As Office Sector Enters New Stage of Recovery, Cities in the Heartland Become Good Acquisition Bets

Investment in office buildings in secondary markets is starting to pick up. National Real Estate Investor
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Meridian Trades DC Area Office Tower for $150 Million

The Meridian Group sold a 17-story, 368,400-square-foot office building in the Washington, DC, suburbs to Brookfield Office Properties Inc. (NYSE: BPO) for $ 150.1 million or $ 407 per square foot. Built in 1985, the Class A property known as Three Bethesda Metro Center is 8 miles nor
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Inland To Sell Boston Area Office Bldg. for $57 Million

Inland American Real Estate Trust Inc. found a buyer for its 185,171-square-foot office building in Canton, MA. Hines Global REIT Inc. agreed to acquire the property known as Blue View Corporate Center for approximately $ 57 million or $ 308 per square foot. The transaction is schedul
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AON Renews 38,000 SF at Brickell Bay Office Tower

Global risk management and insurance giant AON Group has signed a 38,000-square-foot renewal deal at Brickell Bay Office Tower at 1001 Brickell Bay Dr. in Miami, FL in what is the largest office lease signed in the submarket this year. The firm will retain building-top signage rights
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Beacon Capital Wins Bidding for 14 U.S. Office Buildings

Charter Hall Office REIT in Sydney, Australia, executed binding contracts to sell its interest in 14 U.S. office buildings for $ 1.71 billion to entities affiliated with Beacon Capital Partners LLC. The gross sale price represents a $ 35 million (or 2%) premium to the Dec. 31, 2010, b
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Cornerstone Pays $71M for San Fran Office Property

Cornerstone Real Estate Advisers Inc. purchased 795 Folsom St. in San Francisco from Westcore Properties and PCCP LLC for $ 71 million in cash or $ 379 per square foot. The 187,202-square-foot office building is in the SOMA district, was constructed in 1977 and renovated in 1999. The
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Hines to Build 28-Story Office Tower at NYC’s Bryant Park

Hines and partner Pacolet Milliken Enterprises, Inc. will develop a 28-story office tower totaling 450,000 square feet at 1045 Avenue of the Americas overlooking Bryant Park in Manhattan. The multi-tenant tower will be built on a key parcel that Pacolet Milliken has owned since 1954 w
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