BOSTON — DivcoWest has completed the purchase of One Winthrop Square, a 114,000-square-foot office building in Boston’s Downtown Crossing area. One Winthrop is a five-story building that was constructed in 1873 and most recently renovated in 2008. The building was fully leased at the time of sale. DivcoWest plans to improve the building’s common areas. The building fronts the half-acre Winthrop Square Park and is located within the city’s central business district.
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BLOOMFIELD, N.J. —Bechtel and Financial Computer Inc. have joined the tenant base at Prism Capital Partners’ BroadAcres Office Park in Bloomfield. Prism, which owns and manages the four-building, 380,000-square-foot campus, was self-represented by Edwin Cohen. Bechtel, a global engineering, project management and construction company, leased 23,000 square feet on the first and second floors at 300 Broadacres Drive. Christopher Olsen from Newmark Grubb Knight Frank served as tenant broker in the transaction. Financial Computer Inc. leased 4,200 square feet on the second floor of 400 Broadacres Drive. The information technology advisor, specializing in financial services offices, will relocate its headquarters to the property from Fairfield, N.J., in an expansion move. Curtis Foster of Cushman & Wakefield represented the tenant in the long-term transaction.
SAN FRANCISCO – A 26-story high-rise tower at 140 New Montgomery in San Francisco’s South Financial district has received a $185-million recapitalization. The Class A tower was built in 1925 as the headquarters for Pacific Telephone and Telegraph. The telephone company owned the building until it was acquired by Stockbridge Capital Group in 2007. The building is undergoing a $100-million renovation that will include new building systems, a seismic upgrade and more than 1,300 new operable windows in the tenant spaces. It is currently 90 percent leased. Notable tenants include Software AG, Lumosity, Knoll Inc. and Yelp! , which anchors the building. The five-year term financing includes mezzanine debt that was sold to an institutional investor. It was provided to Stockbridge by Ronnie Gul of Mesa West Capital.
ATLANTA — Buchanan Street Partners has provided a $72 million loan secured by Campanile, a 20-story, Class A office tower in Atlanta’s Midtown neighborhood. The 445,280-square-foot tower is the former headquarters for Bell South and was 50 percent leased at the time of the closing. The office tower is located at the intersection of 14th and Peachtree streets. Buchanan Street Partners provided the loan to building owner Dewberry Capital, which has owned the property since 2010. The transaction is Buchanan’s second loan to Dewberry in the past six months.
BALTIMORE — Cassidy Turley has arranged approximately $48.8 million in financing for One East Pratt Street, a 355,779-square-foot, Class A office building in Baltimore’s central business district. The office building was 71 percent leased at the time of the transaction to tenants such as PNC Bank, KPMG, Verizon Wireless and Merrill Lynch. The ground-floor tenants include Sullivan’s Steakhouse, Kona Grill and Nature’s Table. John Campanella and Paul Spellman of Cassidy Turley arranged the permanent financing through a bank on behalf of the borrower, Emmes Asset Management Co. LLC.
CHICAGO — NelsonHill, a Chicago-based full-service real estate firm, has brokered the sale of a 5,300-square-foot warehouse building in Chicago for $1.2 million. Jordan Mozer & Associates, a Chicago-based international design firm, purchased the space located at 318 N. Laflin St. The design firm plans to use the building as a high-end showroom with office space. Mark Nelson and Michael Nelson of NelsonHill represented the seller, Music Direct. Ann Anovitz Associates represented the buyer in the transaction.
BOSTON — HFF has arranged $204 million in construction financing for the development of Two Harbor Shore Drive, a 516,000-square-foot office building on Fan Pier in Boston’s Seaport District. HFF worked on behalf of the borrower, a venture between The Fallon Company and an institutional client advised by Cornerstone Real Estate Advisers LLC, to secure the construction loan through RBS Citizens. Due for completion in spring 2016, Two Harbor Shore Drive is a 17-story glass tower. The property will feature 18,000 square feet of ground-floor retail and approximately 380,000 square feet of space will be occupied by law firm Goodwin Procter LLP. John Fowler and Anthony Cutone led the HFF debt placement team representing The Fallon Co.
CUPERTINO, CALIF. — Trans-Continental Real Estate Investment Corp. has acquired two office buildings in Cupertino for an undisclosed sum. The 14,000-square-foot building at 20085 Stevens Creek Blvd. is fully leased to Apple. The 26,000-square-foot building at 20111 Stevens Creek Blvd. is leased to various tenants. Trans-Continental plans to occupy a portion of 20111 Stevens Creek when more space becomes available. Apple will remain at 20085 Stevens Creek. The seller, a local private investor, was represented by Mark Ziemendorf and Dave Austin of Cornish & Carey Commercial Newmark Knight Frank.
YORBA LINDA, CALIF. – A 22,544-square-foot office building in Yorba Linda has sold to Robert and Pamela Moreno for $3.7 million. The building is located at 22860 Savi Ranch Parkway. The buyers were represented by Gary McArdell of Lee & Associates – Newport Beach. The seller, Savi Ranch Partners LLC, was represented by Chuck Wilson and Brian Chastain of Colliers International.
NASHVILLE, TENN. — Sterling American Property Inc. has sold Service Source Tower, a 20-story, 266,000-square-foot office tower in downtown Nashville, for a reported $34 million. The property is located at the crossroads of 4th and Church streets. The buyer was Boston-based Albany Road Real Estate Partners. The seller recently completed a multi-million dollar renovation of the tower, including replacing the building’s mechanical systems. The property was 99 percent leased at the time of the sale to anchor tenant Service Source, as well as CapStar Bank, Kermit Stengel Co. and Andrew Byrd & Co. The building’s management and leasing agent is Rob Lowe of Cassidy Turley.