NEW YORK CITY — L&L Acquisitions has negotiated a lease renewal and expansion for office space located in Midtown Manhattan, New York City. Cornerstone Research, a national strategic and economic consulting firm, has renewed and expanded its tenancy to 34,891 square feet at 599 Lexington Avenue. Cornerstone will continue to occupy floors 42 to 44 while adding expansion space on 41. The long-term lease renewal also includes options for future growth. The 47-story office building is owned by Boston Properties. The deal was brokered by David C. Berkey of L&L Acquisitions, the brokerage arm of Manhattan-based L&L Holding Company, a privately owned real estate investment company.
COLLEYVILLE, TEXAS — Colleyville-based Realty Capital Corp. (RCC) disposed of 261 East Southlake Boulevard, a 7,056-square-foot office building located within Colleyville’s Chapel Hill Office Park. The building is fully occupied by Ravi Doctor DDS and Kumon Learning Center. The building was purchased by Southlake Chapel Hill 34 LLC, a partnership of Dallas-based real estate investors managed by Stephen Swann of Expedition Capital Partners. This most recent sale is the fifth office building to be sold at Chapel Hill. RCC currently owns two remaining development sites at the park.
WINTER GARDEN, FLA. — Doug Rozzell and Jeff Schnupp of Thomas D. Wood & Co. have secured $2.8 million in financing for the 31,857-square-foot Mercantile Office Building. The property, located at 12200 W. Colonial Dr. in Winter Garden, houses the Mercantile Bank. Financing for the 5-year loan was provided by The Standard Life Insurance Co. The loan carries a 6.75 percent interest rate and a 25-year amortization.
WINNETKA, ILL. — New Trier Partners has acquired an office building located at 714-716 Elm St. in Winnetka for an undisclosed amount. The building, which was purchased out of foreclosure, is situated adjacent to the Winnetka Metra train station. It was almost fully occupied at the time of closing. New Trier purchased the property on behalf of New Trier Real Estate Partners II LP, a value-added fund launched by the company more than a year ago. Terms of the transaction were not released.
WAYNE, PA. — Construction is complete for a $10 million renovation to Wayne Woods Office Center, a 12-building, 370,000-square-foot office park located at 983-999 Old Eagle School Rd. in Wayne. Construction primarily consisted of upgrades to the property to accommodate the center’s new anchor tenant, technology service provider Evolve IP. The company invested more than $10 million for a new data center and a Network Operations & Security Center that provides services to tenants of the office park. In addition, new landscaping was installed, new common area finishes were added, the parking lot was upgraded, sidewalk and curbing enhancements were added and exterior lighting was upgraded. To correspond with Evolve IP’s occupancy, the center has been renamed Evolve IP Corporate Center and the identification signage has been updated. The property is owned by GPX Realty Partners.
HOUSTON — Construction is complete for Beltway II, a Class A office building located in Houston. The building is part of Beltway Lakes, a 46-acre, master-planned project situated at the intersection of Beltway 8 and Highway 249 in northwest Houston. The initial phase of development for the park comprises Beltway I and II, two six-story office buildings that total 323,000 square feet. Both have been pre-certified for the Gold level of LEED-Core & Shell and both are ready for immediate occupancy. Beltway Lakes is owned, developed and managed by locally based Radler Enterprises.
PHOENIX — Phoenix-based Medical Monitoring Services has purchased a 23,455-square-foot Class A office building, which is located at 1606 W. Whispering Wind Dr. in Phoenix, for $3.3 million. The two-story office building is situated on approximately 1.15 acres in the Deer Valley submarket. The property features 19,455 square feet of Class A office space and a 4,000-square-foot, fully furnished warehouse with three roll-up doors, seated flooring and full air conditioning. The buyer plans to occupy a portion of the building. Todd Noel, Keith Lambeth, Charles Miscio and Michael Crystal of Colliers’ Phoenix office represented the buyer; Mike Ciosek, Eric Bell and Bob Lundstedt of Colliers International’s Scottsdale, Ariz., office represented the seller, Phoenix-based Happy Valley Office LLC, in the transaction.
JUPITER, FLA. — Patrick Madore of Thomas D. Wood & Co. has secured a $5.03 million loan for the Commons at Abacoa II office building. Located at 661 University Dr. in Jupiter, the property encompasses 29,461 square feet. The 10-year loan, which was financed through a regional bank, carries a 6.5 percent interest rate and a 65 percent loan-to-value ratio. The loan also includes a 25-year amortization schedule.
SANDY SPRINGS, GA. — Securus Properties has purchased a 15,000-square-foot REMAX real estate office from MAF 1878 LLC for $3.32 million. The property sits on 2.2 acres at 5163 Roswell Rd. in Sandy Springs. Bruce Propst of Atlanta-based Carter Real Estate represented the buyer, and John DeYonker of Atlanta-based Bull Realty represented the seller.
NEW YORK CITY — Bonnier Corporation has signed a 10-year direct lease for 100,750 square feet of space comprising the entire 9th and 10th floors at Two Park Avenue in Manhattan, New York City. The 1 million-square-foot, 29-story tower occupies the entire easterly blockfront between 32nd and 33rd streets. Bonnier had been a subtenant for several years in the building, which is managed by L&L Holding Company. Jason Gorman and Paul Walker of CB Richard Ellis represented the tenant and L&L was represented in-house by David Berkey.