NEW YORK CITY — GFI Realty Services has brokered the sale of an office building located at 2571 E. 17th St. in Brooklyn’s Sheepshead Bay section. Vasco Ventures acquired the asset from a local investor for $3.4 million. The three-story 13,014-square-foot building was vacant at the time of sale. Erik Yankelovich of GFI Realty Services represented the seller and buyer in the transaction.
MOORESTOWN, N.J. — Tabula Rasa HealthCare has signed a lease for 74,565 square feet of office space at Moorestown Corporate Center on Route 38 in Moorestown. The healthcare technology company provides specific, data-driven technology and solutions for healthcare organizations. The three-building, 223,000-square-foot office park is owned by Keystone Property Group. Brian Saggiomo of CBRE represented the tenant, while Scott Paymer provided in-house representation for the landlord in the transaction.
REDMOND, WASH. — Equus Capital Partners has acquired a pair of office buildings within the Quadrant Willows business park in Redmond $25.6 million. The acquisition includes Building C and Building E, totalling 129,972 square feet. The buildings are located at 11121 & 11241 Willows Road NE. They were built in 1998 and 2000, respectively. Both structures underwent renovations in 2007. Joe Lynch, Andy Miller, Bob Conrad and Dan Harden of Kidder Mathews represented the seller, Steelwave, in this transaction.
NEWPORT BEACH, CALIF. — Tarsadia Investments has leased the top floor of a 21-story office building that sits across from Fashion Island in Newport Beach. The property is located at 520 Newport Center Drive. The financial company will occupy 18,000 square feet. The new lease brings the property’s occupancy to about 85 percent. Nearly half of the larger Newport Center’s 2.5 million square feet of office space is leased to financial services companies. Tarsadia will share a building with other financial institutions, including Merrill Lynch, Janus Capital Group, Wing Lung Bank, Stifel, Nicolaus & Co., Wells Fargo Advisors and Hightower Advisors. Irvine Company Office Properties owns the building. Additional banking, investment and financial companies that boast office space within Newport Center include PIMCO, Allianz, Pacific Life, UBS Financial Services, Oppenheimer, J.P. Morgan, BNY Mellon, Northern Trust, Morgan Stanley, Aviation Capital Group, ROTH Capital Partners, U.S. Trust and City National Bank.
BRIDGEPORT, W.VA. — Pittsburgh-based Civil & Environmental Consultants Inc. (CEC) has moved its Bridgeport office to Charles Pointe, a $1.5 billion, 1,700-acre mixed-use community within West Virginia’s I-79 High Technology Corridor. The environmental firm has leased 18,600 square feet of office space at 600 Marketplace Ave. for its 65 Bridgeport employees. CEC provides civil, ecological, environmental and survey services, as well as wastewater collection, transmission and treatment solutions to the mining, oil and gas and real estate industries, as well as to the public sector.
SUNNYVALE, CALIF. — Google Inc. (NASDAQ: GOOG) has entered into a purchase agreement to buy eight office buildings in Silicon Valley from NetApp (NASDAQ: NTAP) for $250 million, according to a document filed with the Securities and Exchange Commission on March 9. The tech companies amended the filing on March 11. NetApp plans to lease back an unspecified portion of the office footprint from Google, according to the filing. The office properties, located in Sunnyvale in Santa Clara County, include the following: • 1299 Orleans Drive (46,170 square feet) • 1277 Orleans Drive (42,624 square feet) • 1260 Crossman Ave. (95,464 square feet) • 1240 Crossman Ave. (125,648 square feet) • 549 Baltic Way (110,160 square feet) • 641 Baltic Way (88,320 square feet) • 611 Baltic Way (43,372 square feet) • 633 Caribbean Drive (43,372 square feet) According to the filing, the sale is expected to close prior to April 12, 2016, and in no circumstance later than April 22. NetApp, a data storage management provider and servicer, recently announced it would cut roughly 12 percent of its workforce, according to the Silicon Valley Business Journal. NetApp currently has more than 12,000 employees in more than 150 offices worldwide. …
NEW YORK CITY — A partnership between Westbrook Partners and RXR Realty has received $162 million in first mortgage financing for the conversion of Hall Street Complex, a 10-building, 665,000-square-foot mixed-use complex in Brooklyn. Michael Tepedino, Steven Klein and Christopher Peck of HFF arranged the floating-rate loan through Starwood Property Trust Inc. for the borrower. The loan proceeds were used to acquire the property and will fund the repositioning of the asset into a creative loft office property. Located across the street from Brooklyn Navy Yard, Hall Street Complex features an exposed brick-and-mortar industrial design, 14-foot ceilings, expansive window lines, large and flexible 4,500-square-foot to 28,000-square-foot floor plates and Manhattan skyline views.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of an industrial/office building located at 14-29 112th St. in the College Point neighborhood of Queens. Excavators Union Local 731 acquired the asset from RJB Realty LLC for $4.2 million, or $200 per square foot. The two-level building features 21,058 square feet of industrial and office space. Located within a M1-2 zone, the property also features up to 14,002 square feet in air rights. Stephen Preuss of Cushman & Wakefield represented the seller in the transaction.
SCOTTSDALE, ARIZ. — A joint venture between Lincoln Property Co. and Goldman Sachs has purchased Gainey Center II, a 146,770-square-foot office building in Scottsdale, for $35.2 million. The building is located at 8501 N. Scottsdale Road. Gainey Center is situated about one mile from Loop 101 within the Gainey Ranch community. The building is 89 percent occupied. Notable tenants include J.P. Morgan, TPI Composites Inc., Apriva and McGraw Hill Financial. The space will undergo minor renovations to the lobby, common area, landscaping and signage. CBRE’s Jerry Roberts and Pat Boyle are handling the building’s leasing efforts, while LPC is providing management services.
LOS ANGELES — Hileman Cowley Partners has purchased Victory Studios, a 56,547 –square-foot television production and broadcast center in the Los Angeles submarket of Burbank, for $15.3 million. Telepictures Productions, a division of Warner Bros. Entertainment, currently occupies the studio. The company has occupied the property since 1994. Telepictures produces television shows like Extra, the Ellen DeGeneres Show and TMZ. Hileman Cowley purchased the existing ground lease and the underlying land. The assets were held by different entities. Mike Guterman and Brad Sevier of Highland Realty Capital arranged a non‐recourse, fixed-rate bank acquisition loan for the transaction. Andrew Burke and Mark Evanoff of Avison Young represented the undisclosed seller.