Monday, May 07, 2007

Cityplace Purchase

Ashkenazy & Agus Ventures, based in Florida and Manhattan, and Barrow Street Capital, a real estate investment fund manager, have paid $125 million for the 42-story Cityplace Tower. The tower opened in 1988 as the headquarters of retailer 7-Eleven Inc., which occupied less than half of the building. 7-Eleven is moving its offices to the new One Arts Plaza building downtown.Redevelopment plans for the 1.3 million-square-foot, granite-and-glass office tower plus nine acres on North Central Expressway include restaurants, a fitness center, a spa and retail store. Ashkenazy & Agus is an affiliate of New York–based Ashkenazy Acquisition Corp. (AAC), which recently purchased the historic Union Station complex in Washington, D.C. AAC also owns retail buildings in Arlington and Plano and the River Center Mall in San Antonio. Connecticut-based Barrow has invested $1 billion in real estate projects. Holliday Fenoglio Fowler LP represented the seller, Pennsylvania real estate investment firm Brandywine Realty Trust.