NORCROSS, GA. — Lincoln Property Co. Southeast has brokered the $1.2 million sale of a 16,983-square-foot office building located at 3135 Avalon Ridge Place in Norcross, an eastern suburb of Atlanta. Denton Shamburger and Jeff Henson of Lincoln Property represented the undisclosed seller in the transaction. Paul Hanna of JLL represented the buyer, Custard Insurance Adjusters, which currently occupies 6,000 square feet at the property. Custard plans to expand its presence at the building in the near future.
NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.
PARAMUS, N.J. — Vornado Realty Trust has leased 470,000 square feet of office space to Amazon at 7 West 34th St. in the Penn Plaza District of Paramus. Amazon has inked a 17-year lease for the office space. Vornado, a fully integrated real estate investment trust, owns approximately 9 million square feet of commercial space in the Penn Plaza District.
HOUSTON — TerraFirma Earth Technologies, a Houston-based dewatering firm, is moving its headquarters to a larger office and yard space in Houston to accommodate more heavy equipment and office space requirements. The new corporate headquarters is located at 11215 Old Fairbanks N. Houston Road. The firm is moving its headquarters Dec. 1 and also has opened a satellite office in Denver. TerraFirma assists owners and contractors throughout the U.S. maintain acceptable groundwater levels for both temporary and permanent projects.
HOUSTON — KDC and Sarofim Realty Advisors have begun construction on a two-story, 68,950-square-foot office building that will be home to Lennar Homes of Texas Land and Construction Ltd. The property is located at 681 Greens Pkwy. across from the current Lennar headquarters. The new building will house 225 associates from Lennar, Village Builders, Friendswood Development Co., Universal American Mortgage Co. and North American Tile Co. The property will include a 5,000-square-foot design center to showcase product offerings from Village Builders. Another feature is a two-story lobby that will extend through the core of the building. The building is scheduled for completion in October 2015. Powers Brown Architecture provided architectural services for the project. Rosenberger Construction is the general contractor and Halff Associates is the civil engineer. Jerry Frey, Ron McWherter and Darren Gowell with CBRE represented Lennar in the transaction. JP Hutcheson of Cassidy Turley represented KDC and Sarofim Realty Advisors.
WASHINGTON, D.C. — Grosvenor Americas has completed a $7.5 million renovation to the HVAC systems at its 200,000-square-foot office tower at 1701 Pennsylvania Ave. in Washington, D.C., just a block away from the White House. The 12-story tower was certified LEED Gold-EB in 2013 and has recently added three tenants occupying a total of 29,300 square feet: Occidental Petroleum, FoxKiser and JAB Holdings, which is the parent company of Jimmy Choo, Bally and Peet’s Coffee. Peet’s Coffee has its flagship location on the ground floor of 1701 Pennsylvania Ave. Since purchasing the office tower in 1986, Grosvenor Americas has invested $16.7 million in upgrades.
HOWELL, N.J. — Eastern Union Funding has arranged $4.2 million in financing for an office park located at 481 Oak Glen Road in Howell. The first phase of the two-phase property is fully occupied after being constructed in 10 months. Zevi Schwartz of Eastern Union Funding arranged the financing, which fully stabilized the first phase, through a regional balance sheet lender. The loan features a competitive rate of 3.87 percent on a five-year term with 50 percent non-recourse. Due to the lease up of the first phase, the lender has committed an additional $3.8 million for the construction of phase two. Once completed the office park will offer two buildings totaling 100,000 square feet. The property is owned by Howell Plaza LLC.
NEW YORK CITY — The Durst Organization has signed xAd Inc., a location-focused mobile advertising company, to a 10-year lease at One World Trade Center in Lower Manhattan. The company will occupy the entire 60th floor — 43,849 square feet — at the 3 million-square-foot office tower. xAd will relocate to the new space from 401 Park Avenue South in summer 2015. One World Trade Center is at 72 percent of projected stabilized net operating income, totaling 1.9 million square feet in the building. Jon Mayeske and Jamie Katcher of Cushman & Wakefield represented the tenant in the transaction. The ownership was represented by Eric Engelhardt of The Durst Organization; Cushman & Wakefield’s Tara Stacom, Alan Stein, James Searl and Justin Royce; and Jodi Pulice of JRT Realty.
CHICAGO — Marcus & Millichap has brokered the $8.1 million sale of a five-story, 40,000-square foot, timber loft office property in the River North neighborhood of Chicago. The Class-B property is located at 153-157 W. Ohio St. near the intersection of LaSalle Street and Ohio Street. Stephen Lieberman of Marcus & Millichap’s Chicago Downtown office represented the undisclosed seller. A New Jersey-based private investor purchased the property.
DALLAS — Boxer Property has arranged the lease of a 5,403-square-foot office space for First American Payment Systems in Dallas. The company, which provides payment solutions for small and mid-sized businesses, will occupy space in Executive Center II, located at 8330 Lyndon B Johnson Freeway in Dallas. The new space is an increase of more than 4,461 square feet from the company’s former suite. Gloria Medlock and Gil Engelhardt of Boxer negotiated the lease. Executive Center II is a Class A office space with amenities including an auditorium, two conference rooms, newly renovated lobbies, a loading dock, gym and full-service café. The property is located near North Park Mall, Park Lane and the Galleria.