NREI reports: Ventas Inc. continued its acquisition spree with the announcement that it has reached a definitive agreement to purchase Cogdell Spencer Inc., the owner of 72 medical office buildings, in an all-cash transaction. The boards of directors of both firms have approved the agreement, which includes $217 million in cash and the assumption of Cogdell’s debt for a total value of between $760 million and $770 million.
via Ventas to Acquire Cogdell Spencer for $770M.
CoStar reports: David Werner Real Estate has purchased 1700 Market Street in Philadelphia, PA for $143.5 million, or about $171 per square foot, from Pearlmark Real Estate Partners.
The 32-story, 841,172-square-foot, class A office building is located in Center City’s Market Street West submarket, on the corner of Market and 17th Streets. It was built in 1968 and renovated in 1989. The property is 83 percent occupied by tenants including AECOM, Deloitte, and Independence Blue Cross. Attached to the building is a five-story parking garage with 761 parking spaces.
The seller sold the property with the closing of a fund, this being the final property remaining in that fund. The existing mortgage had also come due.
David Werner RE Completes $143.5M Acquisition of 1700 Market St – CoStar Group.
NREI reports: Data centers support business-critical information technology systems, and any downtime can cost millions in lost revenue and even threaten the viability of a business.
Against that backdrop, the United States ranks as the top choice for companies seeking low-risk data center locations, reflecting the country’s relatively low cost of energy and favorable business environment, according to a new study.
Cushman & Wakefield and engineering consulting firm hurleypalmerflatt released details of the Data Center Risk Index on June 15.
The index, which evaluated risk in 20 leading and emerging markets and across key regional centers, scored India the least favorable with China also near the bottom of the rankings (see table).
“Despite their status as engines of global growth, China and India score poorly as a result of strict foreign ownership regulations and other barriers to investment,” says Stephen Whatling, global services director at London-based hurleypalmerflatt.
U.S. Ranks As Top Choice for Companies Seeking Low-Risk Data Center Locations.
NREI reports:
San Diego-based Trigild, a distressed real estate, loan recovery and real estate specialist, has added 11 commercial office and industrial properties nationwide totaling more than 1 million sq. ft. to its growing portfolio of distressed commercial real estate.
As the court-appointed receiver, Trigild is charged with operating, repositioning and protecting the properties, all currently facing foreclosure. The properties span the country and are located in Maryland, Nevada, Florida, Texas, Oregon, Washington and California. They include:
* ANC/Green Valley — seven office buildings totaling 282,000 sq. ft. in Henderson, Nev.
* Henderson Office – a 7,000 sq. ft. office park in Henderson, Nev.
* Skyline Office Building – a 30,000 sq. ft. midrise office building in St. Petersburg, Fla.
* Congress Office Park – a 54,000 sq. ft. office park located in Delray Beach, Fla.
* Arlington Industrial – a 5,000 sq. ft. office space with 11 individual offices located in Arlington, Texas.
* Empire Towers – a 250,000 sq. ft. office space in Glen Burnie, Md.
* Jantzen Office – a three-building office complex totaling 117,000 sq. ft. in Portland, Ore.
* Intracorp – three commercial office buildings spanning 138,000 sq. ft. in the historic Pioneer Square area of Seattle, Wash.
* Gateway Chula Vista – a 129,000 sq. ft. office building in Chula Vista, Calif.
* Hawthorne Medical – a 36,000 sq. ft. medical office in Hawthorne, Calif.
Trigild Named Receiver for More Than 1 Million Sq. Ft. of Office and Industrial Space.
CoStar reports: The PNC Financial Services Group, Inc. announced this week that it plans to construct a 40-story headquarters building dubbed The Tower at PNC Plaza on the southeast corner of Fifth Avenue and Wood Street in Pittsburgh, PA. Once complete in 2015, the 800,000-square-foot, $400 million building at the same intersection where PNC has been headquartered for more than 150 years will serve as the company’s executive offices.
Tentative plans call for about 300 underground parking spaces, street-level retail and green rooftops. The tower should create 2,500 construction jobs, with 500 workers at a time on the site during peak periods.
