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450-Kendall-Street-Cambridge
MassachusettsNortheastOffice

MPM Capital Inc. Becomes First Tenant at 450 Kendall Street

by Amy Works

CAMBRIDGE, MASS. — Transwestern | RBJ has brokered a lease between BioMed Realty Trust Inc. and MPM Capital Inc. at the recently completed 450 Kendall Street in Cambridge. MPM Capital, a venture capital firm focusing on the biomedical industry, will occupy 14,511 square feet at the building starting in April 2015. Steven Purpura and Eric Smith of Transwestern | RBJ represented the building owner, BioMed Realty, while John Barry and Jeff Landers, also of Transwestern | RBJ represented the tenant in the transaction. The 60,117-square-foot property is the first speculative office building to be constructed in Cambridge since 2001.

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595 Financial Center
FloridaOfficeSoutheast

Avison Young Brokers $33M Sale of Office Campus in Boca Raton

by John Nelson

BOCA RATON, FLA. — Avison Young has brokered the $33 million sale of 595 Financial Center, a two-building, Class A office portfolio totaling 116,000 square feet. The properties are located at 555 and 595 S. Federal Highway in Boca Raton. Keith O’Donnell and Jonathan Senn of Avison Young represented the buyer, Pinnacle Holdings Inc., in the off-market transaction. Pinnacle Holdings purchased the office campus in a 1031 tax-deferred exchange. Charles Shane of Bryason Realty Corp. represented the unnamed seller. Morgan Stanley is the anchor tenant of 595 Financial Center.

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ArizonaOfficeWestern

Palm Valley Office Park I & II in Goodyear Sell for $15.3M

by Nellie Day

GOODYEAR, ARIZ. – Palm Valley Office Park I & II, an 83,575 square foot office project in Goodyear, has sold to Kootenay Holdings for $15.3 million. The space is located at 1616 and 1646 North Litchfield Road. The seller was Steve Schrag, REO asset manager, of Key Bank c/o KeyCorp Real Estate Capital Markets. The transaction was executed by Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group. Jeffery Hartland and Scott Boardman of Cassidy Turley’s Office Group will handle the building’s leasing.

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CaliforniaOfficeWestern

San Rafael Office Building Changes Hands

by Nellie Day

SAN RAFAEL, CALIF. – Ellis Partners LLC has acquired a 130,237-square-foot office building in San Rafael for an undisclosed sum. The building is located at 4040 Civic Center Drive. The seller was an institutional investor. Cushman & Wakefield will handle the leasing of the property and CBRE will take on the property management assignment for the new ownership. This acquisition represents the fourth purchase by Ellis Partners with capital partner Artemis Real Estate Partners.

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CaliforniaOfficeWestern

ThinkFactory Media Leases 33,444 SF in Los Angeles

by Nellie Day

LOS ANGELES – ThinkFactory Media has leased 33,444 square feet of office space in Los Angeles. The space is located at 1640 S. Sepulveda Blvd. ThinkFactory will use this space for its corporate headquarters and production services. The landlord, Ocean West Capital Partners and Westbrook Partners, was represented by JLL’s Carl Muhlstein, Hayley Blockley and Jaclyn Ward.

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309-Vine_Cincinnati
MidwestMixed-UseMultifamilyOfficeOhioRetail

Historic Cincinnati Building to Become Mixed-Use Development

by Danielle Everson

CINCINNATI — Village Green has purchased 309 Vine St. in downtown Cincinnati and plans to redevelop the 300,000-square-foot building into a mixed-use property. The redeveloped building is set to open under a new name in 2016. Plans for the property include the addition of luxury apartments, penthouses, a market, restaurant and offices. The 1920s era, Beaux–Arts commercial building was originally an annex to the PNC Tower. In the 1800s it was the site of The Burnet Hotel, known for hosting President-elect Abraham Lincoln on his inaugural journey to Washington D.C.

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20-Ashburton-JLL
MassachusettsNortheastOffice

Faros Properties Acquires 20 Ashburton Place for $9.85M in Boston

by Amy Works

BOSTON — Faros Properties has purchased 20 Ashburton Place, an eight-story office building in Boston’s Beacon Hill neighborhood, for $9.85 million. Built in 1968, the 48,580-square-foot building is occupied by Massachusetts Teachers Association, Beacon Hill Staffing Group and Beacon Hill Consulting Group. Frank Petz, Jessica Hughes and Robert Borden of JLL represented the seller in the transaction.

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Remount II
OfficeSouth CarolinaSoutheast

Accesso Partners Buys Class A Office Building in Remount Business Park

by John Nelson

NORTH CHARLESTON, S.C. — Accesso Partners LLC has purchased Remount II, a Class A, 105,147-square-foot office building in North Charleston. The property is located at 1141 Remount Road in the Remount Business Park. The sales price was undisclosed. The 65-acre Remount Business Park was co-developed by Remount Venture, Venture One Real Estate Co. and Chicago-based Clayco Corp. Remount II was 92 percent leased at the time of sale to tenants such as SAIC International, Booz Allen Hamilton, CACI, Simplex Grinnell/TYCO and ManTech. HFF’s debt placement team led by senior managing director Susan Hill secured a senior loan through JP Morgan Securities Inc. Paul Gaines of Accesso Partners will take over as asset manager for Remount I and II, and Accesso Services will assume property management services. Glenn Goodwin and Bart Langlois of Landmark Enterprises in Mt. Pleasant, S.C. remain leasing brokers for Remount II.

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cbre
OfficeTexas

CBRE Arranges $51M Bridge Loan for Office Properties in Metro Dallas

by Haisten Willis

IRVING, TEXAS — CBRE Debt & Structured Finance has arranged a $51 million bridge loan on behalf of Brookwood Financial Partners for the acquisition of two office properties in Irving. The buildings are located at 125 E. John Carpenter Freeway and 5100 N. O’Connor Blvd. Blackstone of New York provided the interest-only, two-year bridge loan at a 73.5 percent loan-to-cost ratio. The two buildings span a total of 443,273 square feet and are located in Irving’s Las Colinas submarket. Charles Foschini, Christopher Apone and Christian Lee of the CBRE Capital Markets South Florida Institutional Properties team arranged the loan.

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