LOS ANGELES – Officia Imaging has signed a 63-month lease for 3,150 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Officia Imaging is an office equipment and document management software solutions provider. The building is owned by the Swig Company.
ELMHURST AND MUNDELEIN, ILL. — Transwestern has brokered the sale of three commercial properties in three separate transactions totaling 82,285 square feet in Elmhurst and Mundelein. In the first transaction, Justin Lerner and Joe Karmin of Transwestern represented Venture One in the disposition of a 33,000-square-foot property at 899 Larch in Elmhurst. Craftwood Inc. acquired the building for an undisclosed price. In the second deal, Lerner and Karmin represented Terrence Sherman in the sale of a 29,000-square-foot building at 877 S. Route 83 in Elmhurst. U Store It LLC purchased the property for an undisclosed sum. In the final transaction, Tom Boyle and Jared Paff represented International Equipment Trading Inc. in the acquisition of a 19,295-square-foot property at 955 Campus Drive in Mundelein from G&M Enterprises for an undisclosed price.
You can hardly open the local paper lately without reading that “Downtown is hot right now; urban living is great.” Yes, downtown is booming. The suburbs are also riding the wave of new mixed-use development and could see more success. It may surprise some, but office vacancy rates and rental rates along I-394 and I-494 rival, and sometimes trump, downtown Minneapolis. The message is clear: convenience has value. The idea of a mixed-use neighborhood where people are living, working, shopping and having fun in one place is a relatively new concept to the Twin Cities. Minneapolis no longer turns into a ghost town after 6 p.m., but many people don’t want to live downtown. They find it too congested and far from work, with little green space and few parking options. If only there was a way to have the vitality of a mixed-use neighborhood without the drawbacks of the concrete jungle, right? Today that question is answered all around the metro area. West End’s Advantages In particular, the West End region of the Twin Cities shares that same long-term vision. With a strong office market long in place, Duke Realty’s addition in 2009 of The Shops at West End, …
NEEDHAM, MASS. — Cushman & Wakefield has brokered the sale of TripAdvisor | Needham, a newly constructed office building located in Needham. An entity controlled by U.S. Realty Advisors LLC purchased the six-story, 280,892-square-foot LEED Gold property for an undisclosed price. The property, which features a café, fitness center, outdoor amphitheater and structured parking, will serve as the global headquarters for TripAdvisor. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller, Normandy Real Estate Partners, in the transaction. Additionally, Jay Wagner and Timothy Hosmer of Cushman & Wakefield placed the acquisition financing with a national life insurance company for the transaction.
NEW YORK CITY — The Kaufman Organization has brokered a 10-year lease for 46,000 square feet of office space at 111 West 19th St. in New York City. Law360, a LexisNexis company, is relocating to the space from its Union Square offices at 860 Broadway and 200 Park Avenue South. The company’s new space can accommodate up to 300 staffers, including reporters and business professionals. Steven Kaufman, Barbara Raskob and Yvonne Chang of the Kaufman Organization represented the landlord, 19th Street Associates LLC, while Paul Ippolito of Newmark Knight Grubb Knight represented the tenant in the transaction.
HOUSTON — Churchill Capital has arranged a $12.7 million loan for the acquisition of 770 S. Post Oak, a six-story, 92,723-square-foot, Class B office building located in the “magic circle” business district and Memorial Park area of Houston. The property is two miles from the Galleria and 10 miles from downtown Houston. Tenants include Love Advertising, HF Christmann & Associates, Prolamsa, Berie Lamberth Mgmt, Sechrist Duckers LLP, Ensyte Energy Software and Zimmerman & Lavine. Duke Stone and Steve Forson of Churchill Capital arranged the 10-year, fixed rate, non-recourse financing through J.P. Morgan Chase Bank NA on behalf of the borrower, Pillar Income.
PHOENIX — Parallel Capital Partners has acquired One North Central, a 410,000-square-foot office tower in Phoenix, for $93.7 million. The Class A tower is located at 201 North Central Ave. Parallel Capital plans to invest more than $1.5 million to renovate and upgrade the property. This will include lobby modernizations, common-area upgrades, a new tenant lounge and spec suites. The tower was originally built in 2001. It has LEED-Silver certification. One North Central is currently 95 percent leased. Notable tenants include Ryley, Carlock and Applewhite, Arizona Summit Law School, Comerica Bank and the Bureau of Land Management. Parallel represented itself in the transaction. The seller was represented by Eastdil Secured. Parallel currently maintains a portfolio of 1.2 million square feet of office and retail space in Phoenix, including the City Square and Midtown regions.
ATLANTA — Shane Investment Property Group has brokered the $68.5 million sale of a Class B, 392,000-square-foot office building located at 1117 Perimeter Center W. in Atlanta. Built in 1985, the five-story office building is located at the intersection of Perimeter Center West and Mount Vernon Boulevard in Atlanta’s Central Perimeter office submarket. The office building was 90 percent leased at the time of sale. Andy Sutton of Shane Investment represented the buyer, a private foreign investor family, in the transaction.
GILBERT, ARIZ. – El Dorado Tech Center, a 180,480-square-foot flex/back-office facility in Gilbert, has sold to a joint venture formed by Everest Holdings and Walton Street Capital for $18.6 million. The facility is located at 2299 W. Obispo Ave. It was built in 1998. GoDaddy has occupied about 118,000 square feet at the facility since 2005. The joint venture is called W-EH El Dorado Holdings JV VII LLC. DTZ’s Mike Haenel, Andy Markham, Will Strong, Paul Boyle, Rick Danis, Marc Tuite and Phil Haenel represented both the buyer and seller in this transaction.
SEATTLE – Community Health Plan of Washington has leased 91,816 square feet of office space in Downtown Seattle. The space is located at 1111 Third Ave. The local not-for-profit health plan will be relocating from its current space in late 2016. The company was represented by Larry Almeleh and Pat Pendergast of Washington Partners. The landlord, Ivanhoe Cambridge and Callahan Capital Properties, was represented by Lisa Stewart and Jim Allison of Urbis Partners.