ST. LOUIS — National Asset Services (NAS) has arranged a $45 million loan to refinance a 315,000-square-foot office property in St. Louis. NAS led a group of tenant-in-common co-owners in a multi-tiered process, which resulted in a new property ownership structure and favorable refinancing terms. The process involved reorganizing and consolidating the group of 31 tenant-in-common co-owners and an additional 77 investors into a new limited liability company. The newly created company then became the borrower under a new loan provided by an undisclosed lender. The Class A property is located at 8555 University Place. The three-story, single-tenant office building serves as the company headquarters for Express Scripts, a manager of pharmacy benefit plans.
HOUSTON — The Coats Rose law firm’s Houston office has moved to 9 Greenway Plaza from 3 Greenway Plaza and will occupy 48,000 total rentable square feet on the building’s 10th and 11th floors. The firm’s Clear Lake area office joined the new, expanded location. Ron McWherter and Paul Penland with CBRE’s Houston office represented Coats Rose, a firm with more than 90 attorneys across the states of Texas and Louisiana, in lease negotiations. April Miller of CBRE’s project management team also worked on the transaction.
BOSTON — CBRE/New England’s Debt & Structured Finance group has secured acquisition financing for 100 High Street, a 28-story office building located in Boston’s Financial District. The 546,336-square-foot property is currently 64 percent leased to a variety of tenants, including technology companies, law firms and insurance companies. The borrower, CBRE Global Investors, plans to upgrade the property’s building systems and add its signature service and amenity program, including conference facilities and outdoor meeting areas. Carlos Febres-Mazzei, Kyle Juszczyszyn, Alex Bradley and Taylor Shepard of CBRE/NE secured the financing through GE Capital Real Estate.
NAPLES, FLA. — Steelbridge Capital has acquired Pelican Bay Executive Center, a three-building, 190,000-square-foot office complex in Naples. The park is located at Pine Ridge Road and Tamiami Trail. Tenants of Pelican Bay Executive Center include Wells Fargo Bank, Hahn Loeser LLP, Newsbank and Fischer International. The park was 71 percent leased at the time of sale. Michael Lynch of MLPA Realty Inc. represented Steelbridge Capital in the transaction. Christian Lee, Charles Foschini, Christopher Apone and Amy Julian of CBRE arranged acquisition financing for the transaction. CRE Consultants will handle the management and leasing of the office park.
SCOTTSDALE, ARIZ. – SheKnows has leased 20,000 square feet at Element at Kierland, a 55,268-square-foot office building in Scottsdale. The space is located at 14614 N. Kierland Blvd. The women’s lifestyle media platform will use this space as its corporate headquarters. SheKnows was represented by Clint Hardison of Keyser. The landlord, Montana Avenue Capital Partners, was represented by Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office.
KANSAS CITY, MO. — Gailoyd Enterprises Group has sold The Power & Light Building to NorthPoint Development for an undisclosed sales price. The historic office tower, located at 106 W. 14th St. in downtown Kansas City, will be converted to a mixed-use development with 200 apartments. The sale included the 285,000-square-foot building and approximately one acre of adjacent land on the north side of the building. The land will be utilized for parking and 70 new apartment units for a total of 270 new units. The building currently is vacant. Riverside, Mo.-based NorthPoint plans to begin construction immediately. Gib Kerr of Cassidy Turley represented Carmel, N.Y.-based Gailoyd Enterprises in the transaction.
ATLANTA — Columbia Property Trust, one of the largest office REITs in the nation, has completed the sale of a five-building, 1 million-square-foot office campus in Atlanta for $290 million. The campus, which is fully leased to AT&T Services Inc., is located at 1025, 1055, 1057 and 1277 Lenox Park Blvd. and 2180 Lake Blvd. in the Lenox Park office complex in the Buckhead office submarket. The buyer was undisclosed.
TEWKSBURY, MASS. — Rubenstein Properties Fund II has acquired 495 Business Center, a commercial office park located in Tewksbury, for $13 million. The property consists of four conjoined buildings totaling approximately 722,422 rentable square feet at 200, 300, 400 and 500 Network Center Dr. The property, which is the birthplace of Wang Computers, is currently occupied by a mix of tenants, including office, R&D, laboratory, manufacturing and flex. Rubenstein Partners and its partner, Genesis Management Group, plan to renovate and reposition the property.
PARSIPPANY, N.J. — CBRE Group Inc. has brokered the sale of a four-property office portfolio in Parsippany. Cornerstone Real Estate Advisers, acting on behalf of a firm-managed fund, sold the properties to a joint venture between Lincoln Property Co. and Red River Asset Management for an undisclosed price. The 210,888-square-foot portfolio includes 10, 20 and 30 Lanidex Plaza and 299 Cherry Hill Road. Currently the portfolio is 67 percent leased to 15 tenants with stability provided by 30 Lanidex, which is 100 percent leased on a long-term basis. Jeffrey Dunne, Kevin Welsh, Brian Schula and Frank Maresca of CBRE Institutional Properties along with Jeremy Neuer of CBRE’s East Brunswick, N.J., office represented the seller and procured the buyer in the transaction.
LONE TREE, COLO. – Charles Schwab has opened its 650,000-square-foot office campus in Lone Tree. The property will serve as the brokerage and banking company’s corporate campus. The campus is located at 9800 Schwab Way within the RidgeGate community. The new property will also house Schwab’s retail building that’s on the corner of Lincoln Avenue and Park Meadows Boulevard. It is one of four branches in the Denver area. The campus contains three five-story office buildings, a two-story retail branch, two parking garages and an amenities building that features a 15,000-square-foot employee dining facility. So far, about 70 percent of the campus has been completed. Two of the three office buildings are ready for occupancy. The third is scheduled for completion next summer. Schwab plans to move about 2,000 employees to its campus over the next year and a half. Construction on the campus began in March 2013. It was built by Mortenson Construction and designed by Fentress Architects. Schwab is pursuing LEED-Platinum certification on the campus. Sustainability features include a two-acre green roof, green materials, daylighting, water-saving devices and an optimized HVAC system.