CHICAGO — The Chicago office of Holliday Fenoglio Fowler has assisted in securing $394.6 million in construction financing and joint venture equity for the renovation of 208 South LaSalle, a 21-story office tower located in Chicago. The project’s developer, UST Prime III Joint Venture Ltd., is a joint venture involving Reschke Chicago Partners, an affiliate of The Prime Group and an affiliate of Estein & Associates. Construction financing totaled $271.6 million, and was provided by Union Labor Life Insurance Co., Private Bancorp and Capri Capital Partners. Estein and Prime capitalized the joint venture with $123 million of equity capital. Renovations to the historic building, which formerly served as a multi-tenant office property, will include the construction of a luxury JW Marriott Hotel on the lower 12 floors. It is expected to include 610 rooms and suites; 48,000 square feet of ballroom and meeting space; and a 20,000-square-foot spa and health club. The hotel will be operated and managed by Marriott International, and is scheduled to open early 2010. Renovations will also be performed to the top nine floors of the building, which will remain office space, as well as the 18,000 square feet of ground-floor retail space. The office component …
Office
HACKENSACK, N.J. — Normandy Real Estate Partners has completed the multi-million renovation of Continental Plaza, a Class A office complex in Hackensack. The three-building complex sits on 11.9 acres and features 650,000 square feet of space. The renovations included improvement to pedestrian bridges between the parking deck and buildings, renovations of ground-floor lobbies in all three buildings, refurbished elevators and an upgraded landscaping program. Amenities include an upgraded full-service cafeteria, a conference center, a tenant-only gym, a dry cleaning service and a newsstand. Newmark Knight Frank is the exclusive leasing agent for Continental Plaza.
HACKENSACK, N.J. — Normandy Real Estate Partners has completed the multi-million renovation of Continental Plaza, a Class A office complex in Hackensack. The three-building complex sits on 11.9 acres and features 650,000 square feet of space. The renovations included improvement to pedestrian bridges between the parking deck and buildings, renovations of ground-floor lobbies in all three buildings, refurbished elevators and an upgraded landscaping program. Amenities include an upgraded full-service cafeteria, a conference center, a tenant-only gym, a dry cleaning service and a newsstand. Newmark Knight Frank is the exclusive leasing agent for Continental Plaza.
FAIRFIELD, CONN. — The Febbraio Group, a Coldwell Banker Commercial affiliate, has completed the $3.24 million sale of an office facility in Fairfield. The 13,000-square-foot building is located at 363 Reef Rd. Thomas Febbraio of the Febbraio Group represented the buyer, Pagent, LLC, and the seller, ACA Distributors.
FAIRFIELD, CONN. — The Febbraio Group, a Coldwell Banker Commercial affiliate, has completed the $3.24 million sale of an office facility in Fairfield. The 13,000-square-foot building is located at 363 Reef Rd. Thomas Febbraio of the Febbraio Group represented the buyer, Pagent, LLC, and the seller, ACA Distributors.
HOUSTON — Colliers International has brokered the lease of 144,000 square feet at an office building located at 2707 N. Loop West in Houston. CHRISTUS Health leased the office space from the landlord, Hines Interests, for an undisclosed amount. The location will serve as a corporate office for the company, which is a Catholic faith-based health system. Robert Parsley and Bill Byrd of Colliers International represented the tenant in the transaction, and Hines Interests represented itself.
JOHNS CREEK, GA. — Trammell Crow Atlanta Development has broken ground on two 100,000-square-foot medical office buildings in Johns Creek, along West Johns Crossing. The four-story buildings will be situated on an 18-acre site, adjacent to the Emory Johns Creek Hospital. The project broke ground in April and is projected for completion in March 2009. Trammell Crow purchased the site from JC Office, for $8.7 million. Pierce and Bobby Mayson of Atlanta-based Lavista Associates were the sole brokers in the land acquisition.
JOHNS CREEK, GA. — Trammell Crow Atlanta Development has broken ground on two 100,000-square-foot medical office buildings in Johns Creek, along West Johns Crossing. The four-story buildings will be situated on an 18-acre site, adjacent to the Emory Johns Creek Hospital. The project broke ground in April and is projected for completion in March 2009. Trammell Crow purchased the site from JC Office, for $8.7 million. Pierce and Bobby Mayson of Atlanta-based Lavista Associates were the sole brokers in the land acquisition.
PORTLAND, ORE. — Jennifer Medak, John Medak and Tom Dechenne of NAI Norris, Beggs & Simpson represented the undisclosed seller in the disposition of the 501 Hood Building in Portland. A private local investor acquired the property for $3.4 million. At the time of acquisition, the three-story, 22,926-square-foot office was 98 percent leased by medical and legal professionals.
TAMPA, ORLANDO, AND BRANDON, FLA. — Cushman & Wakefield has negotiated two office building sales and a land acquisition in Florida, totaling $43 million. Flagler Development purchased Bridgeport Center, a 170,924-square-foot, nine-story office building in Tampa, from AEW Capital Management, for $29.5 million. The property was 95 percent occupied at the time of sale. The seller was represented by Mike Davis and Rick Brugge of Cushman & Wakefield. Rudnick Development purchased Reflections at Hidden Lake, a 96,322-square-foot office investment property in Orlando’s Lake Mary submarket, from an undisclosed seller, for $9 million. Mike Davis, Rick Brugge and Matthew McKeever of Cushman & Wakefield represented the seller. Life Link Foundation acquired 10 acres at Crosstown Center in Brandon, for $4.7 million. The nonprofit organization will develop offices in the 1.1 million-square-foot mixed-use project, bordered by Lee Roy Selmon Expressway and Highway 301. The buyer was represented by Andy May and Bruce Erhardt of Cushman & Wakefield.