NEW YORK CITY — PGIM Realty Estate has acquired a 40 percent interest in Eleven Madison Avenue, a 2.3 million-square-foot office property in Midtown South, from SL Green Realty Corp. for $480 million. The new ownership joint venture is seeking a modification to the mortgage on the property. If the modification is not obtained within six months after the closing, SL Green may repurchase the sold interest from PGIM Real Estate. The partnership expects the modification to be granted during the fourth quarter of 2016. PGIM Real Estate has a one-year option to acquire an additional 9 percent stake in the venture at the same gross property valuation of $2.6 million. Darcy Stacom and William Shanahan of CBRE advised SL Green on the deal.
MT. LAUREL, N.J. — Four Springs Capital Trust has acquired a single-tenant office building located in Mt. Laurel. An undisclosed seller sold the property for $19.4 million. The 87,460-square-foot office building is home to the Southern New Jersey operations of Blue Cross Blue Shield of New Jersey, which serves approximately 3.8 million members. Four Springs Capital Trust’s portfolio now contains 44 properties, which are leased to 22 tenants, in located 20 states.
HOBOKEN, N.J. — Marsh & McLennan has renewed its long-term lease at Waterfront Corporate Center II in Hoboken. The global professional services firm will occupy 138,000 square feet of office space at the building for the next 15 years. David Falk, Andrew Sachs, Timothy Greiner and Hope Brodsky of Newmark Grubb Knight Frank represented the tenant, while Jeff Schotz and Peter Bronsnick provided in-house representation for the landlord, SJP Properties.
SAN ANTONIO — CBRE has arranged the sale of Northwest Atrium, a three-story, 93,540-square-foot office building in San Antonio. Austin-based Kennedy Wilson purchased the asset from San Antonio-based NWA Limited Partnership for an undisclosed price. Carrie Caesar, Todd Mills and Hunter Mills of CBRE’s San Antonio office represented the seller. The property, located at 11550 W. Interstate Highway 10 in the northwest San Antonio submarket, is adjacent to University Park, a 3.2-million-square-foot master-planned business park. The asset was 89 percent occupied at closing to tenants including Civil Engineering Consultants, Benefit Management and NovaTel.
SAN MATEO, CALIF. — New York Life Real Estate Investors has provided $48 million in financing to the owners of a 181,219-square-foot office building in San Mateo. The Class A building is located at 777 Mariners Island Blvd. The mortgage loan has a seven-year term. Financing was provided on behalf of a fund managed by Wafra Investment Advisory Group.
KENNESAW, GA. — Pope & Land and The Dilweg Cos. have sold Barrett Summit, a 15-acre office park comprising three fully leased office buildings within the Barrett development in Kennesaw, roughly 25 miles north of Atlanta. Pope & Land developed the 182,000-square-foot portfolio in the early 2000s and brought on Dilweg Cos. as a joint venture partner in 2012, marking the company’s first acquisition in the Atlanta area. Justin Parsonnet, Will Yowell and Jay O’Meara of CBRE represented Pope & Land and Dilweg in the sale. Atlanta-based Brookwood Investment Group LLC purchased Barrett Summit for an undisclosed price.
BOSTON — Boston Realty Advisors has brokered the sale of an office building located at 311 Summer St. in Boston’s Fort Point neighborhood. Qatar-based Alduwaliya acquired the property for $38.5 million, or $673 per square foot. The seven-story, 57,225-square-foot brick-and-beam building was 100 percent leased at the time of sale. Jason Weissman, Nick Herz and Michael D’Hemecourt of Boston Realty Advisors represented the undisclosed seller in the deal.
NEWTON, MASS. — Newton-based The RMR Group Inc. has acquired Tremont Realty Capital, a firm that specializes in commercial real estate finance. Boston-based Tremont principally raises debt and equity capital for owners and commercial real estate and serves as a manager of funds invested in commercial real estate loans. The RMR Group purchased the assets of Tremont for an upfront price of $2.2 million, excluding transaction costs. Since its founding in 2000, Tremont has completed more than $4.6 billion worth of commercial real estate transactions and currently has over $200 million of real estate loans under management. The CenterCap Group served as advisor to Tremont in the transaction.
DALLAS — CBRE Capital Markets’ Institutional Properties has arranged the sale of Dominion Plaza, a Class A office asset in north Dallas, to an undisclosed buyer. The property includes a 14-story office tower and a three-story office building spanning 318,695 square feet. The property also includes a four-level parking garage and surface parking. CBRE’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill arranged the transaction on behalf of the seller, Dalfen America Corp. Dominion Plaza is 83.5 percent leased to tenants including Regus, Tenet Healthcare, Old American County Mutual, RoundPoint Mortgage and healthcare staffing firm ESS. On-site amenities at the property include a renovated fitness center, full-service deli, conference facility and outdoor courtyard.
TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 278,000-square-foot office building in Toledo. The 16-story Edison Plaza is located at 300 Madison Ave. Toledo Edison Co. sold the building to 300 Madison LLC. Peter Shawaker of Reichle Klein Group represented the seller in the transaction.