Commercial real estate roundup, 2/7/11
- February 7, 2011
WASHINGTON, D. C.— CoStar Group Inc. knows how to play the market, which comes as no surprise since it’s an expert in commercial real estate research and analysis. When looking to relocate its headquarters from Bethesda, Md., Co-Star bought a two-year-old, Class A building on L Street NW in February 2010 for $41.2 million or about $243 per square foot. At the time, that was one of the lowest rates on a per-square-foot basis for a new office in D.C. Less than a year later, CoStar has entered into an agreement to sell the 169,429-square-foot building for $101 million in cash to an affiliate of Munich-based GLL Real Estate Partners GmbH. CoStar says it will remain in the building under a 15-year lease. As part of the sales agreement, up to $15 million of the consideration will be held in escrow for funding additional build-out and improvements to Co-Star’s space and for the common areas of the building.
WASHINGTON, D.C. — Office buildings in the nation’s capital continue to be a highly sought after investment. Carr Properties partnered with the Canada Pension Plan and Investment Board and MetLife Real Estate Investments to buy a 341,443-square-foot Class A property at 1255 23rd St. NW from Tishman Speyer for $137.4 million, or about $402 per square foot. According to CoStar Group Inc., Tishman bought what was known as the Floyd Acres Building from Blackstone Carr/American for $107.8 million — or $632 per square foot — in 2006 as part of larger portfolio deal. It’s about 95 percent leased.
VIRGINIA BEACH — Ultralife Corp. has signed a new lease for 32,522 square feet of office/warehouse space at the Airport Business Center. Liberty Property Trust handled the transaction.
VIRGINIA BEACH — H&A Architects & Engineers leased 23,267 square feet in the Armada Hoffler Tower at Virginia Beach Town Center. CB Richard Ellis handled the transaction.
VIRGINIA BEACH — The Hampton Roads office of CB Richard Ellis has been awarded the leasing and property management of Haygood Shopping Center. Anchors at the 174,410-square-foot center include Marshalls, Farm Fresh and Dollar Tree. The property has 10,000 square feet available to rent with sites ranging in size from 1,200 to 6,400 square feet.
NORFOLK — Grand Furniture has leased 30,000 square feet of retail space at the Best Square Shopping Center. S. L. Nusbaum Realty Co. represented Grand in the transaction.
RICHMOND — E.I. DuPont has leased more than 27,000 square feet of space at two locations on Commerce Road. C.B. Richard Ellis handled the transaction.
LOUISA COUNTY — Tetra Pak Tubex leased 30,000 square feet on Industrial Drive. CB Richard Ellis handled the transaction.
HANOVER COUNTY — Redco Properties LLC has purchased 1.7 acres at Rutland Commons for $550,000 from seller Crosland Rutland LLC. The owner plans to build a Bojangles restaurant at the location. Cushman & Wakefield | Thalhimer handled sale negotiations.