גוטע קוועלער געבן איבער אז א חרד'ישער אינגערמאן פון וויליאמסבורג שטייט אינטער די 880 מיליאן דאלארדיגע פארקויף פון די "סטעיט סטריט פיינענשעל" בילדינג אין באסמאן.
Fortis Property Group Behind $880M Sale in Boston American Financial Realty Trust JV to Sell State Street Financial Center for North of $880M
CoStar News has learned that Fortis Property Group is leading the "Northeast-based private real estate investment group" that has agreed to acquire the 1 million-square-foot State Street Financial Center at 1 Lincoln Street in Boston for more than $880 million, or $880 per square foot, according to sources familiar with the sale.
The Brooklyn, NY-based Fortis and a group of other New York investors are expected to close on the 36-story office tower from a joint venture led by American Financial Realty Trust (NYSE:AFR) and an affiliate of IPC US Income REIT by the end of this year or early 2007.
Calls to Fortis and Eastdil Secured, which marketed the building on behalf of the sellers, were not immediately returned. American Financial declined to comment.
Fortis apparently set its sights on Boston following several high-profile Dallas deals where it agreed to pay about $280 million for the three-building, 1.4 million-square-foot office complex known as Galleria Office Towers in Dallas. Earlier in the year, Fortis teamed with Trimarchi Management, also from New York, on the nearly $100 million acquisition of two other Dallas office properties, Harwood Center and Saint Paul Place. It also invested in the $282.5 million purchase of JPMorgan International Plaza in Dallas.
The addition of State Street Financial Center will build out Fortis' portfolio considerably. The privately held firm headed by CEO Jonathan Landau is controlled by the Kestenbaum family. Fortis manages some 3 million square feet in commercial properties and about 454 residential units.
The group of investors joining Fortis in the Boston deal could not be learned. American Financial announced the pending sale last week, but did not identify the buyer.
American Financial, a Jenkintown, PA, REIT decided to formally shop the 36-story tower in the last couple of months. The company is pruning its portfolio and repositioning itself. The REIT paid $705.4 million or $688.84 per square foot in February 2004 to acquire the property. Later that year, it sold a 30% stake to an affiliate of Canadian REIT IPC US Real Estate Investment Trust, for $60.3 million.
The building is fully leased with triple A credit tenant State Street Corp. occupying most of the building under a lease that runs until 2023. State Street also leases the property's 900-space garage on a 20-year triple-net lease.
נשלח ב-4/6/2008 02:20
Friday, May 30, 2008
Cannon Commercial buys Galleria towers for $300M
Dallas Business Journal
Los Angeles-based Cannon Commercial Inc. has bought three Galleria office towers for more than $300 million.
The sale included Galleria Towers I, II and III at the corner of Interstate 635 and the Dallas North Tollway, according to Jones Lang LaSalle (NYSE: JLL), which represented the seller, New York-based Fortis Property Group LLC.
The transaction comprises 1.4 million square foot of office space
and boosts Cannon's Dallas holdings to five properties including Toll
Hill Office Park and 7515 Greenville office tower. All of the company's
Dallas properties are all fully occupied.
"This portfolio retained consistent investor interest right through
the credit crunch and its closing should send a strong signal about the
existing strength of the Dallas investment market for high quality
office product," said Jones Lang LaSalle Managing Director John
Alvarado.
"The disposition of this asset furthers our goals of maximizing
investor returns and geographically diversifying the holdings within
our portfolio," said Fortis Chairman Louis Kestenbaum. "We achieved
close to 100 percent profit on our equity investment in the Galleria
Towers over a one and a half year holding period, and attained similar
returns on our recent sale of International Plaza Tower III across the
Tollway."
Built in the 1980s and early 1990s, the Galleria towers range from
24 to 26 stories tall and adjoin the Galleria shopping mall, as well as
the Westin Galleria Hotel. The buildings are currently 98 percent
leased.
Fortis owns two other office buildings and an industrial property
in the Dallas area. Nationwide, Fortis owns more than 20 properties.
Cannon Commercial owns and manages more than 20 million square feet of retail, mall and office properties in 12 U.S. cities.
נשלח ב-30/5/2008 00:40
MIZRACHI- ALCALAY JOINT VENTURE AND FORTIS PROPERTY GROUP SELL INTERNATIONAL PLAZA TOWER IIINew York -
Dallas, TX/New York, NY– International Plaza Tower III, a trophy office property in North Dallas,
was recently sold to KBS Realty Advisors, an SEC registered real estate
investment advisor. The sellers were the Mizrachi- Alcalay JV and
Fortis Property Group. Terms were not disclosed.
