Office

HE CAPITAL LAUNCHES $4 MILLION OFFICE RENOVATION

by admin February 10, 2009

SUGAR LAND, TEXAS — HE Capital will complete a $4 million renovation plan at 14141 Southwest Freeway, a 515,000-square-foot, Class A office building located in Sugar Land. Improvements will be made to the building’s front entrance, lobby and elevators. HE is also renaming the property The Lake Corporate Center to reflect the 6-acre Sugarcreek Lake that is located adjacent to the campus. Construction is expected to commence in spring. Goulas & Associates will be serving as project architect, with Smith Commercial providing general contracting services. The Lake Corporate Center is currently 100 percent occupied by Unocal/Chevron but will be vacant in April 2010 when the tenant relocates to the Houston central business district upon the expiration of its lease. Chip Colvill and Michael Anderson of Colvill Office Properties have been retained by HE Capital to market the property. The Lake Corporate Center is situated on an 8.9-acre, landscaped campus. It features a teleconference facility with hi-definition audio-visual equipment, a recreation room, fitness facilities, a 216-seat auditorium and a 50-seat cafeteria.

February 10, 2009

PRUDENTIAL DISPOSES OF TWO OFFICE BUILDINGS

by admin February 9, 2009

AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the sale of Barton Oaks II and III in Austin. The properties comprise two five-story, Class A office buildings located at 901 S. MoPac Expressway. Barton Oaks II totals 117,127 square feet and was 90 percent occupied at the time of closing. Barton Oaks III totals 121,467 square feet and is fully leased. Notable tenants at the buildings include The Broussard Group, Arbor E&T, Parsons Brinckerhoff, LifeSize Communications, Fiserv and IKON Office Solutions. HFF represented the seller, Parsippany, N.J.-based Prudential Real Estate Investors, and assisted the buyer, HPI Real Estate Services & Investments, in securing debt and equity financing for the purchase. A fixed-rate loan was secured through ViewPoint Bank, and joint venture equity was secured through Sarofim Realty Advisors. The acquisition price was not disclosed.

February 9, 2009

Office Western

TANTAU INVESTMENTS DEVELOPS 102,360-SQUARE-FOOT OFFICE BUILDING

by admin February 9, 2009

CUPERTINO, CALIF. — Tantau Investments LLC, a joint venture between Ralph Borelli, John Salera, Ron Tate and Larry Wallerstein, has completed the development of Cupertino Crossing, a 102,360-square-foot office building located within the Vallco Industrial Park in Cupertino. Built to LEED-Silver specifications, the building features a solar photovoltaic energy system, a cool roof, cool walls and the highest quality expansive glass frontage available. The property can accommodate multiple tenants divisible to 25,000 square feet or a single tenant. Sylvester R. Ramirez Associates provided architectural services for the project; Devcon Construction Inc. served as general contractor. Todd Shaffer, Mary Blaser and Patty McGuigan of Cornish & Carey Commercial have been retained to market the property.

February 9, 2009

Office Western

FIRST AMERICAN TITLE INSURANCE LEASES 93,753-SQUARE-FOOT OFFICE SPACE

by admin February 9, 2009

SCOTTSDALE, ARIZ. — First American Title Insurance has signed a 7-year lease for 93,753 square feet of office space at Pima Center, which is located at 9000 E. Pima Center Parkway in Scottsdale. The lease was valued at $14.63 million. Bill Blake, Colton Trauter, Craig Coppola and Andrew Cheney of Lee & Associates represented the landlord, Opus West, in the transaction.

February 9, 2009

Office Southeast

OFFICE BUILDING PURCHASED FOR $5.5 MILLION

by admin February 6, 2009

ORLANDO, FLA. — 2580 Technology Drive LLC has sold a 24,700-square-foot office building to The United Mexican States for $5.55 million. The two-story, Class A property is located at 2550 Technology Dr. in Orlando and will be used as a consulate office. Sale of the building included 4.5 acres of land. Nan McCormick of CB Richard Ellis’ Orlando office represented the seller, and Orlando-based RealTrend’s John Hussey represented the buyer.

