CHICAGO — The Chicago office of Hines has acquired One North Wacker, a 51-story, 1.4 million-square-foot office tower located in Chicago’s West Loop, on behalf of Hines U.S. Core Office Fund LP. The building includes a 9,000-square-foot conference center, a health club and a two-level parking garage. It is 98 percent leased to tenants that include UBS, PricewaterhouseCoopers and Citadel. The property was acquired from a German investment fund managed by RREEF, which was represented in the transaction by Eastdil Secured. The acquisition price was not disclosed.
CLEVELAND — The K&D Group has submitted the sole bid for the redevelopment of the former Ameritrust complex located at E. Ninth St. and Euclid Avenue in Cleveland. The $200 million plan will convert the office property into a mixed-use district encompassing 10 city blocks. Plans call for the construction of a new 13-story building, along with the redevelopment of a number of existing buildings. The Tower and Rotunda building will be redeveloped into a 170-room luxury boutique hotel on the lower floors, with 200 residential suites on the upper floors. The Rotunda will be renovated into a grand ballroom for the hotel. The H&P buildings will be demolished and replaced with a 200,000 to 350,000-square-foot office building. A signature tenant will be sought for the building, and will receive naming rights to it. Also, 50,000 to 100,000 square feet of retail space is slated for the mall level of the building. The 944 Prospect Avenue Parking Garage will also be demolished to make way for a new, 600-space parking garage. Finally, the 1010 Euclid Avenue Building is being studied for redevelopment, with options including luxury condominiums or an office tower. Westlake Reed Leskosky has been retained as lead project …
PHILADELPHIA A private partnership led by Peter Soens and Jeffrey Seligsohn, principals of SSH Real Estate, and Michael Young of Young Capital have acquired Unit II of 123 S. Broad St. in Philadelphia for $57.7 million. Known as the Wachovia Building, the Class A office property acquisition encompasses 626,594 square feet and includes the unit comprising floors six through 30 of 123 S. Broad St. and floors six through 11 of the adjacent Witherspoon Building. Paul Feaster of SSH represented the buyer in-house, and Adam Spies of Eastdil Secured represented the seller, American Financial Realty Trust.
LANCASTER, TEXAS — Turner Construction Co. has broken ground on the $30 million Science, Veterinary Technology and Allied Health Building at Cedar Valley College (CVC), in Lancaster. The 108,000-square-foot facility, located at 3030 N. Dallas Ave., is being designed to achieve LEED Silver certification. The property will house the CVC’s Science and Veterinary Technology programs and will include both indoor and outdoor science and health labs, faculty offices, storage, receiving and preparation areas. HOK will provide architectural services for the project, which is scheduled for completion in May 2009.
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