Office

Ready Capital Closes $9.9M Bridge Loan for Mixed-Use Property in NYC

by Amy Works December 4, 2015

NEW YORK CITY — Ready Capital Structured Finance has closed a $9.9 million value-add loan on a leasehold interest for a mixed-use retail and office property at 313-315 W. 125th St. and an adjacent undeveloped land parcel located at 316 W. 126th St. in Harlem. Proceeds of the loan will be used for the acquisition, renovation and stabilization of the vacant 27,145-square-foot mixed-use property and the 4,166-square-foot land parcel. The loan features a two-year term with a one-year extension. The property is one block from the Apollo Theater and a variety of retailers, including Old Navy, Banana Republic Factory Store and DSW.

December 4, 2015

New York Northeast Office

Ariel Property Advisors Launches Capital Services Division

by Amy Works December 4, 2015

NEW YORK CITY — Ariel Property Advisors has launched a Capital Services business line. Ariel Property Advisors: Capital Services will focus on multifamily, commercial, retail, development, mixed-use and industrial properties and work with the firm’s current investment sales and research professionals to structure financing for commercial real estate properties throughout the New York metropolitan area. Ariel Property Advisors has hired Paul McCormick, a 10-year veteran of the commercial mortgage industry, to lead the business line expansion and serve as vice president of Capital Services.

December 4, 2015

California Office Western

JV Buys Lakes at West Covina Office Campus in California for $34.8M

by Nellie Day December 3, 2015

WEST COVINA, CALIF. — A joint venture between Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners has acquired The Lakes at West Covina, a 176,843-square-foot office campus, for $34.8 million. The two-building campus is located at 1000 and 1050 Lakes Drive in West Covina. The Class A campus is 73.5 percent leased. Notable tenants include Wells Fargo Bank, Balfour Beatty, State of California and the U.S. Government Services Administration. Taylor Ing, Drew Sanden and Scott Maples of Cushman & Wakefield are the leasing agents for the Lakes at West Covina. This is the JV’s first acquisition. It plans to focus on the Southern California office market, in addition to assets it can purchase well below replacement cost.

December 3, 2015

Arizona Office Western

Buchanan Street Buys Paradise Valley Corporate Center in Scottsdale

by Nellie Day December 3, 2015

SCOTTSDALE, ARIZ. — Buchanan Street Partners has purchased Paradise Valley Corporate Center, a 198,000-square-foot office building in Scottsdale, for an undisclosed sum. The center is located at 4835 East Cactus Road. Paradise Valley Corporate Center was 95 percent leased at time of sale. Buchanan Street plans to upgrade the lobby, landscaping and other common areas. Buchanan Street represented itself in this transaction, while Christopher Toci of Cushman & Wakefield represented the unnamed seller.

December 3, 2015

California Office Western

Munger, Tolles & Olson Law Firm Leases Space in Downtown LA

by Nellie Day December 3, 2015

LOS ANGELES — Munger, Tolles & Olson LLP has leased 150,500 square feet at a 52-story office tower in Downtown Los Angeles. The building is located at 350 S. Grand Ave. It is referred to as “2 Cal.” The law firm specializes in litigation, corporate, labor and employment, environmental, real estate, financial restructuring and tax. It plans to relocate to the space in early 2017. The landlord is CIM Group.

December 3, 2015

Office Texas

HFF Represents Menlo Equities in 650,000 SF Office Acquisition in Austin

by Haisten Willis December 3, 2015

AUSTIN, TEXAS — HFF has arranged the sale of and secured financing for Amber Oaks Corporate Center, a 10-building, 650,000-square-foot corporate office campus in Austin. HFF marketed the campus on behalf of the seller and represented Menlo Equities as the purchaser of Amber Oaks for an undisclosed amount. Additionally, HFF assisted Menlo Equities in securing financing through a national bank. Amber Oaks Corporate Center is situated on a 70-acre site adjacent to I-45 in the northwest submarket of Austin. Amber Oaks Corporate Center is 85 percent leased to tenants including AECOM/URS Corp., Deloitte, Xerox, Endo Pharmaceuticals, Office Depot and Toshiba. The property features basketball and tennis courts, outdoor seating areas and an adjacent 120,000-square-foot Life Time Fitness facility.

December 3, 2015

Loans New York Northeast Office

Paramount Completes $1B Refinancing of 1633 Broadway in Manhattan

by Amy Works December 3, 2015

NEW YORK CITY — Paramount Group has completed a $1 billion refinancing of 1633 Broadway, a 2.6 million-square-foot office building in Manhattan. The seven-year loan is interest only at LIBOR plus 175 basis points and can be increased by $250 million to a total $1.25 billion. The proceeds from the loan were used to repay existing $926 million loan and fund $42 million of swap breakage costs. Landesbank Banden-Württemberg New York Branch, Landesbank Hessen-Thüringen Girozentrale, DekaBank Deutsche Girozentrale, ING Capital and Wells Fargo Securities served as joint lead arrangers for the loan. Landesbank Banden-Württemberg New York Branch will serve as administrative agent and Wells Fargo National Association will serve as syndication agent. Eastdil Secured arranged the financing for the borrower.

December 3, 2015

Connecticut Northeast Office

Cushman & Wakefield Arranges Three Leases at Crown Corporate Campus in Connecticut

by Amy Works December 3, 2015

MILFORD, CONN. — Cushman & Wakefield has brokered three new leases, totaling 48,525 square feet, at Crown Corporate Campus, located at 470, 472, 476, 478 and 488 Wheelers Farm Road in Milford. SurgiQuest Inc., a surgical device company, leased 40,542 square feet at 488 Wheeler Farm Road; The Berry Company, a provider of local online, search, video and directory solutions, leased 7,781 square feet at 488 Wheelers Farm Road; and Boys & Girls Village, a nonprofit agency specializing in children with special educational needs, children in crisis or children with learning difficulties, leased 2,002 square feet at 472 Wheelers Farm Road. Situated on 47 acres, Crown Corporate Campus is a five-building, 425,000-square-foot office campus. Kevin Foley, Mike Dillon and Will Mercorella of Cushman & Wakefield represented the landlord, Crown Milford LLC, a division of Crown Properties, in the three deals. Dave Hansen and Matt O’Hare of CBRE represented SurgiQuest; Sean O’Neill of JLL represented The Berry Company; and Marie Pelaccia of First Equity Real Estate represented Boys & Girls Village in the transactions.

December 3, 2015

Massachusetts Northeast Office

Sperry Van Ness Rebrands as SVN

by Amy Works December 2, 2015

BOSTON — Boston-headquartered Sperry Van Ness International Corp. has changed its signature brand name to SVN. The Sperry Van Ness brand was launched in 1987 and became a national franchise operation in 2003. This year, SVN has added 25 offices nationally and internationally, bringing the company’s portfolio to more than 1,400 advisors and staff in nearly 200 offices worldwide. The SVN brand name and new logo will roll out globally over the next 12 to 18 months.

December 2, 2015

New Jersey Northeast Office

Comcast Corp. Expands Lease by 42,000 SF at Voorhees Technology Center in New Jersey

by Amy Works December 2, 2015

VOORHEES, N.J. —Comcast Corp. has expanded its lease at Voorhees Technology Center, located at 401 White Horse Road in Voorhees, by 42,000 square feet. This expansion brings the company’s footprint to more than 150,000 square feet at the 215,000-square-foot building. Brian Sherlock and Evan Zweben of Colliers International represented the landlord, while Marc Policarpo and Bob Corr of Binswanger represented Comcast in the transaction.

December 2, 2015

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