WATERTOWN, MASS. — Cassidy Turley has arranged the sale of Riverworks Innovation Center at 480 Pleasant St. in Watertown. Farley White Interests sold the three-building office complex to Spear Street Capital for $43 million. Situated along the Charles River, Riverworks is a three- and four-story brick-and-beam office complex offering 200,000 square feet of space. The property was formerly the headquarters to Boston Scientific Corp. until the medical device company vacated the site. Farley White purchased the vacant property in 2010 and renovated it. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.
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DALLAS, TEXAS — Crescent has broken ground on its 530,000-square-foot McKinney & Olive project in Dallas. The development will include 480,000 square feet of office space and 50,000 square feet of retail space, including a coffee shop and three restaurants. Law firm Gardere Wynne Sewell LLP will lease 109,000 square feet and occupy four floors. Crescent will begin construction immediately, and completion is anticipated in summer 2016. The project team includes Crescent Real Estate Equities LP as developer; Pelli Clarke Pelli Architects as design architect; Kendall/Heaton Associates as executive architect; Office of James Burnett as landscape architect; and Beck Group as general contractor.
AUSTIN, TEXAS — Lucent Capital has arranged $29.25 million in permanent non-recourse financing secured by Met Center 10, a 345,600-square-foot Class A flex office building in Austin. The property was built in 2001 and is 100 percent occupied by two tenants: the State of Texas Department of Insurance and Pharmaceutical Product Development. The non-recourse loan enabled the borrower, a tenant-in-common investment group formerly sponsored by Breakwater Equity Partners, to refinance its existing debt and complete a structural upgrade program that remediated prior movement to the property’s foundation. The loan has a fixed interest rate of 4.85 percent for 10 years and includes a capital improvement holdback that will allow the borrowers to reconfigure a parking lot and create an additional 100 parking spaces for the tenants over the next several months. Challenges facing this transaction included the roll up of a tenant-in-common structure, special use build out, binary nature of the cash flow and recent structural property issues.
HOUSTON — Colvill Office Properties has closed an 11,574-square-foot office lease to Laredo Energy at CityCentre Four, a six-story, new Class A office building situated in the CityCentre mixed-use complex in west Houston. The signed deal completes lease-up of the entire 120,052-square-foot building, which is located at the corner of Interstate 10 and Sam Houston Parkway. Michael Anderson, Marilyn Guion and Connor Saxe of Colvill Office Properties represented landlord Midway in the lease transaction. André Granello and Gary Lawless of Cresa represented the tenant. Midway recently broke ground on CityCentre Five. The new 15-story building will add another 200,000 square feet of office product to the CityCentre development. Delivery is projected for summer 2015. The building will offer 18-foot ceilings on three of the floors and will include retail and restaurant space on the ground level.
PORTLAND, ORE. — Block 300, a 362,000-square-foot office building in Portland, has received a $60.8-million bridge loan. The Class A building is located at 333 South West 1st Ave. in the Downtown area. The building was 50 percent leased when the funds were committed. It is now 75 percent leased. Dan Rosenberg of Cohen Financial secured the financing for Kaufman Jacobs. It was provided by GE Capital Real Estate. “The bridge financing allows us to recapitalize the property and puts us in a strong position to execute improvements and to re-tenant the property,” says Robert Saunders, Kaufman Jacobs’ CFO.
WASHINGTON, D.C. — Rock Creek Property Group, a Washington, D.C.-based real estate investment company, has sold a three-story, 43,000-square-foot office building in Washington, D.C., for approximately $14.9 million. Lakritz Adler Real Estate Investments purchased the asset, located at 5185 MacArthur Blvd. N.W. Tenants at the property include Starbucks Coffee and UPS.
NEW HAVEN, CONN. — The New Haven Register has leased 18,000 square feet at 100 Gando Dr. in New Haven. The New Haven Register will occupy two floors of the building, which is known as the Star Supply Building. The new space will house a modern workspace and offer on-site parking for the company’s 160 employees. Praxis Commercial, along with Tim Fegan and David Hansen of CBRE, brokered the transaction for the New Haven Register.
HOUSTON — Rosemont Realty has secured a lease expansion and extension for Inspectorate America Corp.’s headquarters. The company’s corporate headquarters office has been located at 12000 Aerospace Ave. in Houston since August 2004. The new lease is for 30,236 square feet, an increase of 8,387 square feet. Rosemont Realty’s Carrie Powledge represented property owner Rosemont Realty in the transaction. John Parsley and Don Schmidt with Colliers International represented Inspectorate America in the lease expansion.
LOS ANGELES – Deloitte has leased 113,000 square feet at the Gas Company Tower in Downtown Los Angeles. The tower is located at 555 West Fifth Street. It is about 80 percent occupied. The professional services organization will have its logo prominently displayed at the top of the building. Tenant improvements are underway, and Deloitte is scheduled to take occupancy by the end of the year. Deloitte was represented by Lexis Livengood of DTZ. The landlord, Brookfield Office Properties, was represented in-house.
SAN FRANCISCO – NerdWallet has signed a seven-year lease for 45,739 square feet of office space at 901 Market in San Francisco. The 212,319-square-foot historic building sits adjacent to the Westfield San Francisco Shopping Centre and Union Square BART entrance. The consumer-focused financial start-up will occupy its new space in the fourth quarter of this year. The landlord is Hudson Pacific Properties.