PEABODY, MASS. — JLL has negotiated the $6.4 million sale of 8 Essex Center Drive, a 67,544-square-foot office building located in the northeastern Boston suburb of Peabody. The three-story building sits on 8.2 acres and was 83 percent leased at the time of sale. Kerry Hawkins and Scott Carpenter of JLL represented the seller, PGA Realty, in the transaction. The duo also procured the buyer, an entity doing business as Essex Drive Realty LLC.
HOUSTON — Impact Networking, an Illinois-based provider of cloud-based cybersecurity and marketing services, has signed a 16,000-square-foot office lease at East River, a 150-acre mixed-use development in Houston’s Historic Fifth Ward. Locally based developer Midway is underway on vertical construction of the first phase of East River, which includes office, retail and restaurant space. A timeline for Impact Networking’s move-in was not disclosed. Midway also recently announced an initial slate of retail and restaurant tenants that have committed to East River.
BERWYN, PA. — Florida-based investment firm Accesso has acquired Westlakes, a four-building, 455,183-square-foot office campus located in the northwestern Philadelphia suburb of Berwyn. Situated on 40.4 acres, Westlakes was 92 percent leased at the time of sale with a weighted average remaining lease term of 4.7 years. Tenants include PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners and Amring Pharmaceuticals. Amenities include multiple dining options, two fitness centers and walking trails. The seller was locally based investment and development firm Keystone Property Group. The sales price was not disclosed.
NEW YORK CITY — CLEAR (NYSE: YOU), a locally based provider of identity verification services, has signed a 119,000-square-foot office lease at 85 Tenth Avenue in Manhattan. The company will occupy two floors at the 11-story building, which was originally constructed in 1913. Jared Horowitz and Jason Perla of Newmark represented the tenant in the lease negotiations. Edward Riguardi and Anthony Cugini of Vornado Realty Trust and Stephen Winter of Related Cos. represented building ownership on an internal basis.
FORT LAUDERDALE, FLA. — JLL Capital Markets has secured a $48.9 million loan for Tower 101 and Centre 101, two connected Class A office towers near downtown Fort Lauderdale. Melissa Rose and Giancarlo Paone of JLL worked on behalf of the borrower, Greenwich, Conn.-based Ivy Realty, to secure the three-year, floating-rate loan through Rialto Capital Management. The loan was meant to refinance existing debt and fund future capital improvements and leasing costs. Tower 101 is a 21-story office tower that connects to the six-story Centre 101. The properties are collectively 75.6 percent leased. Building amenities include 24-hour security, conference facilities and a courtesy shuttle to the Broward County Courthouse. In 2020, Ivy Realty renovated the property including outfitting the structured parking with electric vehicle charging stations and upgrading the full-service café and common areas, as well as modernizing the exterior entrance. Located at 101 NE 3rd Ave., the towers total 230,757 square feet. The towers are situated close to the Fort Lauderdale Brightline inner-city rail station, which connects to Miami, Fort Lauderdale and West Palm Beach.
CULVER CITY, CALIF. — A partnership between Irvine-based Pendulum Property Partners and Boston-based Long Wharf Capital has acquired an office building in Culver City. Watt Properties and Edge Principal Advisors sold the asset for $55.9 million in an off-market transaction. Located at 3000 S. Robertson Blvd., the four-story building features 111,384 square feet of office space. Current tenants include Kaiser Permanente and WeWork. Mike Longo, Todd Tydlaska, Sean Sullivan and Greg Grant of CBRE represented the seller. The CBRE team also procured acquisition financing for the buyer from a regional bank.
CHICAGO — MoLo Solutions, a third-party logistics company within the transportation industry, has signed a 93,710-square-foot office lease at 167 N. Green St. in Chicago’s Fulton Market neighborhood. MoLo connects clients with truck drivers and other shipping solutions. The company plans to expand significantly over the next few years. The property features a meeting area, onsite parking, gym, rooftop garden and NBA-sized basketball court. Kayla Beljan of MB Real Estate represented MoLo in the lease. Paige O’Neil and Annie Aldrich of Shapack Partners represented the undisclosed landlord.
ISELIN, N.J. — Opal Holdings LLC will renovate Metropark194, a 452,133-square-foot office building in the Northern New Jersey community of Iselin. Capital improvements to the nine-story, transit-served building will include an upgraded lobby, renovations to the café and the addition of a new fitness center. Avison Young will provide construction management services for the project. Construction is scheduled to begin before the end of November and to last about five months.
STAMFORD, CONN. — Philip Morris International (NYSE: PM) has signed a 71,484-square-foot office lease for its new headquarters at 677 Washington Blvd. in Stamford, located in the southern coastal part of Connecticut. The lease term is 12 years. The tobacco giant will relocate from 120 Park Avenue in Manhattan beginning in late 2022. Richard Bernstein and Steven Baker of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.
FOOTHILL RANCH, CALIF. — Newmark has arranged the sale of The Campus at South County, a two-building office complex in Foothill Ranch. The asset traded for $50 million, or $238 per square foot, in an off-market transaction. Paul Jones, Brunson Howard, Ken White, Kevin Shannon and Brandon White of Newmark represented the seller, a private commercial real estate investment firm, in the deal. The buyer was an undisclosed high-net-worth individual. Located at 27051 and 27121 Towne Centre Drive, The Campus at South County features 210,083 square feet of office space. The property offers an outdoor courtyard, tenant lounge and conference center. Current tenants include Cox Communications, Ossur and Fujitsu.
