Office

RECHLER EQUITY SIGNS CONTRACT TO ACQUIRE 200,000 SF OFFICE PROPERTY

by admin August 25, 2011

HAUPPAUGE, N.Y. — Rechler Equity Partners has signed a contract to acquire Standard Microsystems Corp.’s (SMSC) office facility at 80 Arkay Dr. in Hauppauge in an $18 million sale-leaseback transaction. SMSC will lease 120,000 square feet in the facility for a 15-year period. Gregg Rechler and Ted Trias represented Rechler Equity in house, and CB Richard Ellis’ Robert Godfrey represented SMSC. The Class A office property is located in the Hauppauge Business Park and will feature a café, a health club and 24/7 access.

August 25, 2011

1.3M SF OFFICE BUILDING IN DOWNTOWN DALLAS SOLD

by admin August 25, 2011

DALLAS — Elm Place, a 1,293,586-square-foot office property at 1401 Elm St. in downtown Dallas, has been sold. David Glasscock of Colliers International represented the owners of both the 43-story, 864,702-square-foot tower, SCI ROEV, and the owner of the lower nine stories comprising 428,884 square feet, LNR Partners. The buyers are investors from Eastern Europe. The 52-story building used to house First National Bank, but has been vacant since 2010 because of the recession.

August 25, 2011

Office Texas

FINANCE GROUP ACQUIRES ARLINGTON OFFICE BUILDING

by admin August 25, 2011

ARLINGTON — An affiliate of Southside Financial Group, a subsidiary of Southside Bank, has acquired a 19,475-square-foot office building at 700 W. Arkansas Ln. in Arlington. The one-story office building sits on a 5-acre parcel. Chase Bank occupies 9,617 square feet, and Southside Financial plans to occupy the remaining 9,858 square feet. SCM Real Estate Services’ Gary Walker and Renee Efimoff represented Southside, and CB Richard Ellis’ Bryan Graham represented the seller.

August 25, 2011

Office Western

INFORMATION SYSTEMS LABORATORIES RENEWS AT SORRENTO TECH I

by admin August 25, 2011

SAN DIEGO — Information Systems Laboratories has signed a 30,097-square-foot, 72-month lease renewal at Sorrento Tech I in the Sorrento Mesa submarket of San Diego. The renewal is valued at $2.285 million. The technology development company utilizes this freestanding flex R&D building for its headquarters. CresaPartners’ Don Mitchell represented Information Systems. JLL’s Chad Urie and Ryan Grove represented the landlord, Bixby Kibbee, LLC.

August 25, 2011

Office Southeast

ONE PARK SQUARE RECEIVES $30M MORTGAGE

by admin August 24, 2011

DORAL, FLA. — The 281,623-square-foot One Park Square, an office building located at 3470 NW 82nd Ave. in Doral, has received $30 million in financing from Miami-based City National Bank of Florida. The 3-year loan, which has the option to extend 2 additional years, provided funds for property acquisition and lease-up.

August 24, 2011

Office Texas

JV PURCHASES WESTCHASE CORPORATE PARK FOR $9.8M

by admin August 24, 2011

HOUSTON — AF Westchase LLC, a joint venture between Adler Real Estate Fund and TriGate Capital, has purchased Westchase Corporate Park, a 177,000-square-foot flex park consisting of 13 buildings at 11201-11331 Richmond Ave. in Houston, for $9.8 million from PS Business Parks. Westchase Corporate Park is 85 percent occupied with tenants like Honeywell, Western Geophysical, Men’s Wearhouse, MI Swaco, BMC Software, American Express, GE Capital and JP Morgan Chase. CB Richard Ellis brokered the sale on behalf of PS Business Parks. Miami-based Adler Group manages AF Westchase.

August 24, 2011

Life Sciences Office Texas

METLIFE NAMES JLL LEASING AGENT FOR 312,000 SF OFFICE BUILDING

by admin August 24, 2011

DALLAS — MetLife has named Jones Lang LaSalle (JLL) the exclusive leasing agents for its Turtle Creek Centre, a 312,000-square-foot office building at 3811 Turtle Creek Blvd. in Dallas. JLL’s Daryl Mullin, Steve Everbach and Conor McCarthy are handling the leasing efforts. The office building features a health facility, a deli and on-site security. The building is currently 82 percent leased to tenants such as Communications Sciences Corp., Wilson Associates and Jackson Lewis, LLP.

August 24, 2011

Office Western

NORTHMARQ ARRANGES $12M FOR CA, CO PROPERTIES

by admin August 24, 2011

DENVER, LOS ANGELES — NorthMarq Capital has arranged more than $12 million in financing for two Western region properties. It arranged $6,350,000 in permanent financing for the 61,456-square-foot Crestline Office Center in Greenwood Village, Colo. John M. Stewart, senior vice president, and Brock Yaffe, senior investment analyst from NorthMarq’s Denver regional office arranged the financing for the borrower. The company also arranged $6 million in first-mortgage financing for the 199,562-square-foot Azusa Industrial Center in Azusa, Calif. Michael Elmore, senior vice president and managing director of NorthMarq’s Los Angeles regional office arranged the financing for the borrower through the company’s correspondent relationship with Aetna Life Insurance Company.

August 24, 2011

Northeast Office

$23.75M LOAN RECAPITALIZES 228,000 SF OFFICE COMPLEX

by admin August 22, 2011

BLUE BELL, PA. — PCCP, LLC has provided a $23.75 million loan to Bala Cynwyd, Pa.-based Keystone Property Group for the recapitalization of a 228,000-square-foot Class A office complex in Sentry Park West in Blue Bell. The office building sits on 16 acres at 1777 Sentry Pkwy. W. and includes five buildings: Gwynedd Hall, Dublin Hall, Abington Hall, Merion Towle and a branch of PNC Bank.

August 22, 2011

Northeast Office

APPLE LEASES SPACE AT 100-104 FIFTH AVE. IN UNION SQUARE

by admin August 22, 2011

NEW YORK CITY — Apple has leased 40,000 square feet of office space at 100-104 Fifth Ave. in Manhattan’s Union Square in New York City, which will serve as Apple’s first executive offices in Manhattan. The office property is a 17-story, 270,000-square-foot office building that houses tenants like Yelp, Interactive Partners and Net-A-Porter. The Kaufman Organization, in partnership with Invesco, owns the office building, which is going through a $9 million renovation to the lobby, elevators and building infrastructure. Grant Greenspan represented The Kaufman Organization in house, and Martin Horner of Jones Lang LaSalle represented Apple.

August 22, 2011

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