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.
BLUEBELL, PA. — Delray Beach, Florida-based Dockerty Romer & Co. has arranged $29 million in permanent mortgage financing for two office buildings in Bluebell. Craig Romer and Chris Romer of Dockerty Romer & Co. secured the financing for the borrower, Keystone Property Group. IH Capital provided a five-year, fixed-rate mortgage at a competitive interest rate. Totaling 192,979 square feet, VEVA 16/18 comprises two four-story multi-tenant buildings located off East Township Line Road in the heart of the Plymouth Meeting/Bluebell office market.
ORLANDO, FLA. — Lincoln Property Co. has signed FAIRWINDS Credit Union to a 40,000-square-foot anchor lease at Tremont Plaza in downtown Orlando. Currently under construction, the 28-story tower will be situated at the corner of Garland Avenue and South Street and feature retail, restaurant and banking space in the lobby. The project will also feature a 10-level parking deck, seven levels of office space and an eight-story, 180-room AC Hotel by Marriott. Tremont Plaza will also include a new Sunrail platform for Church Street Station inside the building. The station will offer future access to Orlando International Airport and connectivity to Miami via All-Aboard Florida’s high-speed train. FAIRWINDS is an Orlando-based financial institution with $2 billion in assets. Nan McCormick of CBRE represented FAIRWINDS in the lease transaction.
ANN ARBOR, MICH. — Oxford Cos. has acquired an 80,755-square-foot office property in Ann Arbor for $9.7 million. 555 Briarwood Circle is situated on 5.8 acres and features tenants such as financial services firm Rehmann, Real Estate One and Power Engineers. Oxford plans to invest over $700,000 in the property, including improvements such as a new roof, parking lot, landscaping, signage and lighting. The seller in the transaction was undisclosed.
SAN DIEGO — BLT Enterprises has purchased Sorrento Tech II, a 63,333-square-foot office and R&D campus in the San Diego submarket of Sorrento Mesa for $12.6 million. The two-building campus is located at 10140 and 10180 Barnes Canyon Road. The space was renovated in 2014. It is 87 percent leased. Ron Jacobson of Madison Partners represented BLT in the transaction. Sean Fulp and Brunson Howard of NGKF Capital Markets represented the undisclosed seller.
LOS ANGELES — Kids from the Valley XIV has purchased a production and entertainment facility in the Los Angeles submarket of Simi Valley for $11 million. The Class A office complex is located at 101 W. Cochran St. The buyer has formed Anjac Studios West to operate its new facility, which will continue to be used for a wide variety of production-related activities. The office portion of the property was built in 1991 with the studio complex built in 2000. Keller Williams Realty Calabasas represented the buyer. Dennis Slattery and Stacy Vierheilig-Fraser of Charles Dunn Company represented the seller, the Adventist Media Center, in this transaction.
CENTURY CITY, CALIF. — Post Advisory Group has relocated from the Water Garden in Santa Monica, where it has been housed for seven years, to 2049 Century Park E. in Century City, one of the Century Plaza Towers. The financial services firm signed a 10-year lease for the 30th floor of the 1.2-million-square-foot tower. It will occupy 17,707 square feet beginning in December of this year. This represents an expansion for Post Advisory Group. CBRE’s Amanda Calof represented the landlord, JP Morgan. Andy Lustgarten and Mark Sullivan of Savills Studley represented Post Advisory Group.
INGLEWOOD, CALIF. — Wireless Watchdogs has purchased a 14,566-square-foot office/flex building in Inglewood for an undisclosed sum. The building is located at 317 S. Isis Ave. It was built in 1985. The wireless expense management firm plans to renovate a portion of the office space to use for its corporate headquarters. Ryan Harding of Newmark Grubb Knight Frank represented the buyer, while the seller, Altemus Co., was self-represented.