APPLETON, WIS. — Steve Doran of Lee & Associates of Madison, Wis., has represented both parties in the sale and acquisition of two office buildings in Appleton. At 3913 Prospect Ave., White Cap Real Estate has acquired a 40,000-square-foot office property from Alliance Development for $8.8 million. Tenants within the fully occupied building include Fiduciary Partners, Baird, First Business Bank, Miles Data and Perinatal Consulting. Located at 2801 Enterprise Ave., White Cap Real Estate has acquired another property from Alliance Development. The 29,000-square-foot office building was sold for $5.84 million. Tenants at the facility include Larson Engineering, Rockwell and Ziegler. White Cap has plans to sell both of the buildings on the TIC market.
CHICAGO — Miami-based Cape Horn Group, as owner, has completed eight sales totaling more than 35,000 square feet within The LaSalle Wacker, a 41-story office building located at the corner of LaSalle Street and Wacker Drive in Chicago. Leading the sales at the 414,000-square-foot building was Pearl Properties, which acquired 14,433 square feet of retail space on the building’s first floor. Retail tenants already at the property include Sidebar Grille, Duru’s Custom Shirts and Suits, Builders Bank and Accelerated Rehabilitation Centers. Additionally, five law firms have acquired space within the building: Dwyer & McDevitt Ltd. acquired 2,958 square feet on the 16th floor; Parente and Norem took the entire 27th floor, totaling 4,484 square feet; Samuel V.P. Banks purchased 4,043 square feet on the 38th floor; Zhang & Associates has acquired 1,521 square feet on the 12th floor; and Dinizulu Law Group is relocating to 2,024 square feet on the 11th floor. Anthony Rye of CB Richard Ellis represented Dinizulu Law Group in the transaction. Chicago-based ImageFiction and W. Capra Consulting, which formerly leased space at the building, have purchased 1,867 square feet and 3,871 square feet, respectively. Russ Cora, Larry Cohn and Juan DeAngulo of Cape Horn Group represented …
MALVERN, PA. — King of Prussia, Pa.-based O’Neill Properties Group has announced plans for a 180,000-square-foot office building, to be located within the developer’s Uptown Worthington mixed-use project. Known as Worthington Financial Center, the building is being designed to achieve LEED certification. Sustainable features include the use of recycled and reclaimed building materials as well as energy-efficient heating, cooling and lighting systems. Berwyn, Pa.-based Turner Investment Partners will serve as the building’s first tenant, taking more than 63,000 square feet in the fourth quarter of 2010. Uptown Worthington is scheduled for completion in fall 2009. Once built-out, the project will total 2 million square feet, including 490,000 square feet devoted to Class A office space. Additional components include retail, restaurants, entertainment venues, hotels and residences.
CONCORD, N.H. — Bedford, N.H.-based Eckman Construction has completed the $11.3 million addition and renovation of the Medical & Surgical Building, located within Gallen State Office Park in Concord. Construction consisted primarily of a four-story addition built in the center of the formerly U-shaped building. In addition, the building’s interior was completely gutted and renovated; the brick façade was cleaned and restored; new windows were installed; and all new building systems were installed. The renovated building will serve as the new headquarters for the New Hampshire Department of Revenue Administration. The tenant space will contain offices, conference rooms, a hearing room with audio equipment, a secure mail room, and two connected training rooms equipped with smartboards and video conferencing. Assisting Eckman with the design/build process was locally based Barker Architects. The building will retain its original name, which comes from its previous operation as a building within the New Hampshire State Hospital campus.
BURLINGTON, MASS. — Construction has topped out for 10 Corporate Drive, a three-story, 107,000-square-foot office building located in Burlington. The Class A property features average floor plates of 35,000 square feet and build-to-suit opportunities for tenants. An adjacent parcel is permitted for the construction of an additional 120,000-square-foot office building. The project is seeking LEED-Silver certification from the U.S. Green Building Council. Completion is scheduled for mid-2009. 10 Corporate Drive is owned by Multi-Employer Property Trust, which also owns Burlington Centre Office Park, the 78-acre office campus in which the office building is located. CB Richard Ellis is serving as exclusive leasing agent and property manager for the project.
CHICAGO — Chicago-based UGL Equis has been selected to manage Switzerland-based Zurich Financial Services’ North American real estate holdings totaling approximately 8.4 million square feet. With approximately 400 locations, the portfolio includes approximately 5.2 million square feet of leased space, as well as 3.2 million square feet of owned property. The properties consist primarily of office space, with a small mix of warehouse facilities. In order to fulfill its multi-year responsibility, UGL Equis will provide services for Zurich including strategic portfolio planning, transaction work, lease administration, project management and legal services. Additionally, the company will examine Zurich’s real estate holdings to help identify improved space utilization and cost savings. CB Richard Ellis will handle Zurich’s European Requirement.
MINNEAPOLIS — Scott Pollock of Minneapolis-based NorthMarq has brokered the sale of Rand Tower, a 26-story office building located at 527 Marquette Ave. S. in Minneapolis. The tower was purchased by a joint venture between Alex Brown Realty of Baltimore and Hempel Properties of Maple Grove, Minn. NorthMarq served as broker of the sale and as an equity resource for the buyer. The cost of acquisition was not disclosed.
SAN DIEGO — Johnson & Jennings General Contracting has completed the construction of a 43,000-square-foot corporate office building for National Pen Co. LLC. Located at 12121 Scripps Summit Dr. in San Diego, Johnson & Jennings was responsible for a build out comprising 1.5 floors for corporate offices, a marketing department, training rooms and meeting facilities. Marianne Berg of Carrier Johnson + Culture provided architectural and design services for the $2.4 million project. Transwestern is the building owner and property manager.
HOWARD COUNTY, MD. — Principal Real Estate Investors has sold the 215,345-square-foot Lakeview I & II office property, located in Howard County, to The Goldstar Group and Potomac Capital Advisors for an undisclosed price. Joe Donato, Maury Zanoff and Matt Williams of CB Richard Ellis’ debt and equity finance team represented the buyer. Principal Real Estate Investors was represented by Bruce Strasburg, Bill Prutting, Jr., and Marc Rampulla of CB Richard Ellis’ investment properties team. HSH Nordbank AG financed the acquisition.
MEMPHIS, TENN. — Raleigh, N.C.-based Highwoods Properties has assumed $7.8 million of unsecured debt and issued 183,587 operating partnership units to purchase the 135,000-square-foot PennMarc office building from an undisclosed party. Highwoods will undertake $1.7 million in renovations to the six-story building, which is located on Poplar Avenue in Memphis. The building is 91 percent leased.