ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.
SALEM, N.H. — CBRE/New England has arranged an office lease for 36creative at 23 S. Broadway in Salem. The boutique brand development and creative agency will lease 4,620 square feet from MetScott21 LLC. Formerly a Coca Cola Bottling Corp. facility, the property has been repositioned as a multi-tenant office/retail building. Chris Healey of CBRE/NE represented the tenant, while Art Bonin of ARBonin Cos. represented the landlord in the transaction.
ATLANTA — Roseview-PMRG Fund I LLC has purchased Peachtree Lenox, a Class A, nine-story office building in Atlanta’s Buckhead submarket, for $21.3 million. The 125,669-square-foot office building is located along Peachtree Street between the W and Westin hotels. Built in 1964, the office building was 81 percent leased at the time of sale to tenants such as BB&T; Bosley Medical; Randstad Staffing; Martenson, Hasbrouck & Simon; and Withrow, McQuade & Olsen. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group. Peachtree Lenox is the first acquisition in Atlanta for the fund, which will invest several million dollars to renovate the lobby, common areas and HVAC and elevator systems.
INDIANAPOLIS — Group RMC has acquired Castleton Park, a 1.1 million-square-foot suburban office park in Indianapolis. The purchase price and seller were undisclosed. The office park is located in an affluent area of Indianapolis between I-465 and I-69. Castleton Park sits on 120 acres of land and is comprised of 31 office buildings. During the last two years, tenants signed leases totaling more than 176,000 square feet at the property, which is currently 79 percent occupied. Group RMC also recently purchased Park Fletcher, a two-building business park in Indianapolis, and Summit, a four-building office park in Cleveland Ohio. A representative of Group RMC emphasized the Midwest is “the backbone of America.” Andy Banister and Dan Richardson, who are part of CBRE’s investment property group in Indianapolis, represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 9020-9024 Fifth Ave. in Brooklyn. The 24,829-square-foot property sold for $7.5 million. Mark Zarrella and John Brennan of Marcus & Millichap’s Brooklyn office represented the seller and secured the buyer, both individual/personal trusts, in the transaction.
ATLANTA — Hines has purchased a commercial property site in Atlantic Station in Midtown Atlanta from CBRE Global Investors for an undisclosed amount. Hines plans to develop a 200,000-square-foot creative office building at the site. The Class A project will include bicycle lockers, a rooftop patio, collaborative lobby space and oversized windows. According to CBRE Global Investors, Atlantic Station has become an epicenter for technology companies in recent years, and Hines hopes to attract more tech and creative companies to the new office building. Construction is scheduled to begin in the first quarter of 2016 and is expected to be completed in the second quarter of 2017.
PEACHTREE CORNERS, GA. — Glenfield Capital has inked a long-term office lease with global tech firm Concentrix Corp. for 55,000 square feet. The technology business solutions provider will occupy office space at 3795 Data Drive in Peachtree Corners, a northeast suburb of Atlanta. The building is part of the Lakeside at Spalding Triangle campus, which Glenfield Capital purchased in March 2014. Formerly an Avaya call center, the building is outfitted with Georgia Power’s Hi-Reli system that runs underground. Clint Glover of CBRE represented Glenfield Capital in the lease transaction.
HUNTSVILLE, ALA. — The U.S. Green Building Council has awarded the 120,000-square-foot Redstone Gateway Building 1100 in Huntsville with LEED Silver status. The office building was recently constructed by Hoar Construction and is currently owned by Corporate Office Properties Trust. The five-story office building is one of the first three buildings constructed at the Redstone Gateway development, an office complex located outside of Redstone Arsenal, a U.S. Army post. The office building’s sustainable components include a TPO membrane roof, indigenous plants in the landscaping, efficient mechanical systems, plumbing materials that reduce water usage by 35 percent and use of carpet and paint with low concentrations of volatile organic compounds. Hoar Construction used 26.4 percent recycled and 26 percent regional materials during construction.
STAMFORD, CONN. — Building and Land Technology (BLT) has acquired a 550,000-square-foot office complex, located at 1 Elmcroft Road in Stamford. Designed by I.M. Pei & Partners, the property is the former headquarters of Pitney Bowes. BLT acquired the vacant complex fromby Pitney Bowes for an undisclosed sum. The property is located adjacent to Harbor Point, the transformative mixed-use waterfront development in Stamford. BLT plans to reintroduce the complex to the market as prime office space.
DALLAS — Champion Partners has rebranded 3500 Maple, an 18-story office building in Dallas, as Parkside Tower at 3500 Maple. Along with the name change, the tower has undergone a renovation focused on health, wellness and convenience to better accommodate the professional class in the Uptown market. Champion, a Dallas-based commercial real estate investment and development firm, will work with Gensler and Building & Land Technology on the renovation. The redevelopment of the 376,000-square-foot building will include transformed entry elements and a new lobby, a new outdoor plaza and courtyard area, new common lounge and seating areas off the building lobby with WiFi connectivity, a fitness center, café and new front door drop-off area along Maple Avenue. Other amenities will include wood furnishings and green technology. Located in Uptown, the building will offer a full-service experience on health, wellness and convenience with easy access to the Katy Trail.