Office

CASSIDY TURLEY TO MANAGE, LEASE 2.5M SF

by admin February 2, 2012

DALLAS AND HOUSTON — J.P. Morgan Asset Management, on behalf of institutional investor clients, has selected Cassidy Turley to manage and lease two office properties totaling 2.5 million square feet. The properties include the 1.2 million-square-foot Fountain Place, an office tower located in Dallas' Central Business District, and the 1.3 million-square-foot Post Oak Central, an office property comprised of three 24-story buildings located at 2000 Post Oak Blvd. in Houston. Fountain Place's tenants including Hunton & Williams, LLP; Wells Fargo Bank and Tenet Healthcare Corp. Post Oak Central features tenants such as Apache Corp., Suez Energy North America, Stewart Title and Cox Radio.

February 2, 2012

BASTYR U LEASES 19,300 SF IN SORRENTO VALLEY

by admin February 2, 2012

SORRENTO VALLEY, CALIF. — Bastyr University has signed a 10-year lease for 19,300 square feet of office/lab space in the San Diego submarket of Sorrento Valley. The space is located at 4106 Sorrento Valley Blvd. inside the Sorrento Pines Business Park. The lease is valued at $3 million. Brian Starck and Dave Odmark of Cassidy Turley BRE Commercial represented both Bastyr and the building’s owner, Sorrento Valley Blvd., LP., in this lease transaction.

February 2, 2012

Northeast Office

CLARION ACQUIRES TWO BOSTON OFFICE BUILDINGS FOR $87.1M

by admin February 1, 2012

BOSTON — Clarion Partners has purchased two adjoining 13-story office buildings in Boston's Bay Back area for $87.1 million. Clarion made the acquisition on behalf of a separate account client. The 535 and 545 Bolyston St. properties are currently 92 percent leased. Both buildings were upgraded in 2009 and together total 184,222 square feet. The seller was undisclosed.

February 1, 2012

Northeast Office

LIFE INSURANCE COMPANY LEASES NEW OFFICE SPACE IN CONNECTICUT

by admin February 1, 2012

ENFIELD, CONN. — Symetra Life Insurance Co. has signed a 29,000-square-foot office lease at the LAN Executive Center, located at 1699 King St. in Enfield. The company is moving its South Windsor operations to the new space. Colliers International represtned the landlord while Cushman & Wakefield and Flinn Ferguson in Seattle represented Symetra.

February 1, 2012

Office Texas

LMI SECURES $18M FOR HOUSTON PROPERTIES

by admin February 1, 2012

HOUSTON — LMI Capital has arranged $18 million in refinancing for an office building and two apartment properties, all located in Houston. Jamie Mullin of LMI Capital's The Woodlands office arranged $5 million for the office building in a 9-year loan with a 25-year amortization through a life insurance company. Mullin also arranged $10 million for an apartment complex on Westheimer Road in a 10-year loan with a 30-year amortization schedule. Additionally, Mullin secured $3 million for another apartment complex in a 10-year loan with a 30-year amortization schedule.

February 1, 2012

Office Texas

NORTHMARQ ARRANGES $13M FOR OFFICE BUILDING

by admin February 1, 2012

SAN ANTONIO — NorthMarq Capital has arranged a $13 million first mortgage loan for the 114,433-square-foot The Oaks at University Park, an office park located in San Antonio. The property features tenants such as Allstate and Community First Health. William Luedemann of NorthMarq's Houston office arranged the 15-year loan with a 25-year amortization schedule through John Hancock Life Insurance Co. on behalf of the borrower, Building One Oaks.

February 1, 2012

Midwest Office

ROCK VENTURES TO CLOSE ON PURCHASE OF DETROIT'S FEDERAL RESERVE BUILDING

by admin January 31, 2012

DETROIT — Rock Ventures is closing on its purchase of the historic Federal Reserve building in Detroit, a 176,000-square-foot building that has sat vacant since 2004. Built in 1927, the building is located at 160 W. Fort St. The Federal Reserve Bank moved to a new building in 2004, leaving the property empty. Rock Ventures was formed by Dan Gilbert, chairman and founder of Quicken Loans. In the past year, Gilbert has purchased nine buildings, three parking structures and one parking lot in downtown Detroit. Gilbert broke the news of the Federal Reserve purchase during the opening of Rock Venture's $12 million renovation of the Madison Theater Building in Detroit. The building has been renamed The M@dison.

January 31, 2012

Northeast Office

TEQUESTA BUYS TWO OFFICE PROPERTIES FOR $22.8 MILLION

by admin January 31, 2012

MARLTON, N.J. — Tequesta Properties has acquired two Marlton-based office buildings from Brandywine Realty Trust for $22.8 million. Five Greentree Centre is a 165,956-square-foot office building at 525 W. Lincoln Dr. in the Greentree Corporate Centre. The second property, 30 Lake Center Dr., is a 40,287-square-foot office building located at 30 Lake Center Executive Pkwy. Both buildings were developed in 1986. Joe Sklencar of Grubb & Ellis represented both parties in the transaction.

January 31, 2012

Northeast Office

OCEAN 11 PLANS TO RENAME, UPGRADE 5-STORY NEW YORK OFFICE

by admin January 31, 2012

FARMINGVILLE, N.Y. — Medford-based Ocean 11 Realty purchased the 50,000-square-foot former headquarters of Teachers Federal Credit Union (TFCU) in Farmingville for $4.6 million. The five-story office building is located at 2410 N. Ocean. The building will be renamed as the Heron Professional Center and will undergo an upgrade. Ocean 11 plans to make one floor available for leasing and market the remaining floors through an office-condominium offering. Hauppauge-based Corporate Realty Services represented TFCU in the sale. Paul Elliott of Medford-based Soundview Realty Group represented Ocean 11.

January 31, 2012

Northeast Office

GAS COMPANY EXPANDS U.S. HEADQUARTERS

by admin January 31, 2012

BASKING RIDGE, N.J. — Matheson Tri-Gas, a specialty and industrial gas producer, has expanded its U.S. headquarters and signed an 11-year lease extension in Basking Ridge. The company expanded its lease by 10,000 square feet, for a total of 33,000 square feet, at 150 Allen Rd. Brian Lynch and Peter Rasmusson of Lee & Associates represented the tenant in the transaction. The building's owner, the Silverman Group, was represented in-house by Toby Nelson.

January 31, 2012

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