Office

Nordblom Co. Sells Two Flex Buildings in Massachusetts

by Amy Works July 22, 2016

MARLBOROUGH, MASS. — Nordblom Co. has completed the disposition of two high-tech flex buildings located at 450 and 500 Donald Lynch Blvd. in Marlborough. Atlantic – Fulcrum Realty LLC, a joint venture between Atlantic Management Corp. and Fulcrum Real Estate Partners, purchased the properties for an undisclosed price. At the time of sale, the properties were 92 percent leased with only 9,521 square feet left available for lease at the 59,667-square-foot building at 450 Donald Lynch Blvd. The facility at 500 Donald Lynch Blvd. totals 62,224 square feet. Tenants at the two buildings include New England Cryogenics Center, SENKO Advanced Components and WaterSep BioSeparations Corp. The buildings are part of the 50-acre Solomon Pond Park, a 1 million-square-foot mixed-use development.

July 22, 2016

New York Northeast Office

Madison Realty Signs Urban Soccer to 63,000 SF Lease at Whale Square in Brooklyn

by Amy Works July 22, 2016

NEW YORK CITY — Madison Realty Capital has signed a lease with Urban Soccer, an operator of indoor and outdoor competitive and recreation leagues in Europe, at Whale Square in Brooklyn’s Sunset Park. Urban Soccer will occupy 63,000 square feet of space on the third floor of the 500,000-square-foot mixed-use property. Madison Realty Capital acquired the property last summer and is currently redesigning and repositioning the property into commercial space designed for innovative and creative tenants. David Falk, Eric Cagner, Whitten Morris and Joseph Sipala of Newmark Grubb Knight Frank represented Madison Realty in the deal.

July 22, 2016

Office Top Stories Washington Western

Mirae Asset Global Investments Acquires Amazon Headquarters Building in Seattle for $246.8M

by Christina Cannon July 22, 2016

SEATTLE — Mirae Asset Global Investments has acquired the Amazon Phase VIII building in Seattle for $246.8 million. Vulcan Real Estate sold the 12-story, 317,804-square-foot office building. The building, constructed in 2015, includes 5,297 square feet of ground-floor retail space and serves as Amazon’s headquarters. The property, located at 325 9th Ave. N. in the South Lake Union neighborhood, is LEED Gold certified and features 443 parking spaces. Mirae Asset Global Investments is an international investor based in Seoul, South Korea. Kevin Shannon, Ken White and Michael Moll of Newmark Grubb Knight Frank (NGKF) brokered the transaction. David Milestone and Brett Green of NGKF arranged financing for Mirae Asset Global Investments. “Global capital is increasingly recognizing the unique opportunity offered by South Lake Union and the Puget Sound region,” says Shannon, president of NGKF Capital Markets. “Seattle, San Francisco and Los Angeles sales activity in the CBDs has been dominated by foreign buyers in 2016 and this is yet another example of this.” Amazon has approximately 15 years remaining on its lease. — Christina Cannon

July 22, 2016

Loans New York Northeast Office

Newmark Holdings Receives $120M in Refinancing for Three-Building Office Portfolio in New York City

by Amy Works July 21, 2016

NEW YORK CITY — Newmark Holdings has received a $120 million refinancing loan with BNY Mellon and TD Bank of a three-building, 390,000-square-foot office portfolio located at 740 Broadway, 2-20 Astor Place and 440 Lafayette in New York City. The properties are currently more than 93 percent leased with a roster of prominent tenants, including New York University, Walgreens and L2 Inc. The new loan replaces the existing financing held by Mid-First & Amalgamated Bank that was originated in April 2008 and totaled approximately $53 million. Paul Talbot provided in-house representation for Newmark Holdings in the deal.

July 21, 2016

New Jersey Northeast Office

iCIMS Signs 350,000 SF Headquarters Lease at Bell Works in New Jersey

by Amy Works July 21, 2016

HOLMDEL, N.J. — iCIMS Inc. has signed a lease for 350,000 square feet of space at Somerset Development’s Bell Works, a mixed-use development in Holmdel. The provider of human resources software is relocating its headquarters to Holmdel from Matawan, N.J. The lease brings the 2-million-square-foot Bell Works to more than 50 percent occupied. Jeff Garibaldi, Tara Keating Freeman and Kyle Mahoney of The Garibaldi Group/CORFAC International represented Somerset Development, while Joseph Sarno Jr., Jeremy Neuer and Matthew Wassel of CBRE represented iCIMS in the lease transaction.

July 21, 2016

Office Oklahoma Texas

CBRE Brokers Sale of Office Building in Tulsa

by Haisten Willis July 21, 2016

TULSA, OKLA. — CBRE has brokered the sale of 21 Lewis Plaza, a 58,934-square-foot office building in Tulsa. 21 LP LLC purchased the asset from Acron 21 Lewis Plaza LP for an undisclosed price. Mary Martin and Leslie Kirkpatrick of CBRE’s Tulsa office represented the seller. Kelly McKoy with McKoy Co. in Tulsa represented the buyer. Tulsa Retina Consultants PLLC will be occupying the entire second floor of 21 Lewis Plaza. The building is located at 2424 E. 21st St. near its intersection with South Lewis Avenue. 21 Lewis Plaza was 70 percent occupied at the time of sale to tenants including Oklahoma National Bank, G4s Secure Solutions Inc., River Parks Authority and Gilbert Audiology & Hearing.

July 21, 2016

Office Retail Texas

Lee & Associates Negotiates 10,500 SF Office/Retail Sale in Dallas

by Haisten Willis July 21, 2016

DALLAS — Lee & Associates has negotiated the sale of a 10,500-square-foot office/retail building located at 1528 Slocum St. in Dallas. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Tatum Brown Custom Homes. Doug Molny with Jim Lake Cos. represented the seller, Mark Modares.

July 21, 2016

Michigan Midwest Office

L. Mason Capitani Negotiates Office Lease at Liberty Professional Center in Metro Detroit

by Christina Cannon July 20, 2016

STERLING HEIGHTS, MICH. — L. Mason Capitani CORFAC International has arranged a seven-year office lease in Sterling Heights, approximately 25 miles north of Detroit, for CoreSource, a third-party administrator of employee benefits programs. CoreSource will occupy space at the 24,700-square-foot Liberty Professional Center, located at 35601 Mound Road. Al Iafrate of L. Mason Capitani represented the landlord in the transaction.

July 20, 2016

Massachusetts Northeast Office

Hilco Global Acquires 169,000 SF Office Building in Massachusetts for $26M

by Amy Works July 20, 2016

NORWOOD, MASS. — Hilco Global has acquired an office building located at 825 University Ave. in Norwood from KBS Realty Advisors/KBS Capital Markets Group for $26 million. The 169,000-square-foot Class A building is fully occupied by Xcerra and operates as Illinois Tool Works’ R&D production space. Camille Renshaw of Stan Johnson Co. brokered the transaction.

July 20, 2016

Connecticut Loans Mixed-Use Multifamily Northeast Office

National Cooperative Bank Closes $25.6M Loan for Mixed-Use Property in Connecticut

by Amy Works July 20, 2016

NEW HAVEN, CONN. — National Cooperative Bank has closed a $25.6 million first mortgage to University Towers Owners Corp., a mixed-use cooperative located at 100 York St. in New Haven. The 16-story property features 238 residential units, 13 medical offices and parking for 242 vehicles. Constructed in 1958, the property was converted to a housing cooperative in 1981. Loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations; window, door and curtain wall replacement; and masonry repairs. Larry Mathe of National Cooperative Bank secured the financing for the borrower.

July 20, 2016

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