LOS ANGELES — KBS Real Estate Investment Trust II has acquired the 627,334-square-foot Union Bank Plaza, a 40-story office tower and retail complex located at 445 South Figueroa Street in downtown Los Angeles, from Hines for $208 million. Designed by A.C. Martin and 96 percent occupied at the time of sale, Union Bank Plaza consists of a 607,517-square-foot office tower; a two-level, 19,817-square-foot retail plaza; and a 914-space, four-level parking structure. The property occupies an entire city block between the 110 Freeway and Figueroa. KBS Capital Advisors represented KBS REIT II in the transaction, and Jones Lang LaSalle’s Michael Zietsman and David Doupé represented the seller.
SAN JOSE, SUNNYVALE AND SANTA CLARA, CALIF. — NorthMarq Capital has arranged $40 million of first-mortgage financing for a 496,000-square-foot portfolio of five office/R&D properties located in San José, Sunnyvale and Santa Clara. NorthMarq’s Dennis Sidbury arranged the 20-year term and 20-year amortization schedule for the borrower, Mission West Properties, through a correspondent relationship with Hartford Life Insurance Co. Ninety percent leased to tenants such as Orbotech, Equinix and NDS Surgical Imaging, the portfolio includes a state-of-the-art data center.
DULLES, VA. — Calkain Cos. has brokered the $13.37 million office sale of Orbital Building 7 in Dulles. The two-story, NNN-leased property is located on 4.52 acres of land off Route 28. Jerry Burg, Rick Fernandez and Andrew Fallon of Calkain represented the seller in the transaction.
HOUSTON — Mustang Engineering has renewed its 248,872-square-foot office lease for space in Ten West Corporate Center II with a private real estate fund. The property, which is located at 17404 Katy Freeway in Houston, was recently purchased by CORE Real Estate and a group advised by Prudential Real Estate Investors. CB Richard Ellis' Steve Hesse and Sanford Criner represented the tenant in the transaction. Joel DeSpain Commercial Real Estate Services' Joel DeSpain represented the landlord.
NORTHBROOK, ILL. — Northbrook-based Romanek Properties Ltd. has acquired a 195,101-square-foot office building at 400 Skokie Blvd. in Northbrook. The company currently occupies the property. Additionally, the eight-story building is occupied by M. Holland, Ameriprise Financial and Levenfeld Pearlstein. The building also offers a deli and a fitness center. 400 Skokie Boulevard Investors sold the property for an undisclosed price. Paul Lundstedt of Grubb & Ellis represented the seller in the transaction. The acquisition team was led by Romanek Properties Ltd., Bachmann Associates Ltd. and Syndicated Equities Ltd. Ladder Capital Finance provided long-term financing for the acquisition. Bill Barry of Draper and Kramer and Joel Simmons of Grubb & Ellis sourced the acquisition financing.
SAN DIEGO — KBS Real Estate Investment Trust II has purchased the 118,030-square-foot Torrey Reserve West, a Del Mar Heights office park located 20 miles north of downtown San Diego, for $27.3 million. Ninety-one percent leased, Torrey Reserve West consists of three two-story buildings that house five corporate headquarters locations. Eastdil Secured’s Adam Edwards and Dan Broderick represented the seller in the transaction.
BRANFORD, CONN. — The Geenty Group has completed the sale of a 25,000-square-foot flex building located in Branford for $1.3 million. The multi-tenant property is situated at 14 Business Park Drive within Branford Industrial Park. Its occupants include three medical tenants and one office tenant. The buyer, Commercial Building Associates, plans to renovate the building's 10,000 square feet of vacant space for new tenants. Kevin Geenty and Bill Clark of Geenty Group represented the buyer. Kristin Geenty, also of Geenty Group, represented the seller, Todds Hill Investment Circle.
BEDFORD, MASS., AND MONTGOMERY, N.Y. — Transwestern Realty Finance Partners has arranged $15 million in mezzanine financing for a three-property portfolio owned by Australia-based Real Estate Capital Partners USA Property Trust. The portfolio contains two office buildings located in Bedford and Montgomery. The third property is an industrial building located in Deerfield, Ill. Michael Girimonti of Transwestern arranged the transaction.
FULLERTON, CALIF. — The Saywitz Co. has negotiated a 10-year, $4 million lease renewal for the corporate headquarters of Label-Aire Inc., located at 550 Burning Tree Road in Fullerton. The 60,000-square-foot facility was built for Label-Aire more than 20 years ago and houses its international headquarters and main processing operations. Barry Saywitz negotiated the lease renewal on behalf of the tenant; the landlord, RREEF, represented itself in the deal.
NORTHBOROUGH, MASS. — IT provider Akibia Inc. has renewed its lease for 42,000 square feet at 20C Forbes Road in Northborough. J.R. McDonald and Stephen Woelfel of Cushman & Wakefield represented Akibia in lease negotiations. CB Richard Ellis represented the undisclosed landlord.