BOSTON — The Fallon Co. has broken ground on 100 Northern Avenue, a 17-story, 515,000-square-foot, build-to-suit tower that will house the Boston office of global law firm Goodwin Procter LLP. The tower will be located in Fan Pier, one of the country’s largest privately-funded development sites, featuring three million square feet of mixed-use office, residential and retail space spanning 21 acres and nine city blocks. Designed by global architectural firm HOK, 100 Northern Avenue will feature 500,000 square feet of commercial space, 380,000 of which will be occupied by Goodwin Procter, which plans to relocate to the new building by spring 2016. The building also features more than 15,000 square feet of ground-floor retail space.
Office
NEWARK, N.J. — Three long-term leases totaling 53,000 square feet have brought 570 Broad in Newark to 85 percent occupancy. The 200,000-square-foot, 15-story tower was 20 percent leased in 2011, when The Berger Organization acquired a controlling interest in 570 Broad Street LLC, the partnership that owns the asset. Brendan Berger of The Berger Organization represented his company in negotiating the latest leases at 570 Broad. Programs for Parents leased 22,000 square feet, relocating from another Newark property. McElroy, Deutsch, Mulvaney & Carpenter LLP leased 19,000 square feet. Peter Blanchard and Lee Barnes of The Garibaldi Group served as the tenant’s broker in the transaction. Health Republic Insurance of New Jersey leased 12,000 square feet. Harlan Hollander of Cushman & Wakefield served as the tenant’s broker.
GRAPEVINE, TEXAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of Grapevine I, a 38,709-square-foot office property in the Metroplex suburb of Grapevine. Located at 3500 William D. Tate Ave., the building was fully leased at the time of the sale to tenants including Academic Health Plans. Gary Walker and Renee Efimoff of Coldwell Banker Commercial Alliance DFW represented the seller, Skywalker Property Partners, which purchased both Grapevine I and the adjacent Grapevine II in August 2011 on behalf of Hangover Opportunity Fund LLC. OSK Investments LP acquired Grapevine II in August 2012. Jill Bayne of Alliance Commercial represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.
DETROIT, MICH. — NAI Farbman has arranged a 3,205-square-foot office lease for The Public Lighting Authority of Detroit at Cadillac Tower. Located at 65 Cadillac Square, Cadillac Tower is a 40-story, 350,000-square-foot Class B office building. The tower is in Detroit’s central business district. Paul DeBono of NAI Farbman represented the landlord, Cadillac Tower MI LLC, and the tenant.
NEW HAVEN, CONN. — O,R&L Commercial has arranged the $2.8 million sale of an office building located at 495 and 517 Congress Ave. in New Haven. Frank Hird of O,R&L Commercial represented the sellers, 495 Congress LP and Mortgage Investors V LLC, in the transaction. Steve Miller of Levey Miller Maretz LLC represented the buyer, The APT Foundation. The 27,640-square-foot property was originally constructed in 1884 and used as a school. APT was a tenant in the building and will continue to use the property for its programs.
CLAREMONT, CALIF. – A 79,800-square-foot office property on the Keck Graduate Institute (KGI) Applied Life Science Campus in Claremont has received $8.5 million in financing. The two-story, single-tenant building is occupied by Technip North America. It is also known as the Technip building. The project management, engineering and construction leader for the energy industry recently signed a new 10-year lease at the property. The new 10-year loan has a fixed interest rate in the mid-5 percent range and a 25-year amortization schedule. It was arranged by Geoffrey Arrobio of Johnson Capital’s Downtown Los Angeles office. Financing was provided by EverBank. KGI plans to use the financing to expand its on-campus pharmaceutical program.
NORCROSS, GA. — United Arab Shipping Co. has purchased a 50,000-square-foot, two-story office building at 5515 Spalding Drive in Norcross for an undisclosed price. Bob Misdom of Cresa Atlanta represented the buyer in the transaction. The buyer plans to consolidate existing offices in Cranford, N.J., Norfolk, Va., and Savannah, Ga., to its new metro Atlanta location. Peter McGuone and Bryan Heller of CBRE’s Atlanta office represented the seller, Land Investment Partners, in the transaction.
GREENWOOD, IND. — Lee & Associates has arranged the lease of a 1,319-square-foot office space in Greenwood for Lewark Newton & Powers, an insurance provider. The office space is in the Library Park Professional Centre, which is located at 1700 W. Smith Valley Road. Cathy Richards and Teresa Clementsof Lee & Associates represented Lewark Newton & Powers and the landlord, Deegan Properties 107E LLC.
HOPEWELL, N.J. — American Real Estate Partners and financial partner Siguler Guff & Company have purchased a 341,000-square-foot Class A office campus in Hopewell, which is south of Princeton, N.J. The companies paid $28.6 million for the three-building complex located at 1700, 1750 and 1800 Merrill Lynch Dr. The buildings, which are part of the 1.8 million-square-foot, 12-building Bank of America Hopewell Campus and currently house Bank of America’s Private Wealth Management and Investment Banking divisions, will become available for re-tenanting in late 2014.
HAUPPAUGE, N.Y. — HFF has arranged a $20 million in refinancing for a three-property suburban office portfolio totaling 175,579 square feet in Hauppauge for borrower TRITEC Real Estate Company. The permanent fixed-rate loan was provided by New York Community Bank (NYCB). The properties are located at 49 Wireless Boulevard (85,331 square feet at 82.6 percent occupancy, 125 Kennedy Drive (60,209 square feet at 100 percent occupancy), and 50 Engineers Road (30,039 square feet at 100 percent occupancy). The portfolio is a combined 91.3 percent leased to a variety of tenants including Verizon, Esurance, MedSave USA and an affiliate of the lender. The HFF team representing the borrower was led by Michael Gigliotti.