MCCANDLESS TOWNSHIP, PA. — Zell Two has begun a multi-million dollar renovation of one of the buildings located within Pittsburgh Office & Research Park, located in McCandless Township. The building, named Two Corporate Center, totals 93,813 square feet and is situated at 5800 Corporate Dr. Construction will include the conversion of the building from single-tenant to multi-tenant use. A new lobby will be built, which will include a hanging sculptured art piece in the atrium, a new seating area and an electronic directory. The elevators will be upgraded, as will the public restrooms. Finally, the mechanical systems and boilers will be upgraded, new energy-efficient lighting will be installed, and the ceiling tiles and carpeting will be replaced. The general contractor for the renovation is A. Martini & Co. and the project architect is Burt Hill. Grant Street Associates is marketing the building for lease. Completion is scheduled for late summer.
ATLANTA — AECOM, a firm that provides professional and technical support services, has leased 51,337 square feet of office space in One Midtown Plaza, located on Peachtree Street in Atlanta. A remodel of the property was completed in December. The space will house the consolidated operations of several of the firm’s local brands, including Earth Tech, Metcalf & Eddy and DMJM Harris. Tishman Speyer brokered the 11-year lease.
HUNTSVILLE, ALA. — McShane Construction Co. has broken ground on a 62,500-square-foot office building, located on 10 acres at 7115 Old Madison Pike in Huntsville. The two-story property will be built to LEED standards. The developer, Triad Properties Corp., has leased the development to Defense Acquisition University, a continuing education school for military and civilian personnel. The U.S. General Services Administration represented the tenant in the transaction. When complete in January, the property will contain 13 classrooms, administrative offices and a fitness center.
SPRINGBORO, OHIO — Henkle Schueler & Associates and Industrial Property Brokers have partnered to develop an 80-acre business park in Springboro. The office/industrial development has .5-mile of frontage along Interstate 75 just south of a new interchange at Austin Road. At full build-out, the park can accommodate a collection of build-to-suit and multi-tenant facilities totaling $42 million in investment. The ownership group of the new park, which assembled two parcels of land and closed on their acquisition in late April, comprises 18 individual investors in a syndicated group organized by Henkle Schueler.
WARREN, N.J. — Edison, N.J.-based Mack-Cali Realty Corp. has leased 93,376 square feet of office space within Somerset Hills Corporate Center, to Virgin Mobile USA. The wireless equipment and services provider will occupy the space, which is located at 10 Independence Blvd., for a 5-year term ending in 2016. The company currently occupies subleased space within the building, which contains 120,528 square feet of Class A office space. Occupancy is 100 percent.
HOUSTON AND SUGAR LAND, TEXAS — CB Richard Ellis (CBRE) has arranged two lease renewals on behalf of Hexion Specialty Chemicals. The company renewed its lease for 17,884 square feet of office space at Continental Center I, which is located at 1600 Smith St. in Houston’s central business district. Additionally, Hexion renewed its lease for 44,882 square feet of office and laboratory space at Corporate Business Center, which is located at 12650 Director’s Dr. in Sugar Land. CBRE’s John Simons and Michael Palmer represented Hexion in both transactions.
BURBANK, CALIF. — Chicago-based Higgins Development Partners has completed the development of 2300 Empire Center, a 363,000-square-foot office building located at 2300 Empire Ave. in Burbank. The seven-story building features 52,000-square-foot floorplates, an adjacent 1,260-stall parking structure and additional surface parking. The project, which received LEED Silver pre-certification in July 2008, is currently under final review for LEED CS Gold certification. Ware Malcomb provided architectural and interior design services for the project.
LEAWOOD, KAN. — Charlotte, N.C.-based Grandbridge Real Estate Capital has originated and closed a lease for an office building in Leawood. Thomas Turner of Grandbridge’s Kansas City office originated a $4.8 million first-mortgage loan secured by the Cline Wood Office Building. The borrower obtained financing for the 28,000-square-foot building in order to complete construction and purchase the property upon completion of the development. The transaction, which was funding by American United Life Insurance Co., is based on a 15-year term and closed with an interest rate below 7 percent. Upon delivery of the building, the Cline Wood Agency Inc. will master-lease 100 percent of the building.
SOUTHINGTON, CONN. — R. Calabrese Agency (RCA) has completed the sale of a 10,400-square-foot office building, located at 1850 West St. in Southington. Initial plans are for the building to be occupied by Dr. Nicole Porzio-Hawley and her husband Dr. Andrew Hawley, who are opening a new chiropractic and sports medicine practice this summer named Porzio & Hawley Chiropractic. Ralph Calabrese of RCA represented the buyer, Dr. Robert Porzio. The seller, EZ Enterprises, was represented by Frank Mirmina of Lil-1 Associates. The acquisition price was not disclosed.
PHILADELPHIA — Philadelphia-based NAI Bluestone Real Estate Capital has arranged $4 million in construction-to-permanent financing for a portion of Logan Plaza, an office park located in Philadelphia’s Logan/Olney neighborhood. The borrower, OYR Realty Group, plans to use the funds to complete capital improvements at one of the office park’s buildings. The building is vacant, but a lease was recently signed with the Department of Public Welfare for approximately 66 percent of the space. The loan will start with a floating interest rate, but convert to a fixed loan with a 70 percent loan-to-value ratio upon completion. The lender is Beneficial Savings Bank. Logan Plaza is a six-building, 340,000-square-foot office campus. OYR Realty Group is a joint venture between Visionary Cos. and Thylan Associates.