Office

LOWE SECURES $130M RENOVATION AND BRIDGE LOAN

by admin April 24, 2013

ARLINGTON, VA. — An affiliate of Lowe Enterprises has secured a $130 million renovation and bridge loan for two office buildings, 1400 Crystal Drive and Jefferson Plaza, in Arlington. The properties total 578,372 square feet. Wells Fargo and M&T Bank provided the financing, which will be used for the redevelopment of 1400 Crystal Drive into a trophy-quality office building. Funds will also be used for the renovation and leasing costs at Jefferson Plaza. Lowe Enterprises acquired the properties on behalf of an investment client in 2008. Cary Abod and Jordan Lex led the HFF team that arranged the loan.

April 24, 2013

CYNERGY DATA RELOCATES, EXPANDS LEASE

by admin April 24, 2013

ALPHARETTA, GA. — Cynergy Data, a payment services provider, has signed a 13,309-square-foot lease at 4800 N. Point Parkway in Alpharetta. The new deal brings the 75,000-square-foot property to 95 percent occupancy. Cynergy is relocating and expanding from another North Fulton location. Glenn Aspinwall of Jones Lang LaSalle represented the owner, Glenfield Capital, in the transaction.

April 24, 2013

Midwest Office

MINTEL MOVES TO 333 W. WACKER IN CHICAGO

by admin April 24, 2013

CHICAGO — Global research firm Mintel has moved into its 30,000-square-foot North American headquarters on the 11th floor of 333 W. Wacker in Chicago. The office serves as a flexible workplace for employees and clients of the market research and intelligence firm. Griskelis Young Harrell designed the space and Leopardo Cos. constructed it. The office space includes open bench desks with 215 workstations, eight conference rooms and no private offices.

April 24, 2013

Office Texas

ENDEAVOR, GRANITE TO BUILD SPEC OFFICE CAMPUS IN AUSTIN

by admin April 24, 2013

AUSTIN, TEXAS — Austin-based Endeavor Real Estate Group and Granite Properties plan to construct Champion Office Park, a 220,600-square-foot office campus in northwest Austin. The speculative office property will be located on the northwest corner of RM 2222 and Loop 360. The campus will include two four-story office buildings. San Antonio-based Overland Partners designed Champion Office Park, which is slated to open in September 2014. Travis Dunaway and Jonathan Tate of Endeavor will handle the property's leasing.

April 24, 2013

Office Western

SAN FRANCISCO OFFICE BUILDING RECEIVES $81M IN FINANCING

by admin April 24, 2013

SAN FRANCISCO – A 353,269-square-foot, Class A office building in San Francisco has received $81 million in financing. The building is located at 475 Sansome Street in the city’s North Financial District. It is 90 percent leased to tenants including Oracle, Amazon.com, Bank of the West and Yahoo! The 10-year, fixed-rate loan was arranged for Multi-Employer Property Trust (MEPT) by HFF’s Bruce Ganong, Cary Abod and Chris Gandy. It was provided by Prudential Mortgage Capital Company. Bentall Kennedy served as MEPT’s real estate advisor.

April 24, 2013

Office Western

EBAY’S GOLDEN TRIANGLE CAMPUS RECEIVES $50M REFINANCE

by admin April 24, 2013

SAN JOSE, CALIF. – Ebay’s four-building, 250,000-square-foot office campus in San Jose has received a $50-million refinance. The campus is located within the Golden Triangle. The refinance will allow the borrower to secure a 10-year, fixed-rate mortgage at a competitive interest rate, as well as pay off its existing maturing debt. The loan request also featured a 1st Trust Deed and mezzanine financing components. It was placed by Alex Chenarides and John Souza of Barry Slatt Mortgage’s Los Angeles office. Financing was arranged through one of the company’s correspondent CMBS relationships. It will be serviced by Barry Slatt.

April 24, 2013

Office Western

COHNREZNICK LEASES 22,000 SF IN CENTURY CITY

by admin April 23, 2013

LOS ANGELES – CohnReznick has leased 22,000 square feet in Century City. The new lease will allow the accounting firm to consolidate its former JH Cohn operations, which currently resides at Wilshire Landmark in Brentwood. The new office space is located at 1900 Avenue of the Stars in the Los Angeles submarket of Century City. CohnReznick will occupy the entire 28th floor of the building. The firm was represented by Dave Toomey, Carlo Brignardello and Brian Davies of Cresa Los Angeles. The landlord, Duesenberg Investment Company, was represented by Darren Bell of Topa Management Company.

April 23, 2013

Office Southeast

CASSIDY TURLEY ARRANGES $124M FOR 425 EYE ST.

by admin April 23, 2013

WASHINGTON, D.C. — Cassidy Turley has arranged a $124 million permanent loan for Paramount Group's 425 Eye St. N.W. in Washington, D.C. The 365,800-square-foot Class A office building is 86 percent leased. The Board of Veterans Affairs is occupying a large portion of the space on a long-term basis. The property underwent a major renovation in 2010. Christian Miles, Philip Mudd and Bradley Geiger of Cassidy Turley arranged the five-year, floating-rate loan.

April 23, 2013

Office Southeast

BUSINESS LAW FIRM RENEWS, EXPANDS RALEIGH LEASE

by admin April 23, 2013

RALEIGH, N.C. — Business law firm Wyrick Robbins Yates & Ponton LP has renewed and expanded its lease to 57,027 square feet at The Summit, located at 4101 Lake Boone Trail in Raleigh. The firm focuses on mergers and acquisitions, venture capital, financing and business litigation. Heath Chapman and Don Shupe of CBRE represented the tenant in the transaction.

April 23, 2013

Northeast Office

OWNER OF PARAMOUNT BUILDING RECEIVES $130M LOAN

by admin April 23, 2013

NEW YORK CITY — Paramount Leasehold LP has received $130 million in new financing for The Paramount Building, a 788,000-square-foot building located at 1501 Broadway in Times Square. The financing will facilitate ownership’s plan to invest more than $50 million to execute an improvement program at the 33-story office building. Cantor Commercial Real Estate provided the 10-year, interest-only loan, which carries a fixed interest rate of 3.1 percent. Meridian Capital Group LLC originated and negotiated the loan. Avison Young serves as the building’s office leasing agent and is advising the building’s owner on a major strategic reinvestment program for the iconic commercial tower. Tobin | Parnes Design Enterprises is the architect for the project. First built in 1926 as the East Coast headquarters for Paramount Pictures, the property housed The Paramount Theater, which served as one of New York City’s premier entertainment venues for movies and live performances until it closed in 1964. Today, the building is home to a diverse mix of companies.

April 23, 2013

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