SAN DIEGO — Cassidy Turley BRE Commercial has negotiated Northrop Grumman Systems Corp.’s more than $9 million lease of 93,161 square feet of office space within The Point in Rancho Bernardo located at 16765 West Bernardo Drive in San Diego. The tenant’s 65-month lease covers one of the two Class A office buildings in the complex, which also includes an R&D building. Cassidy Turley BRE Commercial’s Brian Driscoll, Tom van Betten and Brett Ward, as well as Tony Russell of Jones Lang La Salle, represented Prudential Real Estate Investors in the transaction, and CB Richard Ellis’ Tom Martinez represented the tenant.
BETHESDA, MD. — URDANG, and Moore&Associates have received a $100 million in financing to refinance a $87.2 million securitized loan for an office complex in Bethesda. The 10-year, fixed-rate loan was provided by John Hancock Insurance Co. A joint venture between Moore&Associates and a separate account managed by Urdang Capital Management Inc. acquired the three-building, 531,600-square-foot office complex in August 2005. The joint venture has made capital improvements to the property, including renovations to the building lobbies, restrooms and elevator lobbies. Additionally, the property's exterior was improved by renovating the the landscaping and the fountains.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a nine-story office building located in Manhattan's Rockefeller Center for $31.5 million. The 43,774-square-foot property is located at 7-9 W. 51st St. Its vacancies include the 14,400-square-foot, ground-floor retail component as well as the 3,207-square-foot penthouse. The Eastern Consolidated team of Eric Anton, Ronald Solarz, David Schechtman, Roberto Ortiz and Marcia Yawitz represented the undisclosed seller and procured the foreign buyer.
ADDISON — Mesa West Capital has provided a $17.5 million loan for Brookfield Real Estate Opportunity Fund's purchase and leasing of Two Addison Circle, a vacant 198,484-square-foot Class A office building in the North Dallas suburb of Addison. The six-story, LEED-certified building was built in 2009. Financing was provided through Mesa West Capital's $614.5 million Mesa West Real Estate Income Fund II, which closed this past June. Holliday Fenoglio Fowler's Dallas office arranged the financing.
SAN DIEGO — A 9,595-square-foot office property, located at 7877 Ivanhoe Ave. in San Diego, has traded for $2.1 million. Voit Real Estate Services’ Brian Mulvaney and Jon Boland represented the buyer, Pacific Trust Bank, in the transaction, and Voit’s Pete Beauchamp and Mark Sigler represented the FDIC as receiver for San Diego National Bank.
CLARKSTON, MICH. — New Oakland Child – Adolescent & Family Center has acquired a 10,000-square-foot, build-to-suit building in Clarkston. The property is located within Village Town Center at 6548 Town Center Dr. Todd Hawley of Friedman Real Estate represented the buyer and the seller, Village Town Center LL, in the transaction. The acquisition price was not released.
DULUTH, GA. — Jay O'Meara, Will Power and Justin Parsonnet of CB Richard Ellis' Atlanta Institutional Group has brokered the REO sale of 11450 Technology Circle in Johns Creek in Duluth. The 143,000-square-foot office building sold for $4.3 million to a private investment partnership. CBRE's team represented the seller, an undisclosed CMBS Special Servicer. Resource Real Estate will be handling the leasing and management for the new owner.
NAPERVILLE, ILL. — The Midwest Division of Ryan Companies US has relocated its offices to a four-story, 85,000-square-foot office building in Naperville. Located at 111 Shuman Blvd., the property was originally designed and built by Ryan for Delta Dental of Illinois. Ryan has leased and will occupy the entire fourth floor of the building. Delta Dental, which moved into its new space in the spring, continues to occupy the remaining 65,000 square feet of space. Ryan's space features three conference rooms, including a board room, a teleconference room and a general conference room. The property is currently seeking LEED Silver certification.
MINNEAPOLIS — The law firm Oppenheimer Wolff & Donnelly has signed a lease for 100,000 square feet of office space at Campbell Mithun Tower in Minneapolis. Oppenheimer plans to take occupancy in late 2011 or early 2012 and will begin improvements to the space in summer 2011. RJM Construction will complete the tenant improvements on behalf of Oppenheimer. With the law firm's deal, the 730,000-square-foot, LEED-Gold office tower is now 88 percent leased. Chris Rohrer of Jones Lang Lasalle represented the tenant; Brent Robertson of NorthMarq represented the landlord, Principal Financial Group. NorthMarq has managed and leased the property since 2005.
DALLAS — Cumulus Media Inc. has leased 20,248 square feet of office space at Victory Park. The company four Dallas-Ft. Worth radio stations will be relocating to the property, which is owned by Victory Park UST Joint Venture I. Victory Park offers two five-story Class A office buildings totaling 185,000 square feet. Jeff Ellerman and Phil Puckett of CB Richard Ellis represented Cumulus; Bill Brokaw of Cousins Properties represented Victory Park UST Joint Venture I in the transaction. Terms of the lease were not released.