BEDFORD, MASS. — Longfellow Real Estate Partners has acquired 1 Patriots Park, an office building located at 40-42 Wiggins Ave. in Bedford, for $11.3 million, or $78 per square foot. The company plans to redevelop the 144,230-square-foot property into a Class A laboratory building, with repositioning scheduled to start this fall. Chris Skeffington, John Wilson, Jon Varholak and Roy Sandeman of Transwestern | RBJ negotiated the sale and sourced the buyer. The name of the seller was not released.
SEATTLE — HFF has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot office development in Seattle. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story boutique office building featuring 284,357 square feet of office space, 6,725 square feet of ground-floor retail space and a 392-space subterranean parking garage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be divided into smaller meeting spaces. The development is scheduled for completion in March 2016. The developer is Schnitzer West. HFF’s Michael Tepedino, Jennifer Keller and Tom Wilson arranged the loan through Blackstone Real Estate Debt Strategies and Bank of the Ozarks.
SAN FRANCISCO — A joint venture between MetLife, the John Buck Company and Golub Real Estate have announced plans to build Park Tower at Transbay, a 743,000-square-foot office tower near the Transbay Transit Center in San Francisco. The Class A tower will be located at Howard and Beale streets. The project will be a component of the Transbay Transit Center, a multi-billion-dollar redevelopment project that will feature residential, commercial and transportation facilities just three blocks from the San Francisco Bay. Park Tower at Transbay will feature 14 sky decks, as well as a ground-level park and a three-story lobby. The completion of the office complex is expected to coincide with the scheduled completion of the Transbay Transit Center. MetLife is an equity investor in the partnership, while John Buck and Golub are the developers. JLL is handling the project’s leasing.
LAS VEGAS — MDL Group has joined Corfac International as a domestic affiliate in Southern Nevada. Hayim Mizrachi will act as president and principal of MDL Group/Corfac International. He will also be the principal point-of-contact to Corfac International and will manage MDL Group’s brokerage services practice. MDL Group was co-founded in 1989 by Carol Cline-Ong and Curt Anderson. The firm expanded its brokerage services practice in 2013 when it added Mizrachi and Jarrad Katz as principals. Mizrachi and Katz had previously operated the NAI Global Las Vegas office. MDL Group/CORFAC International is a full-service operation with 38 professionals, 13 of which are brokers. The firm closed more than $70 million in industrial, office and retail transactions and land sales in 2014. It currently manages more than 8 million square feet of commercial properties for third-party owners.
PLANO, TEXAS —Alliance Architects Inc. has been selected to design a new regional office facility for APCON, a provider of network monitoring solutions. APCON is relocating to a new facility in Plano. Situated along President George Bush Turnpike, the three-story building features 58,000 square feet of Class A office space. APCON will occupy a significant portion of the building and the additional space will be available for other tenants. Building amenities will include a gym, elevated terrace and a ground-level outdoor patio. The building was designed using metal, stone, concrete and glass materials. These materials are utilized in the two-story atrium and continue throughout offices, technology labs, conference rooms and gathering spaces. Alliance Architects’ team members include Chad Michel, Barb Caires, Zach Weldy, Joseph Amos, Scott Franckowiak, Jordan Raymond and Kelsey Kupish. Hill & Wilkinson is providing general construction services.
DALLAS — On Oct. 5, The Beck Group celebrated the topping out of Crescent Real Estate Holdings’ McKinney & Olive office tower, located at the corner of McKinney Avenue and Olive Street in Uptown Dallas. The Beck Group is constructing the building. while Crescent is the developer. The 530,000-square-foot project is the tallest office building in Uptown Dallas at 20 stories. The building is the first in Dallas to be designed by architect Cesar Pelli. The project will include a blend of office, retail and restaurants and a one-acre public outdoor piazza, with landscaping for customers and the Uptown community. The building is designed so that corner offices have an unobstructed view of Uptown and downtown Dallas. Once open in 2016, the building will feature 10-foot ceilings, an outdoor landscaped garden on the fifth floor, a fitness center designed by Canyon Ranch and a conference center.
PANTEGO, TEXAS — Marcus & Millichap has arranged the sale of a 41,806-square-foot industrial and office portfolio located in Pantego, a suburb of Dallas. Cody Payne of Marcus & Millichap’s Fort Worth office marketed the properties on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Payne. The portfolio includes two office buildings and two industrial buildings. Three of the buildings are located on Pioneer Parkway and West Pioneer Parkway. Pioneer Parkway includes a total of 24,034 square feet between the office building and industrial building. 3600 W. Pioneer Parkway is a 6,834-square-foot office building built in 1964. 2321 W. Arkansas Lane is a 10,938-square-foot office/industrial building built in 1980.
DALLAS — Children’s Medical Center of Dallas has leased 10,950 square feet of office space located at 2620 N. Stemmons Freeway in Dallas. John Lancaster of NAI Robert Lynn represented the landlord, Pollock Realty LP, and Douglas Hinckley represented Children’s Medical Center in the transaction.
SCOTTSDALE, ARIZ. — Arc Construction and MacDonald Development have purchased a 17,711-square-foot building in Scottsdale that houses the Arizona School of Real Estate & Business for $7.7 million. The building is located at 7142 E. 1st St. The sale also included an adjacent parking lot on 40,623 square feet of land. Jon Rosenberg and Keri Davies of LevRose Commercial Real Estate represented the seller, Bill Gray, the school’s original founder.
ATLANTA — Highwoods Properties Inc., a publicly traded REIT based in Raleigh, N.C., has purchased Monarch Centre in Atlanta’s Buckhead submarket for $303 million. The office property is located adjacent to Phipps Plaza and The Ritz-Carlton. Monarch Centre comprises the 25-story Monarch Tower, a 528,000-square-foot office building, and the 15-story Monarch Plaza, a 368,000-square-foot office building. The REIT’s $303 million investment, which is 20 percent below estimated replacement costs, includes $5.4 million in capital improvements. Monarch Centre was 88 percent leased at the time of sale to tenants such as Baker Donelson, JPMorgan Chase and Morgan Stanley. In addition to Monarch Centre, Highwoods owns the nearby One and Two Alliance office towers in Buckhead. According to the Atlanta Business Chronicle, Eastdil Secured marketed the office property on behalf of a partnership between the New York State Teachers Retirement System and the Abu Dhabi Investment Authority.
