NEW YORK CITY — A joint venture between the Kaufman Organization and Lubert-Adler has acquired an office building at 27-35 W. 24th St. in Manhattan for $55.5 million. The 114,880-square-foot building is fully leased by 51 office tenants and one retail tenant. The office tenants pay approximately $40 per square foot. Thomas Gammino, John Ciraulo and Craig Waggner of Massey Knakal represented both parties in the transaction. Signature Bank was the lender for the deal.
NEW YORK CITY — Ira Lifshutz, an active investor in New York real estate, has acquired a six-story commercial building in the Madison Park Historic District for $5.6 million. The new owner plans to reposition the 11,094-square-foot property into an office building. Ari Schwartz of Eastern Consolidated represented the seller, JYN LLC, in the transaction. Marcia Yawitz and Gabriel Saffioti of Eastern Consolidated represented the seller.
HOUSTON — A co-investment partnership between Crimson Real Estate Fund (CREF) and USAA Real Estate Co. has acquired eight acres of land in west Houston to build a new three-story office building and an adjoining parking lot. The 97,500-square-foot building will serve as the new headquarters for TGS-Nopec Geophysical Co. Patrinely Group will develop the building and Crimson Services will provide on-site property management. Both Patrinely and Crimson Services are affiliates of CREF. The project will be leased entirely to TGS-Nopec. Jon Silberman of NAI Houston represented TGS-Nopec in its lease transaction. Dennis Tarro of Crimson Services represented the landlord.
PALO ALTO, CALIF. — KBS Realty Advisors has purchased Palo Alto Technology Center, a 259,157-square-foot office campus, for an undisclosed sum. The 10-building complex is located on Embarcadero Road at Highway 101 in Palo Alto. It was 97 percent leased at the time of sale. Stanford Hospital and Clinics recently leased about 66 percent of the campus.
SANTA MONICA, CALIF. — Acento Advertising has signed a seven-year lease for 19,042 square feet at 2001 Wilshire Blvd. in Santa Monica. The new space will allow the company to expand and hire about 60 new employees. The lease is valued at $4.36 million. Acento will occupy the new space in March. The firm was represented by Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company. The landlord, Douglas Emmett, represented itself in this lease transaction.
SAN FRANCISCO – A partnership between DivcoWest and affiliates of TPG Real Estate has purchased the majority of assets within Mission West Properties’ Silicon Valley portfolio. The purchase price was not disclosed. The 73-building portfolio contains 6.4 million square feet. Eastdil Secured, Morgan Stanley and Bank of America Merrill Lynch served as the partnership’s financial advisors, while Gibson, Dunn & Crutcher and Skadden, Arps, Slate, Meagher & Flom acted as legal advisors.
GREENWICH, CONN. — Greenwich-based Starwood Capital Group has acquired a portfolio of nine office buildings, including a property in Pittsburgh, for $260.5 million. The portfolio totals 1.9 million square feet of Class A space in Orlando, Tampa, Charlotte, Winston-Salem, Pittsburgh and Salt Lake City. The buildings are 95 percent leased, excluding Salt Lake City, and the average year of completion is 1999. Wells REIT Real Investment Trust II was the seller.
NEW YORK CITY — Transatlantic Reinsurance Co. has signed a lease for 134,000 square feet of office space at One Liberty Plaza in Lower Manhattan. Transatlantic, a holding company for a number of subsidiary organizations offering reinsurance products, will occupy three floors of the building for 15 years. With the new signing, the property is now 98.6 percent leased. Robert Lowe and John Cefaly of Cushman & Wakefield represented the tenant in the transaction. The landlord, Brookfield Office Properties, was self-represented by Duncan McCuaig.
SAN ANTONIO — CapLease has closed on its $18.1 million acquisition of a 96,000-square-foot, Class A office building, located in San Antonio. The property is leased to two tenants: United Healthcare Services and Becton, Dickinson and Co. CapLease acquired more than $185 million in commercial properties in 2012, including this purchase.
SAN FRANCISCO – A partnership between DivcoWest and affiliates of TPG Real Estate has purchased the majority of assets within Mission West Properties’ Silicon Valley portfolio. The purchase price was not disclosed. The 73-building portfolio contains 6.4 million square feet. Eastdil Secured, Morgan Stanley and Bank of America Merrill Lynch served as the partnership’s financial advisors, while Gibson, Dunn & Crutcher and Skadden, Arps, Slate, Meagher & Flom acted as legal advisors.
