Office

DVA COMPLETES $8 MILLION OFFICE RENOVATION

by admin December 17, 2008

MONTVALE, N.J. — Gaithersburg, Md.-based DVA Architects, acting as project architect, has completed an $8 million renovation plan for an office building located at 225 Summit Ave. in Montvale. The 1960s-era building was the former divisional headquarters of Toys ‘R’ Us. Renovations included the addition of 15,000 square feet of office space, bringing the building to a total of 142,000 square feet. The building’s vertically ribbed, precast panel façade was replaced with a new skin consisting of rusticated, insulated, glass-fiber reinforced, concrete panels framed with 4-inch steel studs. The single-glazed, punched windows were replaced with high-performance, double-glazed windows. In addition, the lobby was converted to a two-story space, with the new glass and stainless steel staircase as the focal point. The building’s existing mechanical systems were upgraded, and overgrown exterior landscaping was removed to emphasize the new building façade. The upgrade elevated the office building from Class C to Class A status. As a result of the renovation, the building’s owner, Paragon/Ivy Realty JV, was able to lease the entire facility to Barr Pharmaceuticals on a long-term basis.

December 17, 2008

85,948-SQUARE-FOOT OFFICE BUILDING FETCHES $15.64 MILLION

by admin December 17, 2008

CALABASAS, CALIF. — DTS Inc. has acquired a three-story, 85,948-square-foot office building, which is located at 5220 Las Virgenes Rd. in Calabasas. Built in 1999, the multi-tenant property was valued at $15.64 million. The property features 347 parking spaces, an on-site gym, locker rooms and showers, outdoor patios and a cafeteria. Carlo Brignardello and Mathew Miller of Cresa Partners represented the buyer; Gary Weiss and Lynwood Fields of Madison Partners represented the seller, Countrywide Home Loans Inc., in the transaction.

December 17, 2008

Office Southeast

LIBERTY PROPERTY TRUST LEASES SPACE TO T-MOBILE

by admin December 16, 2008

RICHMOND, VA. — Malvern, Pa.-based Liberty Property Trust has inked a lease with T-Mobile USA for the 91,752-square-foot Westgate I. Further details of the long-term lease were not disclosed. The property is located at 100 Westgate Parkway in Richmond. Jones Lang LaSalle’s Jim Clarke and Derek Trulson represented T-Mobile in the lease.

December 16, 2008

Northeast Office

ALEXANDRIA CENTER FOR SCIENCE AND TECHNOLOGY UNDER WAY

by admin December 16, 2008

NEW YORK CITY — Construction is under way for the first phase of the Alexandria Center for Science and Technology at East River Science Park, a 3.5-acre office and laboratory park located in New York City. Phase I construction will consist of a 16-story, 319,405-square-foot office/laboratory tower. The campus will ultimately contain 1.1 million square feet of office and lab space. The project will also feature one acre of green space with views of the East River. Alexandria Center is applying for LEED certification from the U.S. Green Building Council. The project is being developed by ARE-East River Science Park LLC. Cushman & Wakefield has been named exclusive leasing agent for the project.

December 16, 2008

Office Western

14,485-SQUARE-FOOT OFFICE BUILDING TRADES HANDS FOR $1.66 MILLION

by admin December 16, 2008

SAN DIEGO — The Challenged Athletes Foundation has acquired a 14,485-square-foot office building, which is located at 9591 Waples in San Diego’s Sorrento Mesa area. The two-story, Class B building sold for $1.66 million during a public auction. The building will house the organization’s headquarters, the Challenged Athletes Hall of Fame, a multi-purpose room, donor recognition walls and a specialized athletic facility with adaptive equipment. Funding for the acquisition was provided by Qualcomm Million Dollar Challenge, and Deni and Jeff Jacobs. Josh Burland of CB Richard Ellis represented the buyer; the seller, WT Lender Services as trustee for Wells Fargo, was self-represented.

December 16, 2008

Office Southeast

8,426-SQUARE-FOOT FLORIDA OFFICE BUILDING CHANGES HANDS

by admin December 15, 2008

ORLANDO, FLA. — All Roads has purchased an 8,426-square-foot office building and 31,886 square feet of land from Mid-Florida Pools for $1.03 million. The property is located at 714 Franklin Lane in Orlando. Greg Morrison of Orlando-based Morrison Commercial Real Estate represented the buyer, and Colliers Arnold’s Trevor Hall represented Mid-Florida Pools.

December 15, 2008

Midwest Office

FRANKLIN STREET PROPERTIES PURCHASES $19.75 MILLION OFFICE BUILDING

by admin December 15, 2008

MARYLAND HEIGHTS, MO. — Wakefield, Mass.-based Franklin Street Properties Corp. has acquired a four-story office building located in the St. Louis suburb of Maryland Heights. The 127,000-square-foot facility, which was completed in 2008, is fully occupied. The company purchased the property for $19.75 million.

December 15, 2008

Office Texas

HSMC BROKERS OFFICE PURCHASE

by admin December 15, 2008

CARROLLTON, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has brokered the purchase of a 5,349-square-foot office property located at 3452 Forest Lane in Carrollton. The property, known as Building 300, was acquired by Farmers Branch, Texas-based Dina King Ventures, which plans to use the facility as a new office for its insurance business. Daniel Harris of HSMC negotiated the transaction on behalf of the buyer. The undisclosed seller was represented by Andrew Schendle of The Weitzman Group.

December 15, 2008

Office Western

FIRST PHASES OF FIDELITY INVESTMENTS’ OFFICE BUILDING OPENS

by admin December 15, 2008

ALBUQUERQUE, N.M. — The first phase of Fidelity Investments’ new 217,892-square-foot office building has opened in Albuquerque. Located at Mesa del Sol, the two-story building will house the company’s human resource services, which provide corporate clients with payroll, health and welfare, and human resources services. The second phase is slated for completion in March 2009. Dekker/Perich/Sabatini designed the building, which is expected to achieve LEED Gold certification. Klinger Constructors LLC is serving as general contractor for the company.

December 15, 2008

Office Southeast

FOXCONN LEASES OFFICE SPACE IN FLORIDA CORPORATE CENTER

by admin December 12, 2008

SUNRISE, FLA. — Foxconn Technology Group has leased 42,521 square feet of office space at Corporate Center I, located at 1551 Sawgrass Corporate Parkway in Sunrise. Further details of the 7-year lease were not disclosed. Deanna Lobinsky, Travis Herring and Andrew Ackerman of CB Richard Ellis’ Ft. Lauderdale, Fla., office represented the unnamed landlord. Foxconn was represented by Prudential Realty’s Bill McGee.

December 12, 2008

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