CHICAGO — Sperry Van Ness Chicago Commercial has completed the $1.7 million sale of a loft office building in Chicago's West Loop neighborhood. The property, located at 808 W. Lake St., includes a 7,553-square-foot timber and beam loft office building with an adjacent 3,325-square-foot surface parking lot for 10 cars. One Off Hospitality Group Ltd. purchased the parcel. Scott Maesel of Sperry Van Ness LLC was the sole broker in the transaction.
STAMFORD, CONN. — Northwestern Mutual-Stamford has signed a long-term lease for 20,000 square feet at 400 Atlantic St. in Stamford. The life insurance company is relocating from Westport to the 15-story, 500,000-square-foot Class A office tower. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Co. and its subsidiaries, which manages $1.4 trillion in life insurance policies. In August, 400 Atlantic St. achieved LEED-Silver certification from the U.S. Green Building Council for Existing Buildings.
FLORHAM PARK, N.J. — Cushman & Wakefield has arranged a 19,500-square-foot, six-year lease extension and expansion for ECLC of New Jersey at 100 Passaic Ave. in Florham Park. ECLC of New Jersey, which provides lifelong services for persons with special needs, will use the location for its executive offices and its P.R.I.D.E. clients. ECLC had previously occupied 12,000 square feet at the location. Situated on 7.8 acres, 100 Passaic Ave. spans 59,000 square feet. Robert Donnelly and Jason Tenenbaum of Cushman & Wakefield’s Morristown office represented ECLC New Jersey. Geoff Schubert of CBRE, who is currently marketing the property for sale, represented the owner, Jefferson-Pilot Investments Inc., in the transaction. Chatham, N.J.-based ECLC operates two schools for young people with special needs. P.R.I.D.E., which stands for promoting responsibility, independence, decision-making and employability, provides day and evening programs for adult graduates of the two schools, with the goal of teaching life and employment skills.
HOUSTON — Trammell Crow Co. and Principal Real Estate Investors have completed the renovations of Noble Energy Center One, a 497,000-square-foot office building in Houston’s Northwest office submarket. The joint venture has also broken ground on Noble Energy Center Two, an adjacent 470,000-square-foot build-to-suit office building. The campus, located at the corner of State Highway 249 and Louetta Road, serves as the global headquarters for Noble Energy, an oil and gas exploration and production company. Noble Energy Center One has obtained LEED Gold certification, and Noble Energy Center Two is pre-certified LEED Gold. The development team consists of Aaron Thielhorn, Brandon Houston and Brain Altway of Trammell Crow, while Austin Commercial serves as general contractor and Kirksey serves as project architect. JP Morgan and US Bank provided construction financing.
CAMBRIDGE, MASS. — Ipsen has signed a long-term lease for 62,600 square feet of laboratory and office space in Cambridge. The six-story, multi-tenant research facility is located at 650 E. Kendall St. in the heart of Kendall Square. BioMed Realty owns the 282,000-square-foot facility through a joint venture with Prudential Real Estate Investors on behalf of institutional investors. Ipsen is a specialty-driven pharmaceutical company, which focuses on healthcare solutions for debilitating diseases.
CARLSBAD, CALIF. — A 28,402-square-foot office building in Carlsbad has sold to Seymour Capital for $3.7 million. The building is located at 2385 Camino Vida Roble. It was fully occupied at the time of sale. Both the buyer and the seller, Paul H. Meardon, were represented by Nick Totah and Ben Tashakorian of Marcus & Millichap’s San Diego office.
OAK BROOK, ILL. — The Davis Cos., on behalf of an affiliate, and Arthur Goldner & Associates have sold The Crossings of Oak Brook in suburban Chicago for $35.7 million, or approximately $117 per square foot. Vancouver, Canada-based Adventus Realty Trust was the buyer. The Crossings of Oak Brook includes 1420 and 1520 Kensington Road, two three-story properties that total 303,510 square feet. The Davis Cos. and Arthur Goldner & Associates acquired the property in January 2010. The joint venture then implemented a capital improvement plan and increased the occupancy from 66 percent to 95 percent. HFF represented the seller and procured the buyer and NAI Hiffman acted as the leasing agent.
CARLSBAD, CALIF. — A 28,402-square-foot office building in Carlsbad has sold to Seymour Capital for $3.7 million. The building is located at 2385 Camino Vida Roble. It was fully occupied at the time of sale. Both the buyer and the seller, Paul H. Meardon, were represented by Nick Totah and Ben Tashakorian of Marcus & Millichap’s San Diego office.
LAS VEGAS — Blackstone Real Estate Partners VII has purchased the Hughes Center, a 1.4-million-square-foot office and retail campus in Las Vegas, for $347 million. The 68-acre, master-planned development is located at 370 Hughes Center Drive. The acquisition includes Class A office space, several restaurants and three undeveloped parcels. Notable tenants at the center include Gordon Silver, Ameristar, Wells Fargo Bank, Venetian, Boyd Gaming, Snell & Wilmer, Lewis and Roca, LLP, as well as restaurants like Del Frisco’s, Lawry's Prime Rib, Fogo de Chao, Bahama Breeze, Gordon Biersch Brewery and McCormick & Schmick. A new Starbucks is under construction. Equity Office, a wholly owned affiliate of Blackstone, will handle the center’s management operations and oversee its leasing efforts. Colliers International, which previously handled the center’s leasing, has be retained by Equity Office. Blackstone represented itself in this transaction, while the undisclosed seller was represented by HFF’s Mark Gibson, Scott Galloway and Dan Cashdan.
SAN DIEGO — Kilroy Realty Corporation (KRC) has purchased The Heights at Del Mar, a 218,940-square-foot office campus, for $126.35 million. The Class A campus is located at 12770-12790 El Camino Real in the San Diego submarket of Del Mar Heights. The property contains a life science building, as well as a 4.2-acre entitled land parcel that can accommodate an additional 90,000-square-foot office or life science facility. The Heights is anchored by Neurocrine Biosciencese and Knobbe Martens Olson & Bear. These two tenants occupy about 94 percent of the property. Additional tenants include Allen Group Architects, Southwest Value Partners and Backplane. This acquisition represents the largest sale within Del Mar Heights since 2007, according to Rick Reeder and Brad Tecca of Cassidy Turley, who resented both KRC and the seller, Prudential Real Estate, in this transaction.
