Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Equity Office Properties Trust has closed its 1.03-million-sf acquisition of the Verizon Building at 1095 Ave. of Americas. The acquisition also includes approximately 30,000 sf of retail space. As part of the deal, Verizon is retaining ownership of approximately 200,000 sf and is taking about one million sf of office space under a short-term lease, enabling Verizon to vacate the property in 2006. In March, GlobeSt.com reported that EOP was the winning bidder of the 41-story office asset. Reckson and Trizec were also in the running to acquire the site. Now that the deal is complete, EOP plans to redevelop the property with renovations to the building’s facade, lobby, elevator cabs, common areas and retail space. The full redevelopment is slated for completion in mid-2008. The repositioning of the building includes tenant-naming rights to signs on top of the building, according to EOP.”The acquisition gives us the opportunity to deliver one million sf of office space in a submarket where availability of large blocks of contiguous space is less than 4%,” says Richard Kincaid, EOP’s president and CEO.EOP also owns seven other buildings in the submarket, including the 380,796-sf office component of 717 Fifth Ave. which the company purchased for $160.5 million. The whole property sold for $353 million with a private retail investor buying the rest of the space, consisting of an 84,000-sf, ground-floor retail space and fourth-floor office space, as GlobeSt.com previously reported.In addition to the Verizon deal, EOP closed on the acquisition of 300 W. Sixth St. in Austin, TX for $131.7 million and Clocktower Square in Palo Alto, CA for approximately $43.1 million. The Austin asset was purchased from JER Partners and Carr America Realty. Carr America developed and delivered the 23-story, 446,637-sf class A office property in January 2002. Tenants include the law firms Akin, Gump, Hauer & Feld, LLP; Clark, Thomas & Winters, PC; and McKool Smith, PC; as well as Green Mountain Energy Co., Comerica Bank and Austin Ventures. The building is 78% leased. Andrea Peskind and Kenneth Page of Cushman & Wakefield acted as agents for the transaction. They were assisted by Michael Kennedy of Commercial Texas.

In Palo Alto, EOP acquired the four-building complex and a 51-year ground leasehold interest. The 97,133-sf office complex is next EOP’s Palo Alto Square building in Stanford Research Park. It is 100% leased.”These assets complement our existing local portfolios and enable us to leverage our operating platform to deliver a higher quality of customer service,” Kincaid adds.

On the disposition side, EOP sold Norris Tech center in the Oakland/East Bay submarket in California for $44.7 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.