IRVING, TEXAS — Colliers International North Texas has arranged the sale of Crestwood Center, a 75,000-square-foot office building located at 1200 W. Walnut Hill Road in the Las Colinas submarket of Irving. Creighton Stark and Ben Lurie of Colliers represented the seller, Austin-based Capital Commercial Investments, in the transaction. The buyer is Texas Prince Properties.
PHOENIX — AAA Northern California, Nevada & Utah Insurance Exchange has signed a 40-month lease for 41,752 square feet at Black Canyon Corporate Center in Phoenix. The building is located at 16404 N. Black Canyon Highway. It is now fully occupied. AAA was represented by Wally Hale and Kevin Mechelke of Jones Lang LaSalle. Black Canyon’s landlord, Parallel Capital Partners, was represented by John Bonnell and Brett Abramson, also of Jones Lang LaSalle.
PHOENIX — Allstate Insurance Company has signed an eight-year lease renewal and expansion for 35,560 square feet at Mesa Corporate Center in Phoenix. The 105,168-square-foot office building is located at 1001 W. Southern Ave. Allstate was represented by James Robinson with Phoenix Realty Advisors. The landlord, Parkway Properties, L.P., was represented by Matt Nebeker of Cassidy Turley Arizona’s Office group.
BOCA RATON, FLA. — Marcus & Millichap is listing two South Florida office buildings, the 46,486-square-foot Town Executive Center in Boca Raton and the 140,635-square-foot Cypress Executive Center in Fort Lauderdale. The Town Executive Center is being offered at $18.5 million and the listing price for Cypress Executive Center is $15.2 million. The properties are owned by unrelated parties. Doug Mandel of Marcus & Millichap is representing the sellers.
CHICAGO — Leopardo has completed the 25,000-square-foot interior build-out of ThyssenKrupp’s new U.S. headquarters in Chicago. Located at 111 W. Jackson St., the finished space features 15-foot exposed and painted concrete ceilings in all open areas. The project also included high-end audio/visual technology in the conference rooms, custom millwork and custom sound-insulated glass. Restrooms were completely gutted and renovated. Leopardo served as general contractor with Harley Ellis Devereaux as architect and Kent Consulting as mechanical, electrical and plumbing engineer. ThyssenKrupp is a German technology and materials firm that has 150,000 employees in more than 80 countries.
NEW YORK CITY — SL Green Realty Corp. has arranged $925 million bridge acquisition financing for the Sony Building at 550 Madison Ave. in New York City. The building, which is currently Sony's U.S. headquarters, was purchased for $1.1 billion by a group led by real estate developer Chetrit Group, according to Reuters. The financing matures contemporaneously with the expiration of Sony’s leaseback of the property and consists of a $600 million senior loan originated by Bank of China; a $175 million senior mezzanine debt, which SL Green sold to a private investment manager; and a $150 million junior mezzanine debt originated by SL Green. Philip Johnson and John Burgee designed the 37-story, 852,830-square-foot tower. The building was originally built for AT&T. Ironhound Management was the advisor to the borrower.
BOSTON — Winslow, Evans & Crocker Inc. has signed a 23,088-square-foot office lease for its corporate headquarters at 175 Federal St. in Boston’s Financial District. The financial advisory firm, which occupies 16,376 square feet on the sixth floor, has taken an additional 6,712 square feet on the eighth floor. The landlord of the Class A, 227,365-square-foot office building, Equity Office Properties, was represented by Britton Derkac and Ryan Enright of Cresa. Rick Lowe and Brandon Leitner of Cresa represented Winslow, Evans & Crocker Inc. in the transaction. Barry Dubé and Mike Labonte of Cresa will oversee management activities for the project, which is slated for completion by this May.
DALLAS — Dallas-based Billingsley Co. plans to build a new, 150,000-square-foot office building and four-lane roadway at Cypress Waters, Billingsley's 1,000-acre mixed-use development in Dallas. The three-story property is Billingsley's first office building in Cypress Waters and will break ground in July. The project is slated for a July 2014 completion. Additionally, Phase I of Cypress Waters' multifamily communities will open this year. Scotch Creek and Parsons Green are scheduled to open this summer and Sycamore Park is expected to open in the fall.
AUSTIN, TEXAS — Stream Realty Partners has sold the 185,500-square-foot Plaza 35, an office building located at 12234 N. Interstate 35 in Austin's North Central submarket, to Karlin Real Estate. Stream Realty purchased the foreclosed property in 2011 before bringing it to full occupancy. Plaza 35's tenants include Virtex Enterprises, Logisticare Solutions and Yodle Inc. A division of Dell once occupied the office building as a call center. Daniel Farrar and David Blackbird of Stream Realty executed the company's business plan for the property, including its purchase, lease up and sale. Farrar was offered an equity stake in the property as an incentive for sourcing the deal. Farrar moved from Austin to Charlotte, N.C., in January to lead Stream Realty's office there.
HOLLYWOOD, CALIF. — A 4,896-square-foot office building in Hollywood that is home to Sunset Edit has sold to a principal of the private editing firm for $2.2 million. It is located at 849 Seward Ave. Sunset Edit provides post-production services to film, TV and music videos.The building was previously occupied by FilmCore. Michael B. Rubinof NAI Capital’s Westlake Village office represented both the buyer and the seller in this transaction.
