PORTLAND, ORE. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Indigo at Twelve West, a mixed-use property located at 430 SW 13th Ave. in Portland. The price was not disclosed Situated in the city’s West End submarket, the property features 273 residential apartments, 86,000 square feet of creative office space and a 10,000-square-foot retail component. The office and retail components are fully leased. Completed to LEED Platinum standards in 2009, the property features all-glass façade with floor-to-ceiling windows, 10-foot to 12-foot ceilings, gas appliances and city views.
BREA, CALIF. — Avison Young has arranged the sale of an office building located at 330 E. Lambert Road in Brea. Miller Brothers Eureka Road One LLC acquired the asset from Brea Metro LLC for $8.7 million in a 1031 exchange transaction. Built in 1988 as a single-tenant property, the two-story, 43,800-square-foot building underwent a renovation and conversion to multi-tenant use in 1997. Situated on 2.4 acres, the property is fully occupied by five tenants, including Southland Corp. (7-Eleven), PharMedQuest, National Mortgage Services and Merchant Money Corp. Alan Pekarcik and Chris Smith of Avison in collaboration with Tim Walker and Steve Heimuli of Lee & Associates represented the seller, while Colliers International represented the buyer in the deal.
SPRING BRANCH, TEXAS — REOC Development LLC has recently broken ground on Singing Hills Professional Building, a three-story, 60,000-square-foot medical office building in Spring Branch. The property will be situated at U.S. Highway 281 and Harmony Hills Street, about 30 miles north of downtown San Antonio. Ambulatory Surgical Center (ASC) has leased space on the ground floor, and REOC’s brokerage firm affiliate REOC San Antonio is pursuing an imaging center provider for the remainder of the first floor space. About 65 percent of Singing Hills’ square footage is preleased, according to REOC Development. The project team, including architect Luna Middleman Architects and general contractor Middleman Construction Co., expect to deliver the facility next fall.
WASHINGTON, D.C. — The recently merged operation of Madison Marquette and PMRG has moved its headquarters to 1000 Maine, the trophy office building of The Wharf. Madison Marquette, which is co-developing the 2.2 million-square-foot, waterfront mixed-use project, merged operations with PMRG in June. The combined company will occupy 26,000 square feet at 1000 Maine, which features a soaring lobby and waterside atrium, fitness facility overlooking the water and a 10,000-square-foot rooftop conference center and patio space with views of the Potomac River. Capital Guidance, parent company of Madison Marquette and PMRG, will share the new space for its global headquarters. Additional tenants at 1000 Maine include the D.C. office of Fish & Richardson, Washington Gas and its parent energy company WGL, Socially Determined and the law offices of Michael Best & Friedrich LLP. The office building is part of The Wharf’s first phase of development, which includes a concert hall, three hotels, two multifamily and condominium buildings and 210,000 square feet of restaurants, retail and entertainment space. Phase I of The Wharf opened last October, and Phase II of the project is scheduled to open in 2022.
PHOENIX — NKF Capital Markets has brokered the sale of The Madison, an office property located at 5343 and 5353 S. 16th St. in Phoenix’s Camelback Corridor. A joint venture between EverWest Real Estate Investors and CenterSquare Investment Management sold the asset to Admiral Capital Group for $33.1 million. Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 2.8 acres and renovated in 2017, The Madison includes two four-story office buildings, totaling 177,312 square feet, and subterranean parking. At the time of sale, the property was 93 percent occupied by a diverse mix of tenants.
CANONSBURG, PA. — HFF has arranged the $90 million refinancing of Zenith Ridge Corporate Campus, a 486,000-square-foot, three-building office park in Canonsburg. HFF represented the borrower, Quattro LP, in securing a 10-year, fixed-rate loan through Starwood Mortgage Capital. Burns Scalo Real Estate currently manages the property. Amenities at the office campus include walking trails, outdoor exercise stations, ping pong tables, communal fire pits, outdoor patios and outdoor meeting areas. Zenith Ridge Corporate Campus is fully leased.
AUSTIN, TEXAS — Tech firm GLG, which provides platforms that bring subject matter experts together, has expanded its office lease in Austin. The company will now occupy 84,000 square feet at 301 Congress Avenue, with space for up to 730 employees. The new space includes an additional coffee bar, an outdoor covered terrace and a training and presentation room.
NEW YORK CITY — Fisher Brothers has signed Deluxe Financial Services to a 21,229-square-foot lease at 605 Third Ave., a 1.1 million square-foot office tower in Manhattan. The financial services provider will occupy the entire 37th floor of the building. Ryan Tibbits and Harry Krausman of Cushman & Wakefield represented Deluxe Financial Services in the transaction. Since completing a $25 million capital improvement program at 605 Third Ave., Fisher Brothers has executed 280,000 square feet of leases at the tower. Originally built by Fisher Brothers in 1963, the 44-story building is certified LEED Gold by the U.S. Green Building Council with a tenant roster that includes Univision, AECOM, David Hutcher & Citron LLP and the United Nations Population Fund.
SEATTLE — Unico Properties has purchased two office properties located in Seattle’s southern central business district (CBD). According to Puget Sound Business Journal, the acquisition price was $359 million. Comprising the entire 1100 block of Second Avenue and totaling 705,868 square feet, the asset consists of adjoining buildings: 1111 Third and 2nd & Spring. At the time of sale, the buildings were collectively 95 percent leased following a $65 million renovation completed in 2017. Built in 1980 by Wright Runstad, the 33-story, 705,868-square-foot 111 Third includes a 358-stall, six-level, subterranean parking garage, a fitness center, bike storage, showers, locker rooms, an expanded modern lobby, an outdoor plaza, and updated exterior façades and store fronts. The name of the seller was not released.
JACKSONVILLE, FLA. — Transwestern has arranged the $24.5 million sale of BB&T Tower, a 285,497-square-foot office building located at 200 W. Forsyth St. in downtown Jacksonville. John Bell of Transwestern arranged the transaction on behalf of the seller, special servicer LNR Partners. Talara Investment Group LLC acquired the 18-story tower through the Ten-X auction platform. The prior owners invested $3.9 million in property upgrades, including an elevator modernization program. BB&T Tower was 63 percent leased at the time of sale.