February 6, 2009

Midwest Office

NYHART LEASES OFFICE SPACE WITHIN 150,000-SQUARE-FOOT BUILDING

by admin February 6, 2009

INDIANPOLIS — Nyhart Inc., the state’s largest pension actuarial firm, has signed a lease for approximately 20,000 square feet within Lake Pointe Center 5 on the northeast side of Indianapolis. Lake Pointe Center 5 is a newly completed six-story, 150,000-square-foot Class A office building located within the Allison Pointe office park. The building owner, Edgeworth Laskey Properties, was represented in-house in the transaction by John Edgeworth and Tom Laskey. Nyhart, which will move into the space in May, was represented by Drew Augustin and Bryan Augustin of NAI Olympia Partners. Additional terms of the lease were not disclosed.

February 6, 2009

Northeast Office

TISHMAN COMPLETED LAB/OFFICE REDEVELOPMENT

by admin February 6, 2009

NEW YORK CITY — Tishman Construction Corp. has completed the redevelopment of 407 E. 61st St. in Manhattan, New York City. The seven-story, 70,000-square-foot building will now house laboratory and office space for Weill Cornell Medical College. It had previously served as a city parking garage in the mid-1990s and a showroom for Rolls Royce when it was originally built in the early 1900s. The basement, which was enlarged from 500 square feet to 7,500 square feet, will house mechanical support space for the labs, a staff lounge and a locker area. The rest of the building will contain three research labs with cold rooms, fume hoods and support spaces, as well as two floors of administration offices. Stonehill & Taylor Architects served as project architect.

February 6, 2009

Northeast Office

ARAGON TAPPED TO BUILD OUT 55,000-SQUARE-FOOT OFFICE

by admin February 6, 2009

NEW YORK CITY — New York City-based Aragon Construction had been selected to build out a four-floor, 55,000-square-foot office suite for Royce Funds. The office will be located on floors 21 through 24 at 745 Fifth Ave. in Manhattan, New York City. Construction will include conference rooms, private offices, open work areas, a large trading desk, a main reception area on the 23rd floor, lobbies on the other floors, a gym on the 21st floor and a wood-clad internal staircase that will join the floors together, as well as lead to two terraces. Additional features include a bicycle storage facility, LAN room and pantries on each floor. Ted Moudis Associates is serving as project architect. Royce Funds previously occupied 30,000 square feet at 1414 Avenue of the Americas, also in New York City. It will sublet the old space when it expands into its new office. Completion is scheduled for March.

February 6, 2009

Northeast Office

CAPSTONE ADVANCING $7 MILLION OFFICE BUILDING REHAB

by admin February 6, 2009

NEW YORK CITY — Capstone Equities is advancing a $7 million capital improvements program at 156 William Street, a Class A office building located in the Financial District of Manhattan, New York City. Construction will include lobby renovations, new windows, HVAC upgrades, new lighting, upgraded finishes and mechanical systems, and the installation of a modern security system. The office tower offers 3,000 square feet of pre-built space, 25,000-square-foot floor plates, 10,000 square feet of ground-floor retail space and 100,000 square feet of renovated space that will be available by February 2010. Gensler is providing construction services for the project. In addition, three new tenants have recently signed at the property, including Earthjustice, Judlau Contracting and Chrysler Borg. CB Richard Ellis is serving as leasing agent.

February 6, 2009

Office Western

SORRENTO HEIGHTS CENTERS REACHES 100-PERCENT OCCUPANCY

by admin February 6, 2009

SAN DIEGO — CB Richard Ellis has closed several leases that brings Harsch Investment Properties’ Sorrento Heights Corporate Center, a 78,047-square-foot office building, to full occupancy. The property is located at 10509 Vista Sorrento Parkway in San Diego’s Sorrento Mesa area. The recent leases include a 60-month, 4,052-square-foot lease inked by Lee & Associates; a 65-month, 4,051-square-foot lease signed by Carl Warren & Company; Del Mar Datatrac’s 39-month, 10,365-square-foot lease; Debra Chew’s 12-month, 1,344-square-foot lease; and a 40-month, 2,919-square-foot lease inked by The Retirement Group. The five leases total 22,731 square feet with a combined consideration of approximately $2 million. Mike Hoeck and Ryan Egli of Grubb & Ellis brokered the transactions on behalf of the landlord.

February 6, 2009

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