SAN FRANCISCO – A 128,678-square-foot office building at 3175 Hanover Street in San Francisco has received $86.5 million in acquisition financing. The single-tenant building is located within the Stanford Research Park, which is home to companies like VMware and Hewlett-Packard. The 700-acre Stanford Research Park includes 10 million square feet throughout 160 buildings and facilities. It contains more than 23,000 employees at 150 companies, including Tesla, which uses the park for its headquarters and research facility. The park was originally developed by the adjacent Stanford University in 1951. The building is fully leased to global law firm Cooley LLP. It was acquired by a Sand Hill Property Company joint venture. The non-recourse financing was arranged by John Nelson of CBRE's San Francisco office. It was provided by a Wall Street lender.
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MENLO PARK, CALIF. – An unnamed buyer has acquired a 41,933-square-foot office property in Menlo Park for $50 million. The Class A property is located at 200 Middlefield Road, near downtown Palo Alto’s retail core and the Palo Alto and Menlo Park Caltrain stations. The property was originally built in 1967. It underwent a full rebuild in 2012. The building is now fully leased to private equity and technology firms like Summit Partners, Optum Soft, Blackstone and Rubicon. The seller, Menlo Equities, was represented by HFF’s Steven Golubchik, Michael Leggett and John Simerlein, who worked in conjunction with Kevin Cunningham of Cornish and Carey.
BLOOMINGTON, MINN. — Marcus & Millichap has brokered the $4 million sale of a 100,681-square-foot office property in Bloomington, Minn., located approximately 11 miles south of Minneapolis. Two Appletree Square is located at 8031 34th Avenue. The property is near the Minneapolis-St. Paul International Airport, Mall of America and a light rail station. Michael Ahles and Jon Ruzicka of Marcus & Millichap’s Minneapolis office represented the seller, a financial institution, and the buyer, a partnership.
LOS ANGELES — Glumac Engineering has signed a 12-year lease for 17,500 square feet of office space in Los Angeles. The building is located at 707 Wilshire Blvd. in Downtown. The firm, which has worked on the Wilshire Grand Hotel and the Shanghai Disneyland, will be relocating this August from an office on nearby 7th Street. Glumac was represented by Joe Faulkner of CRESA Partners. The landlord, Beacon Properties, was represented by JLL’s John McAniff.
SAN DIEGO — River Bank Plaza, a 40,222-square-foot office property in San Diego, has sold to San Diego Unified School District for $5.5 million. The two-building property is located at 3420 and 3430 Camino Del Rio North. The school district plans to lease the Class B property to a non-profit charter school. It represented itself in this transaction. The seller, NCWP-River Bank LLC, was represented by Derek Hulse, Derek Applbaum and Tom Mercer of Colliers International.
ALEXANDRIA, VA. — Akridge has partnered with Long Wharf Real Estate Partners to acquire 2800 Eisenhower Ave., a four-story, 116,000-square-foot office building in Alexandria’s Carlyle/Eisenhower submarket. The property is part of the Alexandria Tech Center, a nine-building complex than includes office buildings and two hotels. Matt Konrad of Akridge, along with Philip Murphy and John Schonborn of Long Wharf, represented the ownership in the transaction. Steve Gichner and Eric Berkman of Cushman & Wakefield represented the seller in the transaction.
OAK BROOK, ILL. — NAI Hiffman has arranged more than 55,000 square feet of office lease renewals and expansions at Regency Towers, two multi-story, Class A office buildings joined by a one-story retail concourse. The property is located at 1415-1515 W. 22nd Street in Oak Brook, approximately 19 miles west of Chicago. The leases were for Bancorp Financial Inc., Rasmussen College, John Wiley & Sons Inc., and Moet Hennessy USA. Patrick Kiefer of NAI Hiffman represented American Realty Advisors in all four transactions. On-site amenities at Regency Towers include an attached, three-level covered parking garage, conference center, newly renovated fitness center, full-service bank, sundry store and an Italian restaurant and deli. Available suites range in size from 1,092 to 17,289 square feet.
SAN DIEGO — SR Commercial has acquired Morena Business Center, a 62,814-square-foot flex/office project in the San Diego submarket of Rose Canyon/Morena District, for $9.2 million. The three-building property is located at 2620-2640 and 2645 Financial Court. Notable tenants include Destination Concepts, Europen Tile, American Geotechnical, Gemini Energy and Envision. Bryce Aberg, Brant Aberg and Brad Tecca of Cassidy Turley’s San Diego office represented both the buyer and the seller, Feher Family Trust, in this transaction. Holliday Fenoglio Fowler also provided $6 million in financing to SR Commercial.
SAN DIEGO — DefenseWeb Technologies has signed a 90-month lease for 46,138 square feet at Seaview Corporate Center in San Diego. The Class A building is located at 10188 Telesis Court. It offers lifestyle amenities, such as an on-site café and deli, fitness center, heated lap pool, tennis and basketball courts, and direct access to jogging and biking trails. The software solutions creator was represented by Bob Rodewald of James Crone & Associates. The landlord, John Hancock Life Insurance Company (USA), was represented by Brett Ward, Bill Cavanagh and Michael Cassolato of Cassidy Turley’s San Diego office.
MIAMI BEACH, FLA. — KBS Realty Advisors has signed 18,396 square feet in new leases at its 555 Washington building in Miami Beach. The leases bring the Class A, 64,617-square-foot office and retail property to 96.5 percent occupancy. CVS/pharmacy has signed an 11,569-square-foot lease, and Bok’s Restaurant Group has signed a 6,827-square-foot lease for a Soo Woo Japanese & Korean Steakhouse. CVS/pharmacy is expected to open its store in August. Aaron Butler of Avenue Real Estate Partners represented KBS in both lease transactions.