Office

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

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

Florida Office Southeast

Akerman LLP Moves Into 110,508 SF Office in Three Brickell City Centre in Miami

by John Nelson February 23, 2016

MIAMI — Akerman LLP, a prominent law firm, has moved into its 110,508-square-foot office space at Three Brickell City Centre in Miami. Akerman’s office space features a conference center that can accommodate up to 300 people, a café, common areas, war rooms and coffee bars. Three Brickell City Centre is the only office building in the Brickell area with a Metromover attached to its structure (Eighth Street Station), and Akerman will be the only law firm in the area with a Metromover station. Three Brickell City Centre is also pre-certified LEED Gold. With more than 600 lawyers and government affairs professionals and a network of 20 offices, Akerman is a transactions and trial law firm with a specialty in middle market M&A within the financial services and real estate industries, as well as a Latin American practice. Located at 98 S.E. 7th St. in Miami’s Brickell financial district, Three Brickell City Centre is part of Swire Properties’ $1.05 billion Brickell City Centre mixed-use development.

February 23, 2016

California Office Western

Macland Investments Purchases Office Building in Los Angeles for $4.7M

by Nellie Day February 22, 2016

LOS ANGELES — Macland Investments has acquired a 10,300-square-foot office building in the Warner Center/Woodland Hills submarket of Los Angeles for $4.7 million. The building is located at 5947-5951 Variel Ave. The gas station operator will use the space for administrative offices. The seller, a private investor, acquired the property in 2012 as a two-tenant property. It renovated the space for single-tenant use with high-end, modern finishes. Scott Romick of Lee & Associates-LA North/Ventura represented the seller.

February 22, 2016

Loans Massachusetts Mixed-Use Northeast Office Retail

Mesa West Capital Funds $40.8M Loan to Reposition Office Campus Near Boston

by Amy Works February 22, 2016

MAYNARD, MASS. — Mesa West Capital has provided Artemis Saracen Investments, a joint venture between Saracen Properties and Artemis Real Estate Partners, with $40.8 million in first mortgage financing to reposition a 1 million-square-foot office campus in Maynard. Loan proceeds will be used to implement an extensive capital improvement and leasing plan that will reposition the property to appeal to a wide variety of users. Formerly known as Clock Tower Place, the newly rebranded Mill & Main is a mixed-use development located 25 miles west of Boston. Planned improvements to the property include updated building systems, pedestrian plazas, a waterfront boardwalk, fitness facilities, boutique retail and gallery venues. Situated on 50 acres, the property includes 12 vintage brick-and-beam-style buildings overlooking a 14-acre mill pond. Constructed in 1847, the site originally served as a woolen mill until 1950 when it was converted to an office park. The property is currently 37 percent leased, including a recently signed lease with Stratus Technologies for 102,000 square feet, which is slated to open this spring. Jay Marshall of HFF arranged the financing.

February 22, 2016

Industrial Office Texas

NAI Partners Arranges Acquisition of 10,000 SF Office/Warehouse Space in Houston

by Haisten Willis February 22, 2016

HOUSTON — NAI Partners has represented Tipton Co. in the acquisition of a 10,000-square-foot office/warehouse space on 1.9 acres located at 3565 S. Loop 336 E. in Conroe. Ty Tipton is CEO and president of Tipton Co., a third-generation, family-owned plumbing supply company. His grandfather, Zeke Tipton, founded the company in 1935. Zeke Tipton was a captain in World War II serving in Germany. After returning from Germany in 1946, he and his wife, Cecile, put all their efforts toward building Tipton Co.

February 22, 2016

Michigan Midwest Office

Friedman Arranges 62,318 SF Office Lease in Troy, Michigan

by Christina Cannon February 22, 2016

TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 62,318-square-foot office lease in Troy, approximately 25 miles north of Detroit. Midland Credit Management Inc. will occupy space in Building B of Troy Officentre. Osprey-Troy Officentre LLC owns the building located at 320 E. Big Beaver Road. Glenn DesRosiers of Friedman Integrated Real Estate Solutions represented the landlord in the transaction. Midland Credit Management is a subsidiary of Encore Capital Group, an international specialty finance company that provides debt-recovery solutions for consumers and property owners.

February 22, 2016

Loans New York Northeast Office Top Stories

SL Green Closes $296M in Financing for New York Commercial Portfolio

by Nellie Day February 22, 2016

NEW YORK CITY — SL Green Realty Corp (NYSE: SLG) has received $296 million in financing for three of the REIT’s New York-based assets. The assets include a Class A office building at 800 Third Ave. in Manhattan; Jericho Plaza, a 662,000-square-foot, two-property complex in Jericho on Long Island; and 719 Seventh Ave. in Times Square, which will eventually serve as a prime retail flagship location. The office building received a new 10-year, $177 million refinancing of its mortgage loan. The property is situated in the Grand Central submarket. It is currently 96 percent occupied. Jericho Plaza received a two-year, floating-rate mortgage to recapitalize the property. The initial funding was about $75 million, with a total expected funding of $100 million. Proceeds will partially be used for a capital improvement plan that includes lobby and elevator cab renovations, the addition of a conference facility and landscaping upgrades. The Times Square project received a two-year, $44 million loan. The proceeds will be used for construction of 10,000 square feet of retail space, as well as extensive LED signage. SL Green expects that construction will be completed before the 2016 holiday season. “The successful completion of these transactions provides evidence that liquidity …

February 22, 2016

New York Northeast Office

JV Enters into Agreement to Sell 65,600 SF Office Building for $20.7M in White Plains

by Amy Works February 19, 2016

WHITE PLAINS, N.Y. — A joint venture between SL Green and Renaissance Office Partners has entered into an agreement to sell an office building located at 7 Renaissance Square in White Plains. The gross sales price is $20.7 million, or $316 per square foot. Located at the Ritz Carlton complex, the building feature 65,600 square feet of office space. The transaction is expected to close during the second quarter of this year, subject to customary closing conditions. The name of the buyer was not released. Jeff Dunne of CBRE represented the sellers in the deal.

February 19, 2016

Indiana Midwest Office

JLL Arranges Sale of 16,500 SF Office Building in Indianapolis

by Christina Cannon February 19, 2016

INDIANAPOLIS — JLL has arranged the sale of a 16,500-square-foot office building in Indianapolis. MID by Design LLC sold the building, located at 9800 Association Court, to CKH Realty for an undisclosed price. The property consists of a 13,900-square-foot open studio with 21-foot ceilings and 2,600 square feet of mezzanine space. Kevin Gillihan of JLL represented the seller in the transaction, and Tim O’Brien of O’Brien Commercial Real Estate represented the buyer.

February 19, 2016

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