Office

Rudder Property Group Closes Office, Retail Sales Totaling $72.1M in NYC

by Amy Works September 13, 2016

NEW YORK CITY — Rudder Property Group has brokered a number of office and retail property sales, including seven that total $72.1 million at 866 United Nations Plaza in New York. Systems Property Development acquired the retail and garage portion of the building for $31.1 million. Glenn Tolchin of JLL represented the seller in the transaction. Michael Rudder and Mike Heller of Rudder Property Group represented the seller in the office condominium sales: The National Spiritual Assembly Of the Baha’is of the United States acquired a 9,938-square-foot office condominium for $12.4 million. James Saunders of Newmark Grubb Knight Frank represented the buyer in the deal. The Government of Monaco purchased a 7,031-square-foot office space for $9 million. Steven Kaufman of Hanley Advisors represented the buyer. MGRM Holding Inc. bought a 3,563-square-foot office condo for $3.6 million. Mike Bhuiyan of DJK Residential represented the purchaser. The Egyptian Building Fund Authority and the Ministry of Egyptian Foreign Affairs acquired a 10,200-square-foot office space for $8.2 million. Joshua Sloyer of Douglas Elliman and Tahani Elrafei of McBride Agency Realtors represented the buyer. The Permanent Mission of the Republic of Djibouti to the United Nations purchased a 4,643-square-foot office condo for $4.9 million. The Military …

September 13, 2016

Connecticut Northeast Office Retail

Vidal/Wettenstein Negotiates Three Sales Totaling $7.9M in Connecticut

by Amy Works September 13, 2016

WILTON, FAIRFIELD AND WESTPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sales of three properties in Connecticut. In the first transaction, North American Pharmacal sold an office building located at 213 Danbury Road in Wilton for $2.1 million. The name of the buyer was not released. David Fugitt and Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. In the second deal, E&J Twin Properties acquired a multi-tenant office building, located at 303 Linwood Ave. in Fairfield, for $1.8 million. Randy Vidal was the listing broker. In the final transaction, Fin-Max Realty LLC acquired a Shake Shack property, located at 1849 Post Road East in Westport, for nearly $4 million. Robert Lewis represented the buyer and undisclosed seller in the deal.

September 13, 2016

Michigan Midwest Office

Friedman Arranges 7,680 SF Office Lease in Livonia, Michigan

by Amy Works September 13, 2016

LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has brokered the lease of 7,680 square feet of office space at Seven Mile Crossing II, located at 38701 Seven Mile in Livonia. Trinity Health – Michigan leased the space from Universal Properties 3. Based in Livonia, Trinity Health – Michigan is a multi-institutional Catholic health care delivery system. Steven Eisenshtadt and Todd Hawley of Friedman represented the landlord in the deal.

September 13, 2016

California Office Top Stories Western

Paramount to Acquire One Front Street in San Francisco for $521M

by Katie Sloan September 13, 2016

SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire One Front Street, a Class A office building located in the Market Street corridor of San Francisco, for $521 million. The 38-story, LEED Gold certified property is located in the heart of San Francisco’s central business district, within two blocks of the $6 billion Transbay Transit Center development set to open in 2017. The Transbay center will act as a regional transportation hub, accommodating up to 45 million passengers per year. The property consists of 651,000 square feet of office space and a 290-space parking garage. The building was 99 percent occupied at the time of sale by tenants including Lookout Inc., Kite, Wells Fargo Bank, Covington & Burling LLP, Skidmore Owings & Merrill LLP, FTI Consulting, Jones Lang LaSalle (JLL) and BNP Paribas. Market Front Associates LP sold the property, according to reports by the San Francisco Business Times. JLL manages and handles leasing for the office space. Paramount is considering various strategic options including bringing in a joint venture partner for the property or selling an asset within its current portfolio to help fund the transaction. The deal is expected to close before the end of …

September 13, 2016

Alabama Office Southeast

Daniel Corp. Buys 18-Story Office Building in Downtown Birmingham

by John Nelson September 12, 2016

BIRMINGHAM, ALA. — Daniel Corp. has purchased the Financial Center office building, an 18-story, 311,201-square-foot tower located in downtown Birmingham’s Financial District. As part of the acquisition, Daniel Corp. will relocate its headquarters to the office building. Built in 1982, Financial Center is located at 505 20th St. North at the intersection of 20th Street and 5th Avenue. The seller was undisclosed, but AL.com reports Allegiance Realty Corp. purchased the asset in 2013 for an undisclosed price.

