Office

Texas Children’s Hospital to Expand With 19-Story Tower

by Haisten Willis April 23, 2015

HOUSTON — Texas Children’s Hospital, in collaboration with FKP Architects, will add a $506 million, 19-story patient tower to its campus as part of a $575 million capital investment. The new tower will sit on top of an existing six-story base adjacent to Texas Children’s Pavilion for Women. FKP’s Houston office will lead planning and design for the project, which is expected to be complete in 2018. Pediatric Tower E will initially offer 129 beds for pediatric and cardiovascular intensive care, along with new operating rooms. It will also be the home of the relocated Texas Children’s Heart Center, including a new outpatient clinic, cardiovascular operating rooms, dedicated cardiology beds and catheterization labs. The Heart Center will move out of the West Tower, making way for additional acute care beds. The project will be funded in part from the Texas Children’s Promise Campaign.

April 23, 2015

NAI Mertz Brokers Three Transactions in Cherry Hill’s Golden Triangle

by Amy Works April 23, 2015

CHERRY HILL, N.J. — NAI Mertz has brokered three transactions in Cherry Hill. In the first transaction, Byrn Mawr Investments purchased a 28,000-square-foot office building, located at 706 Haddonfield Road, from Multiple Sclerosis Association of America for an undisclosed price. The buyer plans to redevelop the property into retail use by demolishing a portion of the building and converting it into parking spaces. Jeff Sloan of NAI Mertz negotiated the transaction. Sloan also represented Multiple Sclerosis Association of America in the acquisition of a 14,400-square-foot office building located at 375 N. Kings Highway. The seller was 375 NKH LLC. In the third deal, SportsArena Employees 137 Welfare Fund sold a two-story 11,683-square-foot office building, located at 1012 Haddonfield Road, to Several Properties and First American Exchange. Marc Cutler and John Brown of NAI Mertz were the sole brokers in the transaction. The prices for the transactions were not released.

April 23, 2015

Florida Office Southeast

CBRE Brokers $23.8M Sale of Boutique Office Property in Boca Raton

by John Nelson April 23, 2015

BOCA RATON, FLA. — CBRE has brokered the $23.8 million sale of Glades Twin Plaza, a 98,312-square-foot boutique office building located at 2300 Glades Road in Boca Raton. Built in 1982 and renovated in 2010, the office property was 77 percent leased at the time of sale. Christian Lee, Jose Lobon, Charles Foschini, Chris Apone and Michael Erickson of CBRE represented the seller, a fund managed by BlackRock, in the transaction. The buyer was Dallas-based L&B Realty Advisors.

April 23, 2015

North Carolina Office Southeast

Frontier Capital to Occupy Top Floor of 19-Story Office Tower in Charlotte

by John Nelson April 23, 2015

CHARLOTTE, N.C. — Co-owners Grubb Properties and New York Life Real Estate Investors have signed Frontier Capital, a growth equity firm based in North Carolina, to a long-term lease for the top floor of 525 North Tryon Street, a 19-story office building in Uptown Charlotte. Frontier will use the 12,600-square-foot space as its new headquarters beginning in September. Andy Horsey of Cresa Charlotte represented Frontier Capital in the lease transaction. Jonathan Nance of Grubb Properties, along with Meredith Ball and Mark Holoman of Cushman & Wakefield | Thalhimer, represented the ownership group.

April 23, 2015

New York Northeast Office

RKF Brokers $16.5M Acquisition of 19,008 SF Commercial Condo in NYC

by Amy Works April 22, 2015

NEW YORK CITY — RKF has brokered the sale of a 19,008-square-foot commercial condominium located at 100 West 93rd St. on the Upper West Side in New York City. Coltown Properties acquired the property for $16.5 million and subsequently leased the property to Manhattan Children’s Center, a school that provides scientifically based treatment and education to children with autism spectrum disorders. The two-story asset features 13,834 square feet on the ground floor and 5,174 square feet on the second floor. David Abrams and Marc Finkel of RKF represented the buyer, while Michael Dubin of Savvit Partners represented the seller, Starrett Development. Additionally, Abrams and Finkel represented both parties in the lease transaction.

