WOODLAND HILLS, CALIF. — Colliers International has brokered the $14.2 million sale of a Class A office building in Woodland Hills. Larkspur, Calif.-based Venture Corp. acquired the property from Van Nuys, Calif.-based Ashrad LLC. The 46,244-square-foot multi-tenant office building is located at 5900 Canoga Ave. The buyer plans to convert the property into for-sale office condominiums. John DeGrinis and Roger Beck of Colliers’ Encino office represented both parties in the transaction.
Office
NEW YORK CITY — SL Green has sold 1250 Broadway in Manhattan, New York City, for $310 million to Murray Hill Properties. The Class A office tower features 670,000 square feet of space spanning 39 stories. Strategically located near Penn Station on Broadway at 31st Street, the property is 99 percent occupied. Cushman & Wakefield represented the seller in the transaction. The sale is slated to close second quarter 2008.
BOSTON — EagleBridge Capital has arranged $6 million in acquisition financing for 212 Stuart St., an office building in Boston. Located in the Park Square area of the city, the three-story building is set within a few blocks of Boston Commons, Copley Square and the Newbury Street/Boylston Street shopping area. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing for the undisclosed borrower.
LOS ANGELES — Bob Safai of Madison Partners represented both parties in the sale and acquisition of Corinth Gardens, a three-story office property located at 2211 Corinth Ave. in Los Angeles. Solomon Aryeh acquired the building for $9.6 million from PMI Financial. Built in 1988 and renovated in 1998, the 20-tenant property contains approximately 24,110 square feet of leased space, with a typical floor size of 7,660 square feet.
COLUMBIA, S.C. — Holder Properties is developing Main & Gervais, a $60 million, 200,000-square-foot office building in Columbia, in conjunction with co-owners and tenants Edens & Avant, McNair Law Firm and the National Bank of South Carolina. Construction is scheduled to begin on the 18-story building, which is located along Main Street, in July. The first tenants will begin occupancy in December 2009, with the following tenants moving in March and July 2010. The building will serve as a headquarters location for the three co-owners.
ATLANTA — Atlanta-based The Carter Real Estate Fund (CREF) has acquired The Dupree Building, a 137,818-square-foot, six-story office building in Atlanta, from Germania Property Investors, an affiliate of Atlanta-based Germania of America, for an undisclosed amount. The Class A building is located at 6120 Powers Ferry Rd. and was 100 percent occupied at the time of sale. Sprint will be vacating 122,590 square feet of space this month. Superior Essex has leased 75,000 square feet of space for its corporate headquarters and will occupy the building in the third quarter of 2008. Tommy Hughes and Beau Terrell of Carter’s Atlanta office represented the buyer. Glenn Kolker of Childress Klein’s Atlanta office represented CREF in the lease negotiations with Superior Essex, and the lessee was represented by Sam Holmes of CB Richard Ellis’ Atlanta office. Carter will lease and manage the building.
NORRISTOWN, PA. — Brandywine Realty Trust has sold 2490 Blvd. of the Generals in Norristown for an undisclosed price to Gola Corporate Real Estate. The 20,600-square-foot office facility is situated on 1.9 acres in the Valley Forge Business Center and will serve as the buyer’s Philadelphia regional headquarters. Gola plans to renovate the building. Andrew Spillard and Mitch Reading of CB Richard Ellis represented the seller, and the buyer was represented in-house by Mark Gola.
WASHINGTON, D.C. — Vornado Realty Trust has closed loans, totaling $341 million, for three of its Washington D.C. properties, from an undisclosed lender. The portfolio includes a $150 million loan for a redeveloped office property, located at 2101 L St.; a $104 million loan for a residential development project, located at 1229-1231 25th St.; and a $87 million loan for a residential development, located at 220 20th St.
ARLINGTON, VA.— Bill Asbill, Bob Donhauser and Cary Abod of Holliday Fenoglio Fowler’s Washington, D.C. office have arranged a $112 million construction loan for National Gateway I and II, a 438,800-square-foot, Class A office complex in Arlington, on behalf the The Meridian Group. The financing is structured as a 3-year adjustable-rate loan with Corus Bank. The project is part of the 4.5 million-square-foot Potomac Yards Arlington mixed-use development and will include two 9-story towers with 367,382 square feet of office space and 71,418 square feet of retail, inclusive of a 46,600-square-foot health club pre-leased to LA Fitness International. Wachovia has also pre-leased space for a bank branch. The office complex will be located at the intersection of Glebe Road and Jefferson-Davis Highway, adjacent to the Washington Reagan National Airport.
COVINGTON, LA. — St. Tammany Parish, La.-based Cypress Bend Real Estate and Metairie, La.-based Property One are developing a $48 million, 24-acre office park in Covington. The development will include a four-story, 105,000-square-foot Class A office building, with adjoining executive conference center, and Stone Creek Club & Spa, a 52,000-square-foot facility featuring a full-service spa and 12 tennis courts. LLOG Exploration Co. will move its headquarters to the park and occupy two floors. Construction is scheduled to be completed on the office building in February 2009 and the healthclub in March 2009. Property One will also manage and lease the property.