''International Plaza Tower III is strategically located in a highly desirable area of North Dallas
and beautifully built. During our ownership the parties made
substantial gains on their equity investment. The fact that an
institutional buyer the caliber of KBS purchased it demonstrates the
inherent value and quality of the property,'' said Joseph Mizrachi,
chairman.
Located at 14241 North Dallas Parkway,
International Plaza Tower III is a 13-story, 351,248 square foot
building offering class A office space. It is part of the three
building JPMorgan International Plaza office development across from
the Galleria, in one of Dallas' top office markets.
The International Plaza office development includes three major office buildings and a closed car garage.Mirzrachi – Alcalay JV and its partners originally purchased the complex in March of 2006.The two other office towers have already been sold
The three Galleria office
towers along the Dallas North Tollway were sold late Wednesday to Los
Angeles-based Cannon Commercial, the most recent in a string of Tollway
office buildings to trade hands this year.
Financial
terms of the sale were not disclosed, but sources close to the deal
estimated a price of more than $300 million, making it one of the
largest office building sales in Dallas in recent years.
*-- Refer begins here * *-- Refer ends here *
Cannon is the fourth owner of the Galleria towers on the northeast
corner of LBJ Freeway and the Dallas North Tollway since they were
built in the early 1980s.
Brooklyn, New York-based Fortis
Property Group had owned the Galleria Towers I, II and III since late
2006. It paid nearly $290 million for the properties then.
The three towers total 1.4 million square feet of Class A office space. The buildings are 98 percent leased.
John Alvarado, Jack Crews and Evan Stone at Jones Lang LaSalle represented the seller.
''This portfolio retained consistent investor interest right through the
credit crunch, and its closing should send a strong signal about the
existing strength of the Dallas investment market for high quality
office product,'' Mr. Alvarado said in a statement.
''This
was an attractive offering given the Galleria towers are irreplaceable,
trophy assets and came with affordable and assumable long-term debt.''
With these new properties, Cannon increases its Dallas property
holdings to five, including Toll Hill Office Park and 7515 Greenville
office tower.
Last month, Fortis sold the 13-story
International Tower III on the tollway in Farmers Branch to
California-based KBS Realty Advisors and a Crescent Real Estate
Equities affiliate sold the two-building Spectrum Center on the tollway
in Addison to Plano-based developer Granite Properties.
נשלח ב-14/12/2007 02:47
אין ערגסטן פאל אז פאר קויפט זיך נישט ווען מען כאפן א קנאק (שמשון ) יאנקעל
נשלח ב-11/12/2007 00:15
Credit crisis turns market for commercial property from hot to suddenly cold in Boston, across country
By Thomas C. Palmer Jr., Globe Staff | December 7, 2007
Fortis Property Group, co-owners of One Lincoln Street, one of
Boston's newest buildings, recently attempted to sell it, but
apparently the offers weren't good enough.
"My impression is they were hoping for a big huge number, and the
pricing was not as dramatic as they'd hoped," Lisa M. Campoli,
executive vice president of Meredith & Grew, said after speaking to
a gathering of real estate executives yesterday.
A New York investor who
during the last year has purchased some of the Dallas-area's largest
suburban office developments is now putting them up for sale with a
price tag of more than $600 million.
Fortis Property
Group is hoping to find a buyer for its three Galleria office towers
plus large properties in Farmers Branch and Irving.
The
Dallas office of real estate service firm Jones Lang LaSalle has been
hired to market the 2.3 million square foot property portfolio.
"This is widely considered one of the premier collections of suburban
office properties in the Southwest," Jones Lang LaSalle's John Alvarado
said Tuesday in a statement. "The portfolio consists of trophy-quality
assets in strategic, highly visible locations with extremely
attractive, assumable debt on a majority of the portfolio."
The planned sale includes more than 1 million square feet in the
Galleria complex at LBJ Freeway and the Dallas North Tollway. The
buildings range from 24 to 26 stories tall and adjoin the Galleria
shopping mall.
Fortis bought the buildings late last year
for more than $250 million. Fortis also has land for a fourth tower at
the Galleria.
The investor is also selling its 13-story
JP Morgan International III tower on the tollway near Spring Valley
Road.
And the proposed sale includes the two-building,
526,000-square-foot NEC Corporate Center on State Highway 114 in Las
Colinas.
Altogether, the Fortis office properties are about 96 percent leased.
