THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company, will develop a new 95,000-square-foot office building within the Research Forest complex. Kiewit Energy Group Inc., a provider of engineering, procurement and construction services to the oil and gas industries, has pre-leased 70,561 square feet of space in the four-story structure, which will be located on 11 acres at 3831 Technology Forest Drive. Houston-based EE Reed will serve as general contractor on the project, and PGAL is the architect. Louie Crapitto of JLL represented Kiewit in the lease negotiations, while Robert Parsley and Norman Munoz of Colliers International represented The Woodlands Development Company.
Office
SAN FRANCISCO – LinkedIn has signed a lease for a 450,000-square-foot office building in San Francisco that is currently under construction. The 26-story building is located at 222 Second Street. It will be ready for occupancy in early 2016. The world’s largest online professional network is headquartered in nearby Mountain View, though it has been steadily increasing its presence in San Francisco. LinkedIn currently occupies 135,000 square feet at One Montgomery Tower. It will soon occupy 87,000 square feet at 505 Howard Street as well. The new office building is being designed for LEED-Gold certification. It will include 8,500 square feet of public space. The space is owned by Tishman Speyer.
LATHROP, CALIF. – Tesla Motors has signed a lease for a 430,000-square-foot facility in Lathrop. The facility is located at 18260 Harlan Road, about 10 miles south of Stockton, in west San Joaquin County. The facility was previously occupied by a parts distribution center for Chrysler, which closed in 2009, according to reports.
SAN JOSE, CALIF. — Swift Realty Partnershas acquired Community Towers, a 309,235-square-foot office complex in downtown San Jose, for $40 million. The transit-oriented complex is located at 111 West St. John Street & 111 North Market Street. It is situated next to San Pedro Square, near San Jose’s SAP Center. Community Towers was originally built in 1963 and 1965. It underwent a renovation from 2007 to 2008. It is currently 94 percent leased to tenants like Kerio Technologies, Anatomage, Rockwell Automation and Sunwize. HFF’s Steven Golubchik, Nicholas Bicardo and John Simerlein represented the seller, the Canadian Imperial Bank of Commerce, in this transaction.
NEWPORT NEWS, VA. — Blue Sage Ventures has sold the Maritime Square office building, a 135,103-square-foot property in Newport News, for $8.6 million. An affiliate of The Simpson Organization purchased the asset, which is located at 2600 Washington Ave. in downtown Newport News. The asset was 72 percent leased at the time of the sale. Eric Robinson and Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller in the transaction.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell its leasehold interest in 673 First Avenue for $145 million. The price represents a capitalization rate based on an in-place net operating income of 4.7 percent. NYU Hospitals Center is purchasing the 422,000-square-foot office building. The buyer, along with NYU School of Medicine and New York Presbyterian, occupy the building. The acquisition is expected to close during second quarter 2014. Bruce Mosler, Michael Rotchford, Mark Mandell and David Heller of Cushman & Wakefield represented the buyer in the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP represented SL Green in the transaction.
MILPITAS, CALIF. — Micron Technology has leased 141,000 square feet of space in three buildings at Tasman Technology Park in Milpitas. The park is located at 540, 570 and 596 Alder. The advanced semiconductor systems and engineering technology provider will be relocating from North San Jose and Fremont. The landlord, Duetsche Asset & Wealth Management, was represented by Gregory M. Davies, Steve Horton and Colin Feichtmeier of Cassidy Turley in Northern California.
PHILADELPHIA — Liberty Property Trust and Synterra Partners are breaking ground for the development of a Class A, flex building at the Navy Yard Commerce Center in Philadelphia. Located at 4000 S. 26th St., the 75,000-square-foot building is slated for completion in December. The building is 100 pre-leased to a variety of tenants, including Australia-based EcoSave, United Kingdom-based Clinigen and WuXi AppTec Inc.
NEW YORK CITY — SL Green Realty Corp. plans to acquire the fee interest at 635 Madison Ave. in New York. The $145 million, off-market transaction, which is subject to customary closing conditions, is expected to be completed during the third quarter of 2014. Designed by Emery Roth & Sons, the 19-story, 176,530-square-foot office tower is occupied by office and medical tenants, including Raymond Weil, Baccarat, Molton Brown and Camper. A ground lease through April 2030 with one 21-year renewal extension option encumbers the property.
NEW YORK CITY — Datagram has signed a lease for 5,200 square feet of conventional office space at Intergrate.Manhattan, which is located at 375 Pearl St. in Manhattan. The 1 million-square-foot facility is owned by Seattle-based Sabey Data Center Properties. Datagram plans to relocate its entire executive team, sales force and its network operations center to the new space from 33 Whitehall St. in Lower Manhattan in July. The company specializes in dedicated and managed hosting, colocation, Internet access and disaster recovery. Michael Morris of Newmark Grubb Knight Frank represented the landlord in the lease transaction.