NORFOLK, VA-Harbor Group International acquires two apartment complexes in Birmingham, AL for $10.8 million, and lets go of two properties in Alabama and South Carolina for $10.1 million. The real estate company will spend an additional $2.75 million to renovate the new Birmingham additions to its portfolio.
COLUMBIA, MD-Corporate Office Properties Trust executes a 10-year lease with German-owned Company Lurgi Lentjes North America for space in the Columbia Gateway Business Park. The company will occupy 16,076 sf of space in the 30,855-sf building at 6724 Alexander Bell Drive.
WASHINGTON, DC-Law firm Morgan Lewis moves into its new 305,000-sf office space at 111 Pennsylvania Ave. The move comes six years after the deal was struck with building owners.
WASHINGTON, DC-Pennsylvania-based real estate developers LCOR Incorporated reveals plans to build a $38 million luxury apartment complex on the parking lot of the historic National City Christian Church Foundation. LCOR has already signed a 99-year ground lease for the property, which is owned by the church's foundation.
WASHINGTON, DC-Officials of the Mortgage Bankers Association of America gather at a news briefing to discuss the organization's plans for 2002. Among the goals on its plate for the year are encouraging the development of multifamily housing and urging Congress to put terrorism insurance legislation in place.
GRETNA, VA-Philadelphia-based Binswanger/CBB becomes the exclusive agent for the sale or lease of a 135,000-sf multi-use property in the Gretna Industrial Park. Binswanger is offering the building at a selling price of $1.875 million.
COLUMBIA, MD-The Columbia Midway Distribution Center sells to Edison, New Jersey's Whitehall Industrial Properties for a figure estimated to be around $13.5 million. In addition to changing the facility's name to the Snowden Distribution Center, Whitehall will complete renovations on the 475,000-sf industrial property within the next 60 days.
WASHINGTON, DC-While DC was weathering the economic downturn quite well before the Sept. 11 terrorist attacks, emphasis on increased defense spending following the tragedies is expected to boost the local office market even more.