DALLAS — Citadel Partners LLC has represented Dallas CPA Society in the completion of a 6,364-square-foot office lease at 12400 Coit Road in Dallas. Taylor Dickerson and Scott Morse of Citadel Partners represented the tenant, and Layne Mayfield and Rodney Helm of Cushman & Wakefield represented the unnamed landlord.
NORTH BETHESDA, MD. — Monument Realty has inked a full-building lease with Abt Associates at 6130 Executive Blvd. in North Bethesda, roughly 12 miles outside of Washington, D.C. The 155,000-square-foot lease is the first of the two-building, 328,000-square-foot Executive Plaza that Monument Realty recently renovated. The $10 million renovation included common area upgrades, new mechanical systems and exterior and interior repairs, as well as the addition of a new fitness center, café and a 3,500-square-foot conference center. Abt Associates is a global research and development firm that has multiple offices in the U.S. and program offices in more than 40 countries. Cushman & Wakefield and Newmark Grubb Knight Frank represented Abt in the lease transaction. Avison Young represented Monument Realty and its partner, Angelo, Gordon & Co.
MIAMI — Sumitomo Corp. of Americas, a New York City-based subsidiary of a Japanese trading company, has acquired Miami Tower, a 47-story, 631,672-square-foot office tower in Miami’s central business district, for $220 million. LaSalle Income & Growth Fund V sold the 93 percent-occupied property. HFF arranged the transaction. LaSalle purchased the property in December 2010 for $105.5 million, according to the Miami Herald. The property was built in 1987 and was previously known as the CenTrust Tower. “We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” says Robert Obringer, vice president of Sumitomo Corp. of Americas. “As part of our constant management of assets, we are always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for in-place cash flow and the opportunity to increase value.” Renowned architect I.M. Pei designed the building, which consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and ground-level retail space. The building is well known for its unique exterior lighting system and boasts tenants including Carlton Fields, TotalBank, UBS Financial Services, Genovese Joblove & Battista, Ver Ploeg & Lumpkin and the …
AUSTIN, TEXAS — Cushman & Wakefield has acquired Oxford Commercial in Austin. Oxford Commercial has served clients in the areas of commercial real estate brokerage, investment sales, development consulting, market research and related advisory services since 1993. The company employs 35 brokers and staff members and has been behind many of the largest transactions in central Texas, including Athena Health’s lease inside the Seaholm Power Plant. In the past three years, Oxford Commercial’s transaction value totals reach $1.3 billion. Spencer Hayes, co-founder and managing partner of Oxford Commercial, will remain as managing principal under the new structure. Hayes worked for Cushman & Wakefield prior to founding Oxford Commercial.
FORT WORTH, TEXAS — Quorum International has inked a 305,000-square-foot lease with Sun Life Assurance Co. of Canada in an early renewal and expansion of its headquarters and distribution center in Fort Worth’s Railhead Industrial Park. The tenant has picked up 101,000 square feet of extra operating room at 400 Railhead Road, a 3.3-acre rail-served property on the city’s north side. Quorum has begun renovations on the expansion space, which has been updated with new lighting by the landlord. Quorum is one of the oldest tenants in the 633-acre Railhead Industrial Park, which opened in 1995 as the largest industrial center in Fort Worth with dual-rail service. Its operations hub features 22 dock-high doors and 28-foot clear heights.
FORT WORTH, TEXAS — A local physician has acquired a foreclosed 5,000-square-foot office building on the ring road of Ridgmar Mall in west Fort Worth from JPMorgan Chase Bank. The just-sold brick building is located at 2600 Mall Circle. Dr. Joseph Obeng is planning to renovate the single-story structure and relocate his practice from the Fort Worth Medical District. Obeng plans to reserve 2,500 square feet for his new office and rely on his broker, Casey Tounget of Coldwell Banker Commercial Alliance DFW, to find a professional tenant to fill the balance. The structure was built in 1980 on nearly 0.4 acres near I-30 and fronts the perimeter road for the 100-store mall. Obeng formed New Seasons Investment to acquire the property. John Grace of Colliers International represented the seller.
DEFOREST, WIS. — Ryan Companies US Inc. has broken ground on a 130,000-square-foot office and processing facility for The Little Potato Company in DeForest, approximately 17 miles northeast of Madison. The new facility will be located along the western edge of US Hwy. 51 and east of Stevenson Street in the DeForest Business Park. The facility, situated on a 15.9-acre site, is scheduled to open in early 2017. The Little Potato Company, based in Edmonton, Alberta, is a grower and distributor of creamer potatoes.
MOUNT OLIVE, N.J. — Commercial Realty Group has acquired a 446,076-square-foot industrial and office complex located at 350 Clark Drive in Mount Olive. North Jersey Development Group sold the property for an undisclosed price. Situated on 40.5 acres, the asset features a 335,122-square-foot industrial building with 29,340 square feet of mezzanine space and a three-story, 75,000-square-foot Class A office building, which was built in 1995. The industrial portion is 100 percent leased to two tenants, Performance Food Group and 350 Logistics, while the office portion is home to eight tenants, including Mars Incorporated, Lion Ribbon Co., Hundley Burns and FC Architects. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction.
MIAMI — Cisneros, a media and entertainment advertising firm, and Moss & Associates, a construction firm based in Fort Lauderdale, have leased office space at Two MiamiCentral, part of the 11-acre MiamiCentral mixed-use development in downtown Miami. The two companies are joining Ernst & Young LLP, Regus and Florida East Coast Industries at the 10-story, 190,000-square-foot office building. Cisneros will occupy 30,000 square feet on the top two floors of the Class A office building, and Moss & Associates will occupy 4,000 square feet on the seventh floor. Set to open in 2017, the office building is now 60 percent pre-leased. In addition to the office component, MiamiCentral will be the future home of the Brightline train service. Designed by Skidmore, Owings & Merrill LLP, Two MiamiCentral’s office space will begin 120 feet above street level to accommodate the raised Brightline train platform and include a plaza level featuring a fitness facility, conference center and open-air terrace available for tenants and their guests. Blanca Commercial Real Estate is the leasing agent for the commercial space within MiamiCentral.
PARSIPPANY, N.J. —NAI James E. Hanson has brokered the sale of an office building located at 140 Littleton Road in Parsippany. Choice Properties acquired the 30,459-square-foot building from Gisella Haidar for an undisclosed price. The three-story office building was 80 percent leased at the time of sale. Josh Levering and Andrew Kirshenbaum of NAI James E. Hanson represented the seller in the transaction.
