SECAUCUS, N.J. — The Children's Place (TCP), an apparel retailer, has completed a $2 million renovation of its national headquarters at 500 Plaza Dr. in Secaucus. The 28,000-square-foot project included expanding the design department to the second floor. The space will be used to create retail products for TCP and house private offices. River Drive Construction served as the general contractor for the project, which took approximately 8 weeks to complete. The building owner is Secaucus-based Hartz Mountain Industries.
CHARLOTTE, N.C. — Parkway Properties has entered into an agreement to acquire the 972,000-square-foot Hearst Tower, an office building located in Charlotte's Central Business District, for $250 million. The building is 94 percent leased, and Bank of America will enter into a new 322,000-square-foot lease as part of the transaction. Additionally, TPG has agreed to make a $200 million investment in Parkway at a price of $11.25 per share. The purchase of Hearst Tower will initially be funded using the cash received from TPG, combined with borrowings on the company's credit facility.
FLORHAM PARK, N.J. — The Rockefeller Group has completed construction of a 325,000-square-foot office building for BASF Corp. at The Green at Florham Park. The building is home to BASF's new North American headquarters. BASF, a diversified chemical company, had been located in an adjacent property in Florham Park since 2004. Construction of the building began in 2010. The facility has been designed to achieve LEED double platinum certification. The Green at Florham Park is a 268-acre, master-planned development.
MIDDLETON, WIS. — U.S. Bank and The Livesy Co. closed on the $27.5 million loan that will finance construction of Spectrum Brands Holdings' new world headquarters building in Middleton, a Madison suburb. Spectrum, the maker of Rayovac batteries, Remington shavers and small appliances, was founded in Madison as Rayovac Batteries in 1906. The company has been headquartered in the greater Madison area ever since for all but six years. Spectrum's new 222,000-square-foot headquarters will house 600 employees and include a technology center. Construction of the building is already under way and is scheduled to be completed in late 2013.
FOREST PARK, ILL. — GENCON Building Corp. has been selected to renovate the Duranco Inc. office, located at 7400 Industrial Dr. in Forest Park. The company will also undertake a 4,500-square-foot office addition. Work is already under way and is expected to be complete this summer. Philip Prince and Associates is handling the architectural services. Duranco manufactures weather stripping and specialty tape for a wide range of industries.
CHERRY HILL, N.J. — A partnership between Time Equities and Bergman Real Estate Group has purchased 51 Haddonfield Rd., a 100,000-square-foot office building in Cherry Hill, for $3.4 million. The property includes a glass atrium, cafe, fitness center and ample parking. The new owners plan to upgrade the property, including the parking lot and lobby. As part of TEI's Art in Buildings program, the company will create a rotating art gallery of work by local and national artists. The building offers space ranging from 1,200 square feet to 22,000 square feet for immediate lease.
HOUSTON — UHY has moved its Houston office to 90,000 square feet of office space in the 43-story America Tower, a 952,080-square-foot skyscraper located at 2929 Allen Pkwy. in midtown Houston. UHY has leased space on the 17th through 20th floors. Anthony Squillante, Kyle Jacobs, John Pope, Jeremy Hunt and Chris Johnson of Stream Realty Partners represented the tenant in the lease transaction. Bill Stone of Cushman & Wakefield of Texas represented the landlord, American General Life Insurance Co.
WASHINGTON, D.C. — Jamestown Properties has acquired a 171,000-square-foot office building, located at 733 10th St. in Washington, D.C., from Skanska for $140 million. The LEED Gold certified property also includes 1,800 square feet of ground-level retail space. Amenities include a fitness center, a landscaped third-floor outdoor terrace, a tenant-only rooftop terrace, concierge services, on-site property management and secure underground parking. Eastdil Secured represented the seller in the transaction.
FRANKLIN, TENN. — Denver-based Amstar has sold the 175,262-square-foot McEwen Building, an office building located at 1550 McEwen Dr. in Franklin's Cool Springs submarket, to Newport Beach, Calif.-based KBS Reit III for $40 million. The building is 97 percent leased to tenants that include Renal Advantage, Mars Petcare, Raymond James, Carlisle Cos. and Cisco Systems. Don Albright of Nashville, Tenn.-based Cushman & Wakefield/Cornerstone represented the seller in the transaction. The buyer was self-represented.
MINNEAPOLIS — A partnership between Invesco and Zeller Realty Group has acquired the Fifth Street Towers in Minneapolis at auction for $110 million. The purchase of the towers, which span 1.1 million square feet, was completed at a foreclosure auction held last month at the Hennepin County Sheriff's office. The sale price was $1 more than the credit bid offered by the lender foreclosing the property. Located at 100 and 150 S. Fifth St., the property is about 65 percent occupied. Zeller will manage the buildings.