Office

Chambers Street Properties Completes $16.4M Sale of Office Building in Cary

by John Nelson February 2, 2015

CARY, N.C. — Chambers Street Properties has completed the $16.4 million sale of Regency Creek I, a 122,087-square-foot office building located in Cary. The four-story property is located at 12040 Regency Parkway. The building is 100 percent leased and serves as the North American headquarters for ABB, a leading power and automation technology company. The buyer, Intercontinental Real Estate Corp., assumed mortgage loans of approximately $8.6 million in the transaction. This property was included in the Chambers Street’s joint venture with Duke Realty Corp. and the sales price represents Chambers Street’s 80 percent share. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented Duke Realty in the transaction.

February 2, 2015

Illinois Midwest Office

GLL Real Estate Partners Buys 18-Story Chicago Office Tower

by Danielle Everson February 2, 2015

CHICAGO — GLL Real Estate Partners has purchased 550 W. Adams, an 18-story office building in the West Loop area of downtown Chicago. The seller was SEB Asset Management, an established Frankfurt, Germany-based real estate manager, which had owned the property since it opened in 2006. The purchase price was undisclosed, but Crain’s Chicago reports that the office tower sold for $185 million. The 483,677-square-foot tower is currently 94 percent leased and is anchored by the global headquarters of USG Corp., a producer of high performance buildings systems. Other major tenants include the law firm of Lewis, Brisbois, Bisgaard & Smith LPP, healthcare provider Humana HealthPlan and JP Morgan, which recently renewed its lease and, like USG, will remain a tenant on a long-term lease.

February 2, 2015

Office Texas

Signature Office REIT Arranges Lease in Metro Dallas

by Haisten Willis February 2, 2015

IRVING, TEXAS — Signature Office REIT Inc. has arranged a 10-year lease for NEC Corp. of America (NEC) in Irving. NEC will occupy space within the 119,611-square-foot Royal Ridge V building located at 3929 W. John Carpenter Freeway. Beginning on Dec. 1 of this year, NEC will relocate its U.S. headquarters to Royal Ridge V. NEC is a technology integrator of advanced IT and communications solutions. Mike Wyatt and Bill McClung of Cushman & Wakefield represented NEC in the transaction. Nathan Durham and Fletcher Cordell of Transwestern represented Signature. Signature is a self-managed, non-traded public real estate investment trust focused primarily on core office real estate.

February 2, 2015

California Office Western

The Carlyle Group Buys Vasona Technology Park in Campbell

by Nellie Day February 2, 2015

CAMPBELL, CALIF. – The Carlyle Group has acquired Vasona Technology Park, a 314,256-square-foot office/flex center in Campbell, for an undisclosed sum. The seven-building center is located at 200-250 E. Hacienda and 1315-1357 Dell Ave. The seller, Hines Interests L.P., was represented by DTZ’s Eric Fox, Robert Gilley and Steve Hermann.

February 2, 2015

California Office Western

Meridian Buys the Atrium Office Building in Pleasanton

by Nellie Day February 2, 2015

PLEASANTON, CALIF. – Meridian Property Company has purchased the Atrium, a 74,000-square-foot office building in Pleasanton, for an undisclosed sum. The building is located at 5776 Stoneridge Mall Road. It was built in 1982. Meridian was represented by Simon Vogt of Lee & Associates-East Bay. The seller, Downtown Properties, was represented by CBRE’s Katherine J. Kelleher.

February 2, 2015

California Office Western

Freedom National Insurance Buys Irvine Spectrum Building

by Nellie Day February 2, 2015

IRVINE, CALIF. – Freedom National Insurance has acquired a 9,900-square-foot office/R&D building at the Irvine Spectrum for an undisclosed sum. The building is located at 8855 Research Drive. Freedom National plans to use the property to house its technology research and development division. The company was represented by Cushman & Wakefield’s Blake Garrett. The seller, Research Property LLC, was represented by Bob Reiden of Lee & Associates.

February 2, 2015

Office Texas

Kendra Scott Design Relocates Headquarters to Mixed-Use Development in Austin

by Haisten Willis January 30, 2015

AUSTIN, TEXAS — Kendra Scott Design (KSD) is consolidating its corporate headquarters and moving to a new home at Lamar Central, a Class-A, mixed-use development located at 38th Street and Lamar Boulevard in Austin. Highland Resources, the project’s developer, has signed the jeweler to a 10-year lease. KSD will lease Lamar Central’s entire fourth floor, spanning 43,500 square feet, for its headquarters, and an additional 1,500 square feet on the ground floor to open a flagship Austin retail location. The company plans to relocate to its new home by the end of the year. Cushman & Wakefield/Oxford Commercial, on behalf of Highland Resources and JLL, represented KSD in the transaction. CBRE and JLL negotiated the retail lease. Lamar Central is a four-story, 165,000-square-foot mixed-use development featuring more than 132,000 square feet of office space with an additional 33,000 square feet of retail and restaurant space. Construction is slated for completion in the third quarter of 2015. On-site amenities include floor-to-ceiling windows, garage parking with a direct connection into each tenant floor, a landscaped courtyard with patios for outdoor dining, car-charging stations, bike storage, showers and changing rooms.

January 30, 2015

New York Northeast Office Retail

TerraCRG Arranges $7.5M Sale of Brooklyn Commercial Property

by Amy Works January 30, 2015

NEW YORK CITY — TerraCRG has arranged the sale of a commercial property located at 340 Wythe Ave. in the Williamsburg neighborhood of Brooklyn. The 8,633-square-foot property sold for $7.5 million. The property site is zoned M3-1, which allows for approximately 17,266 gross buildable square feet of commercial development, including office or retail space. Ofer Cohen, Melissa Warren, Peter Matheos, Dan Marks and Michael Hernandez of TerraCRG represented the seller in the deal.

January 30, 2015

New York Northeast Office

Media General Leases Entire 62nd Floor of Empire State Building

by Amy Works January 30, 2015

NEW YORK CITY — Richmond, Va.-based Media General Inc. has leased the entire 62nd floor of the Empire State Building in New York City. The company plans utilize the 26,782-square-foot space to centralize its six digital media companies and national sales headquarters into one location. Fred Posniak provided in-house representation for the landlord, Empire State Realty Trust, along with William Cohen, Jonathan Tootell and Shanae Ursini of Newmark Grubb Knight Frank. James Gross and Peter Gross of Douglas Elliman Commercial represented Media General in the deal.

January 30, 2015

Arizona Office Western

Washington Business Park in Phoenix Sells for $11.1M

by Nellie Day January 29, 2015

PHOENIX – Washington Business Park, a 139,196-square-foot business park in Phoenix, has sold to CAM-10 LLC for $11.1 million. The four-building park is located at 5324-5330 E. Washington Street. It was built in 1985. Washington Business Park is currently 72 percent leased. Tenants include Walgreens Drug Co., Arizona Department of Revenue and Quality Care Network, Inc. CAM-10 is an affiliate of Covington Asset Managemen LLC. The seller, BREOF AIP Phoenix, was represented by CBRE’s Barry Gabel and Chris Marchildon.

January 29, 2015

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