SEATTLE – Swedish Health Services has leased 120,000 square feet at First Hill Medical Pavilion in Seattle. The campus is located in the First Hill submarket. Swedish Health Services will join CellNetix and Theraclone when they occupy the building later this year. The transaction was executed by CBRE’s Paul Carr, Steve Perovich and Marcus Yamamoto.
CHICAGO — HFF has brokered the $135 million purchase of 525 West Van Buren in Chicago by AEW Capital Management Inc. The 522,809-square-foot, 16-story, Class A office tower is situated at the southwest corner of Van Buren and Canal streets in the West Loop. 525 West Van Buren features an on-site café, 40 indoor executive parking spaces, a mezzanine floor with a Wi-Fi lounge, conference center, fitness center with lockers and showers and a 56-bike storage room. Tenants of the office tower include Akzo Nobel Chemicals LLC, Griffin American Healthcare and The Bureau of Alcohol, Tobacco, Firearms & Explosives. Jaime Fink, Jeffrey Bramson and Mark Kantz of HFF represented the seller, Northwood Investors.
DENVER — A partnership between Soma Capital Partners (SCP) and CenterSquare Investment Management has purchased the LAB, a 78,639-square-foot office building in the Denver submarket of Platte Valley, for an undisclosed sum. The newly constructed building is located at 2420 17th St. WeWork Companies, an international co-working platform, has pre-leased about 65 percent of the property. It will occupy the space by year-end. CBRE serves as the leasing agent for the second floor of the office building. Urban Legend is marketing the 3,000-square-foot, ground-floor retail space to prospective food and beverage tenants. JR Bitzer of Lee & Associates Denver represented SCP in this transaction. The seller was the building’s developer, a partnership between Brue Capital and Confluent Development.
LOS ANGELES — JLL has named Tony Morales as brokerage lead in the Los Angeles region. This area contains about 80 brokers across six offices. Morales’ expanded role will allow him to set the strategic direction for the Los Angeles-area brokerage business and oversee these offices. Morales, a 25-year commercial real estate veteran, will also continue in his role as JLL Los Angeles’ managing director, where he specializes in office properties. Prior to JLL, Morales worked with several high-profile companies, including Yahoo!, DIRECTV, Boston Consulting Group, Electronic Arts, William Morris Endeavor and Morrison & Foerster.
NEW YORK CITY — TerraCRG has brokered the sales of two mixed-use properties in Brooklyn for a combined $10.5 million. In the first deal, a Manhattan ownership group acquired 3901 Fifth Avenue in Brooklyn’s Sunset Park area for $3.2 million, or $540 per square foot, from a Brooklyn family. The three-story, 6,000-square-foot property consists of four ground-floor retail spaces, three apartments and one office space. In the second transaction, a property located at 6901 Fifth Avenue in Brooklyn’s Bay Ridge neighborhood sold for $7.3 million, or $455 per square foot. The 10,248-square-foot property is currently occupied by Bank of America and features more than 7,000 square feet of available air rights. Adam Hess, Sam Shalumov, Edward Setton, Kirill Galperin and Amanda Keller were the sole brokers in both transactions.
ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.
WAYNE, PA. — Equus Capital Partners, through its affiliates, has acquired Bay Colony Executive Park, a four-building office park in Wayne, a suburb of Philadelphia, for an undisclosed price. The 247,294-square-foot property was 88 percent leased at the time of closing. The acquisition was made on behalf of BPG Investment Partnership IX LP, a discretionary fund managed by Equus. The seller is Radnor, Pa.-based Brandywine Realty Trust, a publicly traded REIT. Terms of the sale were not released.
WILMINGTON, MASS. — Avison Young has brokered the lease of 30,995 square feet of office space at 46 Jonspin Road in Wilmington, north of Boston. Limbach Company LLC signed a seven-year lease for the space from Spinelli Commercial Properties for an undisclosed price. The mechanical contractor plans to relocate from its current location one town south in Woburn, Mass., to the new space in November. The lease brings the property to full occupancy. Jack Kerrigan and Colin Whitney of Avison Young represented the landlord, while Cushman & Wakefield represented the tenant in the transaction.
NAPLES, FLA. — Investment Properties Corp. (IPC) has arranged the $14 million sale of the Iberia Bank Building, a 59,476-square-foot office building located at 2150 Goodlette Road N. in Naples. SHA Realty Holdings LLC purchased the asset from IberiaBank. The sale also included adjacent land. David Stevens and Clint Sherwood of IPC brokered the transaction.
FORT WORTH, TEXAS — A ribbon cutting ceremony has been held for the Tom Vandergriff Civil Courts Building in Fort Worth. Yates Construction provided preconstruction and construction services for the project. The downtown development consists of a public plaza and six levels, including 13 courtrooms spanning nearly 235,000 square feet. The finished building mirrors the architecture of other buildings downtown using local and regional materials. Historic elements from the original civil courts building were salvaged and are now featured on the front facade of the new civil courts building. The design and construction team utilized BIM for clash detection, verified and worked with several design models and incorporated sustainable features to pursue LEED Silver certification.
