NEWTON, MASS. — J. Calnan & Associates has completed an interior build-out project on behalf of Trip Advisor in Newton. The firm demolished 50,000 square feet of office and warehouse space within Newton Business Park and reconfigured it to feature office space, high-tech conference rooms and collaboration areas. The new space also features new energy-efficient windows as well as new mechanical and HVAC systems. This marks Calnan's second project for Trip Advisor.
HOUSTON — Parkway Properties has sold the 163,000-square-foot One Park Ten office building to an undisclosed party for $15.7 million. The 28-year-old Houston property is 93.7 percent occupied. Parkway will recognize an $8.6 million gain on the sale during the second quarter. The sale is part of the company's program aimed at recycling older assets and investing in newer, larger properties.
GRAND PRAIRIE — JRDC Partners has acquired a 22,000-square-foot office building from G.I.T.F. for an undisclosed amount. The two-story property, located at 3340 Roy Orr Blvd. in Grand Prairie, was built in 2000 on 10.53 acres. Pete and Drew Richardson of Henry S. Miller Brokerage represented the buyer. Steve Johnson Commercial Realty's Carolyn Albert represented the seller.
WALTHAM, MASS. — Verizon has signed a lease renewal at Waltham's Reservoir Woods East Campus office park that will also significantly expand its presence. The lease, which carries a 10-year term, included a renewal for the 140,000 square feet Verizon currently occupies as well as a build-to-suit agreement for an additional 60,000 square feet of Class A office and lab space. Construction will soon begin for the expansion, which will be known as the Verizon Technology Innovation Center. The project will be seeking LEED-Silver certification. David Wright and Amy Perlman of CB Richard Ellis represented Verizon in lease negotiations. Andrew Majewski, also of CB Richard Ellis represented the landlords, a group of institutional investors advised by Prudential Real Estate Investors and a joint venture between Marcus Partners and The Davis Companies.
WALTHAM, MASS. — Education Development Center (EDC) has announced plans to relocate its corporate headquarters to 120,000 square feet at 43 Foundry Ave. in Waltham, within the CenterPoint park. The nonprofit will occupy the space for a 10-year term beginning in November 2011. Its current headquarters is located approximately one mile away at 55-57 Chapel St. in neighboring Newton, Mass. Mark Roth of Cushman & Wakefield represented the landlord, a joint venture between Trammell Crow Company Acquisition Funds and Saracen Properties, in lease negotiations. Robert Richards, Jonathan Varholak and Ron Friedman of Richards Barry Joyce & Partners represented EDC. This most recent lease brings occupancy at the 23-acre, 500,000-square-foot office/R&D park to approximately 70 percent.
LOS ALTOS, CALIF. — Cassidy Turley BT Commercial has negotiated the more than $6 million investment sale of a two-story, 14,250-square-foot office building located at 110 First Street in downtown Los Altos. Cassidy Turley’s Kalil Jenab and Greg Pickett represented the seller in its disposition of the totally vacant property to 110 First Street LLC.
LAS VEGAS — Marcus & Millichap has brokered the $2.75 million acquisition of Silver Creek Office, a 43,226-square-foot complex located at 9708-9848 Gilespie Street in Las Vegas. Sixty percent occupied at the time of sale, the property consists of five separately parceled buildings with 174,000 square feet of excess land for future development. Marcus & Millichap’s Ned Zivkovic, Tina Taylor, Andy Glinski and Jacob Steele represented the buyer, a private investor, in the all-cash transaction.
GEORGIA — Atlanta-based Lavista Associates recently brokered the REO sales of three Georgia office buildings. The firm's Austin Chase represented Excel Federal Credit Union in its sale of a 17,280-square-foot building to a private party for an undisclosed amount. The property is located at 101 Colony Park Drive in Cumming. Chase also represented State Bank & Trust in its sale of an office to an undisclosed party. The 5,900-square-foot property is located at 41 Milton Ave. in Alpharetta. John Cape and Kirven Brantley represented Westside Bank in an office disposition. The 9,000-square-foot Suwanee property is located in Satellite Park at Huntcrest.
CHELMSFORD, MASS. — Jones Lang LaSalle (JLL) has brokered the sale of a Chelmsford office property for $3.3 million. The property consists of a 105,000-square-foot office building located at 2 Elizabeth Drive. The building contains two 50,000-square-foot wings connected by a three-story atrium lobby. JLL's Peter Richardson and Flory McCarthy, formerly of JLL, brokered the deal between the seller, Sovereign Bank, and the buyer, Hittite Microwave Corp. The buyer plans to occupy the building, which is situated less than a mile from its world headquarters.
HOUSTON — American Spectrum Realty has sold a 101,880-square-foot office building to a private buyer for an undisclosed amount. Located at 5850 San Felipe St. in Houston, the six-story property was built in 1977 and renovated in 2004. Texas Petroleum Investment, Abby Office Centers, Legal Access Plans and other tenants lease 95 percent of the building. Victory Realty Solutions' Pamela Ngo Tranpark represented the buyer. Beth Young and Henry Hagendorf of Grubb & Ellis represented the seller.