IRVING, TEXAS — CBRE has brokered the sale of Riverside Commons, a 460,297-square-foot office complex in Irving. The six-building, Class A property, which was 37 percent leased at the time of the sale, is located near the interchange of Riverside Drive and State Highway 114 in the Las Colinas submarket. Gary Carr, Eric Mackey, John Alvarado and Robert Hill of CBRE represented the unnamed seller in the transaction. Brookfield Property Group purchased the asset.
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RICHARDSON, TEXAS — Colliers International has arranged a 25,000-square-foot office lease in the Dallas suburb of Richardson for software company HBS Systems. The tenant will move its headquarters from another property in Richardson to The Points at Waterview, located at 3400 Waterview Parkway, this summer. Daniel Rudd and Billy Vahrenkamp of Colliers represented HBS Systems in the negotiations. Bill Brokaw of Cushman & Wakefield represented the landlord, Cousin Properties. Howard Templin of Colliers is providing management services.
DALLAS — Spire Realty Group LP has arranged a 20,072-square-foot office lease in downtown Dallas for Callison, a global architecture and design firm. The tenant will occupy space at Bryan Tower, a 40-story, 1.1 million-square-foot office tower located at 2001 Bryan Street that is owned, managed and leased by Spire Realty. The property is situated in proximity to the Arts District, a Dallas Area Rapid Transport station and a stop of the M-Line trolley. Andrew Schendle and Allison Johnston of Spire Realty negotiated the lease. Charles Daggett and Stephen Hemphill of Mohr Partners represented the tenant.
NEW YORK CITY — The Feil Organization has signed Asset.tv to 3,883 square feet on the 45th floor of its landmark 570 Lexington Ave. building in New York City. Asset.tv, a video reporting firm, had been subleasing from another tenant in the building. Originally known as the RCA Victor Building, 570 Lexington Ave. includes Art Deco architecture. The 50-story structure also boasts a crown of Gothic spires that resemble a giant torch when illuminated. The 640-foot tall building, designed by Cross and Cross, opened in 1931 and was added to the National Register of Historic Places in 2004.
HOUSTON — Developer Hines has broken ground on 609 Main at Texas, a 1.1 million-square-foot office tower in downtown Houston. The 48 story building, to be located at the corner of Main and Texas streets, is slated for completion in February 2017. The structure, which is pre-registered for LEED and expected to attain Gold or Platinum certification, will feature facades of glass and stainless steel on all four sides. The project team includes general contractor D.E. Harvey and architect Pickard Chilton. Hines CalPERS Green, a partnership between the developer and the nation’s largest pension fund that focuses exclusively on sustainable office buildings, is funding construction.
DALLAS — Developer Bandera Ventures has leased 130,000 square feet in Dallas to Energy Transfer Partners, a pipeline operator serving the natural gas, refinery and crude oil industries. The tenant will occupy space at 8111 Westchester, currently under construction in the Preston Center submarket, upon the building’s completion in early 2015. Chief Oil and Gas, which is partnering with Bandera Ventures in development of the property, will occupy the remaining 60,000 square feet of the structure. Randy Cooper and Dan Harris of Cassidy Turley represented Energy Transfer Partners in the negotiations. BOKA Powell designed the six-story structure.
HOUSTON — Moody Rambin has brokered the sale of a 13,924-square-foot office building in Houston for $1.4 million. Located on nearly one acre at 6701 Pinemont Drive, the property is in close proximity to the Northwest Freeway. Constructed in 1982, the building features a new roof and HVAC units and was 75 percent leased at the time of the sale. Christopher Dray of Moody Rambin represented the seller, an individual, in the transaction. TAM International Inc. purchased the asset.
LOS ANGELES — SL Green Realty Corp. has agreed to sell its 43.74 percent interest in a Southern California office portfolio to an affiliate of joint venture partner Blackstone Real Estate Partners VII for $100 million. The fund will now take full ownership of the portfolio. The portfolio consists of 28 properties totaling 3.7 million square feet located throughout the submarkets of Los Angeles, Orange County and San Diego counties. It was originally part of a 31-property, 4.5 million-square-foot portfolio that SL Green acquired through foreclosure. That portfolio was eventually recapitalized and the financing was restructured. SL Green went on to form a new partnership with Blackstone while acquiring the other two minority partners’ interests. SL Green sold three of those properties for $223 million. Blackstone’s affiliate, Equity Office Properties, launched a successful capital improvement and lease-up program at the remaining properties.
HOLLYWOOD, CALIF. – Construction has commenced on a 245,000-square-foot creative office campus in Hollywood that is being developed by J.H. Snyder Co. The two-building campus will be located at 959 Seward directly across from Hollywood Center Studios. The glass complex will contain a restaurant, fitness center, outdoor event space, screening room and bike storage. Construction should be complete by the first quarter of 2016. It will be designed by Ware Malcomb. The Multi-Employer Property Trust will provide a $95-million participating loan to an LLC affiliated with J.H. Snyder.
NEW YORK CITY — On behalf of Sitt Asset Management LLC, JLL’s capital markets group has closed the sale of 240 W. 40th St. in Manhattan. AEW Capital Management purchased the 159,774-square-foot property for $63 million. The 13-story, loft-style building is fully leased to LVMH subsidiary, DKNY. Richard Baxter, Jon Caplan, Scott Latham, Yoron Cohen and Stephen Shapiro led the JLL team in the transaction.