April 22, 2015

Connecticut Northeast Office

Press/Cuozzo Arranges $1M Sale of Office Building in Connecticut

by Amy Works April 22, 2015

NORTH HAVEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of a professional/medical building located at 100 Broadway in North Haven. 100 Broadway North Haven LLC purchased the 11,000-square-foot property for $1 million from Bass Inc. Stephen Press of Press/Cuozzo represented the buyer, while Susan Criscuolo, also of Press/Cuozzo, represented the seller in the transaction.

April 22, 2015

Office Texas

CBRE Arranges Sale Of NBCUniversal Regional Headquarters in Dallas

by Haisten Willis April 22, 2015

DALLAS — CBRE Capital Markets’ Investment Properties has arranged the sale of NBCUniversal Regional Headquarters, a 75,000-square-foot, single-story Class A office asset in Dallas. The LEED-certified building was completed in 2013. The property is fully leased to NBCUniversal Media LLC, a wholly owned subsidiary of Comcast Corp., and serves as the regional headquarters, broadcasting and multimedia news facility for NBC/KXAS-TV, Telemundo and NBCUniversal. Olympus Ventures purchased the asset from KDC for an undisclosed price. Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Pete Van Amburgh of CBRE represented the seller.

April 22, 2015

Office Texas

Passco Cos. Opens New Office in Austin

by Haisten Willis April 22, 2015

AUSTIN, TEXAS — Passco Cos. has opened a new office in Austin. Shelli Cusack will oversee the company’s Austin office, and will also be responsible for a portion of Passco’s multifamily portfolio encompassing more than 3,000 units in North Carolina, South Carolina and Georgia. Cusack has been responsible for the management of more than $1 billion in real estate assets during her career. Passco Cos.’ new Austin office is located at 7000 N. Mopac Expressway, Suite 200. Passco focuses on the acquisition, development and management of multifamily and commercial properties throughout the United States.

April 22, 2015

Arizona Office Western

Lincoln, Oaktree Buy Biltmore Commerce Center in Phoenix for $58M

by Nellie Day April 22, 2015

PHOENIX — A partnership between Lincoln Property Company (LPC) and funds managed by Oaktree Capital Management has acquired Biltmore Commerce Center, a 259,000-square-foot office property in Phoenix, for $58 million. The Class A center is located at 3200 E. Camelback Road in the Camelback Corridor. The three-story property is currently 93 percent leased to tenants like HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company and Miller Russell & Associates. It is situated across the street from two retail projects that feature tenants like Central Bistro, Wells Fargo, Bank of America, Mexx 32, Tarbell’s, Tommy V’s Osteria and Pizzeria, Tomaso’s and Hava Java Café. Biltmore Commerce Center includes a newly remodeled, 11,000-square-foot, three-story atrium. It recently had its corridors and lobbies remodeled, in addition to upgraded landscaping and a new water feature. The seller, a joint venture between DPC Development Company and Bridge Investment Group, was represented by Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield. The institutional-quality office building’s property management strategy will be directed by LPC’s Alisa Timm.

April 22, 2015

New Jersey Northeast Office

Construction Begins on MetLife Investments’ Global HQ in New Jersey

by Amy Works April 21, 2015

HANOVER, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has broken ground for the construction of a global headquarters for MetLife Investments in Hanover. Situated on 14 acres within 67 Whippany Road’s South Campus component, the 185,000-square-foot property will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall with technologically advanced conference facilities, a fitness center, employee food court with indoor and outdoor seating, and a café. Additionally, the property will offer 4.5 parking spaces per 1,000 feet of rentable area. The property is also designed to achieve LEED Gold Core and Shell and LEED Platinum Interiors certifications. Bruce Mosler, Ethan Silverstein, David Susoreny, Bill Brown and Andrew Merin of Cushman & Wakefield represented MetLife in the transaction. Robert Donnelly and Robert Donnelly Jr., also of Cushman & Wakefield, represented the property ownership in the lease transaction.

April 21, 2015

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