NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
NORFOLK, VA. — Mid-Atlantic Maritime Academy has leased 20,833 square feet of office space at 5301 Robin Hood Road in Norfolk Commerce Park II. The three-story, Class A property includes a renovated lobby, onsite cafe and onsite management. Perry Frazer and Matt Wilbricht of CBRE | Hampton Roads represented the landlord, Norfolk Commerce Park II, in the transaction. Don Crigger of CBRE | Hampton Roads represented the tenant.
HOUSTON — Investcorp's U.S.-based real estate division has purchased One Westchase Center, a 466,000-square-foot office building in Houston's Westchase submarket. The purchase was part of Investcorp's $200 million investment in five office properties in the metro areas of Washington, D.C., Denver and Houston. The properties total more than one million square feet and have a combined occupancy rate of approximately 94 percent.
NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
MIAMI — Littler Mendelson P.C., a labor law firm, and Studley, a commercial real estate services firm, have signed long-term leases for 17,137 square feet and 7,580 square feet, respectively, at Wells Fargo Center in Miami. The leases have an estimated value of more than $14 million. The firms will join tenants such as Wells Fargo Bank and Deloitte in the 750,000-square-foot Class A tower. Brian Gale of Taylor & Mathis represented the owner, MetLife, in the transaction. Carter Hopkins of CBRE represented Littler Mendelson and Studley was self-represented by Greg Katz.
SAN DIEGO – A 5,000-square-foot office building and a 6,200-square-foot adjacent industrial building in San Diego have sold to a private investor for $2.4 million. The buildings are located at the corner of Cedar and California streets. The new owner plans to convert the property into 11,000 square feet of restaurant, office or retail space. Ben Tashakorian and Nick Totah represented both the buyer and the seller, a limited liability company, in this transaction.
MINNETONKA, MINN. — OneBeacon Insurance Group, a provider of specialty insurance products, has renewed and expanded its 23,764-square-foot office lease to 45,092 square feet on floors five, six and seven of 601 Tower at Carlson in Minnetonka, a western suburb of Minneapolis. The lease agreement brings the trophy building to 95 percent occupancy. Newport Beach, Calif.-based KBS Real Estate Investment Trust II, a non-traded REIT, purchased the 288,458-square-foot property in 2011. OneBeacon Insurance Group has been a building tenant since 2006. Tom Wille of the CLW Real Estate Services Group in Tampa, Fla., represented OneBeacon in the transaction. Mike Marinovich of CBRE in Minneapolis negotiated the lease on behalf of KBS.
NEW YORK CITY — Simpson Thacher & Bartlett LLP has renewed its 595,000-square-foot lease for 20 years at 425 Lexington Ave. in Manhattan. The international law firm’s headquarters occupies 26 floors of the 31-story building. Lewis Miller, Ken Rapp and Ramneek Rikhy of CBRE represented Simpson Thacher & Bartlett in the transaction. The New York office of Hines represented the owner, its Hines U.S. Core Office Fund. The law firm was established in 1884 and has more than 850 lawyers with offices located in Beijing, Hong Kong, Houston, London, Los Angeles, Palo Alto, Calif., Sao Paulo, Seoul, Tokyo and Washington, D.C.
SAN DIEGO – A 5,000-square-foot office building and a 6,200-square-foot adjacent industrial building in San Diego have sold to a private investor for $2.4 million. The buildings are located at the corner of Cedar and California streets. The new owner plans to convert the property into 11,000 square feet of restaurant, office or retail space. Ben Tashakorian and Nick Totah represented both the buyer and the seller, a limited liability company, in this transaction.
SAN DIEGO — Copley Business Center, a 102,000-square-foot office campus in San Diego, has sold to Highbrook Investment Management, LP for $22.5 million. The three-building campus resides in the northwest portion of Kearny Mesa. It was 87 percent leased at the time of sale. Notable tenants include XO Communications and Reva Medical, which houses its corporate headquarters at the campus. HFF’s CJ Osbrink and Nick Psyllos represented both the buyer and the seller, a private tenant-in-common entity sponsored by Thompson National Properties. The off-market transaction includes the assumption of an existing CMBS loan.