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.
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HOUSTON – Heritage Plaza, a 53-story, 1.2 million-square-foot office trophy tower in downtown Houston, will be sold to Brookfield Office Properties for approximately $325 million. Atlanta-based Goddard Investments is selling the property to New York-based Brookfield after dealings with San Antonio-based USAA Real Estate didn’t transpire. Located at 1111 Bagby St. in the central business district, Heritage Plaza was acquired by Goddard Investments in July 2005 for $121 million. Goddard improved the building’s occupancy from 45 to 89.5 percent with the addition of tenants like Deloitte and EOG Resources at 292,000 square feet and 252,000 square feet respectively. The transaction with Brookfield would mark the city’s second highest price ever paid for an office building, only behind the sale of the Bank of America Center in August 2007 for $367 million.
DEERFIELD, ILL. — CBRE Realty Trust has acquired Ten Parkway North, a Class A office building located in Deerfield. The 99,566-square-foot property is fully leased to Markel Midwest Inc. Paul Lundstedt, Jeff Shell and John Gavin of Grubb & Ellis represented the seller, The John Buck Company, in the transaction. Terms of the sale were not released.
NEW YORK CITY — A fund controlled by CB Richard Ellis (CBRE) Investors has sold a minority interest in 1540 Broadway, a 907,427-square-foot office building located in the heart of Manhattan. The property was acquired as a distressed asset in 2009 by CBRE Strategic Partners Value 5 Fund. The buyer then embarked on a repositioning and leasing campaign, and completed the sale of the minority interest as a way to realize a return on its investment. The buyer was a joint venture between HSBC Alternative Investments and Edge Fund Advisors, which were acting on behalf of a syndicate of HSBC Private Banking Clients. CBRE Investors will maintain a majority stake in the building and will continue to manage the property.
HAUPPAUGE, N.J. — Teachers Federal Credit Union (TFCU) has selected JRS Architect to design the interior build-out for its new corporate headquarters. TFCU recently acquired the six-story, 200,000-square-foot building and will be occupying more than half of its space. The project is scheduled for completion in the second quarter of 2011.
OMAHA, NEB. — NuStyle Development Co. has acquired the Farm Credit Building and Douglas Street Garage in downtown Omaha. The buyer plans to convert the 157,000-square-foot office building, which is located at the corner of 19th and Douglas streets, into a 106-unit apartment building with ground-level retail space. While the 583-stall parking garage will be used by future apartment residents and local businesses. Jon Pesce and Kevin Rhodes of Seldin Co. represented the buyer and the seller, Security National Properties, in the transaction. Terms of the deal were not disclosed.
NEW YORK CITY — Time Equities has sold an 11,294-square-foot office condo in New York City to KGK Group for $5.1 million. The international diamond trading company will occupy the entire sixth floor of 70 West 36th Street as its New York headquarters. Harold and Diane Siegel of Norman Bobrow & Co. represented the buyer in the deal.
LAS VEGAS — Harsch Investment Properties has gotten a 20-year lease commitment valued at $21 million from the Department of Veterans Affairs Consolidated Patient Account Center, located within the Paradise Airport Center at 1085 Palms Airport Drive in Las Vegas. CPAC will bring more than 400 jobs to the area once a $7.5 million redevelopment of the two-story mezzanine office call-center operation is completed for the VA department in summer 2011. Upon completion by Las Vegas-based TWC Construction, the building will house the VA in 51,000 square feet.
NEW YORK CITY — Madison International Realty has acquired a larger stake in New York City's Chrysler East Building for $10 million. The firm now controls 48.9 percent of the partnership owning the property, up from 38.5 percent. Madison now has $55 million invested in the 745,410-square-foot office building, which is located at 666 Third Ave. in Manhattan.
GLENDALE, CALIF. — Jones Lang LaSalle has represented LegalZoom in a 10-year, 48,640-square-foot lease at Glendale City Center, a Class-A, 19-story office building located at 101 N. Brand Blvd. in Glendale. Jones Lang LaSalle’s Mike McRoskey, Gary Horwitz, Tony Morales and Frank Scott represented the online legal document and filing service company in the transaction, and CB Richard Ellis’s Patrick Church and Anneke Greco represented the landlord, Legacy Partners.