JERSEY CITY, N.J. — Forbes Media signed a 10-year, 92,720-square-foot lease for the entire ninth and 10th floors of 499 Washington Boulevard, a 14-story, Class A office building in Jersey City. The 60,000-square-foot tower is located within Newport, a mixed-used community developed by LeFrak that includes more than 5,000 luxury apartments and is located minutes from Manhattan. The American media publishing company will relocate its former headquarters in Manhattan to Newport by the end of 2014. Marylou Berk, senior vice president and head of commercial real estate at LeFrak, and Charles Borrok, executive vice chairman of Cushman & Wakefield, secured the lease on behalf of Newport.
Office
HOUSTON — Moody Rambin has arranged a 10,016-square-foot office lease at the 363 N. Sam Houston Parkway building of Houston. Construction and engineering firm Day & Zimmerman Group Inc. will occupy the space. The larger property, a tower totaling nearly 400,000 square feet, is in proximity to the interchange of Sam Houston Parkway and Interstate 45. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, 363 Northbelt LP, in the negotiations. Jon Lee of CBRE represented the tenant.
PORTLAND, ORE. — Jama Software is relocating and expanding in Portland. The enterprise software company is consolidating two of its offices and relocating its headquarters to 2&Taylor. The new office space is located at 135 SW Taylor. It will occupy 34,629 square feet of the 70,397-square-foot building. The space was formerly occupied by Bally’s Total Fitness. Jama was represented by Niall Travers, Eric Turner and Craig Reinhart of Cresa. The landlord, B13 Investors, LLC, was represented by Peter Andrews and Nick Ehlen of Melvin Mark Brokerage Company.
ROCKVILLE, MD. — HFF has arranged the sale of two office buildings totaling 148,742 square feet in Rockville, located about 18 miles north of Washington, D.C. The buyer, NGP V Fund LLC, purchased the properties for $48.6 million in two separate transactions. Both properties are fully leased to the General Services Administration, which manages and supports federal agencies. Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley of HFF represented the seller, The JBG Cos., in the transaction.
SAN ANTONIO — Stream Realty Partners has acquired an 80,000-square-foot medical office building in San Antonio. The four-story, Class A property is located at 5109 Medical Drive on the Christus Santa Rosa Medical Center campus within the South Texas Medical Center. Constructed in 2008, the building is available for single-tenant occupancy or can be divided into 20,000-square-foot spaces for multiple users. Carolyn Hinchey Shaw and Jason Schnittger of Stream Realty will lead leasing efforts going forward, and the company will also manage the property.
SAN RAMON, CALIF. — A joint venture between Sunset Development Company and MetLife Inc. has purchased the 2-million-square-foot AT&T campus in San Ramon for a reported $250 million. The campus is located at 2600 Camino Ramon in the Bishop Ranch business park. The JV plans to redevelop the property into a modern office space. The transaction included a significant leaseback by AT&T, though about 1 million square feet of space will be available to new tenants once the redevelopment is completed later this year. The property includes four wings that each contain nearly 500,000 square feet of space. Pacific Bell acquired the undeveloped property from Sunset Development Company in 1983. Eastdil Secured advised Sunset Development on the current acquisition and helped arrange debt and equity capitalization. The transaction was financed by Wells Fargo. This is Sunset’s first time purchasing an existing asset, as well as its first equity partnership through MetLife’s 49 percent stake in the property.
SEATTLE — Hudson Pacific Properties has acquired Merrill Place, a 179,000-square-foot office and ground-floor retail center in Seattle, for $57.7 million. The center is located at 411 1st Ave. in Downtown’s Pioneer Square. Merrill Place contains four interconnected brick-and-beam buildings that span an entire city block. The property is currently 93 percent leased. About 52 percent of the leases are scheduled to expire over the next four years. Hudson estimates in-place rents to be about 22 percent below current market rents. The company plans to reposition the property, which may soon be home to a second development. Current zoning would also allow for the potential development of a new office building that would front the Alaskan Way waterfront, which will soon undergo improvements itself. Hudson intends to begin the entitlement process immediately in the hopes of delivery the new office building by 2017. The Eastdil Secured group of Wells Fargo Securities, LLC advised both Hudson and the seller, a joint venture between Angelo Gordon, Nitze-Stagen and Mile Rock Capital, in this transaction.
HOUSTON — HFF has brokered the sale of the Woodbranch Building, a 109,471-square-foot office building in Houston’s Energy Corridor submarket. Located at 12012 Wickchester Lane, the property was fully leased at the time of the sale. Dan Miller and Marty Hogan of HFF represented the seller, an affiliate of Parkway Properties Inc. CapRidge Partners LLC, an investment and management company based in Austin, purchased the asset free and clear of debt.
PASADENA, CALIF. – A 23,776-square-foot office building in Pasadena has sold to Markwood Enterprises, Inc. for $7 million. The office/medical office building is located at 66 Hurlbut Street. It is net leased to Pacific Clinics through June 2023. Markwood was represented by Marie Taylor and Dan Bacani of NAI Capital’s Pasadena office. The seller was Robert Leonard.
GERMANTOWN, MD. — Cassidy Turley has arranged the $128.4 million sale of Milestone Business Park, a 635,272-square-foot office campus in Germantown. The campus features three office buildings, one flex property and sites for future development. Milestone Business Park was 85 percent leased at the time of the sale. Bill Collins, Paul Collins, Jud Ryan, Drew Flood and James Cassidy of Cassidy Turley represented the seller, Multi-Employer Property Trust, and its real estate advisor, Bentall Kennedy, in the transaction. Matan Fund IV, an affiliate of Matan Cos., purchased the 41.8-acre office park.