CHICAGO — Locally based KTC Properties has partnered with Golub & Co. to acquire 225 Washington Street in downtown Chicago. The 28-story building offers 483,497 square feet of Class A office space. Designed by Skidmore, Owings & Merrill and completed in 1987, the property features architectural bay windows, marble floors and accents, a fitness center, a conference facility and a sundry shop. The property is 85 percent occupied by a variety of tenants, including Allianz and DeVry University. Nick Thomson and Ethan Meers of KTC led the acquisition team for the transaction. Golub will continue to manage and lease the building. Additional terms of the transaction were not released.
PHILADELPHIA — Cedar Shopping Centers has acquired a a Philadelphia office building for $13.37 million. The property, which is located on 15.3 acres at 11501 Roosevelt Blvd., totals 230,000 square feet. It is currently occupied by the Internal Revenue Service. Cedar's acquisition included the assumption of a $13 million first mortgage secured by the property. Cedar already owns the adjacent 23.9-acre property, which contains a 430,000-square-foot office building also leased to the IRS. The agency's lease for both buildings terminates next October, and it is expected to vacate the buildings. Cedar has not released any long-term plans for the properties.
COSTA MESA, CALIF. — The VA Property Group, a division of Lee & Associates, has completed the $9.1 million sale of a five office-building portfolio located at 151 Kalmus Drive in Costa Mesa. Newport Beach, Calif.-based PRES Companies made the all-cash purchase, which totaled 82,911 square feet within Copper Tree Business Park. Lee & Associates’ Brian Garbutt and Allen Basso represented both parties in the transaction.
DEERFIELD, ILL. — CB Richard Ellis Realty Trust has purchased Ten Parkway North, a 99,566-square-foot Class A office property in Deerfield. The three-story property is fully leased to a creditworthy international insurance holding company through January 2020. Ten Parkway North is one of six office buildings that comprise Parkway North Office Park, a more than 1 million-square-foot office park. Amenities for the office park include a fitness center, a daycare facility and walking trails. Ten Parkway North is CBRE Realty Trust's first office building acquisition in the Chicago area. The CBRE Realty Trust team worked with Gary Jaye and his CBRE Investors team to acquire the property. Terms of the acquisition were not released.
WESTFORD, MASS. — Goodrich Corp. has signed a lease that will relocate its headquarters from Chelmsford, Mass., to a larger space within Westford Technology Park in Westford. The company will occupy 184,759 square feet, comprising 84,759 square feet of space at 7 Technology Park Drive and all 100,000 square feet of 9 Technology Park Drive. The lease represents a 55,000-square-foot expansion from its previous headquarters. Matthew Daniels and Christopher Lawrence of Colliers Meredith & Grew represented Goodrich in lease negotiations. Cushman & Wakefield represented the landlord, The Gutierrez Company.
PERINTON, N.Y. — NorthMarq Capital has secured a $5 million permanent loan for the refinancing of a 139,000-square-foot office building located in Perinton. The loan carries a 10-year term and a 20-year amortization schedule. Michael James of NorthMarq's Upstate New York office arranged the financing on behalf of the undisclosed borrower through lender Sun Life of Canada.
POWAY, CALIF. — Cushman & Wakefield has brokered Thunderbird Resorts’ $1.6 million acquisition of a single-story, freestanding office/flex building located at 12255 Parkway Centre Dr. in Poway. The international provider of branded casino entertainment and hospitality services will relocate to its new 8,025-square-foot corporate headquarters in November. Cushman & Wakefield’s Mickey Morera and James Duncan represented both the buyer and the seller, San Diego Employers Association, in the transaction.
JACKSONVILLE, FLA. — Fortegra Financial has leased 58,000 square feet at Flagler's Deerwood South business park, which is located at 10151 Deerwood Park Blvd. in Jacksonville's Southside. Locally based Fortegra plans to relocate its corporate headquarters to the new property, which has a lease term of 11 years. Ross Carrier provided in-house representation for Flagler; Craig McCaw and Andy Davidson of MB Real Estate, along with Brad Chrischilles of CNL Commercial Real Estate, represented Fortegra Financial in the transaction. Terms of the lease were not disclosed.
NATICK, MASS. — Parsons Commercial Group has sold an office building in Natick to Waltham, Mass.-based Legacy Real Estate Ventures for $3.5 million. The two-story, 30,000-square-foot property is located at 11 Huron Drive. Locally-based Middlesex Bank provided acquisition financing.
HOUSTON — EnerVest, a Houston-based oil and gas company, has expanded by 36,721 square feet and renewed its headquarters lease for a total of 117,316 square feet in First City Tower, located at 1001 Fannin in downtown Houston. Chip Colvill and Michael Anderson of Colvill Office Properties represented the landlord, FC Tower Property Partners, an affiliate of JMB Realty of Chicago. Meanwhile, Tim Relyea of Cushman & Wakefield of Houston represented EnerVest. First City Tower is a 1.3 million-square-foot, 49-story office building bounded by Fannin, McKinney, San Jacinto and Lamar streets in Houston's central business district.