PALM BEACH, FLA. — Ivy Realty has sold The Royal Palm, a three-story boutique office building along “Bankers Row” in Palm Beach, for $16.8 million. Ike Ojala, Hermen Rodriguez and Jorge Portela of HFF represented Ivy Realty in the transaction and procured the buyer, EPIC. The 23,362-square-foot property is located at 250 Royal Palm Way and was 88 percent leased at the time of sale to tenants such as Deutsche Bank and Northern Trust. The Royal Palm features a two-level, 79-space parking garage and seasonal valet and doorman services.
CHARLESTON, S.C. — VistaPointe Partners has secured $10.9 million in refinancing for a 90,334-square-foot office building located in the Suncom Center in Charleston. Seth Denison of VistaPointe Partners negotiated the transaction on behalf of the borrower. The building is fully leased to a credit tenant with a lease term expiring in two years. VistaPointe Partners brought in Hart Advisors Group, a firm that specializes in CMBS loan workouts, to extend the tenant’s lease by one year, with an additional five-year option.
HOUSTON — JLL has secured a total of $450 million of financing for Prime Asset Management to recapitalize JPMorgan Chase Tower and Chase Center, two Class A office properties located in downtown Houston. The 75-story Chase Tower is Houston’s tallest building at 1,002 feet. Combined with the 20-story Chase Center, the complex totals 2.4 million square feet. An underground pedestrian tunnel connects the buildings. Chase Tower includes office space, retail and a sky lobby observation deck. Chase Center includes office and retail space along with a parking garage. Chase Tower is located at 600 Travis St. and was built in 1981. Chase Center is a shorter building adjacent to Chase Tower at 601 Travis St. MetLife provided a fixed-rate senior mortgage, while JPMorgan provided mezzanine financing for a term of 11 years. The mezzanine loan has a floating interest rate for the first year and then converts to a fixed rate for the following 10 years. Prime Asset Management, an international investment group that owns the two properties, will partially use the loans to replace its existing senior mortgage debt with MetLife, which was due at the end of 2017, according to the Houston Chronicle. Tom Melody and John Ream led …
PLANO, TEXAS — A topping out ceremony was held for the One Legacy West project on May 26. During the ceremony, the final beam, painted white for the occasion, was accompanied by the Texas and American flags, which were hoisted to the top of the 14-story structure. Several Plano city officials, Gaedeke Group employees and construction workers signed the beam. Upon completion, One Legacy West will be a 327,856-square-foot office tower located at the southeast corner of Legacy Drive and Sam Rayburn Tollway. The project is set for completion in December. Amenities will include an on-site management and engineering team, 24-hour on-site officer and card key access, a conference center, fitness center, tenant lounge and game area, concierge service and courtesy shuttle to Legacy West’s 300,000 square feet of retail and restaurants. The Gaedeke project will also feature a Wi-Fi-enabled outdoor terrace connected to the parking garage and to the building. There will be electric car charging stations and secure bike storage in the garage. The 14-story One Legacy West boasts a LEED Gold design by Morrison Dilworth + Walls of Dallas. Austin Commercial is the project’s general contractor, with Andres Construction serving as construction manager and Belle Firma as …
PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of Boulevard Plaza, an office building located at 1055 Parsippany Blvd. in Parsippany. A private investor acquired the five-story office property for an undisclosed sum. The 86,000-square-foot property is 85 percent leased to 33 tenants. The building features 10,000- to 15,000-square-foot floor plates, 24-hour access and a grab & go on café. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso of Cushman & Wakefield brokered the transaction.
NEW YORK CITY — KZA Realty Group has arranged the acquisition of a lot located at 972 Washington Ave. in the Bronx. Post Graduate Center for Mental Health acquired the property from Tammuz LLC for $3.4 million. The site features 79,000 square feet of buildable space and air rights from 962 Washington Ave. Kathy Zamechanksy of KZA Realty Group represented the buyer, while Ross Schneiderman of Friedland Realty Advisors represented the seller.
WARRENVILLE, ILL. — Ryan Companies US Inc. has acquired a 9.5-acre site within the Cantera Business Park for the future development of a $15 million medical office complex. Located in Warrenville, approximately 35 miles west of Chicago, the 80,000-square-foot complex envisioned by Ryan Cos. will include two two-story office buildings with shared amenities and common space. David Justh of CBRE represented the seller, a private investor, and is working with Ryan Cos. to market the development to healthcare systems and related users.
MIAMI — Volatility in world markets affected capital flows to the U.S., contributing to a slowdown in office deals in the first quarter of 2016, but foreign funds are expected to surge in the second half of the year, according to an office roundtable held at Accesso Partners’ second annual Capital Markets Conference in Miami. Commercial brokerages attending the conference included CBRE, Eastdil Secured, JLL, HFF, NAI Global and NGKF. The majority of brokers in attendance said the opportunities today are in Class A suburban office properties with walkable amenities. “In almost every market, there are trophy suburban assets that offer a stronger risk-adjusted return than comparable properties in the central business district,” said Jim Postweiler, managing director of JLL’s Chicago office. “In strong submarkets, a suburban property can command yields that are difficult to obtain in CBDs today.” Other brokers and office acquisition specialists said office towers and mid-rise buildings in CBDs are experiencing rising demand from institutional investors eager to invest in “repositioned” assets. “There is still good leasing activity in these markets and more importantly, a good rent growth story,” said Will Yowell, vice chairman of CBRE’s Atlanta office. “We think the markets have another 18 to …
SAN JOSE, CALIF. — A partnership between SteelWave (formerly Legacy Partners Commercial) and USAA Real Estate Co. has broken ground on Phase II of America Center in San Jose. This phase will add 450,000 square feet of office space in two six-story buildings. America Center is situated off Highway 101 at the junction of Highway 237 and Great America Parkway. It sits adjacent to the 175-room Aloft Hotel, and is surrounded by a 30-acre open space preserve, with access to public jogging and bicycle paths. The new phase will bring America Center to a total of 885,000 square feet. The project will eventually include 1.1 million square feet of Class A office space once Phase III is completed. Phase I is 88 percent leased. It is occupied by tech companies like Polycom and Flextronics International. The project was initially built in 2009. Newmark Cornish & Carey is handling leasing for the property.
ATLANTA — Transwestern Development Co. plans to develop Nexus, a 354,500-square-foot trophy office tower in Atlanta’s Central Perimeter submarket. The building will be situated at the intersection of Hammond Drive and Perimeter Center Parkway. Transwestern expects to break ground on Nexus in the first quarter of 2017 and wrap up construction in the fourth quarter of 2018. Nexus will feature floor-to-ceiling glass, flexible floorplates for both open and closed layouts, 10-foot ceilings, a two-story lobby and structured parking below the office building and in an adjacent deck connected via skybridge. The property will also featured a covered connection to the Dunwoody MARTA station. Cooper Carry has been selected to design Nexus, and Transwestern will provide leasing and management services.