DALLAS — Jordan & Skala Engineers Inc. has renewed and expanded its office lease to a total of 16,107 square feet in Briargrove Place. The property is located at 17855 N. Dallas Parkway in Dallas. Emily Hoffman with Cushman & Wakefield represented Jordan & Skala Engineers in the transaction.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 16,454-square-foot office lease in Troy, approximately 30 miles north of Detroit. Law firm Dinsmore & Shohl LLP will occupy space at Wilshire Plaza North, which is located at 900 Wilshire Drive. Steve Eisenshtadt and Keith Grebinski of Friedman represented the landlord in the transaction.
MORRISTOWN, N.J. — National Business Parks has acquired a boutique office building located at 10 Madison Ave. in Morristown. Morristown Holdings LLC, a limited liability company managed by WhiteStar Advisors, sold the property for $20 million. At the time of acquisition, the 87,000-square-foot building was fully occupied by nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank. Built in 1980, the four-story building was renovated in 2005. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.
NEW YORK CITY — NYU Langone Medical Center has signed a 30-year lease with Columbia Property Trust Inc. for an entire office property located at 222 E. 41st St. in Midtown Manhattan. The triple-net lease encompasses all 389,522 square feet of Class A office space at the building, including all 25 floors, the lobby, common areas and parking garage. NYU Langone is slated to take possession of the property at year end, following the expiration of the current tenant’s lease for 353,541 square feet. The new tenant plans to convert the property into a combination of medical office, ambulatory care facilities and other ancillary uses. Columbia recently upgraded the property, which it acquired in 2007. Paul Amrich, Neil King, James Ackerman and Jackie Marshall of CBRE represented the landlord, while Bruce Mosler and Mark Mandell of Cushman & Wakefield represented the tenant. Financial terms of the transaction were not released.
NEW YORK CITY — Equicap has arranged $8.1 million in financing for the acquisition of an office condo in the Manhattan’s Chelsea neighborhood. The 10-year loan features a competitive interest rate and will be used to fund the $10.8 million acquisition price. Additionally, the undisclosed borrower will use proceeds of the loan to build out the 13,000-square-foot office space. Daniel Hilpert of Equicap negotiated the financing.
DALLAS — Uplift Education has purchased a seven-acre tract of land located at the northwest corner of I-30 and Ferguson Road in east Dallas. Horizons Hospitality was the seller. Eddie Liebman with The Weitzman Group handled negotiations for the seller in cooperation with Craig Phelps of JLL, who represented the buyer. Uplift Education, which operates a network of public charter schools serving 14,000 students in under-served areas across north Texas, will develop an elementary school at the site.
DALLAS — Law firm Palmer & Manuel LLP has leased 9,006 square feet of office space in Campbell Centre North Tower, located at 8350 N. Central Expressway in Dallas. Cribb Altman, Robbie Baty and Bill McClung with Cushman & Wakefield represented Palmer & Manuel in the transaction.
MORRISVILLE AND RALEIGH, N.C. — Cushman & Wakefield has arranged the largest industrial/office sale in the Triangle region year-to-date, according to Real Capital Analytics. The sale included EastRidge at Perimeter Park in Morrisville and Spring Forest Business Center in Raleigh. The properties span 11 single-story buildings totaling 634,617 square feet. The sales price was not disclosed. The portfolio was 83 percent leased at the time of sale to 24 tenants including IXIA, Adreima, LabCorp, Ascom North America and Allstate. David Finger and Sara Owen of Cushman & Wakefield represented the seller in the transaction. The buyer, Somerset Properties, will retain Hillman Duncan and Dennis Hurley of Cushman & Wakefield to lease the two properties.
NEW YORK CITY — Avison Young has arranged the sale of an office and retail building located at 310 Lenox Ave. in Manhattan’s Central Harlem section. A group of New York-based real estate investors acquired the property for $21 million. Built in 1940 and improved in 2006, the three-story building consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 square feet. Additionally, the property has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity. The property’s best-known tenant is Red Rooster, a restaurant led by chef Marcus Samuelsson. Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega of Avison Young represented the seller, National Basketball Players Association, in the transaction.
NEWARK, DEL. — The Emory Hill Companies has completed the second phase of the sale of White Clay Corporate Center, an office and industrial complex in Newark. Shelbourne Global Solutions LLC purchased four of the seven buildings at the complex in 2015, and recently purchased the remaining three buildings to complete the acquisition for an undisclosed sum. The campus totals 493,581 square feet. Neil Killian of NAI Emory Hill represented the undisclosed seller in the transaction. NAI Emory Hill manages the property.