For $438.4 million, the Blackstone affiliate will acquire four Chicago properties that includes: Two North LaSalle, 692,000 sf; 10 S. Riverside, 685,000 sf; 120 S. Riverside, 685,000 sf; and 550 W. Washington, 372,000 sf. Additionally, BRE/TZ is purchasing the Franklin garage, a 1,010-parking-space lot at 201 W. Adams St. for $50.4 million.
In Atlanta, one 11-building office complex, one office property and four vacant land parcels are being sold for an aggregate of $300.4 million. The properties include: Interstate North Park, a 955,000-sf project consisting of 11 office buildings, for $116.6 million; Colony Square, a 837,000-sf office building, for $149.2 million; a vacant land parcel known as Interstate North Park, for $7.5 million; a vacant land parcel containing an unoccupied building known as 1372 Peachtree with a price tag of $5.6 million; and two vacant land parcels known as Buckhead for $21.5 million.
In three separate purchase agreements with BRE/TZ GA, Trizec is also selling in Atlanta: the Palisades, a 627,000-sf project consisting of four office buildings with an adjoining vacant land parcel for $75.2 million; One Alliance Center, a 558,000-sf office building, for $153.2 million; and Midtown Plaza, a 504,000-sf office building, for $77 million.
In related news, Tishman Speyer confirmed today it is entering the Atlanta market with the purchase of 3.5 million sf of office and retail properties through an assignment of purchase rights from the Blackstone Group of New York, as GlobeSt.com is reporting.
In Dallas, the company is selling one office property and one three-building office complex, together with one adjoining land parcel. The properties include: Renaissance Tower, a 1.74-million-sf office building, for $138.9 million; and Galleria Towers I, II and III, a 1.42-million-sf, three building office complex, together with an adjoining land parcel, for $216.9 million.
Separately, Trizec has agreed to sell to BRE/TZ Interest or its designee the company's 50% ownership interests in each of the two joint venture entities that owns: Bank One Center, a 1.53-million-sf office building, for $75.7 million; and Plaza of the Americas, a 1.18-million-sf office building, for $39.2 million. Renaissance Tower and Galleria Towers I, II and III, with the Galleria land parcel, are directly or indirectly wholly owned by the company, and Bank One Center and Plaza of the Americas are 50% owned by the company in two separate joint ventures.
Finally, the company has agreed to sell BRE/TZ Properties one office property and one office building and hotel complex located in Charlotte, NC and Minneapolis. In North Carolina, the company is releasing Bank of America Plaza, an 891,000-sf office building, for $153.9 million; and in Minnesota, Northstar Center, an 813,000-sf office building and hotel, is selling for approximately $58.8 million.
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