CHICAGO — Grubb & Ellis Co. has arranged the acquisition of 24,000 square feet of office space located at 180 W. Adams St. in Chicago. Aiman Humaideh and his partner, Peter Burdi, have acquired the space for an undisclosed amount. The seller, Ted McDonald’s Corp., has retained ownership of the first floor, where it operates a McDonald’s restaurant. Ted Prillaman in the Office Group of Grubb & Ellis represented the buyer in the transaction.
NEW YORK CITY — New York City-based SL Green Realty Corp. is undertaking a $160 million renovation of 1515 Broadway, a 54-story office tower located on Times Square in Manhattan, New York City. The most notable improvements to the approximately 2 million-square-foot tower include a 42-foot vertical extension of the building’s curtain wall, as well as the re-cladding of all of the exterior limestone surfaces with brushed aluminum panels. Other renovations include a redesign of the lobby with 5,000 square feet of custom art glass wrapping the walls; new elevator cabs; new common corridors and bathrooms; increased electrical capacity; HVAC upgrades; plumbing and fire protection improvements; and the addition of a new freight elevator. The project is applying for LEED-Silver certification from the U.S. Green Building Council. SL Green is aiming to upgrade the building to “best in class” status with the project. Completion is expected in late 2009.
SAN ANTONIO — Newport Beach, Calif.-based Buchanan Street Partners has sold Nowlin Tower, a 13-story, Class A office building located in San Antonio, for $38.5 million. Situated on 3.3 acres, the property comprises the 236,400-square-foot office building and an adjoining five-level parking garage. It also features a full-service bank with a 24-hour ATM, as well as postal and courier services. The property had recently undergone significant capital improvements, including a roof replacement, parking garage upgrades, HVAC upgrades, a remodeling of the building’s restrooms and the addition of a canopy to the main entrance. The property was acquired by SWBC, which had leased space at the tower as its headquarters for the past 15 years.
SAN DIEGO — Wereldhave USA has purchased DiamondView Tower for $161 million. Located in downtown San Diego, the 15-story, 305,255-square-foot office tower features an elaborate penthouse suite, 12 floors of Class A office space and two levels of high-end amenities. Kraig Kristofferson and Stacy Meronoff of CB Richard Ellis represented the buyer; Eastdil Secured represented the seller, a partnership between Cisterra Partners and The Prudential, in the transaction.
ORANGE COUNTY, CALIF. — Orange County-based Innovative Property Partners LLC et al. has acquired a 15-property portfolio in a $24 million sale-leaseback transaction. The properties, which are located in Arizona, California and Nevada, are entirely occupied by Del Taco. Del Taco Corp. executed 20-year absolute NNN leases with the buyer and will continue to operate the properties. Richard Walter and Dennis Vaccaro of Irvine, Calif.-based Faris Lee Investments represented the buyer; Del Taco Corp. was represented in-house.
NEW YORK CITY — Construction is advancing for SJP Properties’ 11 Times Square, a 40-story, 1.1 million-square-foot commercial tower located on Eighth Avenue between 41st and 42nd streets in Manhattan, New York City. The project is on schedule for a 2010 completion, with steel currently erected to the 30th floor and the building’s unique concrete core completed up to the 39th floor. The building is presently the largest speculative office building under construction in Midtown Manhattan. SJP will be seeking LEED-Gold certification for the project.
AUSTIN, TEXAS — Marcus & Millichap has negotiated the sale of 605 Brazos, an 8,614-square-foot office building located in the central business district of Austin. Greg Gaynor of Marcus & Millichap’s Austin office represented the undisclosed seller in the transaction. The property was acquired by a local company for an undisclosed amount.
GRANBURY, TEXAS — Commercial Mortgage Connection (CMC) has secured a $4 million acquisition loan for a 21,000-square-foot medical office building located at 805 Hill Blvd. in Granbury. The fully occupied property is situated within the Avalon Medical Park office complex. Terms of the financing include a 5-year term with a 25-year amortization schedule, a 5.75 percent interest rate and an 80 percent loan-to-value ratio. Bill Jackson of CMC arranged the loan on behalf of Avalon Medical Partners LP with a large commercial bank. Chris Cantwell of Fidelity National Title of Fort Worth assisted with the closing.
SACRAMENTO, CALIF. — Grove Investment Co. has leased 285,016 square feet of office space to the California Highway Patrol (CHP). Located at 591, 601 and 611 N. 7th St. in Sacramento, CHP will use the property for a state headquarters campus. The three-building property comprises Continental Plaza. Bill Newland, Clyde Rawlings and Toss Vallentine of Grubb & Ellis represented the lessor, Newport Beach, Calif.-based Grove Investment Co., in the transaction; Cornish & Carey represented the lessee. Terms of the 20-year lease were not disclosed.
NEW YORK CITY — Chatham, N.J.-based Cronheim Mortgage has arranged a total of $18 million in financing for three office buildings located in Manhattan, New York City. Bruce Theuerkauf of Cronheim secured an $11 million loan for a 14-story, 100,165-square-foot office building located at 1270 Broadway Ave. The Class B building also includes ground-level retail space. The loan carries a 5-year term with a 30-year amortization schedule. Andrew Stewart of Cronheim secured a $4 million loan for a six-story, 74,425-square-foot office building located at 45 W. 21st St. The building is currently occupied by 20 tenants, one of which is leasing the first floor of the building as retail space. The loan carries an 8-year term with a 25-year amortization schedule and a 6.24 percent interest rate. Stewart also arranged a $3 million loan for a 12-story, 52,000-square-foot office building located at 32 E. 31st St. The building also includes ground-floor and second-story retail space. The loan carries a 15-year term with a 25-year amortization schedule and a 6.26 percent interest rate. The lenders and borrowers in each transaction were not disclosed.