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Crescent Communities Arranges Sale of Tampa Apartment Complex for $111.5M

Crescent Communities Arranges Sale of Tampa Apartment Complex for $111.5M

TAMPA — Crescent Communities has sold Crescent Bayshore, an apartment complex in Tampa, for $111.5 million. This is the first closing of a portfolio of nine multifamily properties developed by Crescent. Crescent has finalized the sales with a fund advised by UBS Global Asset Management and an unnamed private institutional buyer. The portfolio includes a total of 2,667 units. Crescent Bayshore contains 367 units located in downtown Tampa, and the sale represents a price in excess of $300,000 per unit. The entire transaction will allow Crescent to recapitalize the portfolio at a gross purchase price approaching $700 million. CBRE advised Crescent on the transaction. “For over 50 years, Crescent Communities has been unwavering in..

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Fifth Third Bank Will Move Headquarters to One Woodward Building in Detroit

Fifth Third Bank Will Move Headquarters to One Woodward Building in Detroit

DETROIT — Fifth Third Bank Eastern Michigan plans to relocate its headquarters from its current location in Southfield to downtown Detroit. The relocation includes an investment of $85 million in the city’s resurgence. With more than 150 full-time employees, Fifth Third Bank’s new offices will occupy four floors encompassing 62,000 square feet with options for future growth at One Woodward Avenue, one of more than 60 properties owned and operated by Bedrock Real Estate Services. The skyscraper will be renamed Fifth Third Bank at One Woodward. “Fifth Third Bank has long been a citizen of Detroit's neighborhoods having built numerous branches within city limits during the past decade,” says David Girodat, president and CEO of..

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TIAA-CREF, Norges Bank Investment Management Buy Office Asset in Washington for $392M

TIAA-CREF, Norges Bank Investment Management Buy Office Asset in Washington for $392M

WASHINGTON, D.C. — A joint venture between TIAA-CREF and Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, has acquired a 364,000-square-foot trophy office building in Washington, D.C. for $392 million. The joint venture purchased the property located at 800 17th St. N.W. from PNC Financial Services Group. “This unique property is exceptionally located and provides long-term income from established tenants,” says Suzan Amato, head of strategic joint ventures for TIAA-CREF. “We look forward to continuing to source prime assets on behalf of the joint venture.” Developed in 2010, the property includes an expansive rooftop deck, a glass curtain wall and a tenant amenity package..

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Brandywine Realty Trust, LCOR to Develop Mixed-Use Project at 1919 Market St. in Philadelphia

Brandywine Realty Trust, LCOR to Develop Mixed-Use Project at 1919 Market St. in Philadelphia

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN) has formed a 50/50 joint venture partnership with LCOR/CalSTRS for a mixed-use development located at 1919 Market St. in Philadelphia’s City Center neighborhood. The joint venture is planning a 29-story, 455,000-square-foot glass tower consisting of residential, retail and parking components. The project will be comprised of 321 luxury apartments with full concierge service and rooftop amenities that include a fitness center, club room with demonstration kitchen, outdoor roof garden with a fire pit and ledge pool and a game room including a golf simulator. The commercial space will consist of 24,000 square feet and is 90 percent pre-leased to Independence Blue Cross and..

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