VIRGINIA BEACH, VA. — The local defense contractor Atlantic Diving Supply has acquired the 82,000-square-foot Lynnwood Plaza office building from an undisclosed seller for an undisclosed price. The 23-year-old property spans 4 acres of land at 621 Lynnhaven Parkway in Virginia Beach’s Oceana West Corporate Park and will serve as the company’s new corporate headquarters. ADS will initially utilize 40,000 square feet of the Class A space, leasing the rest. When the company expands, it will start to occupy more of the building. CB Richard Ellis brokered the transaction.
BLOOMINGDALE, ILL. — IHC Construction has been selected as construction manager for the development of new headquarters space for Scottish Rite Cathedral Association – Valley of Chicago. The 62,000-square-foot facility will replace the organization’s existing headquarters when it is complete fall 2010. Crystal Lake, Ill.-based Legat Architects is providing architectural design services.
NEW YORK CITY — L&L Holding Co. has completed the interior build-out for Grey Group’s new 370,000-square-foot world headquarters, located at 200 Fifth Ave. in Manhattan, New York City. The new office encompasses six floors of the 800,000-square-foot office building. Construction included new elevators, bathrooms and windows, as well as a modernization of the electrical systems and other infrastructure. Grey Group will be relocating in the fall from its current Midtown offices at 777 Third Ave. L&L is currently undertaking a $120 million redevelopment of 200 Fifth Avenue. The project is being designed by Studios Architecture, with assistance from Landscape Designs. Upon completion, it is expected to achieve LEED-Gold certification.
WOBURN, MASS. — Woburn-based Cummings Properties has leased 7,000 square feet of office space at TradeCenter 128, a 400,000-square-foot office complex located in Woburn. Newly formed insurance brokerage firm Tudor Risk Services will occupy 7,000 square feet of office space within the complex. The company was founded earlier this year and is operating dual headquarters in Boston and Albany, N.Y. Derek Cook of Cummings Properties provided in-house representation in lease negotiations. Terms of the transaction were not disclosed.
FLOWER MOUND, TEXAS — Naterra International, a beauty care product manufacturer, has leased 63,260 square feet within the Corporate Ridge business center in Flower Mound for its corporate headquarters and distribution center. Naterra produces four product lines sold at retailers, including Tree Hut, All That Glitters, Colorgen and Baby Magic. The new lease will bring 28 jobs to Flower Mound; the company will continue to operate its Dallas manufacturing facility. Corporate Ridge is a 477,000-square-foot development; it currently has 41,000 square feet remaining for lease.
KING OF PRUSSIA, PA. — BPG Properties has leased a total of 37,390 square feet of Class A office space at 1000 Continental Drive, a 200,000-square-foot office building located in King of Prussia. Nationwide Funds Group will occupy 29,615 square feet of the building and Grubb & Ellis will lease 7,775 square feet. They will join a tenant roster that currently includes The Hartford Financial Services Group, a subsidiary of Specialty Risk Services, Capital One and Worldwide Clinical Trials. BPG, the owner of the property, was represented in-house by Stephen Spaeder and Neil Gallagher. Additional landlord representation was provided by Jeffrey Mack, Douglas Newbert and John Susanin of GVA Smith Mack. Nationwide was represented by Michael Bronstein and Kari Fryman of CB Richard Ellis in its lease transaction; Grubb & Ellis was represented in-house by J. Robert Clements in its lease transaction.
SAN ANTONIO — Trane, an air conditioning systems, services and solutions company, has just received LEED – Commercial Interiors, Silver-level certification for its 32,000-square-foot office building located at 9535 Ball St. in San Antonio. The building, which was constructed by Metropolitan Contracting Co., includes high-efficiency HVAC systems, as well as water and light conservation techniques. Approximately one-third if the building materials used in construction were recycled, and 7 percent were derived from rapidly renewable sources. The building uses 32 percent less water than a comparable, non LEED-certified building and 50 percent less energy. The lighting systems also contain 15 percent less power density. The building is only the fourth LEED-certified building in San Antonio.
NEW BEDFORD, MASS. — Boston-based Fantini & Gorga has arranged a $4.9 million loan for a 71,000-square-foot, Class A office building located at 700 Pleasant St. in downtown New Bedford. The property is owned, leased and managed by Whelan Associates, which first acquired the property in 2005. It was originally built by a financial institution. George Fantini and Mark Whelan of Fantini & Gorga originated the financing through a local bank. Terms of the financing were not disclosed.
CARLSBAD, CALIF. — Newport National Corp. is developing the third and final building at its Ventana Real Office Park in Carlsbad. The last building, located at 2175 Salk Ave., is slated for completion in October. The Class A office park will feature three buildings totaling 218,530 square feet. Currently signed tenants include Euro RSCG Direct Response, BBQ’s Galore, EISI and Brightstar. McArdle Associates Architecture is providing architectural services for the project. TSA Contracting Inc. is serving as general contractor. The property is being marketed by Mark Avilla, Justin Halenza and Matty Sundberg of Grubb & Ellis|BRE Commercial.
LAS VEGAS — Colliers International — Las Vegas has brokered two office transactions totaling approximately $1.58 million in Las Vegas. In the first transaction, Keith Cubba and Grant Traub of Colliers International — Las Vegas represented David Tottori and Steven Mack Rhodes in the $1.1 million disposition of a 5,184-square-foot office property, which is located at 4441 S. Eastern Ave. in Las Vegas. Barton Hyde of Grubb & Ellis represented the buyer, Neri Blanco M.D., in the transaction. Additionally, Palm Court LLC has purchased a 2,775-square-foot office property, which is located at 6859 S. Eastern Ave. within the Palm Court Business Park in Las Vegas. Parkview Business Center LLC sold the property for $487,500. Cubba and Traub represented the buyer; Garrett Toft of Voit Commercial Brokerage represented the seller in the transaction.