Office

FEIL ORGANIZATION COMPLETES $5M RENOVATIONS OF TWO NYC OFFICES

by admin March 12, 2013

NEW YORK CITY — The Feil Organzation has invested more than $5 million in renovations to a major lobby and entryway renovation at 7 Penn Plaza and lobby renovation at 488 Madison Ave. in New York City. Built in 1921, 7 Penn Plaza is an 18-story office building, which now features a grand entryway with a 16-foot entrance, modern reception desk, granite finishes, modernized elevators and updated corridors and restrooms. Built in 1949, 488 Madison Avenue is a 23-story office building. The renovation of the 447,000-square-foot building includes a new lobby with gray limestone, elevators framed with satin-finished stainless steel, and eco-friendly LED lighting. The Feil Organization owns and manages the two properties. Goldstein, Hill & West Architects LLP was the architect for this project.

March 12, 2013

ASHLAND SIGNS 198,000 SF LEASE IN BRIDGEWATER, N.J.

by admin March 12, 2013

BRIDGEWATER, N.J. —Ashland Inc. has signed a lease for 198,000 square feet of laboratory and office space at a facility in Bridgewater, about 37 miles west of New York City. Ashland will relocate its specialty ingredients unit from Wayne to the new building, located at 10141 Route 202-206 in the New Jersey Center of Excellence complex. Headquartered in Covington, Ky., Ashland provides specialty chemicals, technologies and insights to help its customers create new and improved products and sustainable solutions. John Cunningham, Bryn Cinque and James Bailey of Colliers International represented Ashland in the transaction. Dan Loughlin and Bob Ryan of Jones Lang LaSalle and Jeff Zell and Marc Sobel of JM Zell Partners represented the landlord, Sanofi.

March 12, 2013

Northeast Office

CBRE ARRANGES 10-YEAR, 9,000 SF LEASE IN NORWALK, CONN.

by admin March 12, 2013

NORWALK, CONN. — CBRE Group Inc. has arranged a 10-year, 9,000-square-foot lease for Family & Children’s Agency in Norwalk. The nonprofit human service organization is relocating from a nearby 6,000-square-foot property. David Anspach owns the freestanding property, located at 140 Water St. David Block and Barbara Segalini-Stilley of CBRE negotiated the long-term lease on behalf of Family & Children’s Agency, while Wilton-based Silver Pine Real Estate represented Anspach. Family & Children’s Agency, a human services firm, provides strength-based, solution-focused services that respond to the individual needs of children and families, youth, adults and seniors.

March 12, 2013

Office Western

SAN FRANCISCO OFFICE TOWER TRADES FOR $100M

by admin March 12, 2013

SAN FRANCISCO – A 21-story tower office tower located at 100 Spear Street in San Francisco has sold to Prudential Real Estate Investors for $100 million. The 203,071-square-foot building resides near Market Street in the city’s South Financial District. It was 91.5 percent leased at the time of closing. The tower has undergone a $4.5-million renovation and modernization over the past four years. The seller, Clarion Partners, was represented by HFF’sGerry Rohm, Michael Leggett and Dave Karol.

March 12, 2013

Office Western

GRIFFIN-AMERICAN HEALTHCARE REIT II ACQUIRES FIVE MEDICAL OFFICE BUILDINGS

by admin March 11, 2013

GREELEY, COLO. — Griffin-American Healthcare REIT II has acquired five medical office buildings throughout the U.S. for $47 million. The buildings are located in Greeley, Colo.; Ruston, La.; and Abilene, Tex. The REIT is co-sponsored by American Healthcare Investors and Griffin Capital Corporation. The three-building Greeley Northern Colorado Medical Office Building Portfolio was included in this transaction. The 99,000-square-foot medical office building portfolio is currently 93 percent leased to three tenants, including the University of Colorado Health. The seller of the Greeley portfolio, Concordia Company of Greeley, LLP, was represented by Craig Hau and Kyle Lundy of Sperry Van Ness.

March 11, 2013

Midwest Office

HARBOR GROUP PURCHASES CHICAGO OFFICE TOWER FOR $94.6M

by admin March 11, 2013

CHICAGO — Harbor Group International LLC has purchased The Burnham Center, a 22-story historic building, for $94.6 million. The Burnham Center is located at 111 W. Washington in the heart of Chicago’s central business direct. Harbor Group purchased the property in March 2007 for $79.5 million. The sale comes less than a year after Harbor Group signed GrubHub, a food delivery company, to a 60,000-square-foot lease at the property. GrubHub relocated from 221 N. Elston Ave.

March 11, 2013

Midwest Office

MERIDIAN COMPLETES NOW FOODS OFFICE RENOVATION IN BLOOMINGDALE, ILL.

by admin March 11, 2013

BLOOMINGDALE, ILL. — Meridian Design Build has completed the renovation of the 38,710 square feet of office space for NOW Foods in Bloomingdale, located about 25 west of Chicago. The company recently moved 140 employees to the newly acquired office building at 244 Knollwood Drive to accommodate laboratory and manufacturing expansions within their existing production facility. The fast-track renovation included demolition and office reconfiguration work on the two upper floors of the four-story building. Bob Kolcz, senior project manager, and Greg Suthers, superintendent, of Meridian coordinated construction efforts. Heitman Architects Inc. provided architectural services.

March 11, 2013

Office Western

GRIFFIN-AMERICAN HEALTHCARE REIT II ACQUIRES FIVE MEDICAL OFFICE BUILDINGS

by admin March 11, 2013

March 11, 2013

Office Western

ECHELON CORP’S SILICON VALLEY OFFICE RECEIVES $14M REFINANCING

by admin March 8, 2013

SAN JOSE, CALIF. – A pair of Class A office buildings in San Jose that are fully occupied by the Echelon Corporation has received $14 million in refinancing. The buildings are located at 550 Meridian Ave. and serve as the firm’s headquarters. Financing was secured by Paul Schroeder of Cohen Financial’s San Francisco office on behalf of a local commercial real estate developer. The fixed-rate, long-term, non-recourse financing was provided by Sun Life Financial.

March 8, 2013

Midwest Office

SOCIAL SECURITY ADMINISTRATION BUILDING SELLS FOR $2.2M IN MIDDLETOWN, OHIO

by admin March 8, 2013

MIDDLETOWN, OHIO — Luttner Real Estate Investment Services has arranged the sale of a Social Security Administration building for $2.2 million in Middletown, about 90 miles southwest from Columbus. The 7,760-square-foot building is located at 3860 Towne Blvd. The lease has eight-and-a-half years remaining on the initial 10-year lease term. Dan Lariccia of Luttner represented the seller in the transaction, a private developer.

March 8, 2013

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