Office

DUKE REALTY CORP. TO BUILD GE AVIATION’S 403,800-SQUARE-FOOT OFFICE CAMPUS

by admin September 2, 2008

WEST CHESTER, OHIO — Duke Realty Corp. has been selected to construct a build-to-suit office campus for GE Aviation on a 43-acre site in the Cincinnati suburb of West Chester. The property, which housed the former Queen City Sports Complex, will include two 201,900-square-foot, L-shaped buildings. GE Aviation’s new development will consolidate 1,400 office personnel from three Cincinnati facilities, as well as provide space for future expansion. Construction on the two buildings is expected to begin this fall, with completion scheduled for the third quarter of 2009.

September 2, 2008

BPG PROPERTIES ACQUIRES 104,949-SQUARE-FOOT OFFICE BUILDING

by admin September 2, 2008

SCOTTSDALE, ARIZ. — BPG Properties Ltd., on behalf of BPG Investment Partnership VIII and VIII A L.P., has purchased Scottsdale Financial Center I, a 104,949-square-foot office building located in Scottsdale, for $19 million. The company has a $3 million renovation planned for the property, which is located at the corner of Scottsdale and Indian School roads. The capital improvement program includes renovating the common areas, including the lobbies, entrances, restrooms, corridors and landscaping, as well as the building’s HVAC and security systems. At the time of acquisition, the property was 75 percent occupied. Andrew White and Gardner Ellis provided in-house representation for the buyer; Jim Fijan and Jerry Roberts of CB Richard Ellis represented the undisclosed seller in the transaction. Don Mudd, Jason Moore, Brett Abramson and John Bonnell of Grubb & Ellis|BRE Commercial have been named exclusive leasing agents for the property.

September 2, 2008

Office Western

MERIDIAN CAPITAL GROUP ARRANGES $61.97 MILLION CONSTRUCTION LOAN

by admin September 2, 2008

NORTH HOLLYWOOD, CALIF. — Meridian Capital Group has arranged $61.97 million in ground-up construction and development financing for NoHo Commons Office Building (NoHo III), which will be located at 5250-5280 Lankershim Blvd. in North Hollywood. As the third and final phase of NoHo Commons, the nine-story, 180,000-square-foot office tower will feature a 700-space parking garage and a 24,500-square-foot art house theater. Designed by The Jerde Partnership, the property is also LEED Silver certified. NoHo Commons is a private-public partnership between JH Snyder Company and the Los Angeles City Redevelopment Agency. Allan Lieberman and Tal Savariego of Meridian’s New York office secured the loan on behalf of the borrower, JH Snyder Company.

September 2, 2008

Office Western

LITCHFIELD PARK PLAZA I TRADES HANDS FOR $3.8 MILLION

by admin September 2, 2008

LITCHFIELD, ARIZ. —San Francisco-based Giurland Inc. has acquired Litchfield Park Plaza I, a five-building office complex in Litchfield, for $3.8 million. Located at 501-555 E. Plaza Circle Dr., the property offers 23,691 square feet of office space. Giurland Inc. purchased the property through its advisory agent, San Francisco-based PSAI Realty Partners, from Modesta, Calif.-based LPPI LLC. Ray Harris, Eric Witchterman and Ann Sondrol of Grubb & Ellis|BRE Commercial represented both parties in the transaction.

September 2, 2008

Office Southeast

GENWORTH SETS SIGHTS ON NEW RALEIGH HEADQUARTERS FOR MORTGAGE DIVISION

by admin August 29, 2008

RALEIGH, N.C. — Raleigh-based Dominion Realty Partners will break ground September 25 on the six-story, 134,152-square-foot Genworth Building, located on the corner of Monument Lane and Six Forks Road in Raleigh, with an aim for full occupancy by October 2009. The property is being built to Silver LEED standards and will serve as the new headquarters for Genworth Financial’s mortgage insurance business. Raleigh-based DTLB’s Hal Worth secured financing through M&I Bank, and Atlanta-based firms MSTSD Architects and Choate Construction and Raleigh-based Piedmont Land Design constitute the construction team.

