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.
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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.
FAIR LAWN, N.J. — A joint venture between Keystone Property Group and Mack-Cali Realty Corp. has closed on the acquisition of 17-17 Route 208 North in Fair Lawn. The venture purchased the three-story, 150,477-square-foot office property building for $12.5 million from Mack-Cali Realty Corp. The building features underground executive parking for 114 cars, generous surface parking and access to NJ Transit trains and bus service. The buyer plans to enhance the building’s common area hallways, bathrooms and amenities, including an on-site cafeteria. This closing is part of a portfolio acquisition pursuant to agreements entered into earlier this year between Keystone and Mack-Cali to form various joint ventures to acquire the portfolio of several properties that Mack-Cali owns throughout New Jersey, New York and Connecticut.
PORTLAND, ORE. — Federal Public Defenders has leased 25,483 square feet at One Main Place in Portland. The building is located at the intersection of SW Main Street and SW 1st Avenue in the city’s Central Business District. It will soon undergo improvement efforts. The landlord is KBS Real Estate Investment Trust II. Both parties were represented by CBRE’s Kevin Kaufman and Charles Safley.
THE WOODLANDS, TEXAS — ZC+O has completed construction of Research Forest Lakeside Building 4 in The Woodlands. The 12-story, 297,827-square-foot office building is the second of eight new buildings to be built in the 77-acre, mixed-use development located on Lake Woodlands. The building is pre-certified LEED Gold. ZC+O is an association between Ziegler Cooper and Odell.
TAMPA, FLA. — Fairlead Commercial Real Estate has purchased Fifth Third Center, a 19-story, 281,072-square-foot office tower located at 201 E. Kennedy Blvd. in Tampa’s central business district. Fairlead purchased the asset with its equity partner Bridge Investment Group Partners. The tower’s tenant roster includes Fifth Third Bank, the United States Government, Deloitte, Saxon Gilmore, Skoda Minotti, Marshall Dennehey, Conroy Simberg and Walter Moore. Dale Peterson, Anne-Marie Ayers and Courtney Decker of CBRE represented the seller, Terrace Tower Tampa LLC. Fairlead has tapped Ayers of CBRE as the third-party leasing agent for Fifth Third Center.