WESTBOROUGH, MASS. — Ferris Development Group has signed a seven-year, 114,000-square-foot lease that will bring Genzyme, a Sanofi company, to One Research Drive in Wesborough. Genzyme will be relocating operations from its offices in Framingham later this year. The lease brings One Research Drive to 93 percent occupancy. John Lashar, Paul Leone and Danielle DeMarco of Transwestern | RBJ represented Ferris Development. Louis Kluger, Jeff Zell and Marc Sobel of JM Zell represented Genzyme.
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CHICAGO — Regus, a shared office center operator with more than 2,000 locations worldwide, has signed a long-term, 21,000-square-foot lease at 55 E. Monroe St. in Chicago. Regus plans to commence its lease in January 2015. GlenStar Properties and its partner Walton Street Capital own the office building and signed Regus through its in-house representative Christian Domin. In the past 12 months there has been more than 140,000 square feet of new leases at 55 E. Monroe, bringing the building to 88 percent occupancy.
MONTGOMERY, TEXAS – Construction has begun on Montgomery Summit Business Park, a 96-acre, master-planned park located just north of downtown Montgomery near Lake Conroe. Phase I of the development consists of 597,200 square feet of retail, office and office/warehouse flex space. The development will be anchored by an 87,000-square-foot Uncle Bob’s Self Storage, scheduled to open in the spring of 2015.
ATLANTA —Atlanta Property Group (APG) has acquired Palisades Office Park in the central perimeter submarket from Shorenstein Properties. The Atlanta Business Chronicle reports that the 637,000-square-foot complex was acquired for approximately $95 million. The office park consists of four office buildings, two parking decks and four surface lots. It is within walking distance of two MARTA stations.?? With this acquisition, APG has now acquired nine properties since mid-2010, including The Park at Perimeter Center East and 1200 Ashwood Parkway. Combined, the three properties give APG more than 1.1 million square feet of space in Atlanta’s Central Perimeter submarket.?? Eastdil Secured represented the seller in the purchase. Shorenstein bought Palisades, which was constructed in two phases (the first in 1981 and the second in 1999), in 2007. The property is approximately 90 percent leased at this time.
NEW YORK — Carlton has arranged a $240 million multi-tranched equity and debt capital stack for Michael Shvo, Davide Bizzi and Howard Lorber to acquire 125 Greenwich Street, an 80-story condo tower in Manhattan’s Financial District. Carlton provided the capital stack by coordinating six different lenders and investors from five different countries, including India and China. Michael Campbell, Jeff Kosow and Robert Mudry and Chad Roberson of Carlton worked with Chairman Howard Michaels to execute the transaction.
WESTBOROUGH, MASS. — Ferris Development Group has arranged a seven-year, 114,000-square-foot lease to bring Genzyme to One Research Drive in Westborough. Genzyme will be relocating operations from its offices in Framingham, Mass., with an expected move-in during the fourth quarter of 2014. Since February, Ferris Development and Transwestern | RBJ have signed five leases, raising the building’s occupancy to 93 percent. John Lashar and Paul Leone, along with Danielle DeMarco of Transwestern | RBJ, represented Ferris Development. Louis Kluger, Jeff Zell and Marc Sobel of JM Zell represented Genzyme in the transaction.
MINNEAPOLIS — Marcus & Millichap has arranged the $1 million sale of Federal Plaza, a 39,884-square-foot office property in Minneapolis. Federal Plaza is located at 219 S. Fourth St. Michael Ahles and Mox Gunderson in Marcus & Millichap’s Minneapolis office represented the seller, a bank/financial institution and the buyer, a private investor.
IRVINE, CALIF. – A 38,540-square-foot office building in Irvine has sold to Premier Realty Holdings LP for $7.4 million. The building is located at 1400 Reynolds Ave. The buyer was represented by was represented by Ben Gott and John Pomerof Newmark Grubb Knight Frank.
SAN ANTONIO – Corporate Office Properties Trust has executed a full-building lease with the United States Government for a 160,500-square-foot building under construction in San Antonio’s Sentry Gateway office park. The building will be completed later this year with a lease start date in the first quarter of 2016.
AUSTIN – Sizmek Inc., an open ad management platform company, is relocating its Dallas headquarters to Austin and has signed a 17,077-square-foot lease at IBC Bank Plaza in the Austin central business district. The company already has a sales and operations office in Austin. Endeavor Real Estate Group is developing the 194,749-square-foot, Class A office tower at 500 W. Fifth Street. The office portion of the tower is 90 percent leased. Will Douglas and Jerry Frey with CBRE represented Sizmek. Travis Dunaway and Jonathan Tate with Endeavor represented the landlord.