BOSTON — Thibeault Development has acquired 15 and 19 Congress Street in Boston from Related Fund Management, a subsidiary of Related Cos., for an undisclosed price. Totaling 54,461 square feet, the properties are part of a master redevelopment plan for Congress Square in Boston’s Financial District. In 2013, Related Fund Management acquired the five buildings that are being redeveloped by Related Beal. The buyer plans to transform the buildings into residences with approximately 5,750 square feet of street-level retail and restaurant space with immediate access to Quaker Lane. Biria St. John of CBRE represented Related Beal in the transaction.
NEW YORK CITY — EVO Real Estate Group has arranged the acquisition of an office condominium located at 633 Third Ave. in the Midtown section of New York City. Zionist Organization of America acquired the 10,105-square-foot property from Time Equities for $9.3 million. The buyer is relocating from 4 E. 34th St. and plans to take occupancy of the space in September. Jonata Dayan and Jonathan Ben-Dayan of EVO represented the buyer, while Brandon Medeiros provided in-house representation for the seller.
NEW YORK CITY — Equicap has secured a $7.5 million permanent loan for a six-story commercial property located in the Union Square section of New York City. Daniel Hilpert arranged the five-year refinancing loan for the undisclosed borrower. The property is occupied by a restaurant chain and various office tenants.
PLYMOUTH MEETING, PA. — Corporate Office Properties Trust has sold Arborcrest Corporate Campus, a Class A redevelopment office project in Plymouth Meeting. An undisclosed buyer acquired the property for $143 million. The asset features four buildings totaling 654,000 square feet that are 100 percent leased, a 190,000-square-foot redevelopment opportunity at 785 Jolly Road and 27 acres of additional land.
NEW YORK CITY — Newmark Holdings, in partnership with Olmstead Properties, has acquired an office building located at 43-01 22nd St. in the Courthouse Square section of Long Island City, for $61 million. The companies will now share equal ownership of the six-story, 225,000-square-foot building. The buyers plan to implement an extensive capital improvements program to renovate the building with improvements to the lobby, windows, elevators and restrooms. The seller was a private family, which had owned the property since the 1920s.
HOBOKEN, N.J. — EY, formerly Ernst & Young, has signed a new lease for 168,000 square feet of office space at Waterfront Corporate Center II in Hoboken. The global accounting firm is expected to take occupancy in June 2017 and will be relocating a portion of its New York City operations to the space. The three-building complex features 1.5 million square feet of Class A commercial space adjacent to the W Hoboken Hotel. Michael Geoghegan, Craig Reicher, Glenn Dyke, Joan Meixner and Nick Hilton of CBRE represented EY, while Jeff Schotz and Peter Bronsnick provided in-house representation for the landlord, SJP Properties.
MANALAPAN, N.J. — FM Capital has acquired the non-performing loan for the Century Office park in Manalapan. The property has an unpaid principal balance of roughly $6.2 million, and the debt is secured by a 77,706 square feet of office space. Situated on 6.7 acres, the three-building office park was built in 1976, 1978 and 1979. Additional terms of the transaction were not disclosed.
SOUTHFIELD, MICH. — REDICO has acquired the 150 West Jefferson office building in Detroit’s financial district for an undisclosed price. The 500,000-square-foot, 25-story tower was built in 1989 and is 89 percent leased. Tenants at 150 West Jefferson include Miller, Canfield, Paddock & Stone; Jones Day Gensler; Lockbridge; NORR; Plunkett Cooney; Butzel Long; Starcom/Digitas; and KPMG. Amenities at the property include three restaurants/cafes, a convenience store, dry cleaning service and parking garage. The seller was Georgia-based Piedmont Office Realty Trust, according to Crain’s Detroit Business. The Detroit News reports that the building sold in 2003 for $93.8 million.
WOODRIDGE, ILL. — Colliers International has brokered the $7.4 million sale of a five-building, mixed-use development in Woodridge, approximately 30 miles southwest of Chicago. A private investor sold the property located at 6315-6440 Main St. Built in 2007, the property consists of one office building and four retail buildings that total 55,626 square feet. Tenants at the buildings include Loyola University Medical, Jimmy John’s, Sport Clips, Salon Aria, Aurelios, ATI Holdings, Seven Bridges Eye Care, Little Kids Learning, Sunburst Innovations, DMB Dental, Cherry Creek Mortgage and 3Vue. Main Street at Seven Bridges is part of a larger lifestyle center and was 93 percent leased at the time of sale. Joseph Yendrek of Equitable Realty Group represented the undisclosed buyer in the transaction.
CHARLOTTE, N.C. — Insite Properties has brokered the $5.4 million sale of Lincoln Building, a Class A, 25,500-square-foot office building located at 3315 Springbank Lane in Charlotte. Built in 2000, the three-story brick office building is situated near the intersection of Highway 51 and Providence Road. The property was 85 percent leased at the time of sale. SunTrust Bank occupies the building’s first floor and operates four drive-thru lanes. Jay Blanton and Bart Murr of Insite Properties represented the buyer, Family Video Employees LLC, in the transaction. Rob Cochran and Jared Londry Cushman & Wakefield’s Charlotte office represented the seller, Lincoln Charlotte Office LLC, an entity controlled by Grubb Properties.