Brickman would not return calls to comment on the sale. The broker, Eastdil Secured senior managing director Douglas Harmon, did confirm that his shop is handling the assignment but would not talk about the projected financial outcome. He did call the disposition strategy, "a rare opportunity to purchase an extraordinary critical mass of institutional-quality properties." He stated that the assets provide stable and predictable cash flows "as well as value-enhancement opportunities."
But beyond that Harmon was mum. Sources close to the deal explain that the class A assets are sprinkled throughout the country: Some 1.3 million sf (net rentable) is located in the Northeast, 870,000 feet is in the Mid-Atlantic, and 690,000 sf is on the West Coast. The largest in the pack is 915 Wilshire Blvd in L.A., with 400,000 sf of rentable space. In Bellevue, WA, the team is pushing the 200,000-sf Civica Office Commons. A pack of assets is being moved in Boston, including 230 Congress St., 51 Sleeper St., One Bowdoin Sq., 55 Summer St., 40 Court St., Harbor Corporate Center and 313 and 330 Congress. All run around 150,000 of net rentable.
In the past 15 years, Brickman, according to its website, has invested more than $2.5 billion in real estate throughout the US. Those plays have cut across the gamut of property types--encompassing office, residential, hotels and land. The Brickman Real Estate Fund II is structured as a private REIT.
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