MRP & Rockpoint Sell Buildings at Bethesda Crossing

MRP Realty and Rockpoint Group announced this week that the joint venture has sold two of the three buildings that make up Bethesda Crossing in Bethesda, Maryland for an undisclosed sum. J.P Morgan Asset Management purchased the two office towers in the office complex, formerly known as the Air Rights Center. MRP will retain ownership of the facility's office building at 4550 Montgomery Avenue and continue as the property manager at the Wisconsin Avenue building, known as the Wisconsin Towers.

"The sale of Bethesda Crossing is another step forward in our committed strategy of acquiring well- located, urban-infill assets and renovating, repositioning and rebranding them into premier office and residential properties," said MRP Managing Principal Bob Murphy in a press release. "It's a significant enhancement in the overall tenant experience for our occupants and further drives home our commitment to creating additional investment value for our investor partners."

MRP and Rockpoint bought the property in January 2013, then invested almost $30 million in renovations. "The investment we made in Bethesda Crossing allows us to take advantage of its irreplaceable location in the heart of Bethesda," Zach Wade, principal of MRP Realty, said in a press release. "Bethesda Crossing was already a strong office product, and we have added value to current and future tenants through this modernization process."

For more news and information visit Blumberg Capital Partners.

Fortress, Rockpoint Sell Majority Interest in Parkmerced

Fortress Investment Group and Rockpoint Group LLC have sold a majority interest in the Parkmerced redevelopment project in San Francisco to a group of New York investors in a deal said to value the 152-acre residential complex at more than $1.35 billion. The group of investors, by developer Mark Karasick, will now control the redevelopment of 8,900 units, with a groundbreaking slated for 2015 or 2016. According to the Wall Street Journal, Karasick's group invested nearly $200 million for "more than a 70 percent stake" in Parkmerced's owner, Parkmerced Investors Properties, a group led by New York real estate investor Robert Rosania, and including San Francisco's Fortress and Boston's Rockport Group.

"It means (the project) has successfully recapitalized and now is poised for an incredible future," said Parkmerced spokesman P.J. Johnston. "The speed won't be impacted — we're still set for a series of four phases. But with the finances in order and the legal challenges behind us, the path is clear."

"The upward surge in rents generally over the past three years forgives a lot of problems," said Patrick Carlisle, chief market analyst at San Francisco's Paragon Real Estate Group. "That San Francisco has the highest employment growth rate in the country also helps.

For more news and information visit Blumberg Capital Partners.

Parc 55 Wyndham Sold for $235M

New York-based Blackstone Group successfully acquired Parc 55 Wyndham from Rockpoint Group for $235 million, or $231,984 per room, in a distress sale according to a CoStar report. No brokers were named in the deal and terms were undisclosed.

A Bloomberg report earlier this month noted that Blackstone, which owns the Hilton Worldwide chain, would hold 75% of Parc 55, and Boston-based Rockpoint Group,would own most of the rest after investing $10 million of new equity. The article went on to note that Archon Group, a unit of Goldman Sachs Group Inc., provided $152 million of debt financing to the new owners, according to one of the people.

Parc 55 Wyndham Union Square Hotel is nestled in the heart of San Francisco featuring 1,015 spacious guest rooms and 15 suites and more than 30,000 square feet of event space, plus three on-site restaurants.

For more news and information visit Blumberg Capital Partners.

Rockpoint Group Sells Stake in Park Avenue Plaza

Rockpoint Group closed on the sale of a 49% stake in Park Avenue Plaza to an unnamed high-net-worth investor from Asia according to a Wall Street Journal article. Rockpoint's Fund III acquired a joint-control equity interest in Manhattan's Park Avenue Plaza in June 2010, with the remaining interest owned by the Fisher Brothers. The investment was acquired for approximately $570 per square foot according to the company website. The price of the sale was not disclosed and Rockpoint has yet to release a statement on the sale.

Park Avenue Plaza was designed by Skidmore, Owings & Merrill with 45 floors of Class A office space. The skyscraper features 12 corner offices per floor, column-free 45-foot interior spans, and an atrium lobby with waterfall-side café and European-style luxury retail arcades. Major tenants include BlackRock Inc., McKinsey & Co. and Swiss Re, according to the Wall Street Journal.

For more news and information visit Blumberg Capital Partners.