CHICAGO — MB Real Estate has brokered the sale of two floors of office space spanning 20,315 square feet at the 55 W. Wacker building in Chicago. The 15-story, 209,000-square-foot tower is located at 55 W. Upper Wacker Drive. The Taipei Economic and Cultural Office in Chicago (TECO-Chicago) will occupy space on the 12th and 13th floors of the building. The TECO-Chicago office serves Taiwanese citizens in the Midwest as well as the interests of the Republic of China (Taiwan). TECO-Chicago will relocate from its current offices in Chicago this spring.The Class B building was built in 1968. The property is leased and managed by MB Real Estate. Kevin Purcell, Mark Buth and Walter Hennig of MB Real Estate represented building ownership in the transaction. Lisa Davidson and James Stein of Studley Inc. represented TECO-Chicago.
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NEW YORK CITY — White & Case LLP, a global law firm with operations in 26 countries, plans to relocate but will remain on Sixth Avenue. The firm has signed a 440,000-square-foot long-term lease at 1221 Avenue of the Americas, which is owned by The Rockefeller Group. The leased space includes the top floors in the building, as well as below-grade space. The firm will move to the 2.5 million-square-foot property in 2017. The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by John Cefaly. The lease brings total new leasing activity at 1221 Avenue of the Americas to more than 700,000 square feet over the past 18 months.
IRVING, TEXAS — Cassidy Turley has arranged a 22,347-square-foot office lease in Irving for GM Financial, the arm of General Motors that provides automotive financing for individuals through dealerships nationwide. The tenant will occupy space within the Mandalay Tower, a 12-story, Class A property located at 220 E. Las Colinas Blvd. Rick Hopwood of Red Oak Realty represented GM Financial in the lease negotiations. Rodney Helm and Chris Taylor of Cassidy Turley represented the landlords, Parmenter Realty Partners and American National Insurance Co.
PHOENIX — Parkway Properties has commenced construction on Hayden Ferry III, a 261,000-square-foot office building in Phoenix. The development will be located along the south shore of Tempe Town Lake. It is the final phase of Parkway’s 780,000-square-foot, master-planned office community. The total project is expected to cost $68.8 million.
REDLANDS, CALIF. — Innotrac Corporation will debut its newest direct-to-consumer fulfillment center next month in Redlands. The 300,000-square-foot facility is located at 26763 San Bernardino Ave. This will be the fulfillment services provider’s ninth U.S. facility. Innotrac plans to open a tenth location in Chicago this summer. The company’s clients have included Target, Groupon, P90X, AT&T, Rainbow, Ann Taylor, Ferrari and Porsche.
FAIRFIELD, CT. — Save the Children will lease 59,100-square-foot of office space at 501 Kings Highway in Fairfield for its new headquarters. Eric West of West, Lane & Schlager Realty Advisors and Mindy Saffer of Cresa represented Save the Children in the headquarters relocation negotiations that resulted in 15-year lease. Save the Children is an independent organization that works in the United States and around the world to create lasting change for children in need. The property attracted the tenant due to location and cost; it allows the organization to maintain its long-term presence in Fairfield County.
GILBERT, ARIZ. — Nexius Solutions is relocating to a 20,982-square-foot facility in Gilbert. The new space is located at 377 S. Hamilton Court. The end-to-end wireless services provider will relocate from 2601 S. 37th St. in Phoenix. It will take occupancy this month. Nexius was represented by Grady and Jackie Orcutt of Cushman & Wakefield. The unnamed landlord was represented by Commercial Properties.
DOVER, DEL. — A joint venture has purchased seven office buildings from CD Realty Advisors Inc. in Dover for $30 million. Located at 800-861 Silver Lake Blvd., the office park is occupied by the largest concentration of government tenants in Dover. Moshe Mendlowitz of the Goldstone Group, Mark and Chesky Frankel of Lakestar, and west coast philanthropist Shlomo Rechnitz teamed up for the purchase. This deal adds another layer to what is in excess of $500 million in total square footage purchased by Lakestar properties. Rechnitz is the owner of Brius Health Care Services, the largest nursing home provider in California. Shaya Ackerman of Eastern Union Funding arranged a $21.75 million loan from Ladder Capital, locking in three years of interest-only on a 10-year term, with a 30-year amortization schedule. According to Ackerman, the out-clauses in government leases present a risk that can complicate financing. He worked with Ladder Capital to minimize that risk.
HAMPTON, VA. — A10 Capital has provided a $5.2 million acquisition loan for a Class B suburban office building in Hampton, located in the Virginia Beach-Norfolk metro area. Chuck Taylor of A10 Capital structured and closed the loan on behalf of the borrower, which will use the loan to both acquire the property and fund future capital expenditures and tenant improvement costs. The office building was 35.5 percent leased at the time of closing. Vincent Hughes of iCap Realty Advisors/Q10 arranged the loan.
SCHAUMBURG, ILL. — The Missner Group has acquired two single-story office properties totaling 75,000 square feet in Schaumburg, a northwest suburb of Chicago. The buildings are located at 1 E. Commerce Drive and 55 E. Commerce Drive and are situated on seven contiguous acres. Omron Global, an automation company, placed the properties on the market in 2013 upon announcing its planned consolidation and relocation to Hoffman Estates.The buildings, which measure 52,000 square feet and 23,000 square feet, recently underwent interior and exterior improvements. Each building offers a parking ratio of four stalls per 1,000 square feet. Edward Adler led the acquisition of the properties on behalf of The Missner Group and was represented by Jason Simon of Colliers International. Andrea Van Gelder and Sean Reynolds of JLL represented Omron in the disposition.