MIKE MCKEE JOINS KENNEDY ASSOCIATES AS CEO IN THE FIRST QUARTER OF 2010
Originally a Board of Managers’ independent director at Kennedy Associates, MEPT’s real estate advisor, Mike McKee joined Kennedy full-time as CEO. The addition of Mike McKee expands Kennedy’s executive team and allows the company to divide the role of CEO and President into two positions that were formerly both held by John Parker, a founding principal of Kennedy...

IN FEBRUARY, MEPT SOLD BANDINI, AN INDUSTRIAL ASSET IN LOS ANGELES, FOR GROSS PROCEEDS OF $14.8 MILLION
Bandini, comprised of three, single-story, industrial buildings totaling 335,000 square feet, was originally purchased in 2003 as part of a 17-asset industrial portfolio and was 73 percent leased to three tenants. When acquired, the strategy for the portfolio was to sell each asset individually, maximizing the sale price MEPT could obtain....

DURING THE FIRST QUARTER, MEPT SOLD BEDFORD PARK BUSINESS CENTER IN CHICAGO FOR GROSS PROCEEDS OF $8.2 MILLION
MEPT built Bedford Park, a 296,000 square industrial building, in 2005. Bedford Park was targeted for sale because of persistent vacancy at the property and weakness in the surrounding submarket. Additionally, the sale provided an opportunity to reduce the Fund’s over-allocation to the Midwest region. The asset was purchased by a local owner/user, GRM, a provider of information management solutions....


Patriots Plaza signs new government tenant
The government continues to flock to Patriots Plaza in Southwest, having just signed a new 58,143-square-foot lease at the site this week. The 321,502-square-foot building, completed in October, is part of a three-phase, 1 million-square-foot office complex developed and leased by Trammell Crow Co. of D.C…The owner of Patriots Plaza, Multi-Employer Property Trust, has seen gradual leasing success at the complex since its first building, Patriots Plaza I, was completed in 2005…

Columbia deal may be hopeful sign. Sale price highest since 2007; financing rare
The majority owner of the Columbia Center towers in Troy has sold its stake in the complex ...Troy-based Kirco Development Corp., developer of both towers and formerly a minority investor, bought out the majority investor…

San Francisco Office Values Begin to Crystalize
One of the upcoming sales is 303 Second St. (left), a 732,000 square-foot property 90 percent leased through the end of March. This transaction will give the San Francisco office market a benchmark for both building values and capitalization rates… There was plenty of buyer interest in the property, too; it attracted nearly 20 bids. The top seven or eight of the offers were north of $300 a square foot…

In 2002, MEPT acquired sought-after land in downtown Washington, DC, located in close proximity to the Senate and Congressional buildings, transit hubs, and numerous hotels/restaurants in order to develop an office complex. The Patriots Plaza Complex was designed as a one million square foot, three building office complex, built with post-September 11 security features, including enhanced setbacks, blast-resistant windows and reinforced structural elements, which would make the buildings more desirable to potential government tenants in the DC market. MEPT completed Patriots Plaza I, a 280,001 square foot, twelve-story office building, in 2005. After completion, the building successfully attracted interest from the General Services Administration, and is now 100 percent leased to a number of government tenants including the US Department of Health and Human Services and the Federal Emergency Management Agency (FEMA). Based on the success of the Phase I, in 2007, MEPT commenced with Patriots Plaza Phase II and III, encompassing 701,589 square feet in two buildings. MEPT generated over 4.6 million job hours for members of the local Building Trades on the shell-complete construction of the three phases. In addition to the post-9/11 security features, MEPT developed Phase II and III to LEED-Silver® standards. In the fourth quarter of 2009, Patriots Plaza II and III were shell complete and MEPT signed the largest lease of 2009 in Washington DC at Patriots Plaza III. The US Department of Agriculture (USDA) agreed to a long-term lease for 330,000 square feet. Both assets with their appealing location, post-9/11 security features, and energy-efficient design should continue to attract other tenants looking for modern, Class A, LEED-certified office space in the Washington, DC market.