BOSTON — DivcoWest and Boston-based Synergy Investments has acquired 38 Chauncy Street, an office building located in downtown Boston, from New York City-based Brickman. The 132,000-square-foot building is the fourth office building that DivcoWest and Synergy have purchased in downtown Boston in recent months. In June, the partners acquired 71, 77 and 78 Summer Street, a three-building office portfolio totaling 90,000 square feet. The partnership now owns seven assets in Boston, including three buildings in the Seaport district that were purchased last year.
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CHERRY HILL, N.J. — CBRE Group represented Quality Management Associates Inc. (QMA) in its lease of 7,129 square feet and 5,475 square feet of office space at Colwick Business Center in Cherry Hill. Founded in 1992, QMA is a provider of services and support for adults with intellectual and/or developmental disabilities and acquired brain injuries. QMA will join Colwick Business Center’s tenant roster, which includes The Philadelphia Inquirer, The Internal Revenue Service and Urban Engineers. Dan McGovern of CBRE represented QMA, while Wolf Commercial Real Estate represented the landlord, Endurance Real Estate Group, in the transaction.
SAN DIEGO — Tri-City Corporate Towers, a 64,190-square-foot office building in Oceanside, has received a $7.1-million loan. The building is located at 3142 & 3156 East Vista Way. Notable tenants at the property include U-T San Diego, Sleep Data Holdings and several professional firms. The owner, Fenway Properties, plans to update the exterior and rebrand the property. It will be renamed to Pacific Gateway. The bridge loan was secured by CBRE’s Mark McGovern and Scott Peterson. It was secured through a national debt fund. The loan will provide the capital needed to substantially upgrading both the exterior and interior of the building, among other things.
PHOENIX — USI Inc. has leased 15,988 square feet of space at Granite Commerce Center in Phoenix. The space is located at 405 N. 75th Ave. The company markets roll and pouch laminating machines and films, in addition to binding equipment, supplies and many other office accessories. USI was represented by Keri Scott, Jackie Orcutt and John Grady of Cushman & Wakefield. The landlord, Crow Holdings, was represented by JLL’s Kyle Westfall.
DALLAS — Gaedeke Group LLC will soon begin $3.8 million in renovations on its 128,795-square-foot Oak Lawn Plaza office building. Mark Dilworth of Dallas-based Morrison, Dilworth + Walls is the architect for the project. Construction is slated to begin in October and will take an estimated eight months to complete. The 1.5-acre property was built in the early 1980s and is located at 2501 Oak Lawn Plaza just off the Dallas North Tollway. The redesign calls for a 3,000-square-foot expansion of the lobby, with the ceiling height raised to 25 feet. Exterior walls will be redressed with a 25-foot glass curtain wall and 5-by-13-foot vertical panels. The interior redesign will feature white marble walls and basalt stone on the floors, replacing dark marble and granite. Other planned features include commissioned artwork, a high-tech security desk, WiFi furniture and an updated parking garage.
HOUSTON — NorthMarq Capital has negotiated the refinancing of The Green Oaks at San Felipe and The Campanile Buildings in Houston. Properties, located at 4295 San Felipe and 4110 and 4203 Montrose, boast a combined 176,116 square feet. The transaction was structured with a 10-year term and 25-year amortization schedule. Tenants of the properties include Prosperity Bank, Stratos Legal, NCS Pearson and Penn Mutual Life Insurance Co.
ATLANTA — Utilizing two loans totaling $50 million from its capital advisor Patterson Real Estate Advisory Group, Pope & Land Enterprises Inc. has refinanced Cumberland Center I and Barrett Office Park in metro Atlanta. Patterson arranged the financing through BBVA Compass for Cumberland Center I and BB&T for Barrett Office Park. Cumberland Center I is a seven-story office building totaling 188,697 square feet in Atlanta’s Cumberland/Galleria office submarket. Sprint Communications fully occupies the asset. Pope & Land developed Cumberland Center I in 1985. Barrett Office Park consists of seven office buildings totaling 502,752 square feet that are more than 80 percent occupied on an aggregate basis. The office park is located off of Barrett Parkway between I-75 and Highway 41 in the Town Center submarket of Kennesaw, a northern suburb of Atlanta.
JOHNS CREEK, GA. — Ebix Inc., a software and e-commerce services provider to the insurance and healthcare industries, has purchased a 100,000-square-foot, Class A office building in Johns Creek Technology Park. The LEED Gold-certified property will serve as Ebix Inc.’s global headquarters after the company begins operations at the facility in 2015. Along with the property, Ebix purchased 11.6 acres of land. CBRE represented the seller, Atlanta-based TPA Group, the developer of Johns Creek Technology Park, in the transaction. Cresa represented Ebix.
WESTCHESTER COUNTY, N.Y., AND STAMFORD, CONN. — A joint venture led by Keystone Property Group has completed the acquisition of six office properties located in Westchester County and Stamford. The joint venture purchased the properties for $91.5 million from Mack-Cali Realty Corp. This closing completes a portfolio transaction that Keystone and Mack-Cali entered into earlier this year to form various joint ventures to acquire a portfolio of office properties that Mack-Cali owns throughout Northern New Jersey, New York and Connecticut. The properties include 555 and 565 Taxter Road in Taxter Corporate Park and 570 Taxter Road, totaling 422,422 square feet, in Elmsford, N.Y.; the 178,749-square-foot Talleyrand Office Park located at 200 and 220 White Plains Road in Tarrytown, N.Y.; and the 179,610-square-foot Soundview Plaza in Stamford. Keystone plans to reinvest in the properties through redevelopment, capital improvements and upgrades to each site. Mack-Cali, through its partnership with Keystone, will participate in management fees for the portfolio and a percentage of value creation above certain hurdle rates, as well as retain a senior pari-passu equity position at 555, 565 and 570 Taxter Road. Mack-Cali and Keystone will jointly provide leasing representation for the portfolio.
CAMBRIDGE, MASS. — Accion, an international nonprofit dedicated to microfinance, has selected Vantage Builders to renovate its new headquarters at 10 Fawcett St. in Cambridge. The 19,000-square-foot project includes the complete gut and renovation of portions of the second and third floors of the property, as well as the installation of new mechanical, plumbing and electrical systems and a connecting stairwell. The completed office space will feature custom millwork, new paint and carpeting, upgraded flooring and modern finishes. The renovation project is slated for completion by the end of November. The project team includes Diversified Project Management and Jacobs Engineering Group. The building is owned by Griffith Properties.