Office

Triangle Equities Breaks Ground on Lighthouse Point in Staten Island

by Amy Works February 24, 2016

NEW YORK CITY — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island. Triangle, along with its partner, Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups, including $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City, and joint venture equity from Triangle and Lubert Adler. The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant space, entertainment space and a 12-story residential tower with 116 apartment units. Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site. This repurposing will allow for additional restaurant, office and hospitality space, including a …

February 24, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Treetop Development Acquires Development Site in the Bronx

by Amy Works February 24, 2016

NEW YORK CITY — Treetop Development has acquired a development site located at 121-129 E. 144th St. in the Mott Haven section of the Bronx for an undisclosed sum. Situated in a special mixed-use district zoning area (MX-13), the property has 68,326 buildable square feet as-of-right, with the option to develop up to 91,000 square feet by utilizing the inclusionary housing bonus. Treetop, a multifamily owner and investor focused on renovating and developing market-rate properties in New York City, is in the process of determining the best use for the site. Jason Gold, Victor Sozio, Scot Hirschfield, Marko Agbaba and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller and procured the buyer in the transaction.

February 24, 2016

New Jersey Northeast Office

Denholtz Associates Purchases 83,258 SF Office Building in New Jersey

by Amy Works February 24, 2016

FRANKLIN, N.J. — Denholtz Associates has acquired Somerset Executive Square II, an office building located at 2 Executive Drive in Franklin. GE Capital sold the property for an undisclosed sum. The four-story building features 83,258 square feet of multi-tenant office space. Situated on five acres, the property also features newly renovated lobbies and corridors. The property offers office vacancies ranging from 5,000 square feet to large customized floor plates, with 18,754 square feet of space currently available.

February 24, 2016

New Jersey Northeast Office

Vonage Renews 350,000 SF Office Lease in New Jersey

by Amy Works February 24, 2016

HOLMDEL, N.J. — Vonage, a provider of cloud communications services, has renewed its lease through 2023 for 23 Main St. in Holmdel. The 350,000-square-foot building has been the company’s corporate headquarters and home to more than 700 Vonage employees since 2005. Owned by Mack-Cali Realty Corp., the property offers abundant parking, direct access to Route 34 and convenience to the Garden State Parkway. Christopher DeLorenzo of Mack-Cali handled the renewal for the owner, while Vonage was represented by Cushman & Wakefield.

February 24, 2016

Office Washington Western

Qumulo Expands to 75,000 SF at Century Square in Seattle

by Nellie Day February 24, 2016

SEATTLE — Data storage systems provider Qumulo has expanded to 75,000 square feet of space at Century Square in downtown Seattle. The space is located at 1501 4th Ave., between the South Lake Union and the financial district. Laura Ford and David Abbott of Colliers International represented the landlord.

February 24, 2016

Midwest Office Wisconsin

Siegel-Gallagher Negotiates Lease of 3,770 SF of Office Space in Delafield, Wisconsin

by Christina Cannon February 24, 2016

DELAFIELD, WIS. — Siegel-Gallagher has negotiated a 3,770-square-foot office lease in Delafield, approximately 30 miles west of Milwaukee. Gunpowder Inc. will occupy space at Delafield Properties IV, a building located at 440 Wells St. Ace Delafield Properties LLC is the landlord. Devin Tessmer of Siegel-Gallagher brokered the transaction.

February 24, 2016

Loans Massachusetts Northeast Office

NorthMarq Capital Arranges $4.5M Acquisition Financing for Boston Office Property

by Amy Works February 23, 2016

BOSTON — NorthMarq Capital has arranged $4.5 million in acquisition financing for an office property located at 44-46 Plympton St. in Boston’s South End. The transaction was structured with a 10-year term and a 30-year amortization schedule. The property features 28,600 square feet of office space. Ed Riskstins of NorthMarq Capital’s Boston regional office secured the financing for the undisclosed borrower through NorthMarq’s relationship with a national bank.

February 23, 2016

Office Texas

Quadrant Investment Properties Purchases Saint Paul Place in Dallas

by Haisten Willis February 23, 2016

DALLAS — Quadrant Investment Properties (QIP) has acquired Saint Paul Place, a 22-story, 273,217-square-foot office building located on the corner of Ross Avenue and Saint Paul Street in the Dallas Arts District. The building is 78 percent leased to tenants including D-Magazine, Crowe Horwath and Sendero Business Systems. QIP plans to implement several improvements to the office tower including lobby amenity upgrades and a new tenant conference center and lounge that features a balcony overlooking the Dallas Museum of Arts sculpture garden. The new ownership will also upgrade corridors and implement a building-wide spec suite program. Headquartered in Dallas, QIP is a commercial real estate investment company targeting value-add office and industrial opportunities in Texas and the southwest United States. Celeste Fowden, Seth Thatcher and Ben Davis of CBRE will lease the project. HFF represented the seller in the transaction, and JLL procured financing for the asset.

February 23, 2016

Office Texas

KBS Signs 39,334 SF Lease at Parkwood Place in Plano

by Haisten Willis February 23, 2016

PLANO, TEXAS — KBS Realty Advisors has signed a 39,334-square-foot lease with Highland Homes at Parkwood Place, a Class A, LEED-certified office property in Plano. The company renewed its 34,266-square-foot lease and expanded to an additional 5,068 square feet. Built in 2006, Parkwood Place is located in Plano’s Legacy submarket. The property spans 98,750 square feet and includes a tenant lounge and conference facility. Blake Shipley and Jeff Eckert of JLL represented KBS Realty Advisors in the transaction, while Scott Hobbs of CBRE represented Highland Homes.

February 23, 2016

Loans Office Washington Western

Columbia Pacific Advisors Provides $50M Acquisition Loan for Weyerhaeuser Campus in Seattle

by Nellie Day February 23, 2016

SEATTLE — Columbia Pacific Advisors has provided $50 million in first-mortgage financing for the 425-acre Weyerhaeuser corporate campus in the Seattle submarket of Federal Way. The campus is located at 33663 Weyerhaeuser Way S. The loan will allow the borrower, Industrial Realty Group (IRG), to purchase the campus. IRG plans to redevelop and lease or sell parts of the high-profile property to industrial and office users. Columbia Pacific Advisors manages more than $1.1 billion across a variety of alternative investment strategies, including real estate lending, private real estate equity, growth capital, private equity and distressed debt.

February 23, 2016

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