BOSTON — Boston-based Meredith & Grew has joined Colliers International global real estate services company. As part of the transition to the Colliers brand, Meredith & Grew will now be known as Colliers Meredith & Grew. Tom Hynes, the current chairman of Meredith & Grew, will remain in his position. Kevin Phelan will remain president of the firm and Ron Perry will continue on as executive vice president and head of brokerage.
Office
BOSTON — Channel Center Holdings, a joint venture comprised of an affiliate of Commonwealth Ventures and GEAM Value Add Realty Partners, sells 40 Channel Center in Boston. The five-story building was purchased by a joint venture partnership of Spalding Tougias Architects and Superior Dining Group. Spalding Tougias will occupy one floor of the 26,000-square-foot building and Superior Dining will operate a full-service restaurant within the entire street-level space. Renovation work has begun on the interior of the building, which is slated for occupancy in late March.
PHOENIX — Crown West Realty has completed the disposition of Broad Court, a 40,000-square-foot office complex located at 3230 E. Broadway Rd. in Phoenix. Eastern Columbia Properties purchased the three-building complex for $5.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Grubb & Ellis represented the buyer; the seller was self-represented in the transaction.
MIAMI — Miami-based Apex DMG has secured a $30 million loan from Mellon Bank for the acquisition and renovation of One Flagler, a 145,000-square-foot, 15-story office tower in downtown Miami. The Morris Lapidus designed building will feature office condominiums, for-lease office and more than 15,000 square feet of retail space. Additional amenities include high-tech security upgrades and dedicated jewelry floors with industry-specific technical improvements. The building is located at the corner of Flagler St. and NE First Ave., and is scheduled for completion in mid-2008. Miami-based Cabo Construction is the general contractor.
WASHINGTON, D.C. — New York-based Louis Dreyfus Property Group and Fisher Brothers are developing 700 Second Street NE, a 10-story, 515,000-square-foot office building near Capitol Hill in Washington. The Class A, LEED-certified building is the third phase of Station Place, a state-of-the-art three-building office complex totaling 1.6 million square feet on a 5.5-acre site. CB Richard Ellis is the exclusive leasing agent for the project, expected to deliver in the fall of 2009.
MINNETONKA, MINN. — Opus Northwest has received final approvals from the Minnetonka City Council for the construction of Crest Ridge Corporate Center, a 230,000-square-foot, Class A office development located at the interchange of Interstate 394 and County Road 73 in Minnetonka. The first phase of the project will consist of the three-story, 110,000-square-foot Syngenta Seeds headquarters, which will be leased by Switzerland-based Syngenta. The building, which is applying for LEED-Gold certification, will consolidate Syngenta employees from multiple sites in the Twin Cities area. Opus is overseeing the design and construction of the building, which is set to break ground this spring and be complete in mid-2009. Phase II of Crest Ridge Corporate Center will include a three-story, 120,000-square-foot office building, which will also seek LEED certification.
CHICAGO — The Chicago office of NorthMarq Capital has arranged $15.25 million in first-mortgage financing for Interpark Corporate Center, a 164,447-square-foot office building located in Chicago. Financing was based on a 7-year term with a 30-year amortization. Ian Russ of NorthMarq arranged the loan, which was provided by Aviva Capital Management, on behalf of JCF Real Estate.
NEW YORK CITY — In a joint venture, Paramount Group and Sherwood Equities have acquired 440 Ninth Avenue in Manhattan, New York City. The 18-story, 398,000-square-foot facility was purchased from SL Green Realty for an undisclosed price. Located between 34th and 35th streets, the facility is fully leased to tenants such as B & H Photo, Duane Reade and eEmerge. Paramount and Sherwood represented themselves in-house and the seller was represented by Cushman & Wakefield in the transaction.
ROBBINSVILLE, N.J. — Matrix Development Group recently completed the 148,000-square-foot expansion of Lifetime Brands lease at its Northeast Business Park facility in Robbinsville. Lifetime Brands, which is a designer, developer and marketer of many kitchen and home goods, now occupies 700,000 square feet of space. The Northeast Business Park a 10-building campus located at Exit 7A of the New Jersey Turnpike.
SANTA MONICA, CALIF. — Newmark Realty Capital Inc. has arranged financing for the first phase of The Water Garden, a 1.3 million-square-foot office complex located in Santa Monica. Mark Ritchie of Newmark secured the $230 million loan on behalf of The Water Garden Company, which is controlled by J.P. Morgan Asset Management. The company secured the fixed-rate loan through its correspondent Teachers Insurance and Annuity Association of America (TIAA-CREF). Terms of the loan were not disclosed.