NEW YORK CITY — Meridian Capital Group has negotiated a $44 million mortgage loan to recapitalize a 17-story, 160,000-square-foot office building in Midtown Manhattan. The 7-year loan provided by a local savings bank includes a 4.3 percent rate and interest-only payments for the first year. The building is located on East 45th Street and is 98 percent occupied. Tenants include LIM College and AT&T. Allan Lieberman of Meridian arranged the transaction.
HOUSTON — Noble Energy has signed a long-term lease to fully occupy a 497,000-square-foot office building, located at 20555 State Hwy. 249 in Houston. Noble Energy will consolidate its other Houston locations into the new building. The building is undergoing capital improvements to achieve LEED and Energy Star designations, and Kirksey Architecture is designing the renovations. Jim Arket and Mona Williams of Grubb & Ellis' Houston office represented the tenant in the lease transaction. A joint venture between Trammell Crow Co. and Principal Real Estate Investors own the building.
CLAREMONT, CALIF. — The Claremont Business Park was sold to a private investor for $8,775,000. The business park was built in 1988. It is composed of five single-tenant buildings and one multi-tenant building for a total of 69,428 square feet. It is fully leased. Lee A. McCullough of Colliers’ Irvine, Calif., office represented the buyer. Bob Griffith and Steven Ward of Grubb & Ellis represented the seller, Claremont Business Park LLC.
ROANOKE, VA. — Delta Dental has purchased the 53,800-square-foot Verizon office building, located at 5415 Airport Rd. in Roanoke, for $1.9 million. Dennis Cronk and Matt Huff of Roanoke-based Poe & Cronk Real Estate Group represented the buyer in the transaction.
CHICAGO — Law firm Latham & Watkins LLP will relocate its Chicago office to 330 N. Wabash Ave. on or near April 2014. The company signed a 15-year lease for 137,000 square feet in the building. Scott Gamber, Todd Lippman and Kyle Kamin of CBRE represented Latham & Watkins in the transaction. The landlord, Prime Group Realty Trust, was represented in-house by Steven Baron.
NEW YORK CITY — Fidelity National Title Insurance Co. is relocating its New York City headquarters to 485 Lexington Ave. The company, which provides real estate-related products and services, including title insurance, signed a 7-year lease for 27,996 square feet. The office is about 5,000 square feet larger than the company's existing space at 1 Park Ave. and occupancy is slated for this spring. Leon Manoff and Robert Kennedy of Colliers International represented Fidelity in the transaction. David Amsterdam of SL Green represented the landlord.
ATLANTA — Cushman & Wakefield has arranged the $6 million sale of the 106,678-square-foot Falls Pointe, an office building located at 600 Morgan Falls Rd. in Atlanta. The property is fully leased to one tenant. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield's Atlanta office represented Parkway Properties, the seller, in the transaction. The buyer, Southeast Land Investments Partners, was self-represented.
RALEIGH, N.C. — Boston-based New Boston Fund has purchased the 99,181-square-foot Carolina Place, a five-story office building located at 2626 Glenwood Ave. in Raleigh, from a client advised by Invesco Real Estate. The property is currently 86 percent leased to tenants including Cherry, Bekaert and Holland and Scott Madden. Ben Kilgore of CBRE's Raleigh office represented the seller in the transaction.
NORWALK, CONN. — In a joint venture KABR and Blackpoint Partners have acquired 535 Connecticut Ave. in Norwalk for $11 million. The 175,000-square-foot, Class A suburban office building includes a gym, cafeteria, conference facility and covered parking. The seller was LNR Partners, which purchased the building in 2006 for $26.5 million.
PHOENIX — Phoenix Peak, an 89,099-square-foot office building in Phoenix, has sold to Alvarado Realty for $10,225,000. The three-story building was constructed in 1986 and was 87 percent leased at the time of sale. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley BRE Commercial’s Capital Markets Group represented both the buyer and the seller, Real Estate Value Advisors.
