“CIG has traditionally focused on residential assets and has recently expanded its' investment criteria to include office properties,” says Gershon Alexander, principal of PAG Investments. “This acquisition will mark a foray into the office sector.”
The San Diego-based firm plans to occupy a total of 30,783 square feet encompassing the entire second and third floors of the 38-story tower building in the latter part of the first quarter of 2020.
Equus Capital Partners also announced on Thursday that an affiliate acquired a four-building office portfolio totaling 299,614 square-feet in Aurora and Denver, CO.
Construction continues on The Fashion District Philadelphia, a joint venture partnership between PREIT and Macerich, which announced more than two dozen new lease deals at the property.
400 Summer St. is a 16-story laboratory building that is part of WS Development's 23-acre Boston Seaport development that is designed by Morris Adjmi Architects of New York City in collaboration with the Boston office of Stantec.
KKR and Banyan Street Capital are planning an additional $5 million in capital improvements that they state will address enhancements to the fitness center, retail concourse, outdoor plaza and tenant elevator landings and corridors.
The purchaser was a California-based family office with extensive experience acquiring and managing trophy quality, grocery anchored shopping centers throughout the United States, Pegasus Investments states.
The Gladwyne, PA-based firm has purchased the Fox Chase Apartments, at 7922-36 Barnes St. and the Arendell Avenue Apartments, located at 4308 Arendell Ave. in Northeast Philadelphia, according to Rittenhouse Realty Advisors, which brokered the transaction.
Strong tenant demand has also caused rents to rise, with the overall average rent higher by 7.8% year-over-year, including 10 submarkets that record rent increases of more than 10% during that period.