WASHINGTON AND OREGON — GVA Kidder Mathews (GVAKM) has completed two transactions totaling $13.35 million in Oregon and Washington. In the first transaction, Northwest Professional Center LLC acquired a 31,569-square-foot office building, which is located at 15211 NE 20th St. in Bellevue, Wash., for $9.75 million. Gary Guenther and Lauren Powell of GVAKM represented the buyer; John Black and Jason Furr of Broderick Group represented the seller, Michael R. Mastro, in the transaction. In the second transaction, Charles Brazer and Jordan Carter of GVAKM represented King’s Landing LLC and Kasch, Floyd & Georgia in the purchase of a 54,700-square-foot multifamily property. Located at 1420 NW 20th St. in Corvallis, Ore., the property sold for $3.6 million. Ira Virden of Marcus & Millichap represented the seller, Charles Stevens, in the transaction.
CONCORD, CALIF. — The city of Concord has purchased an approximately 10,600-square-foot office building for $2 million. The property is located at 1899 Clayton Rd. in the city’s Redevelopment District. Eric Erickson, Trigger Reital and Edward Del Beccaro of Colliers International represented the undisclosed seller in the transaction.
NEW HAVEN, CONN. — A joint venture between an investment fund controlled by Jonathan Rose Cos. and an affiliate of The Hurley Group has acquired an approximately 130,000-square-foot office complex, located at 45-55 Church St. in New Haven, for $8 million. Situated on 1.29 acres, the complex comprises an eight-story, 105,522-square-foot office building located at 55 Church St.; a three-story, 24,126-square-foot, Greek revival-style bank building located at 45 Church St.; and an adjacent 76-space parking garage. The office tower, which was built in 1972 and renovated in 1999, is currently 71 percent occupied by 13 tenants; the vacant bank building, which was built in 1907, was most recently occupied by Wachovia Bank. Steven Inglese and Rob Montesi of The New Haven Group represented both parties in the transaction. The seller was ECP Church LLC. The buying entities were Rose Smart Growth Investment Fund I LP, Jonathan Rose’s fund, and 45-55 Church Street LLC, Hurley’s affiliate. The joint venture plans to undertake a $3 million capital improvements and leasing program; the partnership will seek LEED – Existing Buildings and Energy Star certifications for the project.
RAHWAY, N.J. — Weichert Commercial Brokerage has brokered the sale for approximately 41,000 square feet of office space at 2 City Hall Plaza, located in Rahway. The property rises three stories and contains 65,000 square feet of Class A office space. The first floor is currently occupied by The Rahway Public Library; the vacant second and third floors of the building, which contain 20,499 square feet of space each, were included in the sale. Weichert’s Beth Krinsky and Terry Kenny represented the seller, SD LLC, and the undisclosed buyer in the transaction. In addition, Weichert was retained by the buyer to market the 41,000 square feet of space for lease.
ALLENTOWN, PA. — Allentown-based Summit Management & Realty Co. has negotiated the purchase of a 7,100-square-foot office building located in Allentown. Situated at 1176 N. Irving St., the property traded for approximately $670,000. Summit’s Jennifer Gold represented the buyer, Cornerstone Consulting Engineer & Architectural, which will use the facility as its new corporate headquarters. The seller was not disclosed.
HOUSTON — Hess Corp. has signed a long-term lease to occupy all of Discovery Tower, a high-rise office tower under construction at 1501 McKinney St. in downtown Houston. The project, which is being developed by a joint venture between Dallas-based Trammell Crow Co. and Principal Real Estate, has been under construction since March 2008. Given the early stage of construction, the tower is being customized to accommodate Hess Corp. It will rise 29 stories and total 844,763 square feet. Other features, such as floor plate sizes and ceiling heights, are also being customized. The project, which has been renamed Hess Tower, is applying for LEED-Gold certification and, upon receiving the designation, will be the first LEED-Gold office building in Houston’s central business district. Completion is scheduled for summer 2010. Hess Corp. will relocate from its current offices in Houston’s Allen Center to Hess Tower in 2011. Hess Corp. was represented in lease negotiations by Tim Relyea of Cushman & Wakefield. Trammell Crow and Principal were represented by John Pruitt and Cody Armbrister of CB Richard Ellis.
LA JOLLA, CALIF. — Touchstone Investments and Angelo Gordon & Company have completed the renovation of a 93,000-square-foot lab/office building, which is located at 11099 N. Torrey Pines Rd. in La Jolla. The renovations to the common area include new seating and collaboration spaces in the main commons area, and upgrades to the main lobby entry, restrooms and elevators. Additionally, the renovations include two high-profile tenant identification monuments located on North Torrey Pines Road and in front of the main lobby entrance of the building.
MOORESTOWN, N.J. — Roseland, N.J.-based The Gale Construction Company has commenced a 100,000-square-foot interior office renovation and build-out for the Shaw Group at 224 and 228 Strawbridge Rd. in Moorestown. Construction will comprise 75,000 square feet of 228 Strawbridge Rd. and 25,000 square feet of 224 Strawbridge Rd. Improvements will include a system network room, modular partitions and workstations, upgraded HVAC and energy management systems, a reproduction room and conference rooms. The two office buildings are owned by Mack-Cali Realty Corp., of which Gale Construction is a subsidiary. The construction timetable was not released.
IRVING, TEXAS — An affiliate of Research in Motion has acquired Riverside Commons, a six-building, 460,297-square-foot office campus located in the Las Colinas submarket of Irving. Constructed in 1986, the campus comprises 13 acres in a park-like setting. It recently underwent a $5.7 million renovation and repositioning campaign. Occupancy was 86 percent at the time of closing. The largest tenant presently at Riverside Commons is Sprint Nextel Corp., which occupies 211,315 square feet. Research in Motion had previously occupied 134,177 square feet at the property, which it was using as its company headquarters. Research in Motion was represented by Pat O’Keefe of CB Richard Ellis’ Dallas office; Gary Carr and Eric Mackey, also of the firm’s Dallas office, represented the seller, Dallas-based Westmount Realty Capital. The acquisition price was not disclosed. Research in Motion is most known as the maker of the Blackberry mobile device.
COPPELL, TEXAS — Duke Realty Corp. has leased all of Point West I, a 182,700-square-foot office building located at 1525 South Beltline in Coppell, to American Home Mortgage Servicing, Inc. (AHMSI). Point West I is a three-story structure that was developed on spec by Duke in 2008. AHMSI will be relocating its headquarters to the building from its previous location in Irving, Texas. AHMSI was represented in lease negotiations by Bo Bond and Forshey Hoobler of the Dallas office of Jones Lang LaSalle. Duke was represented in-house by Ben Appleby of the company’s Dallas office, along with Dale Ray and Joel Pustmueller of Peloton Realty Advisors. Terms of the lease were not disclosed.