PHOENIX — Cassidy Turley BRE Commercial has completed the $1.6 million acquisition of a 17,524-square-foot office building located at 222 N. 44th Street in Phoenix. Cassidy Turley BRE Commercial’s Chris Walton and Justin Himelstein represented the buyer, North 44th Street Phoenix LLC, a company formed by San Diego-based DPR Construction. CB Richard Ellis’ Rick Murphy and Max Bippus represented the Pleasanton, Calif.-based seller, Bajarang Investments, in the transaction. DPR will occupy the purchased building.
OMAHA, NEB. — Q10|Daisley Ruff Financial has arranged $4.72 million in financing for a three-story, 59,482-square-foot office building in Omaha. E.T. Daisley of Q10|Daisley Ruff secured the financing through a correspondent lender.
PITTSBURGH — CB Richard Ellis (CBRE) Capital Markets has arranged $143 million in long-term, fixed-rate financing for PPG Place, a 1.5 million-square-foot, Class A office complex located in downtown Pittsburgh. The six-building complex is situated adjacent to the historic Market Square. The buildings surround a 1-acre plaza and feature street-level retail and restaurant space. John Clifford and William Howe of CBRE's Chicago office joined with Jeffrey Ackerman and Jack Norris of the firm's Pittsburgh office to represent the borrower, Market Associates LP. The lender's name was not released.
BERKELEY HEIGHTS, N.J. — Advanced Health Media has entered into a long-term lease for a 123,082-square-foot office building located in Berkeley Heights. The Class A building is located at 420 Mountain Ave. AHM will consolidate two of its nearby offices into the new location beginning in mid-2011. Bryn Cinque and Jim Bailey represented AHM in lease negotiations. Bill Brown of Cushman & Wakefield represented the landlord, Vision Equities.
DALLAS — One McKinney Plaza, a 15-story, 256,543-square-foot office building at 3232 McKinney Ave. in uptown Dallas, has earned its LEED for Existing Buildings (LEED-EB) certification from the U.S. Green Building Council. The owner, Gaedeke Group, has spent 1 year and $5 million in renovating the office building. The renovations included the replacement of 42 toilets with a high-efficiency design, decreasing the gallons per flush by 40 percent. The LEED-EB Operations & Maintenance rating system focuses on a building's physical systems and how it's occupied and operated by its managers.
CORAL SPRINGS, FLA. — Marcus & Millichap has brokered the sale of the Towers of Coral Springs, two six- and four-story glass office towers in Coral Springs. The 75,344-square-foot property, which was in foreclosure, sold for $9.7 million. Located at 2855 N. University Dr., the property was 75 percent occupied by national tenants, including Morgan Stanley & First United Bank, at the time of closing. Andy Neiswenter of Marcus & Milichap represented the undisclosed buyer; Marc Strauss and Al Palacios of Marcus & Millichap represented the seller, a partnership and the original developer, in the transaction.
CHICAGO — Trammel Crow Co. and Insite Real Estate are developing 301 South Wacker, a 1 million-square-foot office tower in downtown Chicago. Located at the corner of West Jackson Boulevard and South Wacker Drive, the 34-story office tower will feature a sustainable, modern design with efficient 30,000-square-foot floorplates. Tenant amenities include parking for more than 200 cars, a health club and a conference center. Additionally, the building is being designed to achieve LEED certification.
ORLANDO, FLA. — Downtown Entertainment LLC has acquired a 4,970-square-foot owner/user building in downtown Orlando. Located at 44 Central Blvd., the freestanding building sold for $1.6 million or $321.93 per square foot. The property is zoned to operate businesses from a daily office to a late-night club or bar. Scott Corbin of Colliers International Central Florida represented the seller, Banco Popular North America, in the transaction.
NORTHFIELD, ILL. — Guardian Home Health & Hospice has acquired Northfied West, a 25,370-square-foot office building located in Northfield. The property was purchased for $1.8 million. Attorney Mort Rubin represented the buyer, while Greg McCormick of Garfield & Merrill represented the seller in the transaction. The building was sold on behalf of a consortium of banks that held the loan. In March 2009, Daniel Hyman of Millennium Partners R/E Inc. was appointed receiver of the property.
CAMBRIDGE, MASS. — Novartis has announced plans to complete a 5-year, $600 million expansion of its research headquarters campus in Cambridge. An additional 400,00 square feet of laboratory, office and retail space will be constructed on 4 acres the company is currently leasing from MIT, which is located adjacent to Novartis' campus. Construction is expected to begin in 2011. Novartis currently occupies 1 million square feet of laboratory and office space; it is the city's largest corporate employer.