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NEW YORK — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, and Prudential Real Estate Investors, the real estate investment management and advisory business of Prudential Financial Inc. (NYSE: PRU), have formed a joint venture for the ownership of condominium units at Tower 46, located at 55 W. 46th St. in Manhattan. The units span 347,000 square feet with office space on floors two and 22-34 and retail space at grade on 46th Street. SL Green announced its acquisition of the Class A asset for $295 million in September and completed that transaction in October. A fund managed by PREI on behalf of institutional investors now owns a 75 percent stake under the terms of the new joint venture, with SL Green keeping 25 percent ownership and retaining management and leasing responsibilities. “Prudential, our longtime partner at 100 Park Ave., shared our vision for this prime Midtown asset,” says Isaac Zion, co-chief investment officer of SL Green. “We are delighted to be partnering with them once again and look forward to creating value together.” Skidmore Owings & Merrill designed the tower, which was completed in 2013. The glass and steel structure features floor-to-ceiling windows on …

CHICAGO — Acadia Realty Trust (NYSE:AKR) has acquired an 88.4 percent interest in an 87,000-square-foot retail building along Chicago’s Magnificent Mile for $144.3 million. The four-story flagship property is located at 840 N. Michigan Ave. The space is fully occupied by H&M and Verizon. H&M has operated at the space since 2003. The apparel and accessories retailer recently signed a new 10-year term that expands its selling space by about 10,000 square feet at the below-grade concourse level. H&M’s flagship now totals 59,500 square feet. Verizon also rolled out its newest Destination Store at this location. The two-story, 10,000-square-foot space is Verizon’s largest store in the country and one of only two such experience stores, according to Acadia. “Flagship locations, such as 840 North Michigan Avenue, located in live-work-play-visit cities, enable our retailers to pair highly visible branding with access to thousands of shoppers daily,” says Joel Braun, Acadia’s CIO and executive vice president. “In our experience, retailers have been highly motivated to invest their own dollars to uniquely merchandise these flagship stores.” The building is located directly across the street from Water Tower Place. It is situated along the stretch of Michigan Avenue known as Magnificent Mile, a premier …

NEW YORK — Blackstone (NYSE: BX) has announced that funds affiliated with Blackstone Real Estate Partners VI & VII have agreed to sell their wholly owned U.S. industrial platform, IndCor Properties, to affiliates of GIC, Singapore’s sovereign wealth fund, for $8.1 billion. As a result of this transaction, Chicago-based IndCor will no longer be pursuing an initial public offering (IPO). IndCor owns and operates a portfolio of 117 million square feet of industrial properties throughout the United States. IndCor’s assets are principally located in desirable infill industrial markets such as Seattle, Portland, Los Angeles, San Diego, Dallas, Houston, Denver Minneapolis, Chicago, Atlanta, Charlotte, Miami, Baltimore and Washington, D.C. “We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the United States,” says Tim Beaudin, CEO of IndCor Properties. “We are excited about the company’s future prospects under new long-term ownership with GIC.” The transaction is expected to close in the first quarter of 2015. Eastdil Secured, a wholly-owned subsidiary of Wells Fargo & Co., advised Blackstone in the transaction, along with Citigroup, Barclays and RBC Capital Markets. Blackstone’s real estate business was founded in 1991 and has more than $80 billion in investor …

NEW YORK — Paramount Group Inc. (NYSE: PGRE), which specializes in owning and managing office properties in major markets, has completed its initial public offering of nearly 150.6 million shares of its common stock at a public offering price of $17.50 per share. The IPO has resulted in gross proceeds of $2.6 billion. The offering is the largest IPO ever for a U.S. real estate investment trust, according to Bloomberg, exceeding Douglas Emmett Inc.’s IPO in 2006, which raised $1.6 billion. According to Bloomberg, the shares climbed 3.9 percent to $18.18 on their first day of trading (Nov. 19) after the company sold them for $17.50 each. The IPO includes the full exercise of the underwriters’ option to purchase an additional 19.6 million shares of common stock. New York-based Paramount intends to use the net proceeds from the offering of $2.6 billion, after deducting underwriting discounts, commissions and offering expenses, to repay outstanding indebtedness and any applicable prepayment costs, exit fees, defeasance costs and settlement of interest rate swap liabilities associated with such repayment, as well as pay cash consideration in connection with its formation transactions. The company expects to use any remaining net proceeds for general corporate purposes, capital …

MILWAUKEE — Physicians Realty Trust (NYSE: DOC), a self-managed healthcare REIT based in Milwaukee, has entered into four separate purchase agreements in Georgia, Alabama, Washington, New York and Illinois totaling $123.2 million. In the Southeast, the REIT has partially closed on the purchase of a 309,865-square-foot portfolio of 13 medical office buildings for $34.5 million. Known as the Columbus Regional Medical Office Portfolio, 12 of the properties are located in Columbus, Ga., and one is located in Phenix City, Ala. The portfolio is 88 percent occupied, and 11 of the 13 properties are located adjacent to the 413-bed Columbus Regional Medical Center (CRMC) and the 219-bed Doctors Hospital, two of Columbus Regional Healthcare System’s (CRHS) short-term acute care hospitals. The portfolio features a mix of healthcare providers anchored by physician practice groups that are affiliated with CRHS and the Columbus Clinic. As part of the transaction, the CRHS-related leases totaling 45 percent of the overall portfolio’s base rental revenue have been renegotiated and extended to 10-year lease terms. Physicians Realty Trust has closed on 12 of the 13 buildings, with the final building expected to close by the end of 2014. “We are pleased to have the opportunity to work …

LOS ANGELES — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 264-room Hotel Palomar Los Angeles – Westwood for $78.7 million. The full-service boutique hotel is located at 10740 Wilshire Blvd. in the Los Angeles submarket of Westwood. The seller was undisclosed. The hotel is situated near the University of California, Los Angeles (UCLA), the Wilshire Corridor, and Westwood Village’s many shopping, dining and entertainment options. “The hotel is ideally located at the corner of Wilshire Boulevard and Selby Avenue, with proximity to all of the major motion picture studios, prominent dining, retail and museums and the Wilshire Corridor, which contains some of the highest-quality residential and office space in Los Angeles,” says Jon Bortz, Pebblebrook’s chairman, president and CEO. “The healthy economic environment in the West Los Angeles market, which has benefitted from increased international inbound travel, provides excellent long-term operating fundamentals for the hotel.” Hotel amenities include a 40-foot outdoor pool and deck with poolside food and beverage service, a fitness center, a five-story, 435-space parking garage with valet parking, a 24-hour business center and in-room spa services. It also contains eight meeting rooms with more than 5,000 square feet of flexible meeting space. The property’s signature dining …