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Transamerica Pyramid to be up for sale; Harvest JV buys office tower for $78.5M

Commercial real estate

* Transamerica Corp. and its parent company Aegon are placing San Francisco's 48-story Transamerica Pyramid building up for sale, the San Francisco Business Times reported. Aegon and Transamerica had been seeking a partial stake sale in the property for about two years but are now open to a full sale, the report noted, citing Jay Orlandi, Transamerica's chief administrative officer.

The sale would include the 853-foot-tall Transamerica Pyramid at 600 Montgomery St. and adjacent buildings at 505 Sansome St. and 545 Sansome St., with the three properties totaling roughly 760,000 square feet. The sale is expected to fetch between $600 million and $625 million, the report added, citing sources familiar with the offering.

Citing CoStar Group, the publication noted that the 523,000-square-foot Transamerica Pyramid, the city's tallest until 2018, is roughly 90% occupied. JLL is expected to market the listing in September, according to the report.

* Harvest Properties Inc. and Intercontinental Real Estate agreed to buy the 85,580-square-foot 400 Montgomery St. office tower in San Francisco's Financial District for $78.5 million, the San Francisco Business Times reported, citing sources familiar with the deal.

Harvest previously acquired the property in partnership with Nuveen for roughly $49.8 million in 2016 and will now stay on as operating partner with Intercontinental, the report noted, citing public records. The property is 91% occupied. Harvest and Nuveen have upgraded the 1901-built property and redeveloped half of the building into creative space.

* Lincoln Property Co. and Harvard Investments Inc. sold the four-building Waypoint office complex in Mesa, Ariz., for $107.6 million to Innovatus Capital Partners, the Phoenix Business Journal reported. The property spans a total of 426,951 square feet and is 98% leased.

* Slate Property Group and Alcion Ventures acquired a 133-unit multifamily rental property at 60 E. 12th St. near Union Square in Manhattan, N.Y., for $106.5 million, The Real Deal reported, citing a source close to the deal. The 13-story property was sold by Heller Realty, which paid $35 million for the asset in 2016.

* Median residential rents in Brooklyn, N.Y., increased 1.7% to reach a record $3,000 in July, The Real Deal reported, citing Douglas Elliman. Median rents in Manhattan jumped 5.7% year over year to $3,595.

The median rents in northwest Queens were down 3.6% year over year to $2,915 in July, marking the first decline in five months.

* Hankin Group plans to develop a $100 million senior living facility in Eagleview, Pa., that will have a total of 284 units, the Philadelphia Business Journal reported. The first phase will include 62 personal care units and 45 memory care units, while the second phase will have independent-living units.

* FedEx Logistics Inc. is in advanced talks to partly lease the newly proposed 340,000-square-foot Clipper office building in downtown Memphis, Tenn., the Memphis Business Journal reported, citing FedEx Logistics CEO Richard Smith. The project will have nine floors of office space atop a 10-floor parking garage and 20,000 square feet of retail space.

FedEx Logistics is slated to move its headquarters to the former Gibson Guitar Factory across from the Clipper project in May 2020, the report noted.

* Marc Realty Capital sold an office complex at 55 E. Jackson Blvd. in Chicago's East Loop for $63.5 million, having acquired the 22-story property for $14.7 million in 2003, The Real Deal reported. The property was acquired by an entity managed by attorney Paul Downing and tied to David Perlstein and Sung il Moon, according to the report.

* Archeon Group filed plans to develop a 180-unit apartment complex on a 2.8-acre vacant site at 9402 South Broadway in south Los Angeles, The Real Deal reported, citing property records. Roughly 20 units at the development would be set aside as affordable with the rest to be market-rate.

* The Wall Street Journal featured a report on startups that are aiming to safeguard the real estate industry from wire-transfer fraud and other scams. Citing the FBI's Internet Crime Report released in April, the publication noted that there were at least 11,300 victims of real estate wire fraud in 2018 who lost a combined roughly $150 million.

The startups focus on authenticating the identities of parties in a real estate transaction and sending wire-transfer instructions in a secure manner.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.94% to 25,734.22, and the Nikkei 225 inched up 0.06% to 20,418.81.

In Europe, around midday, the FTSE 100 was up 0.65% to 7,112.80, and the Euronext 100 was up 1.20% to 1,029.76.

On the macro front

The housing starts report, the quarterly services report, the consumer sentiment report and the Baker-Hughes Rig Count report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Now featured on S&P Global Market Intelligence

Data Dispatch: Land & Buildings quadruples stake in HCP in Q2, buys back into Mack-Cali: The activist investor also boosted its share count in Brookdale Senior Living by about 1.9 million shares during the quarter, bringing its total stake in the seniors housing operator to more than 3%.

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