גוטע קוועלער געבן איבער אז א חרד'ישער אינגערמאן פון וויליאמסבורג שטייט אינטער די 880 מיליאן דאלארדיגע פארקויף פון די "סטעיט סטריט פיינענשעל" בילדינג אין באסמאן.

http://www.costar.com/News/Article.aspx?id=87B9EE263DE9C7CA412BB4452864C774


Fortis Property Group Behind $880M Sale in Boston
American Financial Realty Trust JV to Sell State Street Financial Center for North of $880M

 
CoStar News has learned that Fortis Property Group is leading the "Northeast-based private real estate investment group" that has agreed to acquire the 1 million-square-foot State Street Financial Center at 1 Lincoln Street in Boston for more than $880 million, or $880 per square foot, according to sources familiar with the sale.

The Brooklyn, NY-based Fortis and a group of other New York investors are expected to close on the 36-story office tower from a joint venture led by American Financial Realty Trust (NYSE:AFR) and an affiliate of IPC US Income REIT by the end of this year or early 2007.

Calls to Fortis and Eastdil Secured, which marketed the building on behalf of the sellers, were not immediately returned. American Financial declined to comment.

Fortis apparently set its sights on Boston following several high-profile Dallas deals where it agreed to pay about $280 million for the three-building, 1.4 million-square-foot office complex known as Galleria Office Towers in Dallas. Earlier in the year, Fortis teamed with Trimarchi Management, also from New York, on the nearly $100 million acquisition of two other Dallas office properties, Harwood Center and Saint Paul Place. It also invested in the $282.5 million purchase of JPMorgan International Plaza in Dallas.

The addition of State Street Financial Center will build out Fortis' portfolio considerably. The privately held firm headed by CEO Jonathan Landau is controlled by the Kestenbaum family. Fortis manages some 3 million square feet in commercial properties and about 454 residential units.

The group of investors joining Fortis in the Boston deal could not be learned. American Financial announced the pending sale last week, but did not identify the buyer.

American Financial, a Jenkintown, PA, REIT decided to formally shop the 36-story tower in the last couple of months. The company is pruning its portfolio and repositioning itself. The REIT paid $705.4 million or $688.84 per square foot in February 2004 to acquire the property. Later that year, it sold a 30% stake to an affiliate of Canadian REIT IPC US Real Estate Investment Trust, for $60.3 million.

The building is fully leased with triple A credit tenant State Street Corp. occupying most of the building under a lease that runs until 2023. State Street also leases the property's 900-space garage on a 20-year triple-net lease.

עס איז לעזער קעסטענבוים מיטן מאנרא שיתוף מאיר הירש
מאך עס נישט אזוי דראמאטיש
ער מיט זיין יואלי

How do you know it's a Williamsburg Yid
?

Fortis Property Group Llc
184 Kent Avenue
Brooklyn, NY (New York) 11211-3144
Phone: (718) 907-7700

anybody jealous? oy vey

for ale yiden gezugt

 

A New York investor has completed its purchase of three office towers at the Dallas Galleria complex

http://www.dallasnews.com/sharedcontent/dws/bus/stories/112106dnbusgalleria.30198c3.html

http://philadelphia.bizjournals.com/philadelphia/stories/2007/01/01/daily3.html?jst=b_ln_hl

די חרדים זיכן א פליפ
http://www.globest.com/news/996_996/boston/164205-1.html

וואס איז די גרויסע קינץ ? ווען איך האב ווען געלט וואלט איך געקענט טון די זעלבע זאך

Credit crisis turns market for commercial property from hot to suddenly cold in Boston, across country

By Thomas C. Palmer Jr., Globe Staff  |  December 7, 2007

Fortis Property Group, co-owners of One Lincoln Street, one of Boston's newest buildings, recently attempted to sell it, but apparently the offers weren't good enough.

"My impression is they were hoping for a big huge number, and the pricing was not as dramatic as they'd hoped," Lisa M. Campoli, executive vice president of Meredith & Grew, said after speaking to a gathering of real estate executives yesterday.

http://www.boston.com/business/personalfinance/articles/2007/12/07/long_drop?mode=PF

אין ערגסטן פאל אז פאר קויפט זיך נישט ווען מען כאפן א קנאק (שמשון ) יאנקעל

MIZRACHI- ALCALAY JOINT VENTURE AND FORTIS PROPERTY GROUP SELL INTERNATIONAL PLAZA TOWER III New York -

Dallas, TX/New York, NY – International Plaza Tower III, a trophy office property in North Dallas, was recently sold to KBS Realty Advisors, an SEC registered real estate investment advisor.  The sellers were the Mizrachi- Alcalay JV and Fortis Property Group.  Terms were not disclosed.

 

''International Plaza Tower III is strategically located in a highly desirable area of North Dallas and beautifully built.  During our ownership the parties made substantial gains on their equity investment.  The fact that an institutional buyer the caliber of KBS purchased it demonstrates the inherent value and quality of the property,'' said Joseph Mizrachi, chairman.

 

Located at 14241 North Dallas Parkway, International Plaza Tower III is a 13-story, 351,248 square foot building offering class A office space.  It is part of the three building JPMorgan International Plaza office development across from the Galleria, in one of Dallas' top office markets. 

 

The International Plaza office development includes three major office buildings and a closed car garage.  Mirzrachi – Alcalay JV and its partners originally purchased the complex in March of 2006.  The two other office towers have already been sold

Cannon Commercial buys Galleria towers for $300M

Dallas Business Journal

Los Angeles-based Cannon Commercial Inc. has bought three Galleria office towers for more than $300 million.

The sale included Galleria Towers I, II and III at the corner of Interstate 635 and the Dallas North Tollway, according to Jones Lang LaSalle (NYSE: JLL), which represented the seller, New York-based Fortis Property Group LLC.

The transaction comprises 1.4 million square foot of office space and boosts Cannon's Dallas holdings to five properties including Toll Hill Office Park and 7515 Greenville office tower. All of the company's Dallas properties are all fully occupied.

"This portfolio retained consistent investor interest right through the credit crunch and its closing should send a strong signal about the existing strength of the Dallas investment market for high quality office product," said Jones Lang LaSalle Managing Director John Alvarado.

In November 2006, Fortis bought the Galleria Towers for $285 million from The Blackstone Group, which acquired them from Trizec Properties.

"The disposition of this asset furthers our goals of maximizing investor returns and geographically diversifying the holdings within our portfolio," said Fortis Chairman Louis Kestenbaum. "We achieved close to 100 percent profit on our equity investment in the Galleria Towers over a one and a half year holding period, and attained similar returns on our recent sale of International Plaza Tower III across the Tollway."

Built in the 1980s and early 1990s, the Galleria towers range from 24 to 26 stories tall and adjoin the Galleria shopping mall, as well as the Westin Galleria Hotel. The buildings are currently 98 percent leased.

Fortis owns two other office buildings and an industrial property in the Dallas area. Nationwide, Fortis owns more than 20 properties.

Cannon Commercial owns and manages more than 20 million square feet of retail, mall and office properties in 12 U.S. cities.