Office

Cushman & Wakefield/NorthMarq Brokers Law Office Lease of 81,000 SF in Minneapolis

by Christina Cannon September 24, 2015

MINNEAPOLIS — Cushman & Wakefield/NorthMarq has brokered a lease extension for Lindquist & Vennum LLP. The property is located at the IDS Center in Minneapolis, and the company has leased the space since it became available 43 years ago. Lindquist & Vennum, a law firm, plans to downsize and relocate its 300 attorneys and staff personel within the Minneapolis Landmark Office Tower. For the past 43 years, the company has occupied space on floors 40 through 44 that has totaled 120,000 square feet. The lease renewal is for 81,000 square feet on floors 18 through 21. The lease renewal is good through 2032. Paul Donovan, Brent Erickson and Jaclyn May of Cushman & Wakefield/Northmarq represented Lindquist. Brent Robertson, Jon Dahl and Sam McGuire of JLL represented the IDS Center. Greiner Construction built the property, and Yellow Dog Studio was the architect. The Minneapolis Landmark Office Tower was constructed in a zig-zag design that allows there to be 32 corner offices on each floor instead of the typical four.

September 24, 2015

Industrial Midwest Office Wisconsin

Colliers International Brokers Lease of 53,904 SF in Wisconsin

by Christina Cannon September 24, 2015

BROOKFIELD, MADISON, AND OAK CREEK, WIS. — Colliers International has brokered the lease of 53,904 square feet of space in Wisconsin. Alberts Investment Management Inc. has renewed its 1,540-square-foot lease of office space at Squires II located at 16655 W. Bluemound Road in Brookfield, which is 10 miles west of Milwaukee. Sal Strehlow and Matt Fahey of Colliers International brokered the deal. Memorial Care Center LLC has leased 1,800 square feet of office space at 2830 Dryden Drive in Madison. Brian McClaren and Jim Larkin of Colliers International brokered the deal. SEKO Worldwide has leased 50,564 square feet of industrial space at 10020 S. Reinhardt Drive in Oak Creek, which is approximately 12 miles south of Milwaukee. Tom Shepard of Colliers International brokered the deal.

September 24, 2015

Life Sciences Loans Massachusetts Northeast Office

HFF Secures $74.2M in Financing for Lab/Biotech Building in Waltham

by Amy Works September 24, 2015

WALTHAM, MASS. — Holliday Fenoglio Fowler (HFF) has secured $74.2 million in first mortgage financing for a lab/biotech facility located at 830 Winter St. in Waltham, a western suburb of Boston. HFF arranged the floating-rate loan with Wells Fargo while working on behalf of the borrower, a joint venture between King Street Properties and an affiliate of Carlyle Realty Partners VII. Completed in 2001, the 182,104-square-foot facility is fully leased to ImmunoGen, GlaxoSmithKline and Histogenics Corp. Greg LaBine of HFF represented the borrower in the financing transaction.

September 24, 2015

Connecticut Northeast Office

Allied Property Group Arranges $8.4M Office Building Sale in Connecticut

by Amy Works September 24, 2015

GREENWICH, CONN. — Allied Property Group has brokered the sale of an office building located at 88 Field Point Road in Greenwich. Field Post Associates LLC acquired the 11,300-square-foot property for $8.4 million from Fairstone Properties LLC. Thomas Torelli of Allied Property Group represented both parties in the transaction.

September 24, 2015

Office Texas

IronEdge Group Signs Office Lease for 13,008 SF in Houston

by Haisten Willis September 23, 2015

HOUSTON — IronEdge Group, a Houston-based technology consulting firm and IT services provider, has signed a lease for 13,008 square feet of office space. The new office, which is located at 3000 Wilcrest Drive in Houston, will be the firm’s new corporate headquarters. Rob Johnson of Lee & Associates-Houston represented IronEdge Group in the lease transaction. Randi Carrabba of Client 1st represented the landlord, Jeffrey Westchase LLC.

September 23, 2015

Massachusetts Northeast Office

The Gutierrez Company Sells 280,560 SF Office Facility in Massachusetts

by Amy Works September 23, 2015

BURLINGTON, MASS. — The Gutierrez Company has completed the disposition of the second phase of an office and R&D facility in Burlington. Cole Offices & Industrial REIT (CCIT II) Inc. acquired the property for $119.8 million. The 280,560-square-foot office facility is currently leased to Keurig Green Mountain Inc. and features an 875-space parking structure. The first phase of the property, which was not included in the transaction, features 150,700 square feet of office/R&D space. Robert Griffin, Matt Pullen and Michael Frisoli of Cushman & Wakefield represented the seller, while VEREIT Inc. represented the buyer in the transaction.

September 23, 2015

New York Northeast Office

New York Life Real Estate Investors Sells 745,000 SF Office Building in Manhattan

by Amy Works September 23, 2015

NEW YORK CITY — New York Life Real Estate Investors has completed the sale of an office building located at 575 Lexington Ave. in Midtown Manhattan’s Plaza District submarket. The sellers were a joint venture partnership that included Prudential Real Estate Investors and Normandy Real Estate Partners. The partnership acquired the 745,000-square-foot building in 2012 and repositioned the property with a full renovation of the lobby and storefront, new elevator cabs, modernized building systems and new tenant fit-outs. Additionally, the partnership renewed and expanded Cornell University’s lease at the building to a total of 212,000 square feet through 2028. The name of the buyer and the acquisition price were not released.

September 23, 2015

Connecticut Mixed-Use Northeast Office Retail

Allied Property Group Brokers $13.5M Sale of Mixed-Use Building in Connecticut

by Amy Works September 23, 2015

GREENWICH, CONN. — Allied Property Group has arranged the sale of a mixed-use building located at 125 Greenwich Ave. in Greenwich. JENN Realty sold the property to an undisclosed buyer for $13.5 million. The three-story building features 16,000 rentable square feet. Thomas Torelli of Allied Property Group represented the seller, while Goldschmidt Associates represented the buyer in the transaction.

September 23, 2015

California Loans Office Western

HFF Arranges $7.2M Refinancing for Office, Retail Property in San Diego

by Nellie Day September 22, 2015

SAN DIEGO — Holliday Fenoglio Fowler (HFF) has arranged a $7.25 million refinancing for the majority of the Schiefer & Sons Building in downtown San Diego. Bank of America provided the 10-year, fixed-rate loan. The loan proceeds will be used to refinance existing debt. The property features 15,221 square feet of office and retail space. Located at 815 J St., the building is divided into six office units and two ground-level retail spaces. Kevin MacKenzie and Greg Brown of HFF secured the financing for the borrower, Capital Real Estate Ventures Inc.

September 22, 2015

Loans Michigan Midwest Office

Bernard Financial Arranges $70M Refinancing Loan for Detroit Office Building

by Christina Cannon September 22, 2015

DETROIT — Bernard Financial Group has arranged a $70 million loan to refinance the First National Building in downtown Detroit. The office building, located at 660 Woodward Ave., is 25 stories and over 800,000 square feet. The borrowing entity is 660 Woodward Associates LLC, an affiliate of Bedrock Real Estate Services. Dennis Bernard and Kevin Kovachevich originated the loan and arranged it through a national commercial mortgage-backed securities (CMBS) lender. The First National Building was constructed in 1922. The property includes an internal 10-story parking garage with 477 spaces. Bernard Financial Group is a Detroit-based mortgage banking firm. Bernard Financial will provide full servicing for the loan. Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space.

September 22, 2015

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