Friday, January 4, 2013

Korean Group Trades San Fran Office Tower to Wells REIT

National Commercial Real Estate News From CoStar Group

Korean Group Trades San Fran Office Tower to Wells REIT

The Korean Federation of Community Credit Cooperatives, a pension fund manager based in Seoul, Korea, sold 333 Market St., a 33-story tower in San Francisco’s Financial District, to Wells Real Estate Investment Trust II Inc. The price was not disclosed.

In June 2010, Principal Financial Group sold the trophy asset to the South Korean group for $333 million or $507 per square foot.

The Class A, 657,115-square-foot office building was built in...

Dollar Tree to Expand Oklahoma Distribution Center

In a move underscoring the explosion in discount variety stores in recent years, Chesapeake, VA-based Dollar Tree, Inc. announced that it plans to expand its distribution center in Marietta, OK, by an additional 400,000 square feet to over 1 million square feet.

The move will create more than 100 full time positions at the facility in Marietta, which opened in 2003 and is currently 603,000 square feet. This facility supplies products to our stores...

RFR Acquires Y&R Headquarters At 285 Madison

RFR Holding, in partnership with an undisclosed real estate investment fund, has acquired the property known as 285 Madison Avenue, a 26-story office building in Midtown Manhattan’s Grand Central district.

Advertising and communications agency Young & Rubicam, which is relocating, sold the 1929-vintage property for a reported $189 million. RFR, a privately held Manhattan-based owner and developer, will invest $50 million in a full repositioning...

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