CBRE pulls off one of upstate's biggest deals.A.G. Edwards & Sons, Inc. and CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. have, together, arranged the sale of a portion of the overall Christa Office Portfolio located in suburban Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or . The Portfolio consisted of nine, class "A" office properties totaling in excess of 483,711 square feet. The transactions closed late in 2004 for more than $62.9 mil lion. The portfolio was sold to two institutional investors: HRPT HRPT High-Resolution Picture Transmission HRPT High Rate Picture Transmission HRPT Hyperparathyroidism HRPT Highway Regulating Point Team Properties Trust, a NYSE NYSE See: New York Stock Exchange traded REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , and; Staubach Capital Partners, a national, private, net-lease investor group based in Dallas, Texas. The sale of the Christa Development Portfolio marks the return of institutional capital to suburban Rochester. The acquisition by HRPT represents an expansion of its' Rochester office portfolio, while Staubach Capital Partners acquisition represents its' first investment in the suburban Rochester market. "The combination of advisors in this transaction is also unique. The pairing of A.G. Edwards and CB Richard Ellis is a testament to Mr. Christa's vision and set the necessary preconditions for the successful sale of this portfolio," commented Ned Midgley of CBRE's New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office. Michael Bluhm of A.G. Edwards' Real Estate Investment Banking Group commented that "... the business model that combined the world's largest real estate brokerage company and one of the nation's pre-eminent real estate investment banking teams has proven to be highly successful." Mr. Bluhm said, "This high-quality, well constructed, occupied and maintained portfolio attracted substantial institutional interest and achieved what we think is fair price. "We would expect other owners to investigate the value of their holdings to take advantage of current market liquidity." According to David Christa, owner of Christa Development the developer and owner of the portfolio, "This sale has unlocked significant equity capital that will allow us to expand our development and ownership operations throughout upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . " CBRE's Edward (Ned) Midgley, Scott Schoen of the CBRE's Consulting Group in coordination with several members of CBRE's Rochester office provided real estate brokerage services on this transaction, while Michael Bluhm and James Turner of A.G. Edwards Real Estate Investment Banking Group and Mergers & Acquisitions Group, respectively, provided financial advisory services to Christa Development. |
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