HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has secured a $4.4 million loan for the refinancing of a 156,000-square-foot office building located at 13111 Northwest Freeway in Houston. The property totals six stories and is currently 86 percent occupied by a tenant roster that includes K. Hovnanian, Luby’s, National Marketing & Administration and Horace Mann Educators Corp. Tucker Knight and Steven Gautier of HFF negotiated the loan on behalf of Sabine Management Corp. Terms of the loan include a 6.71 percent fixed rate over a 10-year term. The lender was AIG Global Investment Group.
WILLIAMSBURG, VA. — Patriot Development Associates has sold 8,962 square feet of office space, located at 5388 Discovery Park Blvd. in Williamsburg, to Robert Yancey and Alcove Corp. for $1.83 million. The space is comprised of multiple office condominiums in the 24,000-square-foot Patriot Park Business Center. GVA Advantis’ Jay Joseph represented the seller, and Mike Putt of Old Point Realty represented the buyer.
BEVERLY, MASS. — Completion is nearing for an $11 million speculative office building located at 138 Conant St. in Beverly. Developed by locally based Connolly Brothers Construction, the four-story building features a cafeteria, a fitness room, and surface and underground parking. The project began construction last October, and completion is slated for next month. In addition, Winchester, Mass.-based Klemmer Associates has brokered the lease for the first 12,500 square feet of office space at the building to Wachovia Securities. The tenant was represented by DTZ FHO Partners in lease negotiations.
HOUSTON — Addison, Texas-based Behringer Harvard, on behalf of the company’s Behringer Harvard REIT I, has acquired One BriarLake Plaza, a 20-story office tower located in Houston. Situated on more than 9 acres, the property comprises more than 500,000 square feet of office space, as well as a seven-level parking garage. Amenities include a granite plaza, a lake near the building’s front entrance, a lobby with polished granite and sycamore finishes, a full-service bank branch, a deli and climate-controlled access to the park garage. The seller and the acquisition price were not disclosed.
BOXBOROUGH, MASS. — Cushman & Wakefield has negotiated the sale of two office / research and development buildings located at 60 and 70 Codman Hill Rd. in Boxborough. The two properties total 144,000 square feet of space. They are 100 percent leased to Interactive Data Corp. and Intertek Testing Services. Robert Griffin, David Pergola, Chris Griffin, Rick Putprush and Brian Doherty of the Capital Markets Group of Cushman & Wakefield represented the seller, Winstanley Enterprises, and procured the buyer, Atlantic Tambone Real Estate Developers. Acquisition financing was provided by Westerly, Rhode Island-based The Washington Trust Company.
SAN JOSE, CALIF. — Wrightwood Capital has provided an $18.32 million loan for the acquisition of Trimble Junction, a two-building office complex in San Jose. D.R. Stephens & Co. acquired the more than 176,000-square-foot property, which includes a more than 96,000-square-foot facility located at 355 E. Trimble and a more than 80,000-square-foot facility at 455 E. Trimble. The 80,000-square-foot building is 100 percent occupied by Underwriters Laboratories. Brad Zampa of C&C Capital brokered the transaction.
WASHINGTON, D.C. — J Street Development, through a joint venture with a fund advised by Hartford, Conn.-based UBS Global Asset Management, has acquired a 109,959-square-foot office building, located at 666 11th St. in Washington. The 11-story building, which was built in 1968, is proximate to all five metro lines and includes a three-level garage. J Street is in the midst of planning interior and exterior renovations.
ST. LOUIS — The 1015 Locust Building, which is located on the corner of 11th and Locust in downtown St. Louis, is undergoing $3.5 million in renovations. Los Angeles-based ICO Development and New York-based Sovereign Partners purchased the 270,000-square-foot office building this year and have since rebranded the property. Renovations of the lobby and exterior changes began in August, with completion expected by December. Renovations to the lobby will include the addition of a restaurant and retail space, as well as a modernized appearance, which was designed by Eileen Hamburg of Quintin Design Resources. Work on the exterior will include a new color palette and new canopies, which will be added over the building’s ground floor. CB Richard Ellis handles leasing for the property.
ARLINGTON, TEXAS — Groundbreaking will occur next week for The Hatala Development, a three-building office complex located in downtown Arlington. The first building to be constructed on the 2.16-acre parcel is the Hatala Building. The single-story structure will contain 13,561 square feet of ground-level office space and a 6,198-square-foot, underground garage. The other two buildings will rise two stories and will total 4,450 and 3,800 square feet. Additionally, Hatala Systems Group will occupy 4,100 square feet of the Hatala Building. The project is being developed by locally based ART Properties, which is also handling leasing. Locally based Gagliardi Group is serving as project architect, and construction financing is being provided by Chase Bank.
SAN DIEGO — San Diego-based Veralliance Properties is renovating Campus Pointe, a 450,000-square-foot office/life-science project located at 10300 Campus Point Dr. in San Diego. Designed by San Diego-based Tucker Sadler, the two-story Class A project will feature an ultramodern design with floor-to-ceiling glass, a two-story atrium, a two-story spiral staircase, a multi-purpose conference center, a fitness center with showers and lockers, and a bistro with an outdoor seating area. Eli Lilly & Co. has signed a 10-year lease for approximately 150,000 square feet of space at the new project. The company plans to relocate to the campus upon completion in March 2009. Brent Jacobs, Greg Bisconti and Brian Cooper of Cushman & Wakefield’s Life Science Group represented Eli Lilly & Co; Mark Wayne and Steve Wolf, also of Cushman & Wakefield, represented Veralliance Properties.