DOWNERS GROVE, ILL. —Morgan & Harbour Construction has completed a 10,000- square-foot office build-out for Crist|Kolder Associates in Downers Grove. Crist|Kolder Associates, a C-suite executive recruiting firm, has relocated its offices to 3250 Lacey Road from Hinsdale, Ill. The new space is in a Class A office building. Renovations to the space include new HVAC infrastructure, direct and indirect lighting features, millwork base, porcelain tile, aluminum framing and glass rail/stile doors with oil rubbed bronze hardware. The space was previously unoccupied. Morgan & Harbour’s construction tram consisted of Noah Warriner, Andy MacMillan and Keith Zagroba. Gary Lee Partners provided the architectural services for the project.
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SCHAUMBURG, ILL. — MB Real Estate has arranged a 13,391-square-foot lease renewal and expansion for the suburban offices of PPM America, a Chicago-based investment advisory firm. The offices are located at 300 N. Martingale in Schaumburg, a northwest suburb of Chicago. Andrew Davidson and Jay Beadle of MB Real Estate represented PPM America in the lease expansion. Joe Stevens of Transwestern represented ownership in the lease negotiations.
RICHARDSON, TEXAS — Developer KDC will break ground this summer on a three-building, 489,000-square-foot office complex in the Metroplex suburb of Richardson for Raytheon, a technology company serving the defense, security and civil industries. The property will be located on the southwest corner of President George Bush Freeway and Wyndham Lane, within KDC’s CityLine mixed-use development. HKS is serving as architect and Kimley-Horn and Associates is working as civil engineer on the Raytheon’s facilities, which are slated for completion in 2015. Brad Selner, Stephen Holley, Michael Condon and Brendan O’Shaughnessy of JLL represented Raytheon in the negotiations.
SAN DIEGO – A joint venture between Parallel Capital Partners and Equity Group Investments has purchased Wateridge Plaza, a three-building office campus in the San Diego submarket of Sorrento Mesa for $72.5 million. The Class A campus is located at 10201, 10221 and 10241 Wateridge Circle. It totals 278,787 square feet. The campus is currently 72 percent leased. The property also includes the potential to develop up to 168,000 additional square feet of Class A office space. The campus was built in 1984 and renovated in 2012. The seller, a joint venture between Beacon Capital Partners and C-III Realty, invested more than $14 million in campus upgrades between 2009 and 2013. The new joint venture plans to make additional capital improvements. The JV seller was represented by Adam Edwards of Eastdil Secured.
DENVER — Banker’s Bank of the West has leased 20,716 square feet at Granite Tower in Denver. The 562,709-square-foot tower is located at 1099 18th Street. It is currently 96 percent leased. Banker’s Bank of the West is renewing and expanding its footprint at the tower. The bank was represented by JLL’s Mike Rooks. The landlord, KBS Real Estate Investment Trust II, was represented by Nathan Johnson and Pete Staab of Newmark Grubb Knight Frank.
CARLSBAD, CALIF. – A 7,751-square-foot office building in Carlsbad has sold to Big Cat Investments LLC for $1.6 million. The building is located at 3168 Lionshead Ave. in the San Diego submarket. Big Cat represented itself in this transaction, while the seller, McIntyre Smith Holdings LLC, was represented by Conor Boyle of Colliers International.
MIAMI — Southeast Financial Center, Florida’s tallest and largest office tower totaling more than 1.2 million square feet in Miami’s Central Business District, will undergo a nearly $8.2 million renovation plan. Since 2008, J.P. Morgan Asset Management – Global Real Assets has invested more than $20.5 million in capital improvements to the office tower. The renovation includes a $6.4 million elevator modernization project led by elevator provider Schindler. Other plans for the capital improvements include SemaConnect installing electric vehicle charging stations with payment options; construction of a conference and training center for tenants; a new roof; new common area signage; two pay-on-foot payment stations in the parking garage; and a tenant portal to streamline property management processes.
SOUTHPORT, CONN. — Vidal Wettenstein LLC has arranged the $2.3 million sale of 200 Pequot Avenue, a 13,000-square-foot office building in Southport. Pullman & Comley LLC formerly used the property as its headquarters. Computer Consulting Associates Inc. sold the building to SG Pequot 200 LLC. Robert Lewis of Vidal Wettenstein arranged the transaction.
SANTA CLARA, CALIF. — Bixby Land Company has acquired the Lake Park Business Center, a 405,330-square-foot office project in Santa Clara. The seven-building center reportedly sold for more than $100 million. The center is situated on a 19.3-acre parcel bordered by Patrick Henry Drive, Bunker Hill Lane, Old Ironsides Drive and Tasman Drive. It is located just west of Levi’s Stadium, the new home of the San Francisco 49ers. Lake Park was 65 percent leased at the time of closing. Silicon Valley Bank occupies three of the center’s buildings. Bixby plans to carry out significant exterior and interior renovations to convert the property into a contemporary workplace. Construction is scheduled for completion by the end of the year. The repositioning is expected to cost $20 million. This is the fourth major office park reposition Bixby has carried out in Silicon Valley over the past two years. The seller was Divco West.
BURBANK, CALIF. – A joint venture has been formed between PCCP, LLC and Worthe Real Estate Group to acquire Tower Burbank, a 486,972-square-foot office property. The 32-story, Class A tower is located at 3900 West Alameda Ave. within the Burbank Media District. It became the tallest building in Burbank upon completion in 1989. The tower was formerly occupied by a division of Walt Disney Company until early 2013. It is currently vacant. The JV plans to update and rebrand the tower, which will undergo improvements to its lobby and exterior. It will also add a tenant-only health club and café.