Office

Integrated Builders Completes Exterior Renovation of Flex Office Building in Massachusetts

by Amy Works February 12, 2016

BEDFORD, MASS. — Integrated Builders has completed the exterior renovation of a 51,502-square-foot flex office building, located at 205 Burlington Road in Bedford, on behalf of Calare Properties. The renovation plan included enhancements to the existing façade through the demolition and reconstruction of two exterior canopies and renovation of the two current entryways. Additionally, Integrated replaced walkways, repainted doors and window frames and installed exterior insulation and finishing systems (EIFS) to provide an insulated, water-resistant, finished surface in an integrated composite material system. Architectural design firm ci design inc. provided architectural services for the project.

February 12, 2016

Loans New Jersey Northeast Office

Deerwood Closes $9M Bridge Loan for New Jersey Office Property

by Amy Works February 12, 2016

MONTVALE, N.J. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has closed a $9 million non-recourse bridge loan on a multi-tenant office building, located at 50 Chestnut Ridge Road in Montvale. The 100,000-square-foot office building was acquired by the borrower, a private investor group, from C-III, on behalf of US Bank, as a foreclosure. Yaakov Leiser of Deerwood negotiated the financing, which was provided by a regional bridge lender.

February 12, 2016

Office Southeast Virginia

Cushman & Wakefield Brokers $92.5M Sale of Trophy Office Building in Northern Virginia

by John Nelson February 12, 2016

TYSONS CORNER, VA. — Cushman & Wakefield has arranged the $92.5 million sale of Tysons Overlook, a 157,021-square-foot trophy office building in Tysons Corner, a northern Virginia suburb of Washington, D.C. The Pentagon Federal Credit Union purchased the asset from Logistics Management Institute. Built in 2014 within a mile from the new Tysons Corner Metro Station, the office building features a 3,500-square-foot fitness center, business lounge, on-site café and a furnished event terrace. Bill Collins, Paul Collins, Paul Darr, Dale Powell, James Cassidy, Jud Ryan and Drew Flood of Cushman & Wakefield represented the seller in the transaction.

February 12, 2016

Office Texas

New York Life, Encore Office Acquire 5005 LBJ Tower in Dallas for $95M

by Haisten Willis February 11, 2016

DALLAS — New York Life Real Estate Investors and Encore Office LLC have acquired 5005 LBJ Tower, formerly known as Occidental Tower, for $95 million, according to the Dallas Business Journal. The 24-story, 549,170-square-foot office building is located at the northwest corner of the Dallas North Tollway and the newly re-constructed LBJ Freeway in Dallas. Occidental Tower Corp., a subsidiary of Dallas-based Occidental Chemical Corp. (OxyChem) had owned the Class A asset since 1992. The property is 94 percent leased to tenants including Susan G. Komen Foundation, Encore Enterprises and OxyChem, which will remain as a tenant in the building. The top five floors of the property will become available in August. The new ownership team intends to complete a multi-million dollar lobby renovation and make improvements to the overall campus. Renovations are expected to start within a few months and will include upgrades to the building’s amenities. Plans include a new conference facility, tenant lounge and fitness center. Stream Realty Partners will manage and lease the asset. J.J. Leonard, Sara Terry and Chase Lopez of Stream’s office division in Dallas will lead the leasing efforts for the property.

February 11, 2016

North Carolina Office Southeast

Citrix Expands Footprint at Headquarters in Raleigh’s Warehouse District

by John Nelson February 11, 2016

RALEIGH, N.C. — Citrix, a software company that specializes in mobile workspace technologies for on-demand access, has expanded its footprint at its corporate headquarters in Raleigh by 14,000 square feet. The company now fully occupies its 186,000-square-foot headquarters at 120 S. West St. in downtown Raleigh’s Warehouse District. Charlie Coyne and Christina Coffey of CBRE | Raleigh’s retail services team represented the landlord, JMC Holdings, in the lease transaction. Austin Koon and Gardner Gibson of Davis Moore represented Citrix.

February 11, 2016

New York Northeast Office

Cushman & Wakefield Arranges Sale of Development Site in Brooklyn

by Amy Works February 11, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 431 Carroll St. in Brooklyn’s Gowanus neighborhood. Alloy Development purchased the property from MCP President Street LLC, managed by EcoRise Development, for $2.7 million, or $338 per buildable square foot, in an all-cash transaction. Situated in an M1-2 zoning district, the site allows for approximately 8,200 buildable square feet and offers 50 feet of frontage along Nevins Street and 82 feet of frontage along Carroll Street. The buyer plans to develop the corner site into an office building. Winfield Clifford and Brendan Maddigan of Cushman & Wakefield handled the transaction.

February 11, 2016

New Jersey Northeast Office

JLL Brokers 70,863 SF Office Lease in New Jersey for FC USA

by Amy Works February 11, 2016

MONTVALE, N.J. — JLL has arranged a 15-year lease for FC USA at an office building located at 5 Paragon Drive in Montvale. The company will occupy 70,863 square feet of space at the 119,254-square-foot, Class A office building. FC USA is relocating from 69 Spring St. in Ramsey, N.J., and will occupy a portion of the first floor and the entire second floor at the two-story commercial office building. Phillip Lipper, Thomas Reilly and Scott Lesh of JLL represented the tenant, while Gregory Barkan of CBRE Inc. represented the landlord, Lone Star Funds, in the transaction.

February 11, 2016

Loans New York Northeast Office

Treeline Receives $106M in Financing for Garden City Plaza Portfolio in New York

by Amy Works February 10, 2016

GARDEN CITY, N.Y. — Treeline, a value-add asset developer, owner and investor, has received $106 million in first mortgage and mezzanine financing for its four-building Garden City Plaza office portfolio, located at 100, 200, 300 and 400 Garden City Plaza in Garden City. The loans consist of $86 million in new first mortgage financing provided through Terry Livingston of Wells Fargo, and a $20 million mezzanine loan provided through Robert Dirks of Principal Real Estate Investors. Proceeds of the financing will be used to buy out an existing equity partner and retire construction financing for a new restaurant for Maggiano’s Little Italy, which will open its first Long Island location at the property. The 600,000-square-foot portfolio is 90 percent leased. Robert Turner, Adam Spies and Joshua King of Eastdil Secured arranged the financing for the borrower.

February 10, 2016

Northeast Office Pennsylvania

NGKF Brokers $98.4M Sale of 298,482 SF Office Building in Pennsylvania

by Amy Works February 10, 2016

WEST CONSHOHOCKEN, PA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of an office building located at 300 Four Falls in West Conshohocken. A tenants-in-common ownership group sold the seven-story glass and granite tower building to Maguire Hayden Real Estate Co. for $98.4 million. The 298,482-square-foot tower, which sits atop a six-story concrete parking deck, was 97 percent occupied at the time of sale. Mike Margolis, Taylor King, Dave Dolan and Brett Segal of NGKF represented the seller in the transaction.

February 10, 2016

Office Texas

CBRE Capital Markets Sells Arbor Square Office Asset in Austin

by Haisten Willis February 10, 2016

AUSTIN, TEXAS — CBRE Capital Markets’ Investment Properties division has sold Arbor Square, a 50,836-square-foot, multi-tenant office park in Austin. Los Angeles-based Entrada Partners purchased the asset from California-based AMC Investments for an undisclosed price. Arbor Square I & II consists of two storefront-style office buildings. Arbor Square is located at 12885 Research Blvd., adjacent to Lakeline Mall in the northwest Austin submarket. The Class B asset was developed in 1984 and renovated in 2007. It was 90.2 percent occupied at closing.

February 10, 2016

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