Business Specialties Investments
Landmark Boston, NYC Properties Acquire Financing
July 8, 2008
By: Tonie Auer, Contributing Correspondent

While deals may be slowing down, Holliday Fenoglio Fowler L.P. has arranged two deals--one for $85 million for the Boston Harbor Garage in Boston and one for $90 million refinancing for 401 West 14th St., a 62,000-square-foot retail and office building in Manhattan’s Meatpacking District.

401WestThe Boston office of HFF handled the Boston Harbor deal. The 1,380-space parking garage with 30,000 square feet of street-level retail is located at 70 East India Road in downtown Boston, adjacent to the New England Aquarium and along the Rose Kennedy Greenway, a recently created boulevard with a series of parks linking several urban neighborhoods.

HFF senior managing director Riaz Cassum and real estate analyst Carlos Febres-Mazzei repped a joint venture between The Chiofaro Co. and Prudential Real Estate Investors to secure the five-year, fixed-rate loan through Hartford Investment Management Co. The venture acquired the property in an all-cash transaction in December 2007. The Boston Globe reported on Dec. 14, that the sale price was $155 million.

HFF’s New York office worked exclusively on behalf of the owner of 401 West 14th St. The owner is a partnership comprised of affiliates of Taconic Investment Partners L.L.C. and ING Clarion Partners. HFF’s managing director Evan Pariser and senior real estate analyst Todd Newman placed the five-year, adjustable-rate loan with Landesbank Hessen-Thuringen Girozentrale (Helaba).

Originally constructed in 1927, 401 West 14th St. underwent major redevelopment and repositioning since it was acquired by the owners in 2005, including the addition of a 9,000-square-foot penthouse and a complete renovation of the base building. The four-story, Class A property (pictured) is currently 100 percent leased to Apple Inc., Hugo Boss Retail Inc., Moschino and Tudor Investment Corp. The anchor tenant, Apple Inc., leases a portion of the ground floor and the entire second and third floors, as well as the rooftop billboard.

The Chiofaro Co. is a privately held, independent firm engaged in the development, investment, leasing, management and ownership of real estate properties, including Boston’s International Place.

 
Recent Investments Headlines
Grubb & Ellis Realty Investors Nabs 199,000SF Atlanta Office
Aug. 21, 2008
One Live Oak, a 199,000-square-foot office property in Atlanta, has just been snapped up by Grubb & Ellis Realty Investors L.L.C., which made the purchase on behalf of tenant-in-common investors. Crescent Real Estate Equities was the seller, having shelled out $31 million to acquire the property from TMW Real Estate Group in late 2004.
Post Sells Atlanta Apartment Property, Refinances Others
Aug. 21, 2008
It’s only Wednesday and already it’s been a big week for upscale multi-family developer Post Properties of Atlanta. The REIT has sold its 250-unit Post Oglethorpe apartment community in Atlanta’s Brookhaven area for $38.5 million and has refinanced two apartment complexes held in joint ventures. In addition, two of the big three credit rating agencies recently had some news for the company.
Pacific Office Properties Nabs $195M Portfolio
Aug. 21, 2008
Pacific Office Properties Trust Inc. and an institutional co-investor have acquired a portfolio of seven Southern California office complexes for $195 million. The combined properties contain more than 1 million leasable square feet across 15 office and flex buildings.
Cushman & Wakefield Sonnenblick Goldman Expands U.S. Platform
Aug. 20, 2008
As the real estate investment market continues to be challenged by credit and liquidity issues, Cushman & Wakefield Sonnenblick Goldman has announced it will expand its U.S. platform into new markets to help meet increasing demand for access to debt and equity capital sources.
Spear Street Takes Austin Office Portfolio
Aug. 20, 2008
San Francisco-based Spear Street Capital has acquired an office property portfolio consisting of Riata Corporate Park and Riata Crossing in Austin. The complex includes 13 buildings totaling about 1.1 million square feet in the northwest submarket of that city, not far from the JJ Pickle Research Campus of the University of Texas at Austin, a center for electronic, aerospace, mechanical, petroleum and environmental-health engineering research.
 

 

Pacific Office Properties Nabs $195M Portfolio
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By Michael Fickes, Contributing Correspondent -- Pacific Office Properties Trust Inc. and an institutional co-investor have acquired a portfolio of seven Southern California office complexes for $195 million. The combined properties contain more than 1 million leasable square feet across...

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By Barbra Murray, Contributing Editor -- One Live Oak, a 199,000-square-foot office property in Atlanta, has just been snapped up by Grubb & Ellis Realty Investors L.L.C., which made the purchase on behalf of tenant-in-common investors. Crescent Real Estate Equities...

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