ALLEN, TEXAS — Cassidy Turley has arranged a lease renewal for State Farm Mutual Automobile Insurance Co.’s 62,791-square-foot office space at Allen Station in Allen. Randy Cooper and Craig Wilson of Cassidy Turley represented State Farm in the transaction. John Hendricks and Wilson Brown of CBRE represented the landlord, LIT Finance LP. Allen Station is located at 381 E. Exchange Parkway and spans 220,326 square feet. State Farm has occupied the building since 2004. Allen Station was built in 2001 and is located just east of U.S. Highway 75 on the north side of Exchange Parkway.
ATLANTA — Cousins Properties Inc. has signed Veritiv Corp. (NYSE: VRTV), a $9.5 billion Fortune 500 company, to a 68,315-square-foot office lease at Northpark Town Center in Atlanta. The business-to-business distribution firm plans to take occupancy at Northpark in the spring of 2015. With the addition of Veritiv, the office building in Atlanta’s Central Perimeter submarket is 91 percent leased. Sam Holmes, John Shlesinger and Ellen Stern of CBRE represented Veritiv in the lease transaction. Atlanta-based Cousins purchased Northpark in October 2014 from AEW Capital Management and the Bank of Ireland for $348 million.
SCOTTSDALE, ARIZ. – A 30,120-square-foot office building in Scottsdale has sold to Garland’s Oak Creek Lodge for $5.1 million. The building is located at 6910 E. Chauncey Lane within the North Scottsdale Corporate Center. It was constructed in 2006. Garland’s was represented by Francis Marotta of MarCor Commercial Real Estate. The seller, CM & PM Acquisitions LLC, was represented by Colton Trauter and Bill Blake of Lee & Associates.
GLENDALE, ARIZ. – Progressive Leasing has absorbed 20,000 square feet at Talavi Corporate Center in Glendale. The office campus is located at 5651 W. Talavi Blvd. This will be the financial services vendor’s first operations center in Arizona. CBRE’s Ashley Brooks, Jim Bayless and Jenny Aust negotiated the lease on behalf of Progressive and its landlord, ROF II Talavi LLC.
CHICAGO — Golub & Co., in a partnership with Boston-based Alcion Ventures, has acquired Oak Brook Executive Plaza, a 389,000-square-foot office in Oak Brook, a Chicago suburb. Bank of America provided financing for the transaction. The purchase price was undisclosed, but according to Crain’s Chicago the joint venture agreed to pay about $57 million, or $150 per square foot, for the property. The office complex is located on West 22nd St. across from Oak Brook Center Mall and is visible from I-88. Chicago-based Golub and Alcion plan to reposition the property as high-quality office space for corporate and creative firms. The redevelopment plans include enhanced curb appeal, updated office interiors and common areas and new tenant amenities.
CHICAGO — Brennan Investment Group LLC has acquired the Cumberland Metro Office Park, a portfolio of 12 multi-tenant, single-story office/flex buildings totaling approximately 164,448 square feet in Chicago’s O’Hare submarket. The purchase price and seller were undisclosed. The office park is located on nearly 15 acres, less than two miles from O’Hare International Airport. The O’Hare submarket has demonstrated strong real estate fundamentals, evidenced by 12 consecutive quarters of positive net absorption, according to Kevin Brennan, vice president of acquisitions at Rosemont, Ill.-based Brennan Investment Group. The private real estate firm, which acquires, develops and operates industrial properties nationally, currently owns and manages nearly 20 million square feet of industrial properties in 22 states.
ORLANDO, FLA. — CBRE has brokered the $26.5 million sale of a 124,500-square-foot, single-tenant office building in Orlando fully leased to Kaplan University. The two-story property is located in the Central Florida Research Park at 12650 Ingenuity Drive and features a 25-foot glass atrium, open spiral staircase and a cafeteria. Kaplan University signed a 13-year lease for the entire building in 2008. Ronald Rogg and Chip Wooten of CBRE represented the seller, RT Ingenuity LLC, in the transaction. City Office REIT Inc. purchased the property.
MIAMI — Continental Real Estate Cos. (CREC) has brokered the $19.2 million sale of a 57,406-square-foot office building in Miami’s Edgewater neighborhood. The property is located at 3000 Biscayne Blvd., two blocks from Biscayne Bay. Peter Mekras and Andrew Remick of CREC represented the seller, Legal Services of Greater Miami, a nonprofit organization that has owned and occupied a large portion of the property since 1997. The buyer was 3000 Property LLC, which is managed by principals of Miami-based Crescent Heights. William Bloom and Shawn Amuial of Holland & Knight’s Miami office provided legal counsel to the seller. Robert Berrin of Capital Realty Services Inc. acted as the owner’s representative.
DORAL, FLA. — Riviera Point Development Group has begun construction on Riviera Point Business Center at Doral, a $9.5 million, 41,000-square-foot office building in Doral, an affluent suburb of Miami. Corrales Group Architects designed the two-story lakefront property, which is slated for completion in the first quarter of 2016. The office project is fully funded through the U.S. Immigrant Investor program, also known as EB-5. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Riviera Point Business Center at Doral is $500,000.
PHILADELPHIA — Accesso Partners LLC has closed on its $85 million acquisition of 1515 Market Street in downtown Philadelphia. The 20-story, 500,000-square-foot office tower sold for $85 million. The property was sold by a joint venture between Winthrop Realty Trust of Boston and Stockton Real Estate Advisors of Philadelphia. Renovated in 2007, the Class A property is currently 87 percent leased to a variety of tenants, including Temple University; Heffler, Radetich & Saitta; Sweeney & Sheehan; Simon & Simon; Rocco Law; the Commonwealth of Pennsylvania; Citizens Bank; and First Trust Bank. Douglas Rodio and Jim Galbally of Jones Lang LaSalle brokered the transaction. Hallendale Beach, Fla.-based Accesso Partners is formerly known as Beacon Investment Properties.