RICHMOND, VA-Cornerstone Realty Income Trust plans to buy back up to $50 million of its common shares, now trading at $10.87 a share. The real estate investment trust, which recently completed another buyback program, believes its stock is undervalued.
LOUDOUN COUNTY, VA-Keith Maddox, William J. Keefe, Scott Houston, Scott Williams, Mike Bellusci and William J. Keefe will all be starting new positions at various companies.
WASHINGTON, DC-Bristol Group has signed its first two tenants to Union Station Telecom Center, formerly known as the old Woodward & Lothrop warehouse at 131 M St. NE in Washington, DC. Teleglobe and 360Networks have leased 190,000 sf.
ARLINGTON, VA-The Internet company YellowBrix has leased 60,000 sf in Rosslyns Twin Towers, becoming the first major tenant to sign in the building since Gannett and USA Today said they would leave the complex for Tysons Corner.
WASHINGTON, DC-Willkie Farr & Gallagher has leased 52,418 sf in a 170,000-sf building at 1875 K St. NW, becoming the lead tenant of a joint development of Quadrangle Development Corp. and Potomac Investment Properties. The speculative building is expected to be finished in January 2002.
ALEXANDRIA, VA-Washington Real Estate Investment Trust has acquired Courthouse Square, a five-story office and retail complex in historic Old Town Alexandria, for $17 million. The Rockville REIT expects to gain money on rent hikes on the 113,000-sf building at 510 and 526 King St.
MCLEAN, VA-The REIT continues its buy-spree, paying $39.6 million since the end of June for nine properties and improvements. It expects to buy another $100 million worth of properties in 2001.
GAITHERSBURG, MD-MGP Real Estate bought 910 and 930 Clopper Rd. off Interstate 270 in Gaithersburg for about $24 million. The two two-story Class B buildings are 98% occupied by three high-tech and biotech tenants.