SOMERSET, N.J. — CBRE Group Inc. has arranged two office lease transactions totaling 7,506 square feet within Vantage Court, a 208,700-square-foot, two-building complex in Somerset. Joseph Sarno, Jeremy Neuer and Frank Foldetta of CBRE represented the owner, The Winter Organization, in both transactions. In the first deal, an insurance provider signed a lease for 4,251 square feet. Robert Shulman and James Scancarella of Cresa represented the tenant in the transaction. In the second transaction, Olsson and Co. LLC signed a 3,140-square-foot lease. Chris Hovanec and Sam Horowitz of DTZ Corporate Real Estate represented the accounting firm, which is relocating from 230 Davidson Ave. in Somerset. The property is located at 200 Cottontail Lane.
Office
IRVINE, CALIF. – The Alzheimer’s Association has purchased a 30,000-square-foot office building in Irvine for $5.1 million. The association will use the office building as its new Orange County headquarters. The property is located at 2515 McCabe Way. The building is set to begin a five-month renovation in September 2013. The transaction was executed by David Girty and Marty Stradtman of Coldwell Banker Commercial.
WEST HOLLYWOOD, CALIF. — Funny Or Die, the popular comedy video website, has leased 1.5 floors at Formosa South in West Hollywood. Formosa South is a creative office building that is currently under construction at The Lot, an 11-acre studio campus. The new office building will be located adjacent to the studio arrival gates.Funny Or Die is expanding its operations and plans to maintain a studio, in addition to other production and office space, at the new building. The campus is located on Santa Monica Boulevard and is bounded by Formosa Avenue and Poinsettia Place. Construction on Formosa South began in April 2012 and will be completed in late 2013. The Lot and Formosa South are both owned by CIM Group.
GREENVILLE, S.C. — The City of Greenville's Design and Review Board have approved Hughes Development Corp.'s plans to update and renovate the Bank of America Tower, located at 101 N. Main St. in Greenville. The multi-million dollar plan includes lobby renovations, upgraded elevators and 4,000 square feet of glass to serve as the building's new facade. The first floor will be designated retail space. The common areas will include outdoor patios and a basketball and bocce ball court. The office building will be surrounded by a new parking garage that will provide more than 1,300 parking spots. Hughes Development will be leasing the retail spaces on the first floor, and NAI Earle Furman will lease the office spaces on the second, third, fourth, ninth and 16th floors.
DORAL, FLA. — New Boston Fund Inc. has finalized four new lease agreements totaling 12,500 square feet at One Park Square at Doral, a Class A office building located at 3470 N.W. 82nd Ave. in Doral, a submarket of Miami. The new tenants are diagnostics company Remasur USA, international travel agency TravelMax USA Corp., international business consulting firm MM Global Strategies and professional staffing and solutions firm Kforce Inc. One Park Square is an 11-story, 281,623-square-foot property located adjacent to Miami International Airport. Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented New Boston Fund in the four lease transactions. Pablo Langesfeld of Transworld Business Brokers represented TravelMax USA, Jose Luis Vera of United Realty Group represented MM Global Strategies and Caroline Fleischer of Cushman & Wakefield represented Kforce.
KANSAS CITY, MO. — CBRE has moved its offices from Park Plaza at 4717 Grand Ave. to American Century Tower II at 4520 Main St. in Kansas City, decreasing its office space by 3,000 square feet. CBRE now occupies 10,000 square feet of space on the tower’s sixth floor, after previously occupying 13,000 square feet on the fifth floor of Park Plaza for 10 years. The facility will house more than 50 CBRE employees.
DALLAS — A fund managed by Dallas-based Lone Star Funds has acquired 11 properties in Raleigh and Morrisville, N.C. for $45 million. The assets include 154,581 square feet of flex office space at Raleigh’s Spring Forest Business Center and 478,356 square feet at Morrisville’s Eastridge at Perimeter Park. Seller U.S. Bank purchased the properties at auction in January for $49 million.
WEST HOLLYWOOD, CALIF. — Funny Or Die, the popular comedy video website, has leased 1.5 floors at Formosa South in West Hollywood. Formosa South is a creative office building that is currently under construction at The Lot, an 11-acre studio campus. The new office building will be located adjacent to the studio arrival gates. Funny Or Die is expanding its operations and plans to maintain a studio, in addition to other production and office space, at the new building. The campus is located on Santa Monica Boulevard and is bounded by Formosa Avenue and Poinsettia Place. Construction on Formosa South began in April 2012 and will be completed in late 2013. The Lot and Formosa South are both owned by CIM Group.
WASHINGTON, D.C. — A joint venture between Atlanta-based Songy HighRoads and New York City-based Elliott Management Corp. has acquired an 11-story, 91,000-square-foot office building located at 1522 K St. in Washington, D.C. The partnership intends to redevelop the building but has not released any specific plans apart from a proposal to convert it into a hotel. The seller in the transaction was 1522 K Street LLC. The purchase price was not disclosed.
CHAZY, N.Y. — Northstar 41 LLC has hired Binswanger to sale and/or lease a 386,060-square-foot medical research facility in Chazy, located in northern New York near the Canadian border. Among the research and lab space, the facility also includes 17,000 square feet of warehouse space and 39,074 square feet of office space. The property is located one-half mile from I-87, approximately 14 miles from Plattsburgh and 50 miles from Montreal, Canada.