Globest Sectors

The acquisition will deepen the Singapore-based REIT's footprint in the Northeastern US as well as the Washington, DC-area market.

The bank has signed a new 15-year lease deal for 545,000-square feet or roughly half of the 1.2-million-square-foot, 37-story office building at 100 Federal St.. The lease deal is an early renewal of Bank of America's lease that was scheduled to expire in 2022.

"We have seen a massive amount of startups in this industry, massive verticalization, lots of money pouring in."

The sale of the Wellington charter school property follows the late March sale of two charter schools in Orlando and Wellington by ESJ Capital Partners and MG3 Developer Group of Hollywood, FL to affiliates of Charter Schools USA of Fort Lauderdale.

The new lease deal was signed on April 19, two days after the office building was sold, according to Colliers International. The lease expands the company's presence at the property from 73,005 square feet to 106,957 square feet.

Limited construction will continue to cause tightening vacancies and rising rents, says Avison Young.

The project is a collaborative effort between Intracorp, community groups and stakeholders including Friends of Little Saigon, Seattle Chinatown International District Preservation and Development Authority.

Industrial construction activity increased in Phoenix in the beginning of the year as vacancy declined.