ADDISON — Marcus & Millichap has brokered the sale of the approximately 50,000-square-foot Midway Office Park, an office property located at 14665 Midway Rd. in Addison. Ron Hebert of Marcus & Millichap's Dallas office represented the seller, a financial institution, in the transaction. Midway Office Park is the corporate headquarters for Mattress Giant.
DENVER — Hamilton-Titan Partners has received $6 million in mezzanine debt to recapitalize Park Place Office Plaza, a 171,000-square-foot, two-building office complex in Denver. The debt was provided by Lowe Enterprises Investors. Lowe Structured Investment Fund had previously provided $13 million in mezzanine debt to Hamilton-Titan Partners for a three-building portfolio of office properties in the Denver area.
CHICAGO — Shorenstein Properties LLC has closed on the $228 million purchase of 350 West Mart Center, a 1.2 million-square-foot office building in Chicago. The seller was Vorando Realty Trust, which received a net gain of about $54 million on the sale. The property is located at 350 N. Orleans St. and is a former apparel center, which Vornado converted into a modern office building. Tenants include the Chicago Sun-Times and the Illinois Institute of Art.
LENEXA, KAN. — Henderson Engineers Inc. is moving its Lenexa headquarters about 150 feet. The engineering company signed a new 84,500-square-foot lease at 8345 Lenexa Dr. in the Pine Ridge East Business Park in Kansas City. The company will begin moving from its current space at 8325 Lenexa Dr. in February, which totals about 67,000 square feet. Complete occupation is scheduled for this summer. Ken Block, Gene Elsas and Brian Bock of Block Real Estate Services represented Pine Ridge Business Park in the transaction. Bryan Johnson of Colliers International acted as a consultant to Henderson Engineers.
HOUSTON — Freudenberg Immobilien Management and Sugar Land-based The Mathis Group have awarded Cadence McShane the expansion and interior renovation of a 45,000-square-foot headquarters facility, located at 10035 Brookriver Dr. in Houston, on behalf of EagleBurgmann Industries. The construction will include a new four-story addition and renovating private offices, workstations, conference rooms, a training room, testing laboratories, locker rooms and break rooms. The Mathis Group is providing construction management services and Houston-based Powers Brown Architecture is designing the project. Construction will begin in January and will reach completion in December 2012.
WASHINGTON, D.C. — Vornado Realty Trust has closed on the $104 million acquisition of the 130,000-square-foot 1339 New York Avenue, a Class A trophy office building located in Washington, D.C.'s CBD. The company acquired the 97.5 percent interest it did not previously own in the building. The seller was undisclosed.
NEW YORK CITY — Vornado Realty Trust has completed a $330 million refinancing of Eleven Penn Plaza, a 1.1 million-square-foot office building in Manhattan. The company realized net proceeds of about $126 million after repaying the existing loan on the property and closing costs. The loan bears an interest rate of LIBOR (which today is 2.64 percent), plus 2.35 percent. The seven-year loan has a 30-year amortization schedule that begins in the fourth year.
NEW YORK CITY — Meridian Capital Group has arranged $28 million in financing for a 12-story office building in Queens, on behalf of Pi Capital Partners LLC. An undisclosed local bank provided the five-year loan, which carries a 3.75 percent rate. Cary Pollack of Meridian's New York office negotiated the transaction. The 60,000-square-foot building includes 8,600 square feet of ground-floor retail space.
LOS ANGELES — Dongell Lawrence Finney LLP has signed a 10-year lease for the entire 45th floor of the AON Tower inside Los Angeles’ Financial District. The 19,118-square-foot space will house the mid-sized law firm’s main office. Sean O’Leary and Jim Jandro of Grubb & Ellis represented Dongell Lawrence in this transaction, along with firm partners Richard Dongell and John Lawrence. The firm also worked closely with Michael Meyer of DLA Piper. Jones Lang LaSalle’s John McAniff and Tim Miller collaborated with Andy Fishburn of the property ownership 707 Wilshire Fee LLC.
RALEIGH, N.C. — The 112,000-square-foot Trinity Place, an office building located at 1201 Edwards Mill Rd. in Raleigh, has been sold for $15.4 million. Tenants include AT&T, AeroTek, RSM McGladrey and CapStrat. Denver-based Fairfield Asset Advisors represented both parties in the transaction.
