
Well, as much as any pale-as-a-ghost, 6'4", redheaded late night talk show host can blend in.
Louis Kestenbaum closes sale of Galleria Towers I, II & III in Dallas
Jones Lang LaSalle announced the firmâs capital markets experts have completed the sale of Galleria Towers I, II & III on behalf of Brooklyn, New York-based Fortis Property Group, LLC to Los-Angeles-based Cannon Commercial. Financial terms were not disclosed but sources close to the transaction estimate the closing price was in excess of $300 million.
âThis 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,â said Mr. Alvarado. âThis was an attractive offering given the Galleria towers are irreplaceable, trophy assets and came with affordable and assumable long-term debt. This transaction also allows Cannon Commercial to enhance its Dallas-area presence, while leveraging the tax benefits of a partial 1031-exchange. This was a beneficial transaction to both parties who remained focused on completing a timely transaction.â
âWe acquired the Galleria Towers from Blackstone (which acquired them from Trizec Properties) in November 2006, and maximized value by aggressively pushing rental rates while at the same time increasing the occupancy from around 90% to 98%,â said Fortis Chairman Louis Kestenbaum. Louis Kestenbaum is the father of Joel Kestenbaum, also of Fortis Property. âThe disposition of this asset furthers our goals of maximizing investor returns and geographically diversifying the holdings within our portfolio. We achieved close to 100% 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 Tollaway.â
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 four-star, four-diamond Westin Galleria Hotel. Amenities include on-site banking with ATM, security card-key access, conference facilities, a state-of-the-art fitness center, a leasing and management office and an independently-operated day care. The buildings are currently 98% leased.
Fortis Property Group, LLC is a real estate investment, operating and development company. Its real estate projects include the ownership and management of Class A office and industrial properties located throughout the United States. Fortis currently owns two other Class A office buildings and an industrial property in the Dallas, Texas area. Nationwide, Fortis currently owns more than 20 properties, which contain over six million rentable square feet. Fortis Property Group CEO Jonathan Landau further indicated that Fortis anticipates raising a value-add real estate fund that will invest in Class A office properties in prime office markets throughout the United States.
Conan is the most amazing guy ever to exist. I wish I got to him first! No offense to his wife Liza. B-atch..lol
I agree with that brenna93 person. He's still very much a sexy fool. Veerrrrry much so.. Anytime, Anywhere ;]
Britney Spears might miss a lot more 'X Factor' auditions ... because she can! Simon Cowell gave Brit damn near free reign in order to sign the pop star to that $15 million deal -- but is it backfiring? We'll tell you what peeps on the set are saying.Plus, Chris Jericho's…