Office

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.

“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.

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.

The 360,000-square-foot headquarters campus, Santana West, is developer Federal Realty’s biggest expansion at the iconic Santana Row mixed-use live-work-play property since its opening in 2002.

American Specialty Health leased approximately 164,000 square feet of class-A office space in Heritage Commons IV, which provides the unique ability to be fully operational from day one when it moves in next month.