Wells REIT Sells Frank Russell Building in Tacoma, Washington
Wells Real Estate Investment Trust Inc. has sold the Frank Russell Building, a 12-story, Class A office building in Tacoma, Wash., to 909 A Street L.
L.C. Terms were not disclosed.
Wells REIT bought the 224,000-square-foot building in Jan. 2004. Wells was assisted by Eastdil Secured and Pacific Real Estate Partners.
Hill International has received a contract to provide project management services during the design and construction phases of Duja Tower. As proposed, the tower will consist of 50 stories plus a ground floor, a mezzanine floor and four basement levels, totaling 640 feet in height. It will be located along Sheikh Zayed Road in Dubai, United Arab Emirates.
A car park structure, consisting of 10 stories plus a ground floor, will be constructed adjacent to the tower. The estimated construction cost of the mixed-used commercial and residential tower, including the car park structure, is $177 million. The tower is expected to have a total built-up area of approximately 1.
8 million square feet. This project's developer is His Excellency Nasser Abdulla Hussein Lootah.
U.
K.-based gaming business Rank has decided to focus on the operation of bingo clubs and casinos in the United Kingdom and to dispose of all non-core activities. After selling the Hard Rock Cafe earlier this month, Rank is now exiting the DVD manufacturing business for Hollywood studios.
Deluxe Media Services L.L.C.
, Rank's U.S. subsidiary, which closed of its North Little Rock/Arkansas facility in September of this year, has now sold the entire DVD manufacturing and distribution operation to ODS Optical Disc Service Inc.
The 712,000-square-foot building has 22 DVD replication lines, mastering, printing and packaging facilities.
Corporate Office Properties Trust Signs Leases for 238,000 Square Feet
Corporate Office Properties Trust has executed three leases for a total of 237,569 square feet. The first is a long-term lease is for the entire building under construction located at 320 Sentinel Drive, Annapolis Junction, Md.
The building, to be known as 320 NBP, will be a 125,681 square foot Class A office building with rent commencing in the fourth quarter 2007. 320 NBP is one of two buildings currently under construction in Phase II of The National Business Park. The second lease for 53,941 square feet was signed for the entire building located at 940 Elkridge Landing Road, Linthicum, Md.
This building, known as Airport Square VII, has a planned occupancy of second quarter 2007. The third lease was signed with AARP for an additional 57,947 square feet at 15 West Gude Drive, Rockville, Md., with rent commencing in the fourth quarter 2007.
This lease brings the total space leased to AARP to 104,695 square feet.
Hypo Real Estate Capital Corp. announced today that on December 1, 2006 it successfully closed on the $220 million syndication for Gateway Center at New York City's Bronx Terminal Market.
Not yet constructed, Gateway Center, developed by BTM Development Partners, a subsidiary of Related, is the signature urban revitalization project encouraged under an economic development program devised by the City of New York. Located at River Avenue and the Major Deegan Expressway in the Bronx, Gateway Center will contain 926,180 square feet of gross leasable area and a 2,610 space parking garage on an 18-acre site.
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