SAN DIEGO – Northrop Grumman Systems Corporation has renewed its lease for 182,870 square feet of office space at the Kearny Mesa Spectrum Center. The three-building office campus is located at 9326 and 9356 Spectrum Center Blvd. and 4830 Ruffin Road in San Diego. Northrop Grumman is the property’s original tenant. It has occupied this space for nearly 10 years. The campus was built in 2005. It features a large data center, 608 surface parking spaces, electric vehicle charging stations and a cafeteria with multiple outdoor eating areas, among other things. Northrop Grumman was represented by CBRE’s Tom Martinez and Evan Knutsen. The landlord, American Fund US Investments, LP, was represented by Tom Wilcox and Jay Arnett of Colliers International.
HOUSTON — Angelic Real Estate has arranged financing for the sale of 4801 Woodway, a 220,583-square-foot office building in Houston’s Galleria submarket. The building was 48 percent occupied at the time of the acquisition and is in the middle of a renovation. The property was purchased from a special servicer, having been foreclosed on from a previous tenant in common ownership.
GREENWICH, CONN. — Kensico Properties is planning a major renovation for Pickwick Plaza, a three-building office complex located in Greenwich. The multi-million dollar capital improvement program will bring the 280,000-square-foot complex back to its Class A status. The main lobbies, elevators, common corridors and bathrooms in all three buildings will be renovated and upgraded; a new façade and store fronts along Greenwich Avenue will be constructed; a new entry from Greenwich Avenue with a water feature will be created; landscaping across the property will be revamped; and the entrance to the four-story, underground garage with be replaced with a new “easy pass” style security gate and high-speed door. Jay Hruska, Tara Stacom, Torey Walsh, Connor Daugstrup and Scott Silverstein of Cushman & Wakefield have been tapped as exclusive leasing agents for the property, which is managed by Hines.
LEWISVILLE, TEXAS — Bright Realty has brokered the sale of the company’s former headquarters located at 4228 N. Central Expressway in Lewisville, a Dallas suburb. The four-story mid-rise, known as the Bright Building, spans 54,000 square feet with three levels of underground parking. Nathan Denton of Lee & Associates represented the buyer, Caddo Holdings, in the transaction. Shawn Hall of Bright Realty worked on behalf of the seller. The building is located on the east side of Central Expressway and served as the corporate headquarters of Bright Realty for more than 12 years. The company relocated to a brand-new office in Castle Hills, a master-planned community in Lewisville developed by Bright Realty in 2013.
NEWARK, DEL. — NAI Emory Hill has brokered more than 278,000 square feet of office space leases at its White Clay Corporate Center in Newark. CitiGroup Technology renewed its lease for approximately 88,000 square feet of office space and JP Morgan Chase inked a deal for several spaces totaling 190,000 square feet to accommodate an expansion. Neil Kilian of NAI Emory Hill brokered the transactions, which total more than $11.6 million.
CAMBRIDGE, MASS. — Transwestern | RBJ has brokered a lease between BioMed Realty Trust Inc. and MPM Capital Inc. at the recently completed 450 Kendall Street in Cambridge. MPM Capital, a venture capital firm focusing on the biomedical industry, will occupy 14,511 square feet at the building starting in April 2015. Steven Purpura and Eric Smith of Transwestern | RBJ represented the building owner, BioMed Realty, while John Barry and Jeff Landers, also of Transwestern | RBJ represented the tenant in the transaction. The 60,117-square-foot property is the first speculative office building to be constructed in Cambridge since 2001.
BOCA RATON, FLA. — Avison Young has brokered the $33 million sale of 595 Financial Center, a two-building, Class A office portfolio totaling 116,000 square feet. The properties are located at 555 and 595 S. Federal Highway in Boca Raton. Keith O’Donnell and Jonathan Senn of Avison Young represented the buyer, Pinnacle Holdings Inc., in the off-market transaction. Pinnacle Holdings purchased the office campus in a 1031 tax-deferred exchange. Charles Shane of Bryason Realty Corp. represented the unnamed seller. Morgan Stanley is the anchor tenant of 595 Financial Center.
GOODYEAR, ARIZ. – Palm Valley Office Park I & II, an 83,575 square foot office project in Goodyear, has sold to Kootenay Holdings for $15.3 million. The space is located at 1616 and 1646 North Litchfield Road. The seller was Steve Schrag, REO asset manager, of Key Bank c/o KeyCorp Real Estate Capital Markets. The transaction was executed by Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group. Jeffery Hartland and Scott Boardman of Cassidy Turley’s Office Group will handle the building’s leasing.
SAN RAFAEL, CALIF. – Ellis Partners LLC has acquired a 130,237-square-foot office building in San Rafael for an undisclosed sum. The building is located at 4040 Civic Center Drive. The seller was an institutional investor. Cushman & Wakefield will handle the leasing of the property and CBRE will take on the property management assignment for the new ownership. This acquisition represents the fourth purchase by Ellis Partners with capital partner Artemis Real Estate Partners.
LOS ANGELES – ThinkFactory Media has leased 33,444 square feet of office space in Los Angeles. The space is located at 1640 S. Sepulveda Blvd. ThinkFactory will use this space for its corporate headquarters and production services. The landlord, Ocean West Capital Partners and Westbrook Partners, was represented by JLL’s Carl Muhlstein, Hayley Blockley and Jaclyn Ward.