WASHINGTON, D.C. — Woodmark Commercial Services has represented 2021 L Street Investors in its sale of a 75,457-square-foot office building to The American Society of Hematology for an undisclosed amount. The seller acquired the 10-story, Class A building last year and completely renovated the property, adding two additional floors and new electrical and plumbing systems. Paul Ehrenreich of CresaPartners represented the buyer, who will move into the building’s top five floors in the latter half of 2009.
LA HABRA, CALIF. — Voit Commercial Brokerage has completed the disposition of a 31,102-square-foot multi-tenant office complex, which is located at 1901 Lambert Rd. in La Habra. The property, which offers access to Imperial Highway, sold for $4.8 million. Mike Hefner of Voit Commercial Brokerage represented the seller, Albany Synergistics, in the transaction. Jason Jamison of GM Properties represented the undisclosed buyer.
ALPHARETTA, GA. — Korea-based Hanjin Shipping Co. has purchased a 60,000-square-foot Class A office building and 10 acres of land, located at 4300 North Point Pkwy. in Alpharetta, from Image Properties for an undisclosed amount. The company plans to move into 40,000 square feet of the building in first quarter 2009. The remaining space is being leased as part of the sale. Paul Zeman of Bull Realty represented the seller, and Bob Misdom and Kathy Burke of CresaPartners represented the buyer.
SUGAR LAND, TEXAS — Sugar Land-based Planned Community Developers (PCD) has announced plans for its third office building at the Sugar Land Town mixed-use development in Sugar Land. The new building will be located at 2245 Texas Dr., and it will consist of a six-story structure with 166,561 square feet of Class A office space and 13,176 square feet of ground-floor retail space. The building will feature a sky bridge connecting its second floor to the second floor of an existing parking garage located directly across the street. Completion is scheduled for the first quarter of 2010. At Sugar Land Town Square PCD is also developing the Minute Maid office tower, an eight-story, 200,000-square-foot, Class A office tower that will be home to the corporate headquarters of Minute Maid upon completion in January 2009. PCD also has plans to build a two-story office building at 2185 Texas Dr. that will contain 9,000 square feet of office space over 9,000 square feet of ground-floor retail space. Upon full-build out in 2010, Sugar Land Town Square will contain 566,004 square feet of Class A office space and 238,779 square feet of retail space.
WALNUT CREEK, CALIF. — Cohen Financial has secured $19 million for the refinancing of a 105,000-square-foot office building in Walnut Creek. The loan includes $17 million at close and $2 million earn-out upon stabilization of the property, which is located at 500 Ygnacio Valley Rd. Paul Schroeder of Cohen Financial’s San Francisco office arranged the 5-year, 70 percent loan-to-value floating-rate loan for the undisclosed borrower. The lender is Lansing, Mich.-based Jackson National Life, PPM Finance’s U.S. subsidiary.
ORLANDO, FLA. — Shelton Granade and Luke Wickham of CB Richard Ellis’ Orlando office represented Colonial Properties Trust in its sale of the 496-unit Colonial Grand at Hunter’s Creek to an undisclosed buyer for $57.7 million. The apartment complex is located across from the Hunter’s Creek Golf Course on John Young Parkway in Orlando.
NEW YORK CITY — Cushman & Wakefield (C&W) has negotiated a 260,000-square-foot lease renewal and expansion at 125 West 55th Street, a 23-story office tower located in New York City. Sydney, Australia-based Macquarie Group will renew its lease for 100,000 square feet within the building, and is expanding by 160,000 square feet by leasing an additional six floors, plus portions of the ground and eighth floors. Josh Kuriloff and Robert Tanzmann of C&W represented Macquarie Group in the lease transaction; Andrew Levin provided in-house representation to the building’s owner, Boston Properties. 125 West 55th Street contains approximately 590,000 square feet of office space; major tenants at the building include Katz Media Group and Air France. A joint venture in which Boston Properties is a majority partner acquired the building in August of this year.
BOSTON — Newton, Mass.-based Diversified Project Management (DPM) has completed the renovation of Safety Insurance’s 104,000-square-foot office located at 20 Custom House St. in Boston. Renovations were made to all nine floors, the lobbies, the cafeteria and the main reception area. The space remained occupied during construction, with multiple staff relocations occurring during different stages of construction. DPM served as construction manager during the project, with Maugel Architects and Elaine Construction providing design and construction services, respectively.
GARDEN CITY, N.Y. — New York City-based Meridian Capital Group has arranged $32.35 million in acquisition financing for 501 Franklin Avenue, a three-story office building located in Garden City. Situated on 8 acres, the building comprises 134,992 square feet, and also includes 550 parking spaces and its own Long Island Railroad station. The property is fully occupied by Doubleday Publishing Co. and Jet Blue Airways Corp. Abe Hirsch and Howard Abrams of Meridian arranged the financing on behalf of the borrower, Great Neck, N.Y.-based Jonis Realty. Terms of the financing include a fixed interest rate and a 5-year term.
ORANGE, CALIF. — An entity in a 1031 exchange controlled by Anaheim, Calif.-based Milan Capital Management Inc. has acquired Orange Financial Center, a three-tower office complex located at the intersection of Town & Country Road and Parker Street in Orange. The 312,000-square-foot property consists of an eight-story main tower and two adjacent three-story buildings. At the time of acquisition the property was 98 percent occupied by several tenants, including Word & Brown and Calsurance, a division of publicly traded Brown & Brown. The acquisition price was not disclosed. Bob Smith, Mike Kane, Paul Jones and Karen Scholte of CB Richard Ellis represented the undisclosed seller.