SAN DIEGO — Smashtech has leased 22,000 square feet of office space at Symphony Towers in downtown San Diego. The marketing company will occupy the penthouse suite on the 33rd floor. Smashtech will relocate from the Union Bank Building in June 2018. Irvine Co. owns the property.
CHICAGO — Skender Construction has completed interior construction of the 176,000-square-foot headquarters for retail real estate company GGP at River North Point in Chicago. GGP has relocated 700 employees to the new headquarters. The three-level space features an abundance of natural light and an open office format with exposed ceilings. The focal point of the space is the café, which opens to a 10,500-square-foot private deck overlooking the Chicago River. Skender worked with Archideas Inc., Environmental Systems Design and JLL to complete the project.
PHOENIX — A joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing has sold BMO Tower at Central Arts Plaza, a 485,687-square-foot office tower in Phoenix, for $80.7 million. The Class A building is located at 1850 and 1884 N. Central Ave. in the Central Arts District. The transaction included an adjacent 1.9-acre parcel. BMO Tower was built in 1991 and designed for the Dial Corp. international headquarters. The building is currently 77 percent leased. Notable tenants include Dickinson Wright, The Cavanaugh Law Firm, PwC, Viad Corp. and BMO Harris Bank. Amenities include a fitness center, conference center, café with indoor/outdoor dining areas, a 200-seat theater, sundry shop and 24/7 security. The property also offers 360-degree views of Phoenix’s skyline and Camelback Mountain, a main lobby with 20-foot high ceilings, and a rotating art gallery. CBRE will serve as property manager, while JLL will lease the asset. CBRE also secured the financing and represented both parties in this transaction.
SAN DIEGO — NorthMarq Capital has secured $57.1 million in construction financing for Watermark II, a 158,000-square-foot office building in San Diego. The loan was structured with a five-year term, the first three of which feature interest-only payments followed by a 25-year amortization schedule. NorthMarq arranged the financing through a regional bank. The borrower is an owner-user who previously developed a neighboring Class A office building that it currently occupies.
WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the sale of an office building located at 913 Delaware Ave. in Wilmington. Washington Street Realty Co. sold the property to 913 Delaware Avenue, a Series of KD Financial LLC for $1.9 million. The single-story property features 8,100 square feet of office space. Bart Mackey of Patterson-Woods Commercial represented the seller in the deal.
HOUSTON — CBRE has negotiated the sale of Westchase Park Plaza, a 232,108-square-foot, Class A office property located in west Houston. The 10-story tower, which recently underwent a $6 million capital improvements project, was 61 percent leased at the time of sale. Jared Chua, John Alvarado, Evan Stone, Gary Carr, Eric Mackey and Robert Hill of CBRE represented the seller in the transaction.
AUSTIN, TEXAS — Endeavor Real Estate Group has sold Rollingwood Center I and II, a two-building office asset totaling 214,300 square feet in southwest Austin. The Class A complex was built in 2015 and was 100 percent leased at the time of sale to tenants such as Kinnser Software Inc., Marsh & McLennan Agency LLC and Heritage Title Co. of Austin. HFF represented Endeavor, which developed the property, in the sale and arranged a fixed-rate acquisition loan through Lincoln Financial Group. Lionstone Investments purchased the property.
DALLAS — Colliers International has brokered the sale of Northpointe Centre, a 161,170-square-foot office building located at 12005 Ford Road in northwest Dallas. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the seller, Northpointe LP, in the transaction. A partnership between CIG Legacy LLC and Symphony Northpointe LLC purchased the building for an undisclosed price.
DALLAS — RED Development has topped out the 22-story office tower located within The Union Dallas, an 800,000-square-foot mixed-use development near downtown Dallas. Committed tenants at the tower include international law firm Akin Gump, accounting firm Weaver and multifamily development firm Streetlights Residential and have already signed leases at the property. The Union Dallas, which will also include a 31-story apartment tower and a 60,000-square-foot Tom Thumb grocery store, is now more than 50 percent preleased.
MELBOURNE, FLA. — NorthMarq Capital has arranged the $25 million sale of a 191,500-square-foot office building located at 1990 NASA Blvd. in Melbourne. The building is home to General Electric Co. Dallas-based Reserve Cap Partners acquired the asset from an undisclosed seller, and Will James of NorthMarq brokered the sale. In addition, NorthMarq arranged a 10-year, CMBS acquisition loan on behalf of Reserve Cap Partners.