September 12, 2016

Office Texas

NAI Partners Brokers 21,466 SF Office Lease in Houston

by Haisten Willis September 12, 2016

HOUSTON — Jason Whittington of NAI Partners has represented Houston Engineering & Scientific Society Inc. (HESS) in renewing a 21,466-square-foot special events and meeting facility lease in Houston. HESS is the only occupant in the two-level, freestanding building located at 5430 Westheimer Road. HESS moved into the property in 1996. Henry Hagendorf and Dean Wilkens of Tanglewood Property Group represented the landlord, Franklin Post Oak Ltd.

September 12, 2016

Industrial Loans New York Northeast Office Retail

HFF Secures $26.9M in Financing for Property Acquisition, Conversion in Brooklyn

by Amy Works September 12, 2016

NEW YORK CITY — HFF has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building industrial complex located in Brooklyn’s Williamsburg neighborhood. HFF arranged the five-year, floating-rate loan through M&T Bank for the borrower, The Hudson Companies. The borrower plans to convert the 97,475-square-foot complex into 83,211 square feet of creative office space and 14,543 square feet of retail space. Designed by S9 Architects, the project is slated for completion in 2018. Christopher Peck and Rory Shepard of HFF secured the financing for the borrower.

September 12, 2016

Kansas Midwest Office Retail

Ferguson Property Group Acquires 50,000 SF Warehouse Building in Wichita for Retail/Office Conversion

by Amy Works September 12, 2016

WICHITA, KAN. — Ferguson Property Group has acquired the former Winfield Wholesale Grocery Building, a warehouse building located at 701 E. Second St. in Wichita’s historic district. SBJ Properties sold the 50,000-square-foot building for an undisclosed price to Memphis, Tenn.-based Ferguson. The buyer has a $20 million renovation planned for the property to convert it into retail and office space. Built in 1910, the property features underground parking. Patrick Ahern of NAI Martens represented the seller, while Mike Marrara of First Commercial represented the buyer in the deal.

September 12, 2016

Loans New York Northeast Office Retail

Cushman & Wakefield Arranges $185M in Financing for 10 Times Square in NYC

by Amy Works September 9, 2016

NEW YORK CITY — Cushman & Wakefield advised L.H. Charney Associates Inc. on a $185 million senior mortgage financing for 10 Times Square, also known at 1441 Broadway, in New York City. The fixed-rate financing was provided by an affiliate of Metropolitan Life Insurance Co. The 36-story building features more than 540,000 square feet of office/showroom and retail space, including 31 floors of fully-leased office/showroom space and 55,000 square feet of ground-floor, concourse and second/mezzanine-level retail space. The building’s newly designed retail space and lobby will be delivered in 2017. Alex Hernandez, Steve Kohn, Chris Moyer and Alex Lapidus of Cushman & Wakefield’s Equity, Debt and Finance team arranged the the financing.

September 9, 2016

Massachusetts Northeast Office

O’Connell Hospitality Group Merges with HREC

by Amy Works September 9, 2016

BOSTON — O’Connell Hospitality Group is merging its Northeast hotel brokerage practice with HREC’s national hotel platform effective Sept. 8. With the merged companies, Jim O’Connell will be principal at HREC Investment Advisors, as well as HREC’s practice leader in the new Boston office. Combined the two firms will offer hotel investors expertise and contacts of approximately 40 dedicated lodging and gaming insiders across the North American hospitality industry.

September 9, 2016

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