PHILADELPHIA-The state awards $905,900 to the Allegheny Health Department for a bio-hazardous substance testing lab to be built next to the Clack Health Center in Lawrenceville, PA. It will back up the existing Lionville, PA-lab that screened for anthrax in 2001.
ATLANTA-The estimated $40 million deal calls for Internet Security Systems of Atlanta leasing the two existing buildings for 10 years at an estimated aggregate rent value of $47.7 million, one of the biggest office leases signed in Atlanta this year, area brokers familiar with the Barfield-Mount Vernon Highway submarket tell GlobeSt.com.
ATLANTA-The locally based developer continues its $93-million, three-apartment-complex building program despite sagging occupancy levels, Charles S. Roberts, the firm's CEO, says in a prepared statement.
ATLANTA-Authors of the second quarter 2002 Atlanta office market report from locally based Bullock Mannelly Partners see lackluster performance this year. Completions will slow, vacancy will rise, rents will stay flat and sales will be sluggish, while absorption struggles to inch ahead.
PHILADELPHIA-Madison Apartment Group, the multifamily arm of locally-based Berwind Property Group, buys Butternut Ridge Apartments, a 261-unit complex in the Cleveland suburb of Olmsted, OH. It is one of three recent Madison acquisitions, bought as a package for $52 million.
ATLANTA-Turner Properties opens a six-story operations center and a five-story administration building in its six-building complex at Turner Broadcasting System's Techwood Campus in Midtown Atlanta, signaling that Atlanta remains the hub of AOL Time Warner's locally based-TBS.
ATLANTA-The mixed-use, 77,691-sf Cornerstone Building on Peachtree Street that has fallen on hard times and is best known for its downstairs eatery, sells for $5.7 million. The four-story building, previously owned by Buffalo, NY-based HSBC Realty, is 34% occupied.
PHILADELPHIA-As it shifts its focus to office properties, Plymouth Meeting, PA-based Brandywine Realty Trust unloads Metropolitan Industrial Center in Trevose, PA, and Bucks County Business Park in Langhorne, PA, selling to Chicago-based First Industrial Realty Trust.
PHILADELPHIA-In transforming Downtown Cleveland's now-vacant Dillard's department store as a 700,000-sf office property, locally based-Forest City Enterprises is bringing back the 1931 building's original Higbee nameplate and pouring $20 million into a renovation to restore the property's bygone "elegance.
ATLANTA-Asking rents for distribution properties in the area average $3.57 per sf, making the 10-year deal worth an estimated $12.4 million, according to GlobeSt.com research.
