REBusinessOnline

SVN Brokers $5.9M Sale of Office Building in Chicago

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 29,500-square-foot office building in Chicago’s Streeterville neighborhood for $5.9 million. Located at 232 E. Ohio St., the four-story property served as the original home of the Playboy Organization. It is now home to CRC Recording Studio, which occupies more than half of the building. Wayne Caplan of SVN represented the undisclosed seller. An entity controlled by restauranteur Phil Chen was the buyer. SVN expects the new …

Stratton Road Realty Acquires Dobson Town Place Medical Office Building in Chandler for $10.3M

CHANDLER, ARIZ. — Stratton Road Realty LLC has purchased Dobson Town Place, a single-story medical office building located in south Chandler. Off Five LLC sold the asset for $10.3 million, or $232 per square foot.At the time of sale, the 44,000-square-foot property was 100 percent leased to a mix of medical, professional office and retail tenants on triple-net leases. Dobson Town Place was built in 2007 and 2008.James Taylor of Orion Investment Real Estate represented the seller in …

Plymouth Group, Centerbridge Break Ground on 450,000 SF Life Sciences Project in Philadelphia

PHILADELPHIA — A partnership between New York City-based developer The Plymouth Group and private investment firm Centerbridge Partners LP has broken ground on Budd Bioworks, a 450,000-square-foot life sciences project in Philadelphia. The property will be located at the site of the former plant of The Budd Co., a defunct manufacturer of automotive parts, in Philadelphia’s “Cellicon Valley” area. Budd Bioworks represents Phase I of a larger, 2.4 million-square-foot life sciences …

Cousins Acquires 725 Ponce Office Property in Midtown Atlanta for $300.2M

ATLANTA — Cousins Properties (NYSE: CUZ) has acquired 725 Ponce, a 372,000-square-foot office property in Midtown Atlanta, for $300.2 million. The seller, New City Properties, completed development of the 12-story asset in late 2019.Located on the Atlanta BeltLine and directly across from popular mixed-use development Ponce City Market, 725 Ponce is fully leased to tenants such as BlackRock, McKinsey & Co. and Chick-fil-A. The $140 million development includes an adjacent …

JLL Arranges $11.4M Loan for Refinancing of Two Office Buildings in Red Bank, New Jersey

RED BANK, N.J. — JLL has arranged an $11.4 million loan for the refinancing of two office buildings totaling 79,022 square feet in the Northern New Jersey community of Red Bank. The first building at 310 Highway 35 South was completed in 2002, spans 40,705 square feet and was fully leased to financial services firm Markel Service Inc., a holding company for insurance, reinsurance and investment operations at the time of the loan closing. The second building at 322 Highway 35 South was built …

Prime US REIT Buys Sorrento Towers Office Complex in San Diego from Shorenstein Properties for $146M

SAN DIEGO — Prime US REIT has purchased Sorrento Towers, a Class A office complex located at 5355 and 5375 Mira Sorrento Place in San Diego’s Sorrento Mesa submarket. Shorenstein Properties sold the asset for $146 million.Built in 1990, Sorrento Towers features two seven-story buildings totaling 296,327 square feet of office space atop a multi-level parking structure. At the time of sale, the property was 98.2 percent occupied.Kevin Shannon, Brunson Howard, Ken White and Paul Jones …

PGIM, Capstone Partners Purchase Office Development Site in Bellevue for $32.5M

BELLEVUE, WASH. — PGIM and Capstone Partners have acquired ParqHouse Bellevue, a 34,335-square-foot development site located at 305 108th Ave. NE in Bellevue. Fana Group sold the asset for $32.5 million.ParqHouse Bellevue is situated adjacent to major parks, restaurants and amenities in downtown Bellevue. Originally slated for a residential development, the new owners plan to build on office project at the site instead of the proposed residential units. The original proposal included 274 …

DT Midstream to Open National Headquarters in Downtown Detroit

DETROIT — DT Midstream Inc. (NYSE: DTM), a natural gas pipeline, storage and gathering provider, will open a new corporate headquarters within Bedrock’s Ally Detroit Center downtown. DTM is slated to occupy 26,000 square feet on the 29th floor beginning in November. The office space will accommodate up to 84 employees and will be home to the company’s executive leadership team. The Detroit headquarters will oversee assets in Pennsylvania, West Virginia, Ohio, New York, Louisiana and …

Marcus & Millichap Brokers $5.6M Sale of Office Portfolio in Indianapolis

INDIANAPOLIS — Marcus & Millichap has brokered the sale of the Banta Trails office portfolio in Indianapolis for $5.6 million. The four-building portfolio spans 79,246 square feet. All of the buildings are located on the same street. Forest Bender and Joseph DiSalvo of Marcus & Millichap marketed the portfolio for sale and procured the buyer, a local ownership group. The portfolio had been owned by a single ownership group up until 2016 when Buildings III and IV were sold to an …

Boston Properties to Acquire Safeco Plaza Office Tower in Seattle for $465M

SEATTLE — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire Safeco Plaza, a 50-story, Class A office tower located at 1001 Fourth Ave. in Seattle’s Central Business District, for $465 million. The seller in the transaction was undisclosed.The REIT is acquiring the 800,000-square-foot property through a joint venture with one of the participants in its recently announced co-investment program with Canada Pension Plan Investment Board (CPP Investments) and GIC. …

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