SKOKIE, ILL. — Jeff Cherner of NorthMarq Capital's Chicago office has arranged $6 million in first mortgage financing for a 61,000-square-foot office building, located at 5500 Howard St. in Skokie. The 10-year financing has a 20-year amortization schedule and was secured through American Equity Life.
TUXEDO PARK, N.Y. — Brooklyn-based Watchtower Bible and Tract Society has purchased a 50-acre, 183,000-square-foot research and development campus from the International Paper Co. in Tuxedo Park located at 1422 Long Meadow Rd. for $3.2 million. Watchtower plans to construct its world headquarters at the site. Steve Perfit and Peter Malone of Cushman & Wakefield/Pyramid Brokerage Co. represented the seller, and Goshen, N.Y.-based R.J. Smith Realty represented the buyer.
LOS ANGELES — AC Martin Partners has signed a long-term lease for 21,648 square feet on the 12th floor of 444 S. Flower Street in Downtown Los Angeles. The company has been occupying the entire 12th floor through a sublease that has been in effect since 2001. Maury Gentile and Sean O’Leary of Grubb & Ellis’ Tenant Advisory Group represented AC Martin Partners. The office building’s owner, Hines Interests L.P., represented itself in the transaction.
SANTA ROSA, CALIF. – Tektronix has leased 10,042 square feet at the Harvest Business Center in Santa Rosa. The company, which tests, measures and monitors instrumentation, plans to develop a Radio Frequency (RF) Design Center at the location. The five-year lease will commence Oct. 1. Tektronix was represented by Sean Heaton of Cushman & Wakefield. Harvest Business Center’s landlord, Basin Street Properties, was represented by Sean Johnson of Keegan & Coppin Company.
BOSTON — Teachers Insurance and Annuity Association (TIAA-CREF) has purchased 33 Arch Street, a 33-story, 600,000-square-foot office tower in Boston. The Class A tower is currently 90 percent leased to tenants such as Digitas, The Securities and Exchange Commission and DLA Piper Rudnick. The property is LEED Gold certified and features a 821-space parking garage. AREA Properties Value Enhancement Fund IV and partner Ivanhoe Cambridge were the sellers of 33 Arch Street. Eastdil Secured represented the buyer in the transaction.
CHARLOTTE — Compass Group USA, Inc. has renewed and expanded its lease for 214,507 square feet inside Coliseum Centre, a six building Class A office property in Charlotte. The original lease, originated in 1994, was for 47,450 square feet. The 12.5-year lease was for office space in Coliseum Centre One and Two. Jessica Brown, Anne Vulcano and Kathleen Cannon of CB Richard Ellis' Charlotte office represented the landlord in the transaction. Steve Schneider, Daniel Nack and Vern Anderson of UGL Equis represented the tenant.
CHICAGO — Downtown Properties, a U.S. associate of Hong Kong-based Gaw Capital Partners, has acquired Three First National Plaza, a 1.4 million-square-foot office building at 70 W. Madison St. in downtown Chicago. The 57-story, Class A office tower is currently 92 percent leased to tenants like Morgan Stanley, Fitch Ratings and K&L Gates. The property was acquired from Hines, a commercial real estate developer. Downtown Properties was the co-investor and advisor of the acquisition. South Korea's Hyundai Asset Management is the manager of the asset. Wells Fargo Securities Asia acted as the buy-side advisor, while Eastdil Secured arranged the acquisition financing and was Hines advisor.
HOLTSVILLE, N.Y. — An institutional investor has purchased 5000 Corporate Ct., a Class A office property in Holtsville, for $39.25 million. The property sits on 37 acres and is currently 82 percent leased to tenants such as Department of Internal Revenue Services (IRS) Compliance, IRS Appeals and the Bureau of Customs and Immigration Services. Jones Lang LaSalle Capital Market's Joe Garibaldi, Peter Nicoletti, Tom Walsh and Ray Ruiz represented the seller, Piedmont Office Realty Trust, in the transaction.
BOSTON — Cresset Development has purchased the former Bowne & Co. headquarters at 411 D St. in Boston's South Boston Waterfront. The two-story office/production building spans 74,000 square feet and sits on 1.52 acres. John Cremmen of Jones Lang LaSalle represented Cresset, while Ed Jarosz and David Corkey of CB Richard Ellis represented the seller.
SAN ANTONIO — NorthMarq Capital has arranged permanent financing on behalf of the borrower, a limited partnership led by Primera Partners, for Perrin Oaks Office Park at 10615 Perrin Beitel Rd. in San Antonio. NorthMarq's Roger Trapnell arranged the financing based on a 5-year term and a 25-year amortization schedule through NorthMarq's correspondent relationship with StanCorp Mortgage Investors. The financing also features four 5-year extensions.