CAMBRIDGE, MASS. — NorthMarq Capital has arranged a $4.24 million loan for the acquisition of the Global Organics Headquarters Building in Cambridge. Located at 68 Moulton St., the property offers 24,500 square feet of office space. Joseph Hegenbart secured the financing for the borrower, RHAD LLC, through NorthMarq’s relationship with a local bank. The 10-year loan features a 25-year amortization schedule. Global Organics is the major tenant in the building and an affiliate of the borrower.
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PORTLAND, ORE. — Pearl West, the first speculative office building to be built in Portland since the recession, has received $41.7 million in permanent construction financing. The 146,500-square-foot building will be located on Irving Street and NW 14th in the Pearl District. The Class A building is scheduled to break ground tomorrow. It is slated for completion in early 2016. The building has already secured two unnamed tenants. Pearl West will be built by BPM Real Estate Group and designed by GBD Architects. Walter C. Bowen of BPM Real Estate Group is the developer, while BDC/NW Irving LLC is the borrower. The loan was secured by Ken Griggs and Paddy Ryan of NBS Financial Services. NBS represented the lender, Washington Capital Advisors, a pension fund advisor for labor unions.
BREA, CALIF. – Palisades Capital Realty Advisors has acquired a 121,143-square-foot office building in Brea for $21 million. The building is located at 2929 E. Imperial Highway. The property was built in 1985 and renovated in 2013. The office building is fully leased to companies like Zodiak Inflight Innovations and Underwriters Laboratories. The seller, a joint venture between Rialto Capital and the Koll Company, was represented by Bob Prendergast and Baker Morphy of JLL's Capital Markets.
ALEXANDRIA, VA. — Newmark Grubb Knight Frank (NGKF) has arranged the U.S. Department of Defense’s (DOD) 606,575-square-foot lease renewal at Hoffman Tower II in Alexandria, roughly eight miles south of Washington, D.C. The office lease transaction is the largest in the Washington, D.C. metro area this year, according to NGKF. Brendan Owen and Scott Johnston of NGKF represented the owner, The Hoffman Co., in the transaction. CBRE represented the U.S. General Services Administration (GSA), which signed the lease renewal on behalf of the DOD. The DOD has occupied Hoffman Tower II for more than 30 years.
COLUMBIA, S.C. — Lincoln Property Co. Southeast has brokered the $2.3 million sale of the Seventy Seven Building, a two-story, 57,375-square-foot office building in Columbia. Denton Shamburger and Chip Sipple of Lincoln Property’s Atlanta office represented the seller, GE Commercial Finance Business Property Corp., in the transaction. Roger Winn of NAI Avant represented the buyer, Red Hills Holdings LLC. Seventy Seven Building is located at 101 Business Park Blvd., about 10 minutes from downtown Columbia. The building was 37 percent leased at the time of the sale.
DALLAS — Sidley Austin LLP has preleased 75,000 square feet at the new McKinney & Olive office building in uptown Dallas. Crescent Real Estate Holdings LLC broke ground June 19 and construction is underway at the development located at 2021 McKinney Avenue. The office space will include 480,000 square feet, with Sidley Austin occupying the top 2.5 floors. Cassidy Turley executive managing director Craig Wilson and vice chairman Randy Cooper represented Sidley Austin in the transaction. Developer Crescent Real Estate Holdings was represented in-house by John Zogg. McKinney & Olive will be adjacent to the Ritz-Carlton and a few blocks from The Crescent. The McKinney Trolley service will provide access to Klyde Warren Park, the Dallas Arts District and other nearby attractions.
SCOTTSDALE, ARIZ. — Theranos has leased a 20,000-square-foot wing at SkySong 3 in Scottsdale. Skysong, the ASU Scottsdale Innovation Center, is located at 1475 N. Scottsdale Road, next to the Arizona State University campus. The consumer healthcare technology company will be one of the largest tenants at the project. Skysong 3 is now more than 80 percent leased. Theranos was represented by CBRE. The landlord was Plaza Companies.
BROOKLYN CENTER, MINN. — Stewart Capital Partners has arranged a 10-year lease extension at Brookdale Corporate Center II, a recently renovated two-building office campus approximately 10 miles from downtown Minneapolis. Kidney Specialists of Minnesota will occupy space in the center located at 6200 Shingle Creek Parkway. KSM has been a tenant at Brookdale Corporate Center since 2000 and currently occupies 9,223 square feet. Each building in the center is comprised of six stories totaling 228,000 square feet. In addition to KSM, major tenants include University of Minnesota Physicians, Merkle, Savvy Sherpa, National American University, Carson, Clelland & Schreder Law Offices, Endodontic Associates Limited and FirstStep Group. Ann Hansen and Steve Strom of Cresa Partners represented KSM in the lease transaction. Dick Schadegg of Schadegg Commercial Real Estate Inc. represented the building’s owner, Stewart Capital Partners.
WHIPPANY, N.J. — Vision Real Estate Partners has completed the renovated and rebranding of The Crossings at Jefferson Park at 115 South Jefferson Road in Whippany. Situated on 65 acres, the three-building campus offers 525,000 square feet of Class A office space. JP Morgan Chase, Barclays Capital and Lord Abbett occupy the property. A partnership between Vision Real Estate Partners and Rubenstein Partners acquired the property last year and recognized the opportunity to tap into the existing enhanced electrical, HVAC and fiber infrastructure to create a corporate campus. Master planned by Ka Architects, the project included demolishing a 140,000-square-foot data center building and replacing it with landscaped great lawn. The ownership also redeveloped the 150,000-square-foot 200 Building and created a new entry, lobby, fitness center, cafeteria and common areas.
NEW YORK CITY — Samsung Electronics North America has signed a long-term lease for 837 Washington Street in New York’s Meatpacking district. Situated between Little West 12th and West 13th streets, the 55,000-square-foot building features six floors, as well as a cellar and roof space. Additionally, the property features 7,000 square feet of outdoor space on the second and third floors and rooftop. Craig Reicher, James Ackerson, David Liggitt and Patrick O’Keefe of CBRE Group represented the tenant, while Thor Equities, Newmark Grubb Knight Frank and Taconic Management Company represented the landlord in the transaction.