NEW YORK CITY — Locally based brokerage firm Norman Bobrow & Co. has negotiated a 9,200-square-foot office lease at 40 Wall Street in Manhattan’s Financial District for law firm KI Legal. Josh Berger of Norman Bobrow represented the law firm, which specializes in business litigation, in the negotiations for the 10-year lease. The deal represents an expansion from the firm’s previous 4,000-square-foot space at 90 Broad Street. The Trump Organization owns 40 Wall Street.
CHARLOTTE, N.C. — A fund sponsored by CBRE Global Investors has acquired the South End Collection, a recently renovated office and retail portfolio in Charlotte totaling 110,000 square feet. Charlotte-based Asana Partners sold the portfolio for an undisclosed amount. The South End Collection is located in Charlotte’s South End neighborhood and features three creative office and retail properties that are all 100 percent leased. One of the properties is a 37,351-square-foot, single-story building located at 2116 Hawkins St. The property is fully leased to Krispy Kreme, which occupies 31,176 square feet of creative office space for its corporate operations and a 6,175-square-foot Krispy Kreme restaurant. The second property, located at 222 Rampart St., is a 24,210-square-foot, single-story creative office building. The building is fully leased to Skiptown, a dog daycare, boarding and bar facility. Lastly, 307 West Tremont Ave. is a single-story, 47,533-square-foot property occupied by Spaces and Pins Mechanical Co. Spaces is a flexible workspace offering from parent company Regus that occupies 27,400 square feet. Occupying 20,133 square feet of retail space, Pins Mechanical is an entertainment venue offering activities like duckpin bowling, bocce ball and ping pong. The South End Collection sits on a 6.5-acre site close to …
BOCA RATON, FLA. — JLL Capital Markets has secured financing for Glades Twin Plaza, a two-building office complex totaling 97,815 square feet in Boca Raton. Chris Drew, Brian Gaswirth, Michael DiCosimo and Reid Carleton of JLL worked on behalf of the borrower, Sterling Organization, to secure the five-year, fixed-rate loan. The non-recourse financing includes initial and future funding totaling $19.4 million. Glades Twin Plaza is situated on 5.3 acres at 2300 Glades Road. The property is part of the larger Glades Plaza mixed-use development, which is also owned by Sterling Organization. Glades Twin Plaza is close to Interstate 95 and is less than three miles away from the Florida Turnpike.
BURBANK, CALIF. — A partnership between Fortress Investment Group and Ocean West Capital Partners has completed the disposition of The Link, a repositioned office building located at 2901 W. Alameda Ave. in Burbank. Pendulum Property Partners acquired the asset for $61.5 million. Totaling 124,785 square feet, the property features creative office space and post-production, broadcasting, screening and editing facilities. The property underwent extensive renovation in 2019 and now features an outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13- to 18-foot ceiling heights and a 2,500-square-foot outdoor patio on the seventh floor. At the time of sale, the property was 76 percent leased to five tenants. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction, while David Milestone, Brett Green and Henry Cassiday of Newmark arranged acquisition financing for the buyer.
CUMBERLAND AND DUNWOODY, GA. — Franklin Street Properties Corp. (NYSE American: FSP) has completed the sale of three office buildings in metro Atlanta, known as One Overton Park, One Ravinia Drive and Two Ravinia Drive, for $219.5 million. Built in 2002 by Hines, One Overton Park is a 387,267-square-foot office building with 15 floors. The office building is located within Overton Park, a 34-acre mixed-use community in Cumberland, just northwest of Atlanta. Tenants include CBIZ, Gas South and Randstad. One Overton Park’s amenities include a fitness center, dry cleaners, full-service auto salon, café and sundry shop, men’s and women’s locker rooms, conference center, H. Stockton’s clothing store, shoe care salon and a full-service financial center. The architects for the building were Pickard-Chilton Architects and Roy Ashley & Associates. One Ravinia Drive, totaling 386,603 square feet, and Two Ravinia Drive, totaling 442,130 square feet, both rise 17 floors in Dunwoody, a city just north of Atlanta. The two buildings are part of the 42-acre Ravinia development that features three office buildings with 1.6 million square feet of space, a 500-room hotel, conference center and 5,000 parking spots. Hines developed the two buildings in 1985 and 1987, respectively, with architects Kevin Roche …
BEAVERTON, ORE. — Norris & Stevens has arranged the sale of Griffith Park Office Building, a multi-tenant office property located at 5075 SW Griffith Drive in Beaverton. 5075 SW Griffith LLC acquired the asset from an undisclosed seller for $2.4 million. Constructed in 1979 and renovated in 1991, the two-story property features 20,474 square feet of office space with private offices, conference rooms, open office space and breakrooms. Todd VanDomelen, Duane Link and Doug Carter of Portland-based Norris & Stevens represented the buyer and seller in the deal.
WILMINGTON, DEL. — Miami-based Driftwood Capital is underway on a $31 million project that will convert an 11-story office building in Wilmington, Del., into a 134-room hotel that will be operated under the Staybridge Suites brand. The new hotel, which is expected to open in the second quarter of next year, will offer a lobby lounge, fitness center, business center with meeting space and a convenience mart. First International Bank & Trust provided $14.9 million in construction and permanent financing for the project. Other partners include Whiting-Turner Contractor Co. and Dever Architects. Driftwood’s in-house hospitality management team will oversee operations of the property.
ISELIN, N.J. — New York City-based SJP Properties has completed the redevelopment of a 270,000-square-foot office building located at 200 Wood Ave. S. in the Northern New Jersey community of Iselin. The project upgraded the lobby, fitness center and common areas and also enhanced the outdoor spaces to allow for additional amenities. In addition, global shipping firm DSV recently signed a 97,000-square-foot lease for its new U.S. headquarters at the building. SJP Properties acquired the transit-oriented asset in 2020.
KING OF PRUSSIA, PA. — The Perelman School of Medicine at the University of Pennsylvania has signed a 150,000-square-foot life sciences lease at Discovery Labs’ 1 million-square-foot campus on Swedeland Road in King of Prussia, a northern suburb of Philadelphia. The university will use the space for its gene therapy program, which centers on researching gene functionality and development of genetic medicines for rare diseases. The lease encompasses two buildings. Discovery Labs is an affiliate of MLP Ventures, which was represented internally by Joe Corcoran and Julian O’Neill in the lease negotiations. Joe Fetterman of Colliers International represented the university.
NEW ALBANY, OHIO — Alterra Real Estate Advisors has sold an 83,000-square-foot office building in New Albany to OhioHealth for $9.7 million. The property is located at 5150 E. Dublin Granville Road within suburban Columbus. The building was constructed in 1999 and renovated in 2007. OhioHealth, central Ohio’s largest hospital system, plans to redevelop the building into its New Albany Medical Campus at a project cost of roughly $36 million. The campus will enable the health system to expand its services and offer urgent care, primary care, various specialties, lab and imaging and an onsite retail pharmacy.