MINNETONKA, MINN. — Carlson Real Estate Co., serving as general contractor, is currently renovating Plymouth Corporate Center in Minnetonka. The $2.5 million project includes updating the commons areas with new finishes, adding a two-story atrium with seating, media and Wi-Fi; improving way finding in the building; and improvements to building entrances and signage. BDH & Young Space Design is providing architectural services for the project, which is slated for completion in September. The center will continue to offer a fitness center, a building café, a coffee bar, a sundry shop, an ATM, a training room, multiple conference rooms and an on-site daycare.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell a 49.5 percent interest in New York City’s 485 Lexington Avenue for approximately $504.2 million. The buyer is Green 485 JV LLC, a joint venture partnership between Optibase Ltd. and Gilmor USA LLC. The sale includes the assumption of $450 million of existing debt, which will remain outstanding. The transaction is valued at $547 per square feet with an implied cap rate of 6.25 percent. The deal can only be consummated under certain conditions, including approval by the lender. SL Green purchased 485 Lexington in 2004 and immediately completed a $90 million capital repositioning program. The property is currently at 98.6 percent occupancy with a tenant roster that includes Citigroup, N.A. and The Traveler’s Indemnity Corp. Cushman & Wakefield represented SL Green in the transaction.
NEW YORK CITY — The Kaufman Organization has brokered a lease for 13,805 square feet at 1407 Broadway, a 42-story, 1.1 million-square-foot office building located in the Fashion District of Manhattan, New York City. Fashion company Franco Apparel will occupy the space, which consists of an entire tower floor. It will contain office and showroom space. Grant Greenspan of Kaufman represented the undisclosed landlord in lease negotiations. David Menaged of Intrepid Real Estate represented Franco Apparel. Lease terms were not disclosed but the asking price for the property was $42 per square foot.
HOUSTON — Cadence McShane Construction Co. has completed West Pointe Center, a 170,823-square-foot office building located in Houston’s Northwest corridor. Situated on 24.8 acres at the intersection of Beltway 8 and West Road, the building contains three stories of Class A office space. It features floor plates totaling 55,455 square feet as well as a lobby with high-quality stone, wood and glass finishes. Sustainable features of the project include a construction waste recycling program, the use of regional construction materials and a water-efficient plumbing system. The project architect for West Pointe Center was Gromatzky Dupree & Associates.
SAN FRANCISCO — Argonaut Private Equity Group has acquired a $40.8 million note on 250 Montgomery Street in San Francisco. The seller was Hartford, Conn.-based Realty Finance Corp. 250 Montgomery is a 16-story, 116,000-square-foot office property currently occupied by California Pacific Bank, the American Land Conservancy and Bay Street Research. Daniel Cressman of Grubb & Ellis’ San Francisco office represented the Argonaut in the transaction.
MISSION VALLEY, CALIF. — Voit Real Estate Services has brokered the sale of eight units at Hillside Professional Center, which is located at 2221 Camino del Rio South in Mission Valley, for a total consideration of $2.3 million. The 41,500-square-foot Hillside Professional Center offers 30 units of medical and office space. San Diego-based Language World has acquired five contiguous units totaling 7,762 square feet at the center for $1.6 million. Scott Danshaw and Justin Harvey of Coldwell Banker represented the buyer. Additionally, Jones, Roach & Caringella has acquired three contiguous shell units totaling 4,070 square feet at the property. Jon Boland and Ryan Bracker of Voit represented the seller, Camino Del Rio Partners, in both transactions. Boland and Bracker also represented Jones, Roach & Caringella.
MILWAUKEE — The Planning Council for Health & Human Services has announced plans to relocate to the historic Boiler Building, located at 1243 N. 10th St. within Milwaukee’s The Brewery Project master-planned development. The Planning Council will occupy 4,100 square feet on the second floor of the recently renovated building. The transaction was negotiated by Jennifer Green of CB Richard Ellis and Lyle Landowski of Inland Cos.
NEW YORK CITY — New York-based Aragon Construction has completed a 13,000-square-foot office build-out for the non-profit Forward Association. The office encompasses much of the eighth floor of 125 Maiden Lane, a 17-story, 342,371-square-foot tower located in Manhattan, New York City. Construction included a new executive office wing with private offices, open department areas, conference rooms, informal meeting areas, a reception area, a broadcast space and a gallery/performance space. The project architect was Amie Gross Architects. The project also included the renovation of 5,000 square feet of office space for a sublease tenant or for the Forward Association’s future expansion.
ENFIELD, CONN. — Two Colliers affiliates have completed the leasing of 9,500 square feet of office space at LAN Executive Center, located in Enfield. The Boston office of Colliers Meredith & Grew represented the tenant, Unum. Phil Gagnon of the Hartford, Conn., office of Colliers Dow & Condon represented the undisclosed landlord. Terms of the loan were undisclosed.
CARLSBAD, CALIF. — Providence Capital Speed Fund, on behalf of a wholly owned subsidiary, has acquired Carlsbad Pacific for an undisclosed price. Located at 5050 Avenida Encinas in Carlsbad, the property offers 49,031 square feet of office space. The building is currently 81 percent leased to tenants, including RBF Consulting, UBS Financial and Next Proteins. Rick Reeder, Brian Driscoll and Jay Boyle of Grubb & Ellis|BRE Commercial, along with Robert Griffith of Grubb & Ellis, represented the seller, Prudential Real Estate Investors, and the buyer.