NEW YORK CITY — Vornado Realty Trust has completed the sale of 866 United Nations Plaza, a 360,000-square-foot office building in Manhattan, for $200 million. The New York-based real estate investment trust did not disclose the buyer’s information for the 38-story building, which occupies an entire square block between 48th and 49th streets, First Avenue and F.D.R. Drive. However, Crain's New York Business previously reported the buyer was a venture between real estate investors Meadow Partners and United Realty Partners. Major tenants at the building include the consulates of Chile, Finland, the United Nations Office of Foreign Missions and law firm Fross, Zelnick, Lehrman & Zissu. Vornado says the sale of the building resulted in net proceeds of about $146 million, after repaying existing debt and closing costs.
NEW YORK CITY — The Peebles Corp. has purchased 346 Broadway in Manhattan, a building that had been serving primarily as a courthouse, for $160 million and plans to spend more to convert the property into a five-star hotel and condominiums. Peebles purchased the property, in conjunction with the Elad Group, from the city of New York. The pair is investing $100 million, roughly one quarter of the $400 million that will be spent on the restoration, according to The Real Deal. Goldman Sachs also provided an acquisition and pre-development loan of an undisclosed amount. The remainder of funds is from other debt. Located in Tribeca section of Manhattan, 346 Broadway was designed by McKim, Mead & White as the headquarters of the New York Life Insurance Co. in 1898. It currently houses the city’s Criminal Summons Court and part of its Probations Department. Howard Michaels, chairman of the Carlton Group, represented the buyers.
PHILADELPHIA — CIT Real Estate Finance has arranged a $33 million senior secured credit facility to Exeter Property Group, a private equity real estate firm that acquires, develops and manages commercial properties across the U.S. The facility was used to finance a portfolio of seven office buildings in the suburbs of Philadelphia. CIT Bank, the U.S. commercial bank subsidiary of CIT, provided the financing. Terms of the transaction were not disclosed. This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a $62 million senior secured credit facility for the acquisition of industrial, distribution and R&D buildings in Mt. Olive, N.J.
RICHARDSON, TEXAS — CBRE has brokered the sale of Campbell Glen II, a 205,817-square-foot office building in Richardson’s Telecom Corridor. AT&T holds the triple-net lease for the entire two-story property, which is located half a mile from U.S. Highway 75. Built in 1997, the structure recently underwent renovations including interior enhancements, mechanical upgrades and the installation of automated gates and a security fence. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE represented the undisclosed seller in the transaction. Macfarlan Capital Partners purchased the asset.
DENVER — Shorenstein Properties LLC has purchased Denver City Center, a pair of Class A office buildings totaling 1.3 million square feet in the city’s downtown region, for a reported $286 million. The center is located along17th Street in the city’s Financial District. The acquisition includes the office portion of 707 17th Street, which occupies floors 21 through 42 of the building. Marriott Denver City Center resides on the lower floors of the building, and was not included in this transaction. The acquisition did include the adjacent Johns Manville Plaza, a 29-story office building. Both buildings were renovated in 2013.Notable tenants include Jacobs Engineering, Forest Oil Corporation, Johns Manville, Baker Hughes and AECOM. This is Shorenstein’s first acquisition in Denver since the early 1990s. The company completed its most recent acquisition on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P. The seller, Crescent Real Estate Holdings LLC,a subsidiary of Barclays plc, was represented by HFF’s John Jugl and Mary Sullivan.
SAN FRANCISCO — Intuit Inc. has signed a long-term lease for about 200,000 square feet of space in Downtown San Francisco. The building is located at 22 Fourth Street. Demandforce, a division of Intuit’s Small Business segment, will occupy the property’s entire office portion. The Container Store currently occupies 29,245 square feet of retail space on the building’s first two floors. Intuit was represented by Bart Lammersen, Paul Bryant and Chris Holland of Jones Lang LaSalle. The landlord, Jamestown, was represented by Wes Powell and Karen Wells from the same firm.
HOLLYWOOD, CALIF. — Todd-Soundelux, LLC has signed a 12-year lease renewal for a 40,315-square-foot office space in Hollywood. The property is located at 900 Seward Street in the city’s production corridor. The post-production sound company’s Todd AO Studios operates out of the facility. The company was represented by Arlene Sommer and Mark Robinson of Cushman & Wakefield. The landlord, Vista Investment Group, was represented by John Tronson and Steven Tronson of Avison Young.
BROOKLYN PARK, MINN. — Ryan Cos. has begun construction on a multi-million dollar office and manufacturing facility for Olympus Surgical Technologies America in suburban Minneapolis. Located in Brooklyn Park, Minn., the two-story, 180,000-square-foot facility will consolidate the company’s operations, currently housed in five buildings, in one building. The project is scheduled for a September 2014 completion. Ryan Cos. will provide development, architecture and engineering, construction and capital market services for the project. Other partners on the project include RSP Architects and Jones Lang LaSalle.
SAN FRANCISCO — Intuit Inc. has signed a long-term lease for about 200,000 square feet of space in Downtown San Francisco. The building is located at 22 Fourth Street. Demandforce, a division of Intuit’s Small Business segment, will occupy the property’s entire office portion. The Container Store currently occupies 29,245 square feet of retail space on the building’s first two floors. Intuit was represented by Bart Lammersen, Paul Bryant and Chris Holland of Jones Lang LaSalle. The landlord, Jamestown, was represented by Wes Powell and Karen Wells from the same firm.
HOLLYWOOD, CALIF. — Todd-Soundelux, LLC has signed a 12-year lease renewal for a 40,315-square-foot office space in Hollywood. The property is located at 900 Seward Street in the city’s production corridor. The post-production sound company’s Todd AO Studios operates out of the facility. The company was represented by Arlene Sommer and Mark Robinson of Cushman & Wakefield. The landlord, Vista Investment Group, was represented by John Tronson and Steven Tronson of Avison Young.