ALLENTOWN, PA. — A joint venture between Franklin Realty Development Corp. and Arcadia Properties has completed construction of Saucon Valley Plaza in Allentown. The Class A office building totals three stories and 87,000 square feet, and it is located at 3477 Corporate Pkwy. within Stabler Corporate Center. CB Richard Ellis is handling leasing for the project.
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PARSIPPANY, N.J. — Law firm Day Pitney has signed a long-term lease for a 100,000-square-foot, Class A office building located in Parsippany. The firm is relocating to the building, which is located at 1 Jefferson Rd. within The Center of Morris County business park, from its previous offices at 200 Campus Dr. in Floram Park, N.J. The landlord, a joint venture between J.P. Morgan Asset Management, The Hampshire Generation Fund and Mack-Cali Realty Corp., was represented by James Nugent of Mack-Cali in lease negotiations. Mack-Cali also handles leasing and management of the building. Thomas Welsh of Welsh Chester Galiney Matone Inc. represented the tenant.
DENVER — Opus Northwest has completed the new three-story, 95,000-square-foot Pulte Mortgage national headquarters in Inverness Business Park in Denver. Situated on 6.8 acres, the headquarters is 100 percent leased and accommodates 650 employees. Opus served as the developer and design-builder of the new facility, OZ Architecture provided tenant finish services and Inverness Properties is the property manager.
GRAND BLANC, MICH. — Friedman Real Estate Group recently brokered the lease of 3,168 square feet of office space, located at 8275 Holly Rd. in Grand Blanc. Glenn DesRosiers represented the tenant, Securitas Security Services USA, in the transaction. The property owner is Sabo Real Estate Investments. The value of the lease was not disclosed.
TRENTON, N.J. — Brandywine Realty Trust has disposed of two office buildings in Trenton for $85 million. The buildings, which are located at 33 W. State St. and 50 E. State St., total approximately 474,000 square feet and were 96.5 percent occupied at the time of closing. The buyer is a private investment group. Of the sale price, $22.5 million has been deferred by Brandywine as a 7-year, 6 percent cash pay/7.64 percent accrual second mortgage provided to the buyer. The loan is subordinate to the $45.5 million first mortgage the buyer arranged for the purchase. Brandywine will realize an approximately $27.8 million gain upon repayment of the second mortgage.
RADNOR, PA. — Keystone Property Group has leased Keystone Executive Center in Radnor to Main Line Health. The tenant plans to consolidate most of its corporate offices and its Home Care Network into the two-story, 100,462-square-foot office building, which is located at the intersection of Route 30 and Interstate 476. The new lease is valued at $22.8 million. Mark Gola of Gola Corporate Real Estate represented Main Line Health. Keystone was represented by Jeff Mack of GVA Smith Mack. Financing was provided by Sovereign Bank.
PLAINSBORO, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed an approximately 77,000-square-foot renovation of Siemens' Plainsboro office and research building, which is located at 755 College Rd. Improvements included the addition of two conference rooms, two multi-purpose rooms, two glass-enclosed “huddle rooms” and new finishes throughout the building. Approximately 350 Siemens employees work at the office, which is one of two the company occupies in Plainsboro.
CHANDLER, ARIZ. — Gilbane Development has delivered a new 83,000-square-foot build-to-suit office property for Dulles, Va.-based Orbital Sciences Corp.’s Arizona Program Management Center. McShane Construction completed the three-story, state-of-the-art office building and an adjacent two-story parking structure, which are located at the northwest corner of Price and Dobson roads within 4 miles of Interstate 10 in Chandler. Dallas-based Gromatzky Dupree & Associates provided the architectural services for the development, which is applying for LEED Silver certification.
LAS VEGAS — Crisci Builders has completed construction on its new two-story, 15,256-square-foot commercial office building, Crisci Professional Plaza, located at 8845 W. Flamingo Rd. in Las Vegas. Crisci Builders will occupy 9,450 square feet of the development, which includes a 48-foot-tall rotunda with a dual-spiral staircase. Construction on the facility began in January 2009.
DALLAS — Dallas-based oil and natural gas company EXCO Resources has leased an additional 30,450 square feet at Lakeside Square in Dallas. The company now occupies more than 152,600 square feet at the Class A building, which is located at 12377 Merit Dr. Celeste Fowden and Burson Holman of CB Richard Ellis negotiated the transaction between EXCO and the landlord, Younan Properties.