NEW YORK CITY — Thorofare Capital has secured a $15.3 million fixed-rate bridge loan for a mixed-use property in Brooklyn’s Gowanus section. The property features 57,050 square feet of mixed-use space. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the recapitalization and tenant improvement/leasing commissions facility for the undisclosed borrower.
FRISCO, TEXAS — FM Global has signed on as an office tenant at The Star, home of the Dallas Cowboys headquarters that opened in July 2016. The commercial property insurance company will occupy more than 79,000 square feet of office space across floors five and six, including that tower’s entire top floor. The Star includes 398,000 square feet of Class A office space, including a two-story underground parking garage. Established nearly 200 years ago, FM Global is a multi-national mutual insurance company. The company is the Dallas Cowboys’ provider of property and builders’ risk insurance. The move will bring over 300 of FM Global’s employees, mostly from the company’s current space in Plano, to The Star in June 2017.
CINCINNATI — NorthMarq Capital has arranged a $39.6 million loan to refinance the Omnicare Center, a 20-story, Class A office building in Cincinnati. Susan Branscome of NorthMarq placed the 10-year loan with a major life insurance company on behalf of the borrower, Smith Hallemann Partners. The building includes amenities such as a barbershop with shoe shine and repair services, a Starbucks, transportation services, a conference center, dry cleaning shop and restaurant.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged a 5,319-square-foot office lease in Southfield, approximately 15 miles northwest of Detroit. The landlord, 26711 Office Associates LLC, will lease space to Real Estate Services Solutions Company (RESSCO), which will occupy the space this November. RESSCO will continue to occupy space at its current location in the Omni Officecentre until its lease expires in late 2017. David Friedman and Dan Verderbar of Friedman represented both parties in the transaction.
CHICAGO — Tribune Media Co. (NYSE: TRCO) has agreed to sell the iconic Tribune Tower in downtown Chicago to Los Angeles-based CIM group for $205 million in cash at closing. The buyer could pay up to an additional $35 million based on contingencies and conditions, which could bring the total up to $240 million. The sale is expected to close by the end of September. Built in 1925, the building features 35 stories and nearly 740,000 square feet. The sale also includes a 36,000-square-foot development site located directly to the east of Tribune Tower, fronting Cityfront Plaza. “Tribune Tower has been a unique part of Chicago’s skyline since the 1920s,” says Peter Liguori, Tribune Media’s president and CEO. “It is a gem of architectural and structural accomplishment and a constant reminder of the important role that Tribune has played in the development of the city itself.” Since the beginning of the year, Tribune Media has sold several smaller properties in markets ranging from South Florida to Seattle for gross proceeds of approximately $89 million. Earlier this year, the company agreed to sell the north block of the Los Angeles Times Square property and the nearby Olympic printing plant, both in Los …
NEW YORK CITY — Rubenstein Partners has secured a $197 million first mortgage construction loan for 25 Kent Avenue, a mixed-use property in the Williamsburg section of Brooklyn. Serving as co-lead arrangers and co-bookrunners, Wells Fargo Bank and Natixis Real Estate Capital committed $197 million for the project. The new loan provides for all future construction costs and fully capitalizes the project. Being developed by Rubenstein Partners and Heritage Equity Partners, the eight-story building will feature 500,000 square feet of office and industrial space tailored to the creative and tech sectors.
ANDOVER, MASS. — Enel Green Power North America (EGP-NA) has leased 66,000 square feet of space at Andover Landing at Brickstone in Andover for its new North American headquarters location. Located at 100 Brickstone Square, the facility features a renovated full-service cafeteria, flexible conference facilities, a coffee/juice bar, fitness center with yoga room, shower and locker facilities, a Bright Horizons Day Care facility, outdoor seating, on-site property management and ample parking. EGP-NA is an operator of more than 100 renewable energy plants in North America, and its parent company, Enel Group, is a multinational power company headquartered in Rome, Italy. Kerry Hawkins, Jason Levendusky and Jake Borden of CBRE/New England represented the landlords, KS Partners and Oaktree Capital, while Brooks Murphy and Brian Morrissey of JLL represented the tenant in the lease.
ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors DFW has brokered the sale of the 31,960-square-foot Offices at Forest Hills property to California-based RAB Properties, which utilized a 1031 tax-deferred exchange to purchase the Class A, two-building project in Arlington. The single-story structures, located at 2001 and 2005 N.E. Green Oaks Blvd., were 93 percent occupied at the time of sale. Joe Hamilton and Theron Bryant of Coldwell Banker Commercial Advisors DFW represented the local seller, WCII-1 LLC. Negotiating for the buyer was Sam Owen of OGH Real Estate LLC, who has assumed leasing and management duties for the property. The Offices at Forest Hills was developed in 2007 on 3.4 acres near TX 360, I-30 and Dallas/Fort Worth International Airport. The buildings, totaling 11,967 square feet and 19,993 square feet, include private balconies for each office and shared conference space. The asset also features a 120-space parking lot with 10 covered spaces. The smaller building is fully leased to Lima USA for its headquarters. The wholly owned subsidiary of Italy-based Lima Corporate S.P.A. manufactures and distributes shoulder, knee and hip products and technology to surgeons. The larger building houses Insala Ltd., Endeavor Wall Homes, the U.S. Fish & Wildlife Commission …
SAN FRANCISCO — Thor Equities has sold the Phelan Building, an 11-story office building in San Francisco, to the Hong Kong-based Hotung family for a reported $375 million. The building is located at 760 Market St. The Phelan Buiding contains 250,000 square feet of office space and 52,000 square feet of retail space. Thor paid $130 million for the asset in 2008. Notable tenants at the property include Credit Karma and Medium. The retail portion includes Starbucks, Orogold Cosmetics, Walgreens, Verizon and Marshalls. The building was originally constructed in 1907.
DEERFIELD, ILL. — CIT Real Estate Finance has arranged $61.8 million in acquisition financing for three office properties totaling 480,000 square feet in Deerfield, approximately 30 miles northwest of Chicago. A joint venture between True North Management Group and Fulcrum Asset Advisors, TNREF III Parkway JV LLC, acquired the Class A buildings. The properties are 3 Parkway North, 6 Parkway North and 9 Parkway North, which are all located within the Parkway North Center Office Park, an 85.5-acre office complex consisting of six office buildings totaling approximately 1 million square feet, a daycare center, a 250-room hotel and a recently built luxury apartment complex. The buyer plans to make upgrades to the café and winter garden, as well as develop additional parking. The seller in the transactions was not disclosed.