LOS ANGELES – The State Bar of Californiawill soon occupy the top four floors of a 111,000-square-foot office building in Downtown Los Angeles. The building is located at 845 South Figueroa Street. The space is undergoing a $14-million interior renovation before the State Bar takes up residency this December. Smart & Final recently opened on the building’s ground floor.The renovation will be carried out by Driver SPG, a construction affiliate of C.W. Driver. LeanArchwill serve as the project’s architect. The five-story building also underwent a full-base renovation last year before the State Bar purchased the property from L&R Companies. The State Bar will be relocating from the AT&T Center once the renovations are complete.
PHOENIX – Omninet Capital has purchased the Midtown Phoenix Bank of America Tower for $14.8 million. The 189,000-square-foot building is located at 3030 N. Central Ave. The tower is currently 87 percent leased to tenants like Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute. Omninet plans to invest more than $2 million to renovate the building. The company also plans to invest an additional $200 million in the Phoenix market over the next two years. Omninet represented itself in this transaction. The seller, a partnership between Morrison Street Capital and Ronald Realty Group, was represented by Michael Crystal of Cushman & Wakefield of Arizona and Jim Palmer of The Palmer Group.
ATLANTA — Atlanta-based Fairlead Commercial Real Estate LLC and The Creations Group have acquired 34 Peachtree, a 30-story office tower located in downtown Atlanta. The buyers purchased the mortgage note for nearly $11.9 million, or $39 per square foot, in partnership with private investors based in Asia. The prior ownership had paid approximately $28.3 million for the property in 2005. The 282,589-square-foot office tower, which is currently 66 percent leased, went into foreclosure on Sept. 3. Fairlead acted on behalf of its ownership entity, One Park Tower LLC, in the all-cash transaction. Cushman & Wakefield represented special servicer Midland Loan Services in the note sale. Fairlead will handle leasing and property management services at 34 Peachtree.
TOLEDO, OHIO — Toledo Edison has chosen the Reichle Klein Group to manage its 232,000-square-foot Edison Plaza office tower in Toledo. The 16-story building is located at 300 Madison Ave. in downtown. Edison Plaza is home to numerous businesses, including Libbey Glass, Toledo Edison, Regional Growth Partnership and Toledo Regional Chamber of Commerce.
IRVING, TEXAS — Cushman & Wakefield (C&W) has brokered the sale of Regent Commons, a 619,643-square-foot office complex in the Freeport/Las Colinas submarket of Irving. The property, originally constructed in 2006, comprises three LEED-certified, Class A buildings on 52 acres fronting Interstate 635 at 3950, 4000 and 4050 Regent Blvd. The buildings are fully leased to two tenants, Citibank and State Farm. Michael Rotchford, David Wenk, Robert Elms, Scot Farber and Maureen Kelly of C&W, along with co-broker Cassidy Turley, represented the seller, a fund affiliated with Brookfield Asset Management. GI Partners was the buyer.
IRVING, TEXAS — Property owner Rosemont Realty has signed Tricolor Auto Group to a renewal and expansion of its corporate headquarters lease in the Las Colinas submarket of Irving, approximately 13 miles northwest of Dallas. Tricolor previously occupied 16,783 square feet at The Summit at Las Colinas office tower and will now expand by approximately 33 percent to 24,913 square feet. Rosemont was internally represented by Kirby White, while Jon Altschuler of Altshuler & Co. represented the tenant. The Summit at Las Colinas, located at 545 E. John Carpenter Freeway, boasts 19 floors, 375,505 square feet of space of an 89 percent occupancy rating.
SEATTLE — GLL Real Estate Partners has purchased a 130,530-square-foot, Class A office building in Seattle’s South Lake Union neighborhood for a reported $97 million. The six-story building is located at 202 Westlake. It is fully leased, with Amazon being the main tenant. The building is only three blocks away from the company’s high-rise headquarters development, which will contain 2.2 million square feet at Sixth and Blanchard. This is GLL’s first purchase in Seattle.
LOS ANGELES – The State Bar of California will soon occupy the top four floors of a 111,000-square-foot office building in Downtown Los Angeles. The building is located at 845 South Figueroa Street. The space is undergoing a $14-million interior renovation before the State Bar takes up residency this December. Smart & Final recently opened on the building’s ground floor. The renovation will be carried out by Driver SPG, a construction affiliate of C.W. Driver. LeanArch will serve as the project’s architect. The five-story building also underwent a full-base renovation last year before the State Bar purchased the property from L&R Companies. The State Bar will be relocating from the AT&T Center once the renovations are complete.
PHOENIX – Omninet Capital has purchased the Midtown Phoenix Bank of America Tower for $14.8 million. The 189,000-square-foot building is located at 3030 N. Central Ave. The tower is currently 87 percent leased to tenants like Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute. Omninet plans to invest more than $2 million to renovate the building. The company also plans to invest an additional $200 million in the Phoenix market over the next two years. Omninet represented itself in this transaction. The seller, a partnership between Morrison Street Capital and Ronald Realty Group, was represented by Michael Crystal of Cushman & Wakefield of Arizona and Jim Palmer of The Palmer Group.
TORRANCE, CALIF. — LivingSocial has leased 19,311 square feet at Pacific Center in Torrance. The center is located at 21250 Hawthorne Blvd. Other notable tenants at the center include Bank of America, Wells Fargo Insurance and Morgan Stanley Smith Barney.The landlord, Bixby Land Company, was represented by Eric Lastition, Doug Brawnand Thacher Goodwin of Colliers International. They are the exclusive leasing agents for the property.