BOLTON, MASS. — Paragon Holdings has acquired a 72-acre property in Bolton for $8 million. The company plans to consolidate its operations at Ashland and Southborough into one global headquarters. The Paragon companies, including Paragon Communications Inc., NTSDirect and Paragon R3, plan to occupy the new headquarters in January 2013. The campus includes a 301,647-square-foot building with a fitness center, cafeteria and basketball court. Paragon purchased the property, formerly the Future Electronics site, from RGM Holdings.
BURLINGTON, MASS. — Construction has started on a five-story, 120,000-square-foot office building at 78 Blanchard Road in Burlington. The building will be part of Blanchard Woods, a 200,000-square-foot office park developed by Duffy Properties. The park includes two existing buildings at 76 and 80 Blanchard Road, which total 80,000 square feet. Steve Murphy and Alex Plaisted of CBRE Group will manage the leasing for the property. 78 Blanchard Road is the first speculative office building under construction along Route 128 this year.
KING OF PRUSSIA, PA. — A fund comprised of Miller Investment Management and Hayden Real Estate Investments has purchased Walnut Hill Plaza, a 155,073-square-foot office building in King of Prussia. The fund, named MIM-Hayden Real Estate Funds, reportedly paid $11 million for the property, which is located at 150 South Warner Road. The companies plan to renovate the building's lobby, common area and restrooms. The MIM-Hayden fund has acquired 24 properties and is now 60 percent invested.
SUGAR LAND — PM Realty Group has acquired the 515,000-square-foot Sugar Creek on the Lake, a Class A office building located at 14141 SW Freeway in Sugar Land. The purchase also included a parking garage and 14.72-acre parking lot. PM Realty plans to invest $13 million in capital improvements and additional parking with its equity partners, PCCP and Fuller Realty Partners. The building was fully occupied by Chevron until its lease expired in March 2010. The property is currently 20 percent occupied by Money Management International and Hightower Deli.
LONG BEACH, CALIF. – The General Services Administration – Federal Bureau of Investigation (GSA-FBI) has signed a 15-year lease for a total of 22,264 square feet at 4811 Airport Plaza in Long Beach. The FBI will occupy the entire 15th floor of the building, as well as 1,000 square feet on the ground floor. The lease is valued at $9.6 million. The landlord, 4811 Airport Plaza, LLC, was represented by Jeff Coburn, Shaun McCullough, Dylan Espley-Jones and Say Jeon of Lee & Associates Los Angeles – Long Beach.
FAIRFAX CITY, VA. — CBRE Group has arranged the $4.12 million sale of a 19,000-square-foot office building, located at 4010 University Drive in Fairfax City. The property is fully leased to law and accounting firms. William Prutting of CBRE Group represented the seller in the transaction. The buyer was a private investor.
CHICAGO — United Airlines is moving its headquarters to Chicago's Willis Tower, which currently houses the airline's new operations center. Corporate staff is moving from 77 W. Wacker to 200,000 square feet at the tower. The new deal means the company will be leasing a total of 830,000 square feet at Willis Tower. Once the deal is complete, United will occupy approximately 25 percent of the building. The company has also agreed to extend its lease by two years to 2028. A partnership of Chicago and New York investors known as 233 S. Wacker Drive LLC owns Willis Tower. Jones Lang LaSalle represented United Airlines in the lease transaction.
GRAYSLAKE, ILL. — McShane Construction has been selected to complete a 7,955-square-foot office project for the Illinois Bone & Joint Institute within the Belvidere Professional Center in Grayslake. McShane will construct a reception and lobby area, eight exam rooms, two cast rooms and an X-ray area. The building is located at 1275 Belvidere Road. Partners in Design is the project architect.
SAN DIEGO – Qualcomm Incorporated has leased 46,411 square feet of office space in San Diego. The property, which is located at 5505 Morehouse Drive, is a part of a closed-end fund managed by Grosvenor Fund Management. The new 72-month lease brings the building to full occupancy. Qualcomm represented itself in the transaction, while the landlord was represented by Tom Mercer, Ty Moffatt and Scott Moffatt of Colliers International.
WATERTOWN, MASS. — Pathfinder International, a nonprofit that provides health services globally, has signed a lease for 30,167 square feet at 9 Galen St. in Watertown. In the deal, Pathfinder renewed its lease of 23,329 square feet and secured an additional 6,838 square feet of space. John Boyle and Ryan Romano of Cassidy Turley FHO represented the tenant in the transaction. James Elcock of Colliers International represented the landlord.