Office

Colliers Arranges $14.1M Sale of Intel Corporate Center in Parsippany

by Amy Works March 13, 2015

PARSIPPANY, N.J. — Colliers has arranged the sale of Intel Corporate Center, a two-building office property located at 1515 Route 10 in Parsippany. An affiliate of Stanbery Development and developer/owner of The Shoppes at Union Hill in Denville, N.J., acquired the property for $14.1 million. The two three-story buildings, which total 288,742 square feet, are currently leased to Intel Corp. through the end of the year. On-site amenities include a full-service cafeteria, professional gym facility, conference areas and an outdoor terrace with seating. Jacklene Chesler, Richard Madison, Jeffrey Oram and Chuck Kohaut of Colliers represented the undisclosed seller in the transaction.

March 13, 2015

New York Northeast Office

OnDeck Capital Expands Headquarters to 117,000 SF at 1400 Broadway

by Amy Works March 13, 2015

NEW YORK CITY — Empire State Realty Trust Inc. has announced that OnDeck Capital Inc. has expanded its headquarters space by approximately 79,000 square feet at 1400 Broadway by in New York. The company, a platform for small business loans, will now occupy 117,000 square feet within the property. Paul Ippolito of Newmark Grubb Knight Frank represented OnDeck in the lease negotiations, while Keith Cody of ESRT, along with Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank, represented the landlord.

March 13, 2015

Arizona Office

Crow Holdings Buys Esplanade III Office Building in Phoenix

by Nellie Day March 13, 2015

PHOENIX — Crow Holdings has purchased Esplanade III, a 218,266-square-foot office building in Phoenix, for an undisclosed sum. The Class A property is located at 2415 East Camelback Road. It is part of the Esplanade mixed-use development. Esplanade III was about 95 percent leased at the time of sale. Notable tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball’s western headquarters. The ten-story building was developed in 1997. It is situated in the Camelback Corridor. The seller was an institutional client of AEW Capital Management L.P. The transaction was executed by CBRE’s Jim Fijan, Will Mast and Kevin Shannon.

March 13, 2015

Colorado Office Western

Granite Properties Buys High Pointe Tower Near Denver

by Nellie Day March 13, 2015

DENVER — Granite Properties has purchased High Pointe Tower, a 119,834-square-foot office property in the southeastern Denver suburb of Greenwood Village for an undisclosed sum. The property is located at 6430 South Fiddler’s Green Circle. High Pointe Tower was built in 1998. It sits directly across from Granite’s Plaza Tower One property, near Arapahoe Light Rail Station and the 203-room Westin Greenwood Village, which is scheduled to open next year. The building is currently 81 percent occupied by notable tenants like Hartford Insurance, TransUnion and the U.S. General Services Administration. High Pointe Tower is Granite’s third Denver-based acquisition since 2012. It also owns Plaza Tower and Prentice Plaza. The firm was represented in-house by Stephanie Lawrence, Will Hendrickson and Geoff Wescott. The unnamed seller was represented by CBRE’s Geoff Baukol.

March 13, 2015

Industrial Office Texas

NAI Partners Arranges 20,000 SF Office/Warehouse Facility Sale in Houston

by Haisten Willis March 12, 2015

HOUSTON — NAI Partners has arranged the sale of a 20,000-square-foot office/warehouse facility located at 13715 N. Promenade Blvd. in Houston. Chris Kugle of NAI Partners represented the seller, E & F Anaya Enterprises. Forbes Henderson of Delta Realty Inc. represented the buyer, Brance-Krachy Co. Inc.

March 12, 2015

The Executive Building 607 William St. Fredericksburg

Office Southeast Virginia

Wack Cos. Buys Office Building in Fredericksburg for $35M Redevelopment Project

by John Nelson March 12, 2015

FREDERICKSBURG, VA. — Wack Cos. has purchased The Executive Building, a 10,000-square-foot office building located at 607 William St. in downtown Fredericksburg, for $2.8 million. Wack Cos. plans to convert the site into a mixed-use development featuring single-level condos, retail space and restaurants. The company plans to break ground on the $35 million project in the fall. Heather Hagerman of Coldwell Banker Commercial represented Thomas Wack of Wack Cos. in the transaction. Mike Degen and Jamie Scully of Cushman & Wakefield | Thalhimer represented the seller, Sandton Capital, formerly known as the Free Lance-Star Cos. Hagerman, Ben Keddie and Joe Pfahler of Coldwell Banker Commercial and Coldwell Banker Elite will manage the sales and leasing of the commercial and retail portions. Hagerman, Kevin Breen Jr. and Conor Breen of Coldwell Banker will manage the sales and marketing of the residences.

March 12, 2015

5900 Lake Ellenor Drive in Orlando Central Park

Florida Office Southeast

CBRE Brokers $5.8M Sale of Office Property in Orlando

by John Nelson March 12, 2015

ORLANDO, FLA. — CBRE has brokered the sale of a 133,075-square-foot office property located at 5900 Lake Ellenor Drive in Orlando Central Park, an office park in south Orlando. Cardinal Point Management acquired the eight-story building from D Group Acquisition Three Inc. for $5.8 million. The purchase also included an adjoining outparcel at 1854 W. Oak Ridge Road. Ronald Rogg and Chip Wooten of CBRE represented the seller in the transaction.

March 12, 2015

Mixed-Use New York Northeast Office

Himmel + Meringoff, The Swig Company Select MdeAS Architects to Redevelop 1460 Broadway

by Amy Works March 12, 2015

NEW YORK CITY — Himmel + Meringoff and The Swig Company, co-owners of 1460 Broadway, have selected MdeAS Architects to redevelop and reposition the 16-story mixed-use office tower in New York City. Planned renovations and construction for the 215,000-square-foot building include an office component, renovations to the 35,000-square-foot ground- and lower-ground retail space, a new three-story glass façade, new retail storefronts and a revitalized building entry. Construction for the property’s office component is scheduled to begin in April, and renovation to the retail space is expected to end by 2015.

March 12, 2015

Massachusetts Northeast Office

Hertz Investment Group Buys 218,625 SF Office Building in Massachusetts

by Amy Works March 12, 2015

WORCESTER, MASS. — Hertz Investment Group has acquired Chestnut Place, a two-building office complex located in Worcester’s central business district. The 218,625-square-foot asset, including One Chestnut Place and Two Chestnut Place, sold for $14 million. Constructed in 1990, the 183,781-square-foot One Chestnut Place is currently 98 percent leased to tenants, including Fallon Community Health, UBS Financial Services and Sullivan Group Insurance. Two Chestnut Place, which was built in the 1800s, features 38,844 square feet of Class B office space. Two levels of underground parking and an outdoor plaza connect the two buildings.

March 12, 2015

New Jersey Northeast Office

Langan Engineering Leases 71,500 SF at 300 Kimball Drive in New Jersey

by Amy Works March 12, 2015

PARSIPPANY, N.J. — Transwestern has brokered a 71,500-square-foot lease for Langan Engineering at the newly redeveloped 300 Kimball Drive in Parsippany. Additionally, Transwestern will oversee construction management services, on behalf of the landlord, for the fit-out of Langan’s space. 300 Kimball Drive recently underwent an extensive capital improvement program that transformed the single-tenant building into a multi-tenant office facility. Designed by Gensler, the redeveloped building features stainless steel pillars, polished Italian marble flooring, Shaw carpet tiles and wood wall coverings. Additionally, the renovation included upgrading the lobby, bistro and adding a fitness center with cardio and weight machines, free weights, yoga space and flat-screen televisions. Terms of the lease were not disclosed.

March 12, 2015

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