CHICAGO — Wirtz Realty Corp. and MB Real Estate (MBRE) have arranged the lease renewal of a 23,000-square-foot office space in Chicago for Meredith Corp. The media and marketing company will continue to occupy space on the 14th and 15th floors at 333 N. Michigan Ave. Built in 1928, 333 N. Michigan was one of the city’s first Art Deco skyscrapers. The City of Chicago designated the property as a historical landmark in 1997. Wirtz Realty Corp. and MBRE are in the midst of a $47 million redevelopment of the 34-story office property. Renovations include office space modernizations, updated finishes to the lobby and elevators as well as the addition of turn-key spec suites and up to 44,000 rentable square feet of divisible retail space. Wirtz Realty Corp. and MBRE will also incorporate a tenant amenity floor featuring a lounge, conferencing facilities and a fitness center. MBRE leases and manages the building, which is owned by Wirtz Realty Corp. Mark Buth and Kelsey Karp of MBRE represented ownership in the lease transaction. Meredith Corp. represented itself.
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SAN DIEGO — SERCO Inc.has signed a five-year lease for 28,535 square feet of office space at Mesa View Plaza in San Diego. The space is located at 9350 Waxie Way. The lease is valued at $4.8 million. The professional, technology and management services provider was represented by JLL’s Randall Wood and Shawn Lorentzen. The landlord, SCG Mesa View Plaza LLC, was represented by Duncan Dodd, Bill Cavanagh and Mike Novkov of Cassidy Turley.
LAS VEGAS – A 13,500-square-foot medical office building in Las Vegas has sold to Scenic Vistas East LLC for $1.5 million. The building is located at 1569 E. Flamingo Road, near Desert Springs Hospital. The space formerly functioned as a surgery center and clinic. The new owner plans to re-open the facility under the same use. Scenic Vistas was represented by Michael McLeod of Albright Callister & Associates LLC. The seller, Chang Hop LLC, was represented by Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski of CBRE Las Vegas.
KENNESAW, GA. — Cushman & Wakefield has arranged the sale of TownPark Ravine, a three-building, 367,090-square-foot office park in the northern Atlanta suburb of Kennesaw. The office park provides immediate access to Interstates 75 and 575. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the seller, Taylor & Mathis Inc., in the transaction. The purchase price was not disclosed. Cushman & Wakefield also arranged a $41.1 million acquisition loan on behalf of the buyer, America’s Capital Partners LLC. Mike Ryan, Brian Linnihan, Jeff Walker and Larry Johnson of Cushman & Wakefield arranged the long-term, fixed-rate loan through GE Capital Corp.
PITTSBURGH — NorthMarq Capital has arranged a $1.8 million construction to permanent loan for Rivertech Office Works in Pittsburgh. Located at 3700 S. Water St., the building offers 12,000 square feet of office space. Scott DeVinney of NorthMarq Capital’s Rochester, N.Y., regional office arranged the 10-year loan, which features a 20-year amortization schedule, through NorthMarq’s relationship with a regional bank.
ROSEMONT, ILL. — Transwestern has arranged the office lease renewal/expansion for Wynnchurch Capital, a leading private equity firm. Wynnchurch renewed its existing 8,060-square-foot lease and expanded into an additional 5,530 square feet. The company’s 13,590-square-foot headquarters is at One O’Hare Centre, located at 6250 N. River Road. The property is LEED Gold-certified. Tony Karmin of Transwestern’s tenant advisory group represented Wynnchurch in the 11-year lease. Francis Prock and Jonathon Connor of Colliers International represented the building owner, CBRE Global Investors.
SAN DIEGO – A 26,000-square-foot office building in the San Diego submarket of Governor Park has sold to Locale Advisors Inc. for $3.9 million. The vacant building is located at 5015 Shoreham Place. The buyer plans to transform the space into a creative office building. Patrick Rohan of Cushman & Wakefield represented both the buyer and the seller, Cliffwood California LLC, in this transaction. Wells Fargo provided financing for the acquisition and subsequent project redevelopment.
WAYNE, PA. — DrugDev has signed a lease for 31,000 square feet of office space at 1170 Devon Park Dr. in Wayne. The company plans to use the space as its U.S. headquarters. Owned by Liberty Property Trust, the three-story, 88,000-square-foot building recently underwent a $2.5 million renovation that included new floor-to-ceiling glass curtain walls on the corners, an expanded lobby, new restrooms and a state-of-the-art fitness and locker facility. Scott Miller of CBRE represented DrugDev in the transaction. Environetics served as architect and interior designer and Shields Construction served as general contractor for the renovation.
AUSTIN — Karlin Real Estate and developer Trammell Crow Co. have broken ground on Parmer 3.2, a new Class A office building offering 192,000 square feet of prime office space. Parmer 3.2 is the first phase of new construction at PARMER, Karlin’s 400-acre, master-planned technology and office park in Austin. Parmer 3.2 is a three-story office building featuring 64,000-square-foot floor plates designed for either single or multi-tenant occupancy. Construction is expected to be complete in the second quarter of 2015. Parmer is zoned for up to 9 million square feet of office, industrial, hotel and retail use. The development is bordered by McCallen Pass on the west, East Howard Lane on the north, Harris Ridge Boulevard on the east and Parmer Lane on the south, with close access to I-35 and U.S. 183.
DURHAM, N.C. — CBRE has arranged the sale of Research Commons, a five-building office development totaling 422,483 square feet in Research Triangle Park. The asset is located at 79 T.W. Alexander Drive in Durham. Highwoods Realty LP sold the office park to an affiliate of Greenfield Partners LLC for $58.7 million. Ben Kilgore, Jay O’Meara and Will Yowell of CBRE represented Highwoods Realty LP in the transaction.