Office

Transwestern | RBJ Brokers Sale of 98,000 SF Office Building in Norwood

by Amy Works August 14, 2015

NORWOOD, MASS. — Transwestern | RBJ has brokered the sale of an office building located at 2 Edgewater Drive in Norwood. ElmTree Funds LLC acquired the 98,000-square-foot property from Norwood One LLC for an undisclosed sum. Located in the master-planned Brookside Office Park, the Class A property features a full-service cafeteria, ample parking and easy access to I-95. The property is fully leased to Siemens Corp. on a long-term basis. Chris Skeffington, John Lasher, Roy Sanderman and Rob Byrne of Transwestern | RBJ represented the seller and sourced the buyer in the deal.

August 14, 2015

Industrial Loans Multifamily Northeast Office Retail Rhode Island

Colliers International Arranges $6.3M Refinance Loan for Pearl Street Lofts, Pearl Street Commons

by Amy Works August 14, 2015

PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.

August 14, 2015

Northeast Office Pennsylvania

Cigna Renews 322,000 SF Lease at Two Liberty Place in Philadelphia

by Amy Works August 14, 2015

PHILADELPHIA — Cigna Health and Life Insurance Co. has signed a 12-year renewal lease for 322,000 square feet at Two Liberty Place in Philadelphia. The renewal stabilizes approximately 34 percent of the building through Oct. 31, 2027. Cigna is expected to vacate the space it did not renew at the end of May 2016. As of July 1, Two Liberty Place was 99.2 percent occupied, or 89.4 percent occupied pro forma for Cigna’s contraction. Parkway Properties Inc. has a 19 percent ownership interest in Two Liberty Place, which is owned in part by Parkway Properties Office Fund II LP.

August 14, 2015

Florida Office Southeast

PCCP, Banyan Street Purchase Office Complex in Tampa for $70M

by John Nelson August 14, 2015

TAMPA, FLA. — PCCP has formed a joint venture with Banyan Street Capital to purchase Rivergate Tower, a 515,965-square-foot office complex located at 400 N. Ashley Drive in downtown Tampa. PCCP and Banyan Street Capital purchased the property for $70 million, according to Tampa Business Journal. CBRE brokered the sale and arranged acquisition financing for the joint venture. The property comprises a 31-story office tower and an adjacent five-story pavilion office building that houses the Florida Museum of Photographic Arts. Other tenants include Malio’s Prime Steakhouse, an upscale café, full-service bank branch, dry cleaner, two-story parking garage and a fitness center. The office complex was built in 1988 for $150 million.

August 14, 2015

California Loans Office Western

HFF Arranges $38.5M Financing for Medical Office Building in Emeryville

by Nellie Day August 14, 2015

EMERYVILLE, CALIF. — HFF has arranged $38.5 million in financing for EmeryStation Greenway, a 100,000-square-foot medical office building in Emeryville. The building is located at 5800 Hollis St. in the East Bay biotechnology research and innovation corridor. The newly built space is situated near interstates 580, 880 and 980. HFF’s Bruce Ganong and Jordan Angel secured the fixed-rate loan on behalf of the borrower, Wareham Development. Thrivent Financial for Lutherans provided the capital.

August 14, 2015

New York Northeast Office

Madison Realty Capital Acquires The Brooklyn Whale Building for $82.5M

by Amy Works August 13, 2015

NEW YORK CITY — Madison Realty Capital has acquired The Brooklyn Whale Building, located at 14 53rd St. in Brooklyn’s Sunset Park neighborhood, for $82.5 million. The seven-story building offers 400,000 square feet of industrial space. Currently 79 percent occupied, the property is nearing the completion of a more than $8 million renovation program to fully reposition the building into a state-of-the-art office hub. The seller initiated the capital expenditure program and Madison Realty plans to add substantially more to the building’s renovation plans as it assumes ownership. Built in 1918 by E.W. Bliss, the property served as the headquarters for the Whale Oil Co. Renovations to the building include the installation of energy-efficient windows, new elevators, a new roof and improved power infrastructure, as well as the addition of a new lobby with concierge desk along with spaces for amenity shops and restroom facilities. Aaron Jungreis of Rosewood represented both the buyer and undisclosed seller in the off-market transaction.

August 13, 2015

Kansas Midwest Office

Tower Properties Unveils Plans to Renovate, Revitalize 6601 College Blvd. Building in KC

by Jonathan Mehall August 13, 2015

OVERLAND PARK, KAN. — Tower Properties will completely renovate and revitalize the 6601 College Boulevard building, when engineering and consulting firm Black & Veatch vacates the premises at the end of this year. The $20 million project will include a new glass façade, updated mechanical systems and new interior finishes and amenities. The renovation is expected to position the six-story, 101,000-square foot office building constructed in 1979 as one of the upper-echelon properties in the Overland Park office market. Tower Properties has hired RMTA Architects to design the improvements, and Jonkman Construction to renovate the building’s interior and exterior. The building’s mechanical systems will be designed by SNS Engineering and will be completely modernized. Construction will begin in January 2016, and Tower anticipates the renovated building will be available for occupancy in the fall of 2016. Tower Properties has retained Rollie Fors and Adam Tilton, both senior partners with Colliers International, to market the building. New tenants will benefit from the extensive natural light throughout the building and collaborative exterior green space, says Tilton. According to the Kansas City Business Journal, Black & Veatch is consolidating a total of 700 employees into a single 175,000-square-foot space at Overland Park Xchange, …

August 13, 2015

Michigan Midwest Office

Friedman Arranges 11,754 SF Office Lease in Southfield, Mich.

by Jonathan Mehall August 13, 2015

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged an 11,754-square-foot office lease at Nine Mile Crossing, located at 17515 W. Nine Mile Road, Suite 600, in Southfield, a Detroit suburb. The landlord, TNHYIF TRS INC., leased the space to Language Center International Inc. (LCI), which teaches English as a second language. Established in 1987, the private language school provides citizens, immigrants and non-immigrants with language training for academic or personal purposes. Nine Mile Crossing is 12-story, 140,417-square-foot building that was constructed in 1969. Rick Tabbi of Friedman represented the landlord in the transaction.

August 13, 2015

District of Columbia Loans Office Southeast

Capital One Closes $110M Loan to Refinance Office Building in D.C.

by John Nelson August 13, 2015

WASHINGTON, D.C. — Capital One has closed a $110 million non-recourse bridge loan for the refinancing of a six-story office building located at 64 New York Ave. in Washington, D.C. Capital One served as sole lead agent, sole bookrunner and administrative agent for the loan. Capital One provided the loan on behalf of the borrower, a property fund managed by Brookfield Asset Management. The office building is primarily leased to the Washington, D.C., government, according to Capital One.

August 13, 2015

California Loans Office Western

Britannia Business Center III in Pleasanton Receives $27.4M Loan

by Nellie Day August 13, 2015

PLEASANTON, CALIF. — Britannia Business Center III, a 191,000-square-foot office and R&D portfolio in Pleasanton, has received $27.4 million in acquisition financing. The portfolio is located at 5870 Stoneridge Drive. The center contains about 125,000 square feet of office space and 66,000 square feet of research and development facilities. This space is situated in three non-contiguous buildings. The R&D portion is fully occupied by contact lens developer CooperVision. The non-recourse loan was secured by Steven Buchwald and Lexington Henn of Mission Capital Advisors’ Debt & Equity Finance Group on behalf of Ridge Capital Investors. The firm’s Will Sledge, Patrick Arnold and Gregg Applefield executed the $35.1 million sale.

August 13, 2015

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