ATLANTA — Cousins Properties has inked a two-floor, 51,066-square-foot lease with Dixon Hughes Goodman LLP (DHG) at One Ninety One Peachtree Tower in Atlanta. The CPA firm will move into its space on the 27th and 28th floors of the tower in early 2015. The new space will house DHG’s nearly 175 employees with room available for expansion. DHG has resided in downtown Atlanta’s Peachtree Center for nearly 30 years prior to its new lease agreement with Cousins.
Office
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to acquire commercial condominiums units in the newly constructed office building located at 55 West 46th St. in Midtown Manhattan. SL Green will acquire 319,000 square feet of vacant office space on floors 22 to 34 and a retail store on 46th Street, as well as the building’s parking garage and fitness center. As part of the sales agreement, the seller has the option to include the second floor in the transaction, which consists of 28,000 square feet, for an additional purchase price of $20 million. The transaction, which is subject to customary closing conditions, is expected to close before the end of the year. Designed by Skidmore Owings & Merrill and completed in 2013, the glass-and-steel structure features efficient column-free space and floor-to-ceiling windows on all office floors. Additionally, the property includes on-site parking, a fitness center and bike storage.
NEW YORK CITY — New York City-based Savanna has completed the sale of 80 Broad Street, a 423,000-square-foot office building in New York’s Financial District. Broad Street Development acquired the property for an undisclosed price. After acquiring the property in 2011, Savanna completed an extensive capital improvement program including a lobby renovation, façade upgrade, modernized elevators and upgrades to the common area bathrooms and corridors. Adam Spies, Douglas Harmon, Joshua King and Adam Doneger of Eastdil Secured represented Savanna in the sale. Attorneys Leo Leyva, Jordan Metzger and Tara Ryan of Cole, Schotz, Meisel, Forman & Leonard P.A. served as the seller’s counsel in the transaction.
BURLINGTON, MASS. — The Gutierrez Company has begun construction on its 4 Burlington Woods project in Burlington. Located off Route 128, the 100,000-square-foot, LEED-certified office building is designed for completed end-user flexibility. The property features efficient and open floor plates, a two-story lobby, five acres of landscaped grounds and direct highway access. Additionally, the four-story building will include interconnecting stairways, floor-to-ceiling windows along the main façade, high ceilings and energy-efficient systems. On-site amenities include three full service cafeterias, a fitness center and parking. Designed by CUBE 3, the development is slated for completion in first quarter 2015. Chris Decembrele, Matt Daniels, Andrew Whipple and Stephen Steinberg of JLL are serving as leasing agents for the property.
LOWER MAKEFIELD TOWNSHIP, PA. — Advalurem Group, along with its local joint venture partner Pembroke Hobson, has acquired 1000 Floral Vale, a Class A office building located in Lower Makefield Township, for $19 million or $214 per square foot. Built in 2009, the 89,000-square-foot office property is LEED Gold certified. The property is currently 80 percent leased to two investment-grade tenants on long-term leases with extension options.
HOUSTON — Christopher Dray of Moody Rambin represented C&C Acquisitions LLC in the sale of a 2,500-square-foot office building located at 626 W. 19th St. in Houston. The property listed at $700,000 and was sold to TMB Real Estate LLC. Tony Pour of Greenpark Realty Advisors represented TMB.
WASHINGTON, D.C. — Akridge and Mitsui Fudosan America Inc. (MFA) have delivered a 170,000-square-foot office building located at 1200 17th St. in Washington, D.C.’s Golden Triangle Business Improvement District. The asset is designed to achieve LEED Platinum certification with water-saving fixtures, low-emitting materials, ventilation and abundant daylight with floor-to-ceiling windows. The property also features a 2,500-square-foot fitness center and a client-only rooftop space. Akridge is providing property management services for the trophy office building, which currently has 80,000 square feet of office space available.
RESTON, VA. — Transwestern Investment Group (TIG) has acquired Parkridge III, a 107,400-square-foot office building located at 10701 Parkridge Blvd. in the Washington, D.C., suburb of Reston. TIG purchased the asset for an undisclosed price on behalf of Diversified International Partners, a private equity real estate fund for Latin American institutional investors. TIG is the fund manager. The asset was 91 percent leased at the time of sale. Jonathan Napper of TIG worked directly with the seller’s brokers: Eric Berkman and Steve Gichner of Cushman & Wakefield.
FARMINGTON, CONN. — CBRE has negotiated the sale of 1690 New Britain Avenue, an office building located along Route 6 in Farmington. S&I Realty Associates (AFI Inc.) sold the 165,264-square-foot property to Boston-based Albany Road Real Estate Partners for $20.5 million or $124 per square foot. Originally built in 1961, the office property is currently occupied by Allied World Assurance Co. and Moore Medical and AIG. Patrick Mulready and John McCormick of CBRE/New England’s Hartford office collaborated with Jeff Dunne and Steven Bardsley of CBRE’s Institutional Properties Group to represent both the seller and buyer in the transaction.
MATAWAN, N.J. — Cushman & Wakefield, on behalf of an affiliate of Denholtz Associates, has arranged $20.7 million for the recapitalization of Metro Park South in Matawan. Located at 100 Matawan Road, the five-story, 132,000-square-foot office building offers first-class amenities and a modern interior. The $20.7 million transaction involved securing joint venture equity from Palatine Capital Partners. John Alascio, Chris Moyer, John Spreitzer and Suraj Ravi of Cushman & Wakefield Equity, Debt & Structured Finance served as exclusive advisor to Denholtz Associates.