CLEVELAND — Norfolk, Va.-based Harbor Group International has arranged a lease for approximately 100,000 square feet within 200 Public Square, a 45-story Class A office building located on Euclid Avenue in downtown Cleveland. Huntington Bank has leased office and retail space within the building for a 20-year term. The leased property includes two full atrium levels, a third floor and a retail component. Huntington Bank will relocate its regional headquarters to the facility as early as November 2010, with a completion date of November 2011. Amenities at the 1.27 million-square-foot office tower include a 757-space parking garage, a fitness center and an eight-story atrium. Terms of the lease allow Huntington Bank to add prominent signage to the building, including the top of the tower.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman has arranged a joint venture for the recapitalization of 31 West 52nd Street, a 776,849-square-foot office tower located in the Plaza District of Midtown Manhattan, New York City. The joint venture consists of Paramount Group, which acquired the tower last year, and a corporate pension trust advised by JPMorgan Asset Management. The property was designed by award-winning architect Kevin Roche of Kevin Roche John Dinkeloo & Associates. Tenants include law firm Clifford Chance, as well as several financial service companies. Details of the transaction were not released.
SAN FRANCISCO — Boston Properties Inc. has completed the financing of its Four Embarcadero Center in San Francisco. Terms of the 8-year, $375 million secured loan include a fixed rate of 6.10 percent per annum. A syndicate of insurance companies provided the financing. Located in San Francisco’s North Financial District, 47-story, Class A property offers approximately 937,000 square feet of rentable office space.
RANCHO BERNARDO, CALIF. — Brian Driscoll, Brian Starck and Michelle Westoby of Grubb & Ellis|BRE Commercial represented Mission Federal Credit Union in the disposition of a 9,960-square-foot office building. Douglas E. Barnhart acquired the property, which is located at 10805 Thornmint Rd. in Rancho Bernardo, for $2.8 million. Marc Posthumus of Cushman & Wakefield represented the buyer in the transaction.
NASHVILLE, TENN. — SDG Value Fund I has purchased a controlling interest in the 50,000-square-foot Point Place II office building from an undisclosed party for an undisclosed amount. The two-story brick property was built in 1985 and is located on Donelson Pike in Nashville. The building is currently 16 percent leased; SDG will use its interest to re-tenant the building. Kim Nelson of Nashville-based Interstate Partners Real Estate brokered the transaction, and American Security Bank & Trust provided financing.
SCARBOROUGH, MAINE — Groundbreaking has occurred for Fairchild Semiconductor’s new three-story, 90,000-square-foot office building, located within the Gateway at Scarborough mixed-use development in Scarborough. The $25 million project is being constructed in anticipation of LEED – Silver certification. It is located adjacent to Haigis Parkway, across from the Cabela’s-anchored Gateway Shoppes, which opened this past May. Completion of the Fairchild Semiconductors building is scheduled for October 2009. The company will continue its manufacturing operations at 333 Western Ave. in South Portland, Maine. The project is being developed by New England Expeditions – Scarborough LLC and was designed by Gould Evans. Martini Northern, a subsidiary of A.J. Martini, Inc., is providing general contracting services and Jones Lang LaSalle is providing project management services.
HOUSTON — The New York office of iCap Realty Advisors has secured $30 million in first-mortgage financing for a Class A office building located in Houston. The property is situated within a 30-acre, master-planned development in the city’s Galleria/West Look submarket, just west of Interstate 610. It rises 17 stories and contains 370,000 rentable square feet, as well as a 1,000-space parking garage. Terms of the loan include a 5-year term, non-recourse, with interest-only payments for the first 2 years. The loan was placed with a major insurance company. The borrower was not disclosed.
LAS VEGAS — VF Carson LLC has acquired an 11-story office tower, which is located at 302 and 310 E. Carson Ave. in downtown Las Vegas, for $21.5 million. The buyer plans to upgrade the 150,222-square-foot building and add green elements to the property. David Scherer, Barton Hyde, Michael Hsu and Matthew Kreft of Grubb & Ellis|Las Vegas represented the seller, Carson Properties Nevada LLC, in the transaction.
WASHINGTON, D.C. — Connecticut & K Associates has secured a $194 million loan for construction of a 383,392-square-foot office building located at 1000 Connecticut Ave. N.W. in Washington. A consortium of lenders led by Chevy Chase Bank provided financing for the loan. The property is 66 percent pre-leased to the law firm Arent Fox and is being built to Gold LEED specifications. Philip Mudd, Christian Miles and Jon Goldstein of Cassidy & Pinkard Colliers arranged the loan.
FORT LAUDERDALE, FLA. — The Broward County Supervisor of Elections will move into a 72,000-square-foot complex in Fort Lauderdale’s transit-oriented Riverbend development in the fall of 2010. The property includes a 30,000-square-foot office, which will be built to LEED standards, and a 42,000-square-foot administrative center. The 12-acre site has already been cleared in anticipation of the project, and construction will begin next summer. When complete, the 100-acre Riverbend development will employ more than 8,000 people and offer several million square feet of office, retail and residential space.