PNC subsidiaries have acquired six properties totaling about 31,000 square feet on the site bounded by Fifth and Forbes avenues and Wood Street. The financial services firm will seek to acquire three other parcels totaling about 6,000 square feet from the Urban Redevelopment Authority of Pittsburgh. Demolition of existing buildings on the site is expected to begin late this year, with the three-year construction projects scheduled to begin in the spring of 2012. PNC will seek community input on street-level design and other aspects of the project in coming months.
PNC will own the building and occupy all of the office space, with tenants in the retail spaces at street level. The current headquarters building, One PNC Plaza, will continue to house PNC offices.
PNC to Build New $400M Pittsburgh Headquarters – CoStar Group.
NREI Reports: Tishman Speyer Signs Law Firm to Largest Private Sector Lease This Year in D.C.
The law firm of Skadden, Arps, Slate. Meagher & Flom LLP has signed a 15-year lease renewal and expansion agreement for 213,674 sq. ft. at the Commercial National Bank Building in Washington, D.C. The building is owned by New York-based Tishman Speyer, which owns, manages and leases more than 11 million sq. ft. of high-quality office buildings in the region.
The lease announced today was executed in conjunction with Skadden’s simultaneous renewal and expansion agreement for 200,957 sq. ft. at 1440 New York Avenue, NW, which is owned by ING Clarion and directly connected to the Commercial National Bank Building.
Tishman Speyer’s transaction with Skadden is the district’s largest private sector lease signed this year, and the combined set of transactions represents one of the largest such lease deals in recent memory.
via Tishman Speyer Signs Law Firm to Largest Private Sector Lease This Year in D.C..
CoStar reports: Union National Community Bank Sells Lancaster Property for $10.9M. Dept. of General Services Acquires 63,000-SF Bldg. Union National Community Bank sold the 360 seat acoustical auditorium building in Lancaster, PA to The Pennsylvania State Department of General Services for $10.9 million, or approximately $173 per square foot.The 63,000-square-foot building was built in 2008 in Lancaster County submarket, and was 94 percent occupied at the time of sale. The seller closed this location after the company went bankrupt. The buyer chose this property so they could have a downtown presence. The property will be used for additional classrooms and community events.
via Union National Community Bank Sells Lancaster Property for $10.9M – CoStar Group.
Cafaro predicts even more growth for health care real estate. The nation’s demographics and coming changes to its health care delivery system bode well for health care real estate, Ventas CEO Debra A. Cafaro said in comments at the 16th Annual REIT Symposium sponsored by NYU’s Schack Institute of Real Estate. She cited medical offices and outpatient facilities in illustrating her point. “Because they are need-based, healthcare and senior housing assets performed the best of any real estate asset class during the recession,” she added.
Lancaster, PA MSA employers expect to hire at a steady pace during Quarter 1 2011, according to the Manpower Employment Outlook Survey.
From January to March, 18% of the companies interviewed plan to hire more employees, while 8% expect to reduce their payrolls. Another 72% expect to maintain their current staff levels and 2% are not certain of their hiring plans. This yields a Net Employment Outlook* of 10%.
“Employers are slightly more optimistic about hiring plans for the first three months of 2011 compared to Quarter 4 2010 when the Net Employment Outlook was 7%,” said Manpower spokesperson Ernie Schaefer. “Employers expect a much faster pace compared with one year ago, when the Net Employment Outlook was -5%.”
via Positive Job Market Expected for Lancaster, PA MSA | Manpower U.S. Pressroom.
CoStar reports:
HardMetrics, a provider of performance management and operational analytics solutions for call center driven organizations, selected Wayne, PA as the location for its new corporate headquarters.The new headquarters, at 565 East Swedesford Road, is in the heart of the Route 202 Technology Corridor in the suburbs of Philadelphia. HardMetrics has entered into a 3.5-year lease with Brandywine Realty Trust, the property’s owner.
via HardMetrics Picks Wayne for New HQs – CoStar Group.
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