WASHINGTON, D.C. — Skanska has signed a $60 million contract with the District of Columbia Water and Sewer Authority to construct its new administrative headquarters building in Washington, D.C. Skanska will build the new headquarters over an operating pump station. The 150,694-square-foot building will house roughly 350 D.C. Water and Sewer employees. The project is targeted for LEED Platinum certification. Skanska will break ground on the facility this year with an expected completion for December 2017.
TAMPA, FLA. — HRE/Sefira Cypress LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, has closed on its $13.1 million purchase of Cypress Point Office Park in Tampa. Cypress Point is a six-building, 165,000-square-foot office park located at 10004-10014 Dale Mabry Highway. The park was 88 percent leased at the time of sale. Longtime CREC principal David Moret formed Highline Real Estate Capital in February 2016, and Cypress Point was the inaugural purchase for the company. Mijael Attias and Aby Galsky formed Sefira Capital in September 2015. Jeffrey Morris and Bret Felberg of JLL represented the seller, Tomorrow VII Cypress LP, in the sale. Tarik Bateh of JLL’s capital markets group arranged acquisition financing through TD Bank on behalf of the new ownership group. HRE/Sefira Cypress LLC has selected Focus Real Estate Services to provide management and leasing services for Cypress Point.
LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) has closed on its previously announced $311 million acquisition of 11601 Wilshire Boulevard, formerly known as the Wells Fargo Center, in Los Angeles. 11601 Wilshire was built in 1983 and serves as the gateway to the Brentwood/Westside office market, with its location at the corner of San Vicente and Wilshire boulevards. The building has 25 floors totaling 500,475 square feet. HPP bought the property from funds managed by The Blackstone Group. The building was 83 percent occupied at the time of closing. Blackstone bought the building in 2006 for $164 million, according to the Los Angeles Business Journal. HPP plans to renovate and increase occupancy at the building. “We intend to further elevate this asset within the marketplace, spending capital wisely to facilitate lease-up and create value for our stockholders,” says Victor Coleman, chairman and CEO of HPP. HPP is among the tenants in the building, where the REIT has had its headquarters since the company’s initial public offering in July 2010. To build capital for the acquisition, HPP sold One Bay Plaza, a 195,739-square-foot office tower in Burlingame, for $53.4 million in early June. The company also received $28.5 million in proceeds from …
SAN FRANCISCO — Sidra Montgomery LLC has received $98 million in acquisition financing to purchase the Bank of the West building in San Francisco. The 25-story office property is located at 180 Montgomery St. in the Financial District. The property recently underwent a $9 million renovation and holds LEED-Gold Certification. Bank of the West occupies 40 percent of the space. JPMorgan Chase & Co. provided the 10-year loan. It features a fixed rate below 4 percent and full-term, interest-only payments. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian Capital Group negotiated the transaction.
PORTLAND, ORE. — KBS Capital Advisors has purchased the Commonwealth Building, a 216,099-square-foot, creative-tech office tower in Portland, for $69 million. The building is located at 421 S.W. 6th Ave. The space was originally built in 1948. The Commonwealth Building was renovated between 2013 and 2015 when the mid-century building was converted into a creative-tech office tower. HFF secured a $47.4 million, five-year, floating-rate acquisition loan through an insurance company for the buyer. The firm also assisted the seller, Unico Properties LLC, in this transaction.
LOS ANGELES — Lincoln Property Co. has purchased Wateridge, a Class A office campus in West Los Angeles, for an undisclosed sum. The six-building campus is situated on the corner of La Cienega Boulevard and Slauson Avenue. The property was originally constructed in 1989. Notable tenants include Kaiser Permanente, the L.A. County Department of Children and Family Services and Evolve Media. The space also contains a multi-tenant retail building and a standalone 24 Hour Fitness. LPC Realty Advisors I LP, an affiliate of Lincoln Property Company, arranged the acquisition.
NEW YORK CITY — CIT Group Inc. served as sole lead arranger for a $65 million senior secured construction loan for MC 19 East Houston LLC, a joint venture between Madison Capital and Vornado Realty Trust. Proceeds of the loan will be used to finance the acquisition and construction of a six-story, 34,170-square-foot retail and office building located on the corner of Broadway and Houston Street in SoHo. The property will feature 11,419 square feet of retail space and 22,751 square feet of office space. Financing was provided by CIT Bank, the principal bank subsidiary of CIT. Additional terms of the transaction were not disclosed.
TOTOWA, N.J. — Tulfra Real Estate has signed a 10-year lease extension with ADT Security Service for 225,000 square feet of space at 930 Riverview Drive in Totowa. ADT will continue to occupy suite 800 at Totowa Business Center through 2030. Originally constructed in 1962 and redeveloped in 1998, the property is situated on 17.4 acres and features more than 800 parking spaces. Tom Consiglio, Gregg Sabato and Scott Peck of Resource Realty represented the landlord, while Brian Godow of CBRE represented the tenant.
SANTA MONICA, CALIF. — Boston Properties Inc. (NYSE: BXP) has completed the previously announced acquisition of a 49.8 percent interest in Colorado Center, a 1.2 million-square-foot office campus in Santa Monica. The Boston-based REIT purchased the minority stake from Blackstone (NYSE: BX) for approximately $511.1 million. Teachers Insurance and Annuity Association (TIAA) owns the remaining 50.2 percent interest in Colorado Center. Boston Properties will be the managing partner of the TIAA-Boston Properties joint venture. Situated in Los Angeles County, Colorado Center comprises six office buildings and a three-level, 3,100-space underground parking garage. There is currently no debt on the property, according to Boston Properties. The asset was 68 percent leased at the time of sale. The acquisition marks the entry to metro Los Angeles for Boston Properties, which has previously focused on four other gateway markets: Boston, New York, San Francisco and Washington, D.C. “We are very pleased to enter the Los Angeles market through our acquisition of Colorado Center,” says Owen Thomas, CEO of Boston Properties. “Colorado Center is a proven and premier office campus, which provides us the opportunity to use our real estate skills to enhance and lease the property and realize the substantial upside potential we …
HOUSTON — IMG Financial Group Inc. has signed a 12,127-square-foot lease renewal for its headquarters at 4550 Post Oak Place in Houston. IMG Financial is the largest tenant in the building, which recently underwent a $1.5 million renovation that included upgrades to the lobby, hallways and restrooms, as well as the addition of a digital directory board. Marshall Clinkscales of Colliers International represented IMG Financial in the transaction. Steve Rocher, Kristen Rabel and Parker Duffie of CBRE represented the landlord, Unilev Management Corp.