August 29, 2008

Midwest Office

JONES LANG LASALLE FINALIZES SALE OF CHICAGO’S 135 SOUTH LASALLE BUILDING

by admin August 29, 2008

CHICAGO — On behalf of Bank of America Corp., Jones Lang LaSalle has finalized the sale leaseback of 135 South LaSalle in Chicago. The landmark 1.25 million-square-foot property was acquired by AmTrust Realty Corp. for an undisclosed amount. Amenities at the 44-story office tower include a full-service retail bank, high-end cafeteria and bookstore. Members of Jones Lang LaSalle’s capital markets team involved in the transaction include Bruce Miller, Jim Postweiler, Bruce Westwood-Booth, Peter Harwood and Steve Smith.

August 29, 2008

Midwest Office

CAPSTONE QUADRANGLE ANNOUNCES $32 MILLION OFFICE PROJECT

by admin August 29, 2008

BROOKFIELD, WIS. — Pewaukee, Wis.-based Capstone Quadrangle has announced plans for Percheron Square, a $32 million, 120,000-square-foot office building, which will be located along Interstate 94 on the Ruby Farm site in Brookfield. Milwaukee-based RFP Commercial will be working with Capstone Quadrangle on the Class A project. Ned Purtell of RFP Commercial will be representing the Percheron Square office development.

August 29, 2008

Office Texas

KBS REIT ACQUIRES MERIDIAN TOWER

by admin August 29, 2008

TULSA, OKLA. — KBS Real Estate Investment Trust (KBS) has acquired Meridian Tower, a 10-story, Class A office tower located at 5100 E. Skelley Dr. within the Yale Corridor/South Central submarket of Tulsa. Situated on 3.2 acres, the property comprises the 205,659-square-foot tower, as well as a four-level parking garage. It is 93 percent occupied by a tenant roster that includes Matrix Services Co., Tulsa Dental Specialties, Ram Energy Resources, TMA Systems and Enercon Services. Bill Rogalla of KBS provided in-house representation for the transaction. The seller, Trammell Crow Co., was represented by Gary Carr and Eric Mackey of the Dallas office of CB Richard Ellis (CBRE). Terry Payne and Mary Martin of CBRE’s Oklahoma office will handle leasing, and Peggy Davis, also of CBRE Oklahoma, will handle property management. The acquisition price was undisclosed.

August 29, 2008

Office Western

SHORENSTEIN PROPERTIES ACQUIRES 607,056-SF OFFICE COMPLEX

by admin August 29, 2008

IRVINE, CALIF. — Shorenstein Properties LLC, on the behalf of Shorenstein Realty Investors Nine LP, has acquired Main Plaza, a 607,056-square-foot Class A office complex located near John Wayne Airport in Irvine. Built in 1988, the complex consists of twin 12-story office towers, two restaurants and a six-level parking structure. At the time of acquisition, the property was 70 percent occupied with tenants such as Lawyers Title Insurance, Balboa Capital Corp., Greenberg Farrow and Stewart Title Co. Eastdil Secured represented the seller, Los Angeles-based Maguire Properties, in the transaction. The transaction price was not disclosed.

August 29, 2008

Office Western

CONSTRUCTION UNDERWAY FOR $7.05 MILLION OFFICE PROPERTY

by admin August 29, 2008

CARLSBAD, CALIF. — Danielson DSS is developing a two-story office building for ViaSat Inc. in Carlsbad. Located at 2530 Campbell Pl. within Bressi Ranch Corporate Center, the 40,000-square-foot building will feature multiple offices and seven large manufacturing labs. Ledcor Construction Inc. is serving as general contractor for the project, which is slated for completion in February 2009. Smith Consulting Architects provided architectural services for the project.

August 29, 2008

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