9 July 2002
Equity Office Properties Trust is about to hand over the keys to the 6-storey 11,670mÂ² fifth building in strategy & technology consulting firm BoozAllenHamilton’s headquarters campus in McLean, Virginia. The BoozAllen campus has more than 80,000mÂ². The latest building will house more than 500 staff at about 23mÂ²/person. Equity Office has 11.85 million mÂ² in 767 buildings.
Michigan-based Ramco-Gershenson Properties Trust has been added to the Russell 3000 index, which is reconstituted annually. Membership in Russell’s 21 US equity indices is determined by market capitalisation rankings & style attributes rather than by subjective opinion or committee decisions. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. About $US250 billion is invested in index funds based on Russell’s indices and another $US850 billion is benchmarked to them. Ramco-Gershenson has just over 1 million mÂ² in 59 shopping centres, of which only 1 is an enclosed regional mall.
Mid-America Apartment Communities and Crow Holdings have formed a joint venture to buy $US150 million of multifamily redevelopment investment opportunities in the US south-east & south-central regions. Their first purchase, the 464-unit Preston Hills apartment community at Buford, Atlanta, cost $US33.7 million (at $US72,629/unit). It’s near the new Mall of Georgia in the high-growth Gwinett County corridor. Mid-America owns/manages 34,000 units. Crow Holdings is a group of international, diversified investment holding companies which owns & directs the investments of the Trammell Crow family and manages investments on behalf of the family & its investment partners.