DALLAS — Cannon Commercial has acquired One Hillcrest Green, a 106,387-square-foot office building in north Dallas from 12700 Hillcrest Partners. Gary Carr, Russell Ingrum, Jack Fraker, Josh McArtor and Eric Mackey of CB Richard Ellis' Capital Markets team represented the seller.
IRVING — Union Standard Insurance Group (USIG) has signed a lease for 56,000 square feet of office space in Urban Towers, located at 222 W. Las Colinas Blvd. in Irving. USIG is a member company of W.R. Berkley Corp., an insurance holding company that is among the largest commercial lines writers in the U.S. The new lease represents a relocation and expansion of USIG's current space at 122 W. Carpenter Fwy. in Irving. Mike Gosslee, Bob Edge, Matt Heidelbaugh, Mari Jones and Gary Collett of Cushman & Wakefield of Texas represented USIG in the site search and lease negotiations. Billy Lokey and John Fancher of CB Richard Ellis negotiated on behalf of the building owner, S.P. Millennium Center, L.P. Cushman & Wakefield's project management group, led by Meg Hardin, will oversee construction of the new space, and move-in is scheduled for the fourth quarter of 2011. USIG will occupy the entire 13th floor and a portion of the 14th floor of Urban Towers.
SEATTLE — The Institute for Systems Biology (ISB) opened its new global headquarters, 140,000 square feet of Class A office and laboratory space in Vulcan Real Estate's 401 Terry Ave. building in Seattle. The move will enable the institute to double the size of its facility over the next decade.
MIAMI — Crédit Agricole Private Banking Miami, an affiliate of the Paris-based Crédit Agricole Group, has signed a 20,137-square-foot, 12-year lease at Brickell World Plaza, located at 600 Brickell in Miami. Crédit Agricole is the inaugural tenant signed at the 600,000-square-foot, 40-story tower, which is set to open in August. Crédit Agricole will move from its current office, located at 601 Brickell Key Drive in Miami, in November. Noël Steinfeld and Chris Dekker of CB Richard Ellis' Miami office represented the landlord, Foram Group. CBRE will handle on-site property management and Foram is handling retail leasing. Glenn Gregory of Jones Lang LaSalle's Miami office represented the tenant in the transaction.
PARSIPPANY, N.J. — SJP Properties has bought back the first phase of Morris Corporate Center IV, a five-story, 350,000-square-foot office building located in Parsippany. SJP originally developed the property in 1999. Occupancy was 93 percent at the time of closing. SJP plans to complete a capital improvements program in the near term. Eastdil Secured brokered the deal. Northwestern Mutual Life Insurance is SJP's equity partner in the property.
GLENDALE, CALIF. — Mesa West Capital has provided a $24.5 million loan to capitalize 207 Goode, an office building off Brand Boulevard in Glendale. The building was completed in 2009 as a speculative development by MPG Office Trust. The new owners — a joint venture between Morgan Stanley Real Estate and Lincoln Property Co. — acquired the building at a discount to replacement cost in a short sale in October 2010. The building is largely vacant, but ownership has been in discussions with a number of tenants.
ARLINGTON, VA. — The 387,721-square-foot, 19-story office building, located at 1300 N. 17th St. in Arlington, has sold for an undisclosed price. The building, anchored by BAE Systems, is 100 percent leased. The seller, an affiliate of Boston-based Beacon Capital Partners, was represented by Bill Collins, Paul Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy Turley's Washington, D.C., office. The buyer was an affiliate of New York City-based Tishman Speyer.
PLYMOUTH, MAPLE GROVE AND BROOKLYN PARK, MINN. — Boston-based Great Point Investors has selected Minnetonka, Minn.-based Welsh Property Trust to lease, manage and provide maintenance services for its 840,000-square-foot, 17-building industrial and office real estate portfolio. The portfolio, which is 77 percent occupied, contains properties in Plymouth, Maple Grove and Brooklyn Park, Minn. Brett Greenfield of Welsh will serve as the portfolio manager and the leasing team will include Paul Bickford, Jim Damiani, Rob Brass and Andrew Odney of St. Paul, Minn.-based NAI Welsh.
DENTON — An 83,481-square-foot facility in Denton that is leased to the Federal Emergency Management Agency (FEMA) through May 2022 has sold. A Frankfurt, Germany-based company sold the property and was represented by HFF. As part of the transaction, the German company also sold a 106,955-square-foot FBI building in Las Vegas.
PASADENA — San Jacinto Community College District has purchased the 22,707-square-foot office building located at 4620 Fairmont Pkwy. in Pasadena. Bill Harry of Bill Harry Real Estate represented San Jacinto Community College District in the purchase. Marshall Clinkscales of Colliers International represented the seller, Plano Vistas Ltd.