SAN FRANCISCO — A 50,000-square-foot parcel that may soon be home to the West Coast’s tallest tower has sold to Hines and Boston Properties for $192 million, or nearly $4,000 per land foot. The firms plan to construct the 1,070-foot Transbay Transit Tower on the site, which sits adjacent to the future Transbay Transit Center inside San Francisco’s South of Market (SOMA) district. Construction is set to begin on the tower as early as this summer. It is scheduled for completion in 2016, just before the transit facility is due to open. Once the tower tops out, it is anticipated to be the seventh tallest building in the U.S., a title that currently belongs to the Chrysler Building in New York. The 60-story tower is being designed by Pelli Clarke Pelli and built by a partnership between Clark Construction and Hathaway Dinwiddie.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. has closed the acquisition of the fee-simple interest in an office building located at 216-218 W. 18th St. in the Chelsea neighborhood of Manhattan for $112 million. A joint venture between Atlas Capital Group and GreenOak Real Estate sold the property. The 165,570-square-foot property is 83.7 percent leased to five tenants including Red Bull North America Inc., SAE Institute of Technology Corp., Microsoft Corp., Deluxe Media Creative Services Inc. and SYPartners.
THE WOODLANDS, TEXAS — Houston-based Archway Properties plans to develop the 127,794-square-foot Wildwood Corporate Center, located at 460 Wildwood Forest at Interstate 45 in The Woodlands. The three-story, two-building office complex is 50 percent pre-leased. The new office property will feature an attached parking garage. The project team includes architect Kirksey Architecture and general contractor EE Reed. Terri Torregrossa and Griff Jaggard of Houston-based Moody Rambin Interests are handling the property’s leasing duties. Moody Rambin will also handle managing the property. Construction will begin in early April and wrap up in January 2014.
LOS ANGELES — Alameda Square Campus, a 1.6-million-square-foot creative office, retail and light manufacturing campus in Downtown Los Angeles, has received a $78-million refinance. It is located at 7th and Alameda next to the historic 7th Street Produce Market. The loan will be used to refinance first- and second-lien mortgages that are currently secured by the campus. It will also finance tenant improvement and leasing costs for the 82,000-square-foot headquarters of Splendid and Ella Moss, two subsidiaries of VF Contemporary Brands.The campus is also the world headquarters for American Apparel. Groceries Apparel recently relocated to the campus in late 2012 to expand its operations as well. The three-year, adjustable-rate loan was arranged by HFF’s Paul Brindley and Jeff Sause on behalf of a subsidiary of EVOQ Properties. The loan was provided by Olen Properties.
CHICAGO — CommonWealth REIT has hired Jones Lang LaSalle as the leasing agent for the Illinois Center, a 2.1 million-square-foot office complex located at 111 E. Wacker Drive and 233 N. Michigan Ave. in Chicago’s East Loop. Reit Management & Research LLC manages the two-building complex. Brian Atkinson, Monica Moore and Brad Despot of Jones Lang LaSalle will oversee leasing efforts at Illinois Center. Designed by Fujikawa, Conterato, Lohan & Associates, the complex is known for its modern design and proximity to North Michigan Avenue and 30-plus restaurants.
LOS ANGELES — Alameda Square Campus, a 1.6-million-square-foot creative office, retail and light manufacturing campus in Downtown Los Angeles, has received a $78-million refinance. It is located at 7th and Alameda next to the historic 7th Street Produce Market. The loan will be used to refinance first- and second-lien mortgages that are currently secured by the campus. It will also finance tenant improvement and leasing costs for the 82,000-square-foot headquarters of Splendid and Ella Moss, two subsidiaries of VF Contemporary Brands. The campus is also the world headquarters for American Apparel. Groceries Apparel recently relocated to the campus in late 2012 to expand its operations as well. The three-year, adjustable-rate loan was arranged by HFF’s Paul Brindley and Jeff Sause on behalf of a subsidiary of EVOQ Properties. The loan was provided by Olen Properties.
LOS ANGELES — Water's Edge, a 6.5-acre creative office campus in the Los Angeles submarket of Playa Vista, has received a $105-million recapitalization loan. The funds will be used for tenant improvements and leasing commissions for the remaining space.Water's Edge currently includes two buildings totalling 260,000 square feet. It is also entitled for an additional 180,000-square-foot Phase II building, which will commence construction once preleasing is completed. A full-court basketball, sand volleyball court and outdoor swimming pool will open on the campus this summer. Financing was arranged by Rob Verrone of Iron Hound Management on behalf of Maguire Investments. Leasing efforts will be handled by Chris Strickfaden,Anthony Gatti,Brian NiehausandJaclyn Ward of Jones Lang LaSalle.
NEW YORK CITY — Colliers International has arranged an 11,000-square-foot sublease for iLevel Solutions at 2 Penn Plaza in New York City. The software company will sublease a portion of Forest Electric’s space on the fourth floor. Built in 1967, 2 Penn Plaza is a 29-story commerical building located on Seventh Avenue between 31st and 33rd streets. Mark Mandel of Cushman & Wakefield represented the sub-tenant, iLevel Solutions, in the transaction. iLevel Solutions provides private equity firms with cloud-based platforms. Forest Electric, a subsidiary of EMCOR Group Inc., provides commercial electrical contracting services to end-users, building owners and construction companies.
LOS ANGELES — Water's Edge, a 6.5-acre creative office campus in the Los Angeles submarket of Playa Vista, has received a $105-million recapitalization loan. The funds will be used for tenant improvements and leasing commissions for the remaining space. Water's Edge currently includes two buildings totalling 260,000 square feet. It is also entitled for an additional 180,000-square-foot Phase II building, which will commence construction once preleasing is completed. A full-court basketball, sand volleyball court and outdoor swimming pool will open on the campus this summer. Financing was arranged by Rob Verrone of Iron Hound Management on behalf of Maguire Investments. Leasing efforts will be handled by Chris Strickfaden, Anthony Gatti, Brian Niehausand Jaclyn Ward of Jones Lang LaSalle.
RESTON, VA. — CBRE Capital Markets has arranged $98.2 million in debt financing for Reston Executive Center, three Class A office buildings totaling 494,264 square feet in Reston. Joe Donato and Matthew Williams of CBRE worked on behalf of an entity controlled by The JBG Cos. to arrange the five-year bridge loan through Wells Fargo Bank. The property is located at 12100, 12110 and 12120 Sunset Hills Road. The owner purchased the property in late 2012, when it was 77.5 percent leased. The owner plans to upgrade the property and begin an aggressive leasing plan to increase occupancy in the next 12 to 18 months.