NEWTOWN, PA. — ARI Mutual Insurance has purchased an office building in Newtown from Catalyst Corp. The two-story, 18,989-square-foot building is located at 125 Pheasant Run. Matthew Devine and Douglas Joseph of Grubb & Ellis represented the seller, and Robert Bull of Studley represented the buyer. The acquisition price was not released.
HOUSTON — Fortitude Management Group, a privately held oil and gas company, has renewed and expanded its lease at One Memorial City Plaza in Houston near Interstate 10 and the Sam Houston Tollway. Represented by Scott Fikes and Alex Bryant of Grubb & Ellis, Fortitude re-signed for 37,231 square feet of Class A office space. MetroNational leases the 34-story, 400,000-square-foot One Memorial City Plaza and was represented in house by John Green and Jerrod McQuan.
SUNNYVALE, CALIF. — Cassidy Turley CPS and CB Richard Ellis teamed up in a more than 257,000-square-foot lease renewal and expansion at the Sunnyvale City Center, a three-building, 472,358-square-foot Class A office campus located at 100, 150 and 190 Mathilda Place in downtown Sunnyvale. Cassidy Turley CPS’s Steve Horton and CB Richard Ellis’ Jeff Houston represented the property owner, JP Morgan, in the transaction, and Jones Lang LaSalle’s Andy Poppink and Bart Lammersen represented the tenant, Broadcom. With its renewed lease for 180,134 square feet at 150 Mathilda Place and its 77,050-square-foot expansion at 100 Mathilda Place, Broadcom will now occupy more than half of the entire campus.
MIAMI — AIDS Healthcare Foundation (AHF) has purchased a two-story retail/office building in Miami. Located at 1510 Alton Road, the 8,200-square-foot property sold for $3.18 million. AHF plans to use the property to operate as a healthcare facility, a pharmacy, a clinic and a thrift store. The seller was Florida-based Alton XV Corp. Stephen Gaunt and Eric Gaunt of CresaPartners represented the buyer in the transaction.
CHICAGO — The Alter Group has partnered with White Oak Realty Partners to develop 625 West Adams Street in downtown Chicago. The 20-story tower will offer 490,000 square feet of Class A office space, a 400-stall parking garage and an 800-seat community center serving Old St. Pat's Church. Martin Wolf with Chicago-based Solomon Cordwell Buenz & Associates designed the building.
NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a 70,476-square-foot office lease at Black Rock, a 908,000-square-foot office building located at 51 W. 52nd St. in New York City. Law firm Dorsey & Whitney LLP will occupy the space, consisting of the tower's eighth through 10th floors, for a 15-year term. It will relocate from its current offices at 250 Park Ave. The JLL team of Peter Riguardi, Frank Doyle, Barbara Winter and Andrew Flint represented the landlord, CBS Broadcasting. The Cushman & Wakefield team of John Cefaly, Gus Field and Donald Preate represented the tenant.
HOUSTON — Isolatek International has leased a 25,000-square-foot office building at 502 S. Main St. in Houston's Galena Park. Clay Peebles of Boyd Commercial represented Isolatek, while Doyle Toups and Jim Autenreith of NAI Houston represented the landlord, Valley Plaza Donaho.
BURBANK, CALIF. — Cast & Crew Entertainment Services has signed a new headquarters lease for 51,064 square feet of Class A office space at 2300 Empire Ave. within Empire Center in Burbank. The 10-year lease is valued in excess of $15 million. Studley’s Scott Katcher and Len Nadler represented the provider of payroll services to the entertainment industry in the transaction; CB Richard Ellis’ Patrick Church and Anneko Greco represented the landlord. The first signed tenant at the 7-story, 364,000-square-foot, LEED Gold-certified project, Cast & Crew is expected to occupy the entire fifth floor of the newly built building on March 1, 2011.
BLOOMFIELD HILLS, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged a $13 million CMBS loan for Bloomfield Centre in Bloomfield Hills. The three-story building offers 137,879 square feet of office space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Bloomfield Centre LLC. The lender was Citigroup Global Markets Realty Corp., a correspondent of Bernard Financial Group.
NEW YORK CITY — Jones Lang LaSalle has arranged an $800 million loan for the refinancing of 245 Park Avenue, a 44-story, 1.7 million-square-foot office tower located in New York City. Robert Martin of the firm's New York office led the team that secured the loan on behalf of the borrower, Brookfield Office Properties. The lender was Bank of China.