ROANOKE, VA. — The 78,000-square-foot Crystal Tower, located on the corner of Campbell Avenue and Second Street in Roanoke, has been sold to Crystal Tower LLC for $1.3 million. Built in 1931, Crystal Tower was originally opened as the 183-room Ponce de Leon Hotel and was converted into offices in 1970. The buyer plans to spend $10 million to convert the building to a 70-unit apartment complex with retail space on the first floor. Michael Waldgovel and Krista Vannoy of Waldgovel Commericial Properties represented the seller, Crystal Tower Building Corp., in the transaction.
GREENBELT, MD. — Diversified Realty Ventures has purchased the 120,000-square-foot Greentec IV office building, located at 7700 Hubble Drive in Greenbelt, for $6.35 million. The property is fully leased to government contractors and employees working on the Joint Polar Satellite System. Robert Finney of Transwestern represented the seller, C-III Asset Management, in the transaction.
COLUMBUS, OHIO — NuGrowth Solutions has signed a lease for 16,930 square feet of office space at Arlingate Plaza, located at 4181 Arlingate Plaza in Columbus. Doug Falor of Cassidy Turley represented the landlord, Time Equities, in the transaction.
GALVESTON — The 12-story, 87,140-square-foot 2201 Market Street, a historic office building also known as The U.S. National Bank Building located in Galveston, has sold. The office building's tenants include Frost Bank and the University of Texas Medical Branch. The building was built in 1925 to house the U.S. National Bank. Christopher Dray of Moody Rambin Investment Services Group represented the seller, Frost National Bank, in the transaction.
MANHATTAN BEACH, CALIF. – A 123,000-square-foot office building located at 1500 Rosecrans Ave. in Manhattan Beach has received $27 million in first-mortgage financing. This building is within the Continental Park. The 10-year, fixed-rate, non-recourse loan was placed with a life insurance company at less than 5 percent. It also contains two years of interest-only payments. The loan was arranged by Sonnenblick-Eichner Company on behalf of the owner, an affiliate of Continental Development Corporation.
BOSTON — The Boston Redevelopment Authority has approved plans for an 11-story office building on the South Boston waterfront, known as 1 Channel Center. The construction is reportedly $225 million and the building will contain 500,000 square feet. State Street Corp., a financial services company, has pre-leased the full office space. The project will also include the construction of a 980-space parking garage. Construction is scheduled for completion in February 2014.
TULSA, OKLA. — Dallas-based Prescott Realty Group has secured new and renewal leases totaling 167,000 square feet at 110 West Seventh Place Tower in Tulsa. Three new tenants have been added: an oil and gas exploration firm has leased 44,681 square feet, a major national bank has leased 21,961 square feet and Airgas Mid-South Inc., has leased 58,640 square feet. Additionally, Atlas Pipeline Mid-Continent has renewed its 42,164-square-foot lease. The 28-story, 521,854-square-foot Class A office building is 96 percent leased, with the average lease term being 101 months. The building offers building automation system, a top-floor conference room with panoramic views, 11 newly renovated elevators, on-site management and an attached 586-space parking garage. Michael Predovic and Derek Bateman of Trinity Corporate Real Estate represented the landlord in the transactions.
BALTIMORE — Lexington Realty Trust has arranged a $55 million loan for the 476,000-square-foot Transamerica Tower, an office building located in Baltimore. The mortgage loan carries a fixed interest rate of 4.32 percent. The Transamerica Tower is 95 percent leased.
THE WOODLANDS — JD Warmack LP. has started construction on the 12-story, 300,000-square-foot Research Forest Lakeside – Building 4, located in Research Forest Lakeside between Lake Woodlands and Research Forest drives in The Woodlands. JD Warmack is the owner/developer of Research Forest Lakeside. The speculative development is pre-certified LEED Gold and the existing features include water fountains and a seven-story parking garage. Ziegler Cooper Architects and Odell Associates designed the property, as well as the rest of the office properties in the works at the 76-acre site that fronts Lake Woodlands. David E. Harvey Builders is the general contractor; Haynes Whaley is the structural engineer; DBR, MEP and Jones Carter are the civil engineers; and Clark Condon Associates is the landscape architectural firm. Talisman Energy has pre-leased six floors of the property.
FORT WORTH — Dallas-based KDC has plans to construct a 75,000-square-foot property, located at 4805 Amon Carter Blvd. on a 8.1 acre site in The CentrePort Business Park in Fort Worth. The property will house NBC 5/KXAS-TV, Telemundo/KXTX-TV and several businesses affiliated with NBC Universal. As part of the agreement to build the new building, NBC 5 will convey its current 66,000-square-foot building and 26-acre site in east Fort Worth to the city. Corgan Associates designed the property, and Gary Collett and Matt Heidelbaugh of Cushman & Wakefield brokered the land sale. KDC will break ground on the property at the end of June, and the firm is anticipating a late 2013 completion.