in 228,664 square feet of space.

The five building, 292,110-square-foot industrial/flex portfolio was sold by Endurance Real Estate Group, LLC of Blue Bell, PA and Thackeray Partners of Dallas.

“Amidst international economic uncertainty and an increase in global investor interest in alternative investments, we have seen an uptick in foreign investment firms, particularly those in the Gulf, looking to acquire stabilized Class-A office products in the United States,” says Norman Feinstein, vice chairman of The Hampshire Companies.

Sziklas, who will take on the post on Sept.3 and will be based at LaSalle’s corporate headquarters in Chicago, will lead the team of portfolio managers for LaSalle’s U.S. Custom Accounts clients and will be responsible for actively managing portfolios of office, retail, multifamily and industrial investments located throughout the U.S.

New York-based Greystone’s PJ McDevitt originated the loans and Christopher Hilbert of 3G Capital Advisors served as an advisor to the borrower.

The new ownership states it will invest significant capital into the building to maintain its heritage. Plans call for an upgraded lobby, a new spec suite program, and improved tenant lounge and fitness facility.