MIDDLETON, MASS. — New York-based Sovereign Partners has acquired Ferncroft Corporate Center, which is located at 35 Village Road in Middleton. The Davis Companies (TDC) sold the Class A office building for $24.3 million. The eight-story, 230,554-square-foot building was a former headquarters facility for Verizon. TDC originally acquired the property in early 2011 from Miami-based LNR Partners, and completed significant upgrades and renovations throughout the building after acquisition. The tenant roster now includes SAS Institute, Morgan Stanley and Appleseeds. David Pergola and Brian Doherty of Cassidy Turley represented TDC in the transaction.
Office
NEW YORK CITY — KiDS Creative LLC has signed a lease for 34,755 square feet of office space at One World Trade Center. The 15-year lease is for the entire 87th floor of the 104-story, 3 million-square-foot building. One World Trade Center is being developed as a joint venture of The Durst Organization and The Port Authority of New York and New Jersey. Durst is marketing the building along with the Cushman & Wakefield team of Tara Stacom, Alan Stein, James Searl and Justin Royce, and Jodi Pulice of JRT Realty.
LAGUNA HILLS, CALIF. — Alicia Office Park, an 86,360-square-foot office campus in Laguna Hills, has received a $10-million bridge loan. The park is located at 25201, 25231 and 25241 Paseo de Alicia. The property contains three separately parceled office buildings that were developed in 1979 and renovated in 2008. The loan included an initial $7.5 million, along with an additional $2.4 million structured as a holdback for future tenant improvements, leasing commissions and capital expenditures. The park is currently 61 percent occupied. This rate will decrease to about 35 percent occupancy, however, when a large tenant lease expires this summer. The debt was structured around this decrease in occupancy. The loan was arranged by Steve Tucci and Shaun Moothart of CBRE’s Debt and Structured Finance team through a debt fund.
CORAL GABLES, FLA. — CBRE has secured an $86.8 million bridge loan for the acquisition of Douglas Entrance, a five-building office complex at 800, 804 and 806 S. Douglas Road in Coral Gables. Blackstone of New York originated the three-year, interest-only loan on behalf of the borrower, a partnership between Banyan Street Capital and Oaktree Capital Management LP. The 467,325-square-foot complex is 81 percent leased to a mix of 43 tenants, including Univision, MetLife, MasTec & AECOM, Travelers, Lexmark and Movado. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the loan.
STAMFORD, CONN. — Mesa West Capital and RCG Longview have provided $90 million in debt financing to a venture controlled by an affiliate of George Comfort & Sons. The loan will refinance High Ridge Park Corporate Center, a 580,000-square-foot office campus located off Merritt Parkway in Stamford. The borrower acquired the property in 2003 and completed a multi-million dollar renovation that included new lobbies and common areas, as well as other upgraded amenities. The office complex is currently 83 percent occupied by a variety of national and regional tenants. The financing included $77.5 million in short-term senior debt from Mesa West and a $12.5 million mezzanine loan from RCG Longview. A portion of the proceeds will go toward leasing costs associated with further stabilizing the property.
NEW YORK CITY — Time Inc. has signed a lease for 700,000 square feet of office space at 225 Liberty Street in Lower Manhattan. The company will relocate its global headquarters from Midtown Manhattan. The property is one of the five office towers of Brookfield Place complex, which is owned by Brookfield Office Properties (NYSE: BPO). Brookfield Place is currently undergoing a $250 million renovation of its retail and common areas, which will be fully completed in 2015. Mitch Steir, Michael Colacino, Matthew Barlow and Howard Nottingham of Studley represented the tenant, while Jerry Larkin, David Cheikin and Alex Liscio represented Brookfield in-house.
STAMFORD, CONN. — Starwood Hotels & Resorts Worldwide has signed a 20-year lease renewal and expansion for 430,000 square feet of office space at One StarPoint at Harbor Point in Stamford. The company will continue to use the space as its global headquarters. Starwood currently occupies 300,000 square feet at the property and under the new lease will be able to expand into additional space as it becomes available. Constructed in 1989 and renovated in 2011, One StarPoint is a two-tower, 430,000-square-foot Class A office complex. Building and Land Technology is the owner and developer of Harbor Point, the mixed-use waterfront development where One StarPoint is located.
NEW YORK CITY — Mission Capital Advisors’ Debt & Finance Group has arranged $10 million in first-mortgage financing for Northwind Group. The borrower used the loan to finance the $16 million acquisition of 40 Wooster Street. The six-story office building is located in Manhattan’s SoHo neighborhood. Jonathan More, Steven Buchwald and Jamie Matheny of Mission Capital secured the non-resource loan on behalf of the borrower.
HOUSTON — Panattoni Development Co. has broken ground on a 135,000-square-foot speculative office building at its Beltway 8 Corporate Centre complex in northwest Houston. The Class A structure will feature a two-story lobby. Beltway 8 Corporate Centre, located on Beltway 8 just north of Clay Road, currently consists of eight buildings that are more than 99 percent occupied. Arch-Con is the design-builder on the new project, while Powers Brown provides further project design services.
AUSTIN, TEXAS — Developer Long View Equity Partners Ltd. has completed a new two-building, 24,000-square-foot office complex in Austin. Located near the Cedar Park Regional Medical Center, the facilities offer space to professional and medical office tenants in floorplates as small as 1,250 square feet. Brian Novy of The Brian Novy Co. is handling leasing for the property. Locally based Cornerstone Architects designed the complex, and Sun Builders Co. of Houston served as general contractor.