BRAINTREE, MASS. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has secured two lease extensions at Granite Woods Corporate Center in Braintree. Law firm Smith & Brink has leased 15,861 square feet and VHA Inc. signed for 7,500 square feet. New Boston Fund acquired the office center, which comprises two office buildings totaling 168,000 square feet, in June 2008. Since the acquisition, New Boston Fund has spent $3.2 million in building upgrades. David Goodhue and Caleb Hudak of Colliers International represented New Boston Fund in both transactions. Stephen Woelfel, also of Colliers, and J.R. McDonald of Cushman & Wakefield represented Smith & Brink in the transaction.
Office
ROSEVILLE, MINN. — Grandbridge Real Estate Capital has provided a $3 million first mortgage refinance loan for a 77,000-square-foot office/warehouse property in Roseville. Tony Carlson of Grandbridge’s Minneapolis office originated the acquisition financing for the undisclosed borrower through a life insurance company. The 15-year loan includes a 15-year amortization schedule, and closed with a competitive fixed interest rate. The loan required no personal guaranty and allowed the borrower to refinance its existing debt.
SALT LAKE CITY – MasteryConnect has leased 17,353 square feet at a Class A office building in Salt Lake City. The building is located at 222 Main in the city’s Central Business District. The property was built in 2009. It was Utah’s first LEED-Gold certified building, according to the landlord, KBS Real Estate Investment Trust III. MasteryConnect was represented by JLL’s Jim Balderson and Jesse Mangum. KBS REIT was represented by CBRE’s Scott Wilmarth and Nadia Letey.
PLANO, TEXAS — Jones Lang LaSalle will provide management services for Toyota’s planned new North American headquarters in Plano, a suburb of Dallas. Toyota has also hired developer KDC and design firm Corgan for the project. JLL previously assisted Toyota in analyzing potential sites before the company chose Plano. Toyota plans to move into its new headquarters at the southwest corner of State Highway 121 and Legacy Drive in either late 2016 or early 2017. The headquarters is expected to employ 4,000 workers in a 1 million-square-foot property.
HOUSTON — Boyd Commercial/CORFAC International has completed a trio of transactions for Jetco Delivery Inc., a trucking and logistics company. The transactions include the acquisition of a new property, sale of an existing property and lease of a third property. Bo Pettit and David Boyd of Boyd Commercial arranged the transactions for Jetco, which has been on an extended search for the right place to expand and consolidate their business. Upon completion, the company’s new headquarters, located at 3010 Aldine Bender drive in Houston, will have 30,000 square feet of office, warehouse and truck maintenance space.
WASHINGTON, D.C. — The 217,070-square-foot office tower at 1800 K St. N.W. in Washington, D.C., is set to undergo a $40 million transformation. Completion is scheduled for the first quarter of 2016. The renovation will include a new floor-to-ceiling glass façade along both K and 18th streets, as well as upgrades to the elevators and mechanical systems. The lobby will also undergo a redesign, with the floor being moved to street grade. The transformation will also include the addition of a tenant-only fitness center and rooftop terrace. Scott Frankel, Andrew Felber, Mark Klug and Max Friedman of CBRE provide landlord representation and leasing services for the office tower. The design team includes DRI Development Services, Forrester Construction and VOA.
ATLANTA — Cousins Properties has inked a two-floor, 51,066-square-foot lease with Dixon Hughes Goodman LLP (DHG) at One Ninety One Peachtree Tower in Atlanta. The CPA firm will move into its space on the 27th and 28th floors of the tower in early 2015. The new space will house DHG’s nearly 175 employees with room available for expansion. DHG has resided in downtown Atlanta’s Peachtree Center for nearly 30 years prior to its new lease agreement with Cousins.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to acquire commercial condominiums units in the newly constructed office building located at 55 West 46th St. in Midtown Manhattan. SL Green will acquire 319,000 square feet of vacant office space on floors 22 to 34 and a retail store on 46th Street, as well as the building’s parking garage and fitness center. As part of the sales agreement, the seller has the option to include the second floor in the transaction, which consists of 28,000 square feet, for an additional purchase price of $20 million. The transaction, which is subject to customary closing conditions, is expected to close before the end of the year. Designed by Skidmore Owings & Merrill and completed in 2013, the glass-and-steel structure features efficient column-free space and floor-to-ceiling windows on all office floors. Additionally, the property includes on-site parking, a fitness center and bike storage.
NEW YORK CITY — New York City-based Savanna has completed the sale of 80 Broad Street, a 423,000-square-foot office building in New York’s Financial District. Broad Street Development acquired the property for an undisclosed price. After acquiring the property in 2011, Savanna completed an extensive capital improvement program including a lobby renovation, façade upgrade, modernized elevators and upgrades to the common area bathrooms and corridors. Adam Spies, Douglas Harmon, Joshua King and Adam Doneger of Eastdil Secured represented Savanna in the sale. Attorneys Leo Leyva, Jordan Metzger and Tara Ryan of Cole, Schotz, Meisel, Forman & Leonard P.A. served as the seller’s counsel in the transaction.
BURLINGTON, MASS. — The Gutierrez Company has begun construction on its 4 Burlington Woods project in Burlington. Located off Route 128, the 100,000-square-foot, LEED-certified office building is designed for completed end-user flexibility. The property features efficient and open floor plates, a two-story lobby, five acres of landscaped grounds and direct highway access. Additionally, the four-story building will include interconnecting stairways, floor-to-ceiling windows along the main façade, high ceilings and energy-efficient systems. On-site amenities include three full service cafeterias, a fitness center and parking. Designed by CUBE 3, the development is slated for completion in first quarter 2015. Chris Decembrele, Matt Daniels, Andrew Whipple and Stephen Steinberg of JLL are serving as leasing agents for the property.