Franklin Street Buying Second Ravinia Tower
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Sources tell us Boston-based Franklin Street is taking a second helping of Ravinia. The firm has Two Ravinia under contract, which we first reported was put up for sale by Parkway Properties last month. If the deal consummates, this gives Franklin Street command of two-thirds of the Ravinia complex (it purchased One Ravinia for nearly $53M in 2012). The firm could pay between $75M and $80M for the 17-story, 408k SF tower at a 6% cap on current rents, according to Commercial Real Estate Direct. Cushman & Wakefield has been marketing the property, but officials did not return calls seeking comment. [CRE Direct]