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NEW YORK CITY — Strategic Hotels & Resorts (NYSE: BEE) has entered into an agreement to purchase the 518-unit Essex House Hotel, located at 160 Central Park S. in Manhattan, from Dubai Investment Group for $362.3 million. Additionally, Strategic Hotels has signed a 50-year management agreement with Marriott International to rebrand the hotel as the JW Marriott Essex House New York. “The Essex House is one of New York City’s most recognized high-end hotels, and I am pleased that we are able to reacquire this landmark asset and convert it to the first JW Marriott in Manhattan,” says Laurence Geller, president and CEO of Strategic Hotels & Resorts. The 40-story iconic hotel, which was built in 1931, includes 509 hotel rooms and nine condominiums. An affiliate of Strategic Hotels previously owned the property, which sold to Dubai Investment Group in 2005 for approximately $440 million. At the time, the hotel contained 605 hotel rooms and 10 condominium units, until it underwent a $90 million renovation in 2007. Upon closing, Strategic Hotels plans to invest $18.3 million in property improvements, including renovations of the common areas, system upgrades as well as new signage and other branding efforts in conjunction with the …

ATLANTA AND DALLAS — Cushman & Wakefield has entered into an agreement to acquire the third-party client services group of Atlanta- and Dallas-based Cousins Properties (NYSE: CUZ). “This move marks a key milestone as we begin the next phase of our strategic growth plan,” says Glenn Rufrano, president and CEO of Cushman & Wakefield. “Integrating such a quality group into our platform enables Cushman & Wakefield to continue to balance our service mix across our global platform and provide consistent quality service to our clients.” Cousins’ client services group provides third-party services to owners of Class A office buildings in Atlanta and Dallas, including leasing, property management and project management services. Approximately 128 professionals will join Cushman & Wakefield’s corporate occupier and investor services group, and will provide immediate enhanced capabilities for clients supported by the company’s investor services and leasing groups. The transaction is expected to close by year’s end. “We are very excited about this transaction. We really consider it a partnership, and view this as a win-win for Cousins, Cushman & Wakefield and most importantly, our clients,” says Larry Gellerstedt, president and CEO of Cousins Properties. “This not only ensures that our clients will be part of …

RICHMOND, VA. — Apartment Trust of America (ATA) has arranged a $536.5 million recapitalization that includes the acquisition of 21 apartment communities, valued at $485 million, as well as the issuance of $50 million of preferred stock and $1.5 million of common stock. Elco Landmark Residential Holdings (ELRH) and its affiliates and partners, including DeBartolo Development and the Florida Value Funds, are contributing the multifamily properties in exchange for $187 million of partnership interests in ATA’s operation partnership, $16 million in cash and the assumption of $282 million in debt on the properties. “Over the past six years, we have worked to create a high-quality portfolio that produces strong returns for stockholders and a fiscally prudent balance sheet,” says Stanley Olander, CEO of ATA, a publicly registered, non-traded real estate investment trust. In conjunction with the transaction, the company has been renamed Landmark Apartment Trust of America (LATA). Joseph Lubeck, CEO of ELRH, will become the executive chairman of LATA’s board of directors. Upon completion of the 6,100-unit portfolio, LATA will own a total of 36 properties totaling 10,000 units in the southern U.S. “We are pleased that our investors will now also benefit from the larger, more diverse group …

BEDFORD, MASSACHUSETTS — An affiliate of Phoenix-based Cole Real Estate Investments has purchased 174 and 176 Middlesex Turnpike, a 328,232-square-foot trophy office complex located in Bedford, for $93.5 million. The buildings are fully leased to RSA Security, a division of EMC Corp. (NYSE: EMC), a global network security provider. Bedford is located in Middlesex County, 15 miles to the northwest of Boston. Robert Griffin and Edward Maher of Cushman & Wakefield’s Capital Markets Group and Luis Alvarado of the firm’s Corporate Occupier & Investor Services Group represented the seller, Real Estate Capital Partners USA Capital Trust, in the transaction, and procured the buyer. Robert Corry of Cushman & Wakefield’s Office & Industrial Acquisitions group represented the buyer. The office complex is used as a research and development facility and is located on 54.5 acres. The complex features the two office buildings connected by a glass-enclosed sky bridge. The Gutierrez Company developed the office complex in December 2001. The complex was built with the bridge to allow RSA Security employees to move quickly between areas in order to collaborate with fellow engineers and designers. REITs, such as Cole Real Estate Investments, have been targeting areas outside of the core Boston market …

AUGUSTA, GA. — Starbucks Coffee Co. (NASDAQ: SBUX) has broken ground on a $172 million, 180,000-square-foot manufacturing facility in Augusta. The plant, which will be the first company-owned facility in the world to produce soluble products, will create 140 jobs when it opens in 2014. “Georgia is proud to welcome Starbucks to the growing community of global brands that make a home in our state,” says Georgia Gov. Nathan Deal. “We understand that a company like Starbucks has its pick of places to do business, so we are indeed glad the strength of Georgia’s workforce and business environment attracted this manufacturing operation.” The facility will produce several Starbucks products that are currently manufactured abroad, including Starbucks VIA Ready Brew and the coffee base used in Frappuccino blended beverages as well as many ready-to-drink beverages. The plant is designed to be LEED certified. “During such challenging economic times, I am thrilled that we are creating jobs and building something special right here in Georgia,” says Peter Gibbons, executive vice president of Seattle-based Starbucks’ global supply chain operations. “Starbucks has long believed that there is a direct link between our success and the vitality of the communities in which we do business.” …