NEW YORK CITY — SL Green Realty Corp. has closed on $1.5 billion in construction financing for One Vanderbilt, a 58-story office tower located adjacent to Grand Central Terminal in Midtown Manhattan. The financing has a term of up to seven years and bears interest at a floating interest rate of 3.5 percent over LIBOR, with the ability to reduce the spread to as low as 3 percent upon achieving certain pre-leasing and completion milestones. Institutions involved in the financing are Wells Fargo Bank as administrative agent; The Bank of New York Melton, JP Morgan Chase Bank, TD Bank N.A. and Bank of China as syndication agents; and Landesbank Baden-Württemberg as documentation agent. Vertical construction is slated to begin in the second quarter of 2017, with completion scheduled for 2020. Tishman Construction is managing the project, which will also include direct connection to Grand Central’s network of mass transit, improved by $220 million in upgrades that SL Green is implementing as part of the project. Designed by Kohn Pederson Fox, the 1.6 million rentable-square-foot tower will be the tallest building in Midtown and the second tallest in New York City. In 2014, TD Bank signed a 20-year, 200,000-square-foot lease at the …
NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.
HASBROUCK HEIGHTS, N.J. — G3 Communications Inc. has leased office space at Heights Plaza, located at 777 Terrace Ave. in Hasbrouck Heights. The digital media company, which specializes in B2B marketing, will occupy 6,400 square feet at the six-story 200,000-square-foot office building owned by Alfred Sanzari Enterprises. Stephen Jennings provided in-house representation for the landlord, while Joe Tormen of Lee & Associates represented the tenant in the transaction.
LA GRANGE, TEXAS — Rainier Realty Investments LP has purchased the St. Mark’s Medical Office Building situated on 3.2 acres on St. Mark’s Medical Center campus in La Grange, located halfway between Austin and Houston. Built in 2006, the 31,200-square-foot, single-story medical office building sits is 100 percent leased. Rainier Realty Investments is an affiliate of The Rainier Cos. in Dallas.
GRAND RAPIDS, MICH. — JLL has opened a new brokerage office located at 15 Ionia Ave. in downtown Grand Rapids to broaden its existing presence in Michigan. Jeffrey Karger and Robert Horn will lead the new office. Karger most recently served as senior advisor/director of office services for CWD Real Estate Investments, and Horn has completed more than 11 million square feet of industrial transactions during his career. JLL employs more than 800 professionals in Michigan, with dedicated teams in Detroit and Ann Arbor, Mich., specializing in project management, corporate solutions and public institutions.
ENGLEWOOD, COLO. — Angelo, Gordon & Co. has acquired CH2M Global Headquarters, a 370,485-square-foot office campus in Englewood, for $122 million. The three-building campus is located at 9189, 9191, and 9193 S. Jamaica St. within Meridian International Business Center. The campus was built in 2002. It is fully leased to CH2M Hill, an engineering and construction firm. Angelo, Gordon & Co. represented itself in the transaction, while NGKF’s Kevin Shannon, Ken White, and Laura Stumm, Dave Tilton, Jamie Gard and Jeff Castleton represented the seller, Columbia Property Trust. The firm’s David Milestone and Brett Green arranged debt on behalf of the buyer.
SEAL BEACH, CALIF. — Parallel Capital Partners has received $48.5 million to refinance The Ranch at Seal Beach, a 297,410-square-foot office complex. The complex is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway in Seal Beach. The Ranch at Seal Beach is 93 percent leased to tenants like Leidos, Olson Urban Housing and Merrill Lynch. KPMG, UBS and Keller Williams recently signed new leases at the complex, while Wells Fargo renewed its lease and Finance of America Mortgage expanded its space. Parallel purchased the property in 2013 for $85 million. The complex, formerly known as Bixby Office Park, underwent a rebranding and $1.5 million repositioning. Pacific Western Bank secured the refinancing. JLL’s George Thomson and James Estrada represented Parallel in the lease transactions.
OAK BROOK, ILL. — Ryan Cos. has begun demolition work on an 11-acre parcel in the eastern portion of Oak Brook to make way for a multi-building office/medical campus. Construction will begin in 2017. In February 2016, Ryan acquired the parcel adjacent to I-88/I-294 with frontage along the western side of York Road. Site demolition will be completed in two phases. In the first phase, the existing 203,000-square-foot industrial building will be demolished. Ryan will resume demolition of the foundations and parking lots in spring 2017 as part of new building construction. The company is also providing development, design-build and real estate management services. NAI Hiffman is the broker and marketing representative for the project, and Wright Heerema Architects is providing architectural services.
CHICAGO — R2 Cos. and York Capital Management have competed the $23.8 million recapitalization 770 N. Halsted St. in Chicago. The property consists of two eight-story office buildings in the River West neighborhood totaling 149,000 square feet. Major tenants include Radius, Inxpo and Northeastern Illinois University. R2 has completed a lease with Aire Ancient Baths, a spa with locations in Paris and New York, to open in 2017. The property is located on the border of the River West neighborhood and Goose Island, where R2 owns and operates 500,000 square feet of buildings and 12 acres of land.
RALEIGH, N.C. — Dominion Realty Partners and Prudential Global Investment Management plan to develop Wade IV, a new 103,000-square-foot office building within Wade Office Park in Raleigh. The new four-story asset will be Dominion’s 27th project in the Triangle region. Designed to achieve LEED Gold certification, Wade IV will feature a glass, brick, pre‐cast and metal skin exterior, as well as green features and amenities. Dominion Realty will serve as both the developer and on-site property management team for Wade IV, and Regions Bank will provide construction financing for the project. Other key team members include architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young. Choate will break ground on the asset this week for an expected delivery in late summer 2017.