NEW YORK CITY — Compass Group has renewed its lease for the entire 30th floor at 135 East 57th Street in New York City’s Plaza District. Owned by Cohen Brothers Realty Corp., the 32-story Class A office tower features eight high-speed passenger elevators, indoor garden space, building management and security personnel with 24/7 lobby attendance. Marc Horowitz of Cohen Brothers provided in-house representation for the landlord. David Kaplansky of Colliers International arranged the deal on behalf of the tenant.
NEW YORK CITY — Swig Equities has completed more than $1.5 million in capital improvements at 825 East Gate Boulevard in Garden City, Long Island. Updates to the 80,000-square-foot office building included renovated lobby and entrance canopy, renovated elevators and mechanicals; upgraded electrical service; backup dual fuel generator; upgraded HVAC systems; new roof; new security and fire/life safety systems; upgraded emergency generator; new outdoor lighting; new signage; new tenant corridors; upgraded bathrooms; and a resurfaced parking area. Property amenities include a café and an on-site building manager. The property is within walking distance of retail and hospitality venues. Current tenants include a variety of law firms, a security consulting company and an insurance brokerage firm, among others. Swig Equities took over management of the property earlier this year.
NEW YORK CITY — JEMB Realty has completed 75,000 square feet in new leasing activity at its office property located at 75 Broad St. in Lower Manhattan. The property is now more than 90 percent occupied. Built in 1927 as the headquarters for ITT Corp., the 33-story building offers flexible floor plates, top-tier amenities, 24-hour security and an in-house management team. JEMB acquired the property in 2000. New tenants include Human Rights First (18,000 square feet), represented by Carri Lyon, Robert Lower and Kevin Daly of Cushman & Wakefield; StellaService (10,000-square-foot expansion), represented by Patrice Meagher of CBRE; Toll Brothers; Sun & Moon Marketing (7,000 square feet), represented by Robert Constable and Willard Overlock of Cushman & Wakefied; Design Quadrant (7,500 square feet), represented by Kenneth Beilin of Beilin Commercial Real Estate; Blue Engine, represented by Jordan Rosenlicht and Lindsay Ornstein of Transwestern; Health Corps, represented by Robert Taylor of SRS Real Estate Partners; Cooper Carry, represented by Carri Lyon of Cushman & Wakefield; and Johnson Gallagher Magliery represented by George Keller and Peter Cento of Cushman & Wakefield. Approximately 60,000 square feet of office space remains available at 75 Broad Street.
LOS GATOS, CALIF. — The Grove, a 485,000-square-foot office campus in Los Gatos that will soon to be home to Netflix’s world headquarters, has received a $100-million construction loan. The Class A campus will be located on Winchester Boulevard, alongside Highway 85, in Silicon Valley. The first phase will contain 242,000 square feet in two office buildings that are pre-leased to Netflix. Construction is already underway, with an anticipated completion date of next May. John Nelson of CBRE’s San Francisco office arranged the financing on behalf of the borrower/developer, a joint venture between Sand Hill Property Company and the Carlyle Group. It was provided by a syndicate of lenders headed up by SunTrust Robinson Humphrey. SunTrust Bank also acted as administrative agent. The interest rate was a variable, LIBOR-based rate.
MILPITAS, CALIF. — Tasman Technology Park, a 610,000-square-foot office and R&D campus in Milpitas, has received an $84-million acquisition loan. The institutional-quality property is located at 1371 McCarthy Blvd., just north of San Jose. The 14-building campus is situated in the center of Silicon Valley’s “Innovation Triangle,” which is home to more than 7,000 technology companies. These include Array Networks, Fire Eye Inc., KLA Tencor, Lifescan, SanDisk and Touchstone Semiconductor. The seven-year, non-recourse, fixed-rate loan was arranged by Brad Zampa, Michael Walker and Megan Woodring of CBRE’s San Francisco office on behalf of the borrower, an entity owned by Lionstone Investments and Orchard Partners. The partial interest-only financing features a rate in the low 4 percent range. It was provided by an East Coast-based life insurance company. The seller, Deutsche Asset & Wealth Management, was represented by Russell Ingrum, Joe Moriarty, Sean Sullivan and Tyler Meyerdirk of CBRE Capital Markets’ Institutional Properties team.
CLAYTON, MO. — The Sansone Group has arranged an office lease renewal of 10,094 square feet of space in Clayton. The property is located at 120 S. Central Ave. The Sansone Group represented the landlord, Clayton Central Investors LLC. Blitz, Bardgett & Deutsch LC is the tenant.
CHARLOTTE, N.C. — Portman Holdings has shared its design details and renderings of 615 South College, a 19-story office tower in Uptown Charlotte. Portman has begun the permitting process and expects to break ground in June 2015. Travis Garland of Portman will work with Trinity Partners to lease and market the 370,000-square-foot tower, which is slated for a fourth quarter 2016 completion. The property will feature an elevated green plaza, two-story corner balconies, floor-to-ceiling windows, signage opportunities fronting I-277, a fitness center and a conference facility. The tower will be situated atop an underground parking garage. Architect John Portman & Associates is designing 615 South College to achieve LEED Gold certification.
DALLAS — Hines and Cousins Properties Inc. have formed a joint venture to develop Victory Center in the Uptown Dallas submarket. The planned 23-story tower will include 466,000 square feet of office and retail space. Duda/Paine Architects will design the project, which will be built to LEED Gold standards. The 2.9-acre site is under contract and construction is expected to begin in mid-2015. Victory Center will be located just north of Hines’ One Victory Park office development, near the DART rail system, the Katy Trail, W Dallas Victory Hotel and American Airlines Arena.
VALPARAISO, IND. — Millennium Properties R/E has brokered the $4.4 million sale of a 30,000-square-foot medical center in Valparaiso. The Glendale Medical Center is located between Valparaiso University and the Porter Regional Hospital, which was built in 2012. The medical center consists of two separate buildings: a 21,443-square-foot office, that was built in 1985 and an 8,630-square-foot expansion that was completed in 2007. Much of the original building has been updated and the property was 85 percent occupied at the time of sale. Millennium Properties represented the seller, a Chicago-based investor group. Strawberry Fields, a national healthcare REIT with assets located throughout the Midwest, purchased the property.
ISELIN, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has arranged the sale of 99 Wood Avenue South in Iselin. TA Associates Realty purchased the 10-story, 272,000-square-foot office building for an undisclosed price. The building recently underwent $3 million in building renovations and system upgrades. At the time of sale, the property was 91 percent leased to a variety of tenants, including Ernst & Young, Citibank, M&T Bank, and Greenbaum, Rowe, Smith & Davis. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Ed Duenas of Cushman & Wakefield brokered the transaction.