NEW YORK CITY — TickPick, an online platform for buying and selling of fee-free event tickets, has signed a 17,000-square-foot office headquarters lease at One Penn Plaza in Midtown Manhattan. Alec Kirschner of Vestian, a global brokerage firm specializing in tenant representation, represented TickPick in the lease negotiations. Vornado Realty Trust owns the building and was self-represented.
NEW YORK CITY — Local real estate giant Tishman Speyer has received a $385 million refinancing for 300 Park Avenue, a 25-story office building in Midtown Manhattan. Originally built in 1955, 300 Park Avenue totals 770,000 square feet and was fully leased at the time of the loan closing. A consortium of lenders led by J.P. Morgan Chase and including Deutsche Bank Securities and Morgan Stanley provided a $330 million CMBS loan with a fixed interest rate of 5.44 percent. Macquarie Capital Principal Finance provided $55 million in mezzanine financing to complete the capital stack.
KNOXVILLE, TENN. — Gorney Realty Co. LLC, a family-owned office and industrial investor based in Nashville, has purchased Cedar Ridge at Cedar Bluff, a 90,000-square-foot office building located at 480 N. Cedar Bluff Road in Knoxville. The seller and sales price were not disclosed. The five-story property was 93 percent leased at the time of sale to approximately 30 tenants, some of which have been occupants for nearly 20 years. Gorney Realty plans to upgrade Cedar Ridge at Cedar Bluff’s common areas, including the building’s lobby and restrooms.
OVERLAND PARK, KAN. — An investment entity led by Copaken Brooks has agreed to sell 6201 College Boulevard, a landmark office building located at the intersection of Lamar Avenue and College Boulevard, to the City of Overland Park. The city plans to convert the 147,000-square-foot building into its future city hall. The sale is expected to close in the fourth quarter. Originally developed in 1990 by Copaken White and Blitt as the national headquarters for the NCAA, the property continues to serve as a multi-tenant office facility. While the ownership will change, Copaken Brooks will remain the property manager, as the city does not manage commercial buildings. The city will begin planning its transition of the space in the coming years.
CARY, N.C. — Engineering and consulting firm Kimley-Horn has signed a nearly 40,000-square-foot lease at Weston I, a 212,000-square-foot office building located at 1001 Winstead Drive in Cary, a suburb of Raleigh. Tucker Shade and Ben Onderdonk of Savills represented the tenant in the lease negotiations. Brian Carr and Brad Corsmeier of CBRE represented the landlord, Accesso. Weston I is situated within the Weston Parkway master-planned business park and recently underwent a $6.5 million capital improvement program, including a new outdoor patio, tenant lounge and fitness center. Other renovations include overhauls to commons areas and the lobby.
BALTIMORE — CBRE has signed a 16,000-square-foot lease at 1001 Fleet St., a Class A office building in Baltimore’s Harbor East district. Delivered in 2000, the nine-story office building is owned by Harbor East Management Group. CBRE is relocating its Baltimore office from 100 E. Pratt St. to the eighth floor of 1001 Fleet, with occupancy to occur in January. David Fields, Jonathan Hall and Jordana Pollack represented CBRE in the lease negotiations on an internal basis. The new CBRE office is part of the commercial real estate services firm’s Workplace360 program, which has 100 locations nationwide.
PHILADELPHIA — Hogan Lovells has signed a 34,752-square-foot office lease extension in downtown Philadelphia. The law firm will continue to occupy space on the 22nd and 23rd floors of 1735 Market Street, a 54-story, 1.3 million-square-foot building, for an additional 10-plus years. Perry Kaplan and Tim Monahan of Savills represented Hogan Lovells in the lease negotiations. Mitch Marcus, Tom Weitzel and Jake Marcus of JLL, along with internal agents Keith Cody and Gordon Hough, represented the landlord, Silverstein Properties.
HOUSTON — Avison Young has negotiated a 25,840-square-foot office lease in West Houston. The tenant, Dean & Draper Insurance, is relocating and expanding its footprint from the nearby building at 3131 W. Alabama St. to the entire 10th floor and part of the eighth floor at Eleven77, an 18-story building. Anthony Squillante and Dustin Devine of Avison Young represented Dean & Draper in the lease negotiations. Kelli Gault, Doug Little and John Heard of Transwestern represented the landlord, Hicks Ventures.
SAN DIEGO — Marcus & Millichap has arranged the sale of The Laurel at Balboa, a mixed-use property located at 2445 Fifth Ave. in San Diego. Grady Development and Fifth & Laurel Associates sold the asset to Golden Balboa LLC for $16.4 million. Situated in San Diego’s Bankers Hill neighborhood, the 42,363-square-foot property features ground-floor retail space anchored by CUCINA Urbana, operated by Urban Kitchen Group, and three levels of office space. Built in 1989, the asset includes 82 secured underground parking spaces and and was approximately 92 percent leased at the time of sale. Ross Sanchez and Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.
OAK BROOK, ILL. — Forman Capital has provided a $6.8 million loan for the acquisition of a distressed office asset in the Chicago suburb of Oak Brook. Butterfield Office Plaza is a four-building office campus totaling 308,921 rentable square feet. The borrower, 2625 Butterfield LLC, is led by investor and developer Mitch Goltz, who acquired the property in a distressed sale and has a business plan to stabilize, reposition and redevelop key components of the campus. The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two buildings. Once tenant consolidation is completed, the operating buildings are estimated to be around 57 percent leased. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury represented Forman Capital on an internal basis.
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