MOUNTAIN VIEW, CALIF. – Mountain Bay Plaza, a 165,390-square-foot office tower in downtown Mountain View, has received $55 million in refinancing. The Class A tower is located at 444 Castro in Silicon Valley. It was 97 percent leased to tenants like Fenwick & West, Red Hat, PricewaterhouseCoopers and Bank of America. The fixed-rate loan was arranged by HFF’sBruce Ganong and Walter Chui on behalf of The Swig Company. The loan was placed with John Hancock Real Estate.
NEW YORK CITY — Rockrose Development Corp. has acquired the commercial portion of the Madison Square Building at 15 E. 26th St. in Manhattan from Savanna Estate Fund for $105 million. The 150,000-square-foot boutique commercial office space is part of the larger 20-story, 330,000-square-foot mixed-use property. Constructed in 1920, the asset is 95 percent leased to tenants on floors one through eight, including Vera Wang's executive offices and showroom. The seller acquired the property in February 2012 for $57.8 million, according to CoStar Group Inc. Savanna worked with the Jones Lang LaSalle team of Mitchell Konsker, Matthew Astrachan, Matthew Polhemus and Brittany Wunsch in leasing up the property at market rents.Craig Deitelzweig, head of Rockrose's office division, represented the buyer in-house. Adam Spies, Doug Harmon, Adam Doneger and Joshua King with Eastdil Secured represented Savanna in the transaction.
HAMPTON, N.J. — CBRE Group Inc. has completed two office lease transactions totaling 44,344 square feet at Perryville III, a 288,500-square-foot, Class A office building in Hampton. Celldex Therapeutics, a life sciences firm that develops diagnostic and therapeutic products for immune disorders and autoimmune diseases, will occupy 33,363 square feet. Gerald Moore Jr., managing director at The Garibaldi Group, represented the tenant in the transaction. In the second lease, Residential Home Mortgage Corp. signed a lease to occupy 10,981 square feet. John Goodwin and Patricia Riedel, senior associates at CBRE, represented the owner, Crown Properties, in both transactions.
SUNNYVALE, CALIF. — Lane Partners has acquired a 508,946-square-foot office portfolio in Sunnyvale for a reported $127 million. The 16-building office and R&D portfolio is primarily located in the Peery Park submarket. It was 94 percent leased at the time of sale. One-third of the portfolio was leased to Apple. The seller, a global investment manager, was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk and Brad Zampa.
MOUNTAIN VIEW, CALIF. – Mountain Bay Plaza, a 165,390-square-foot office tower in downtown Mountain View, has received $55 million in refinancing. The Class A tower is located at 444 Castro in Silicon Valley. It was 97 percent leased to tenants like Fenwick & West, Red Hat, PricewaterhouseCoopers and Bank of America. The fixed-rate loan was arranged by HFF’s Bruce Ganong and Walter Chui on behalf of The Swig Company. The loan was placed with John Hancock Real Estate.
PHOENIX — Country Club Manor, an 89,214-square-foot office property in Phoenix, has sold to Hyperion Fund for $8.5 million. The Class A property is located at 1221 and 1313 E. Osborn Road near the Phoenix Country Club. It was about 68 percent leased at the time of the REO sale. Eric Wichterman and Mike Coover of Cassidy Turley’s Capital Markets Group represented both the buyer and seller, Aetna Health Insurance, Co., in this transaction.
LOS ANGELES – GoJane is planning to relocate its corporate headquarters to Alameda Square in Downtown Los Angeles. The young women’s online fashion retailer is currently based in Ontario. It plans to relocate in March 2014. GoJane has signed a seven-year lease for 10,400 square feet inside the square’s Building 1, which is located at 777 Alameda. The company was represented by John Zanetos of CBRE. The landlord is EVOQ Properties.
BRIDGEWATER, N.J. — Valeant Pharmaceuticals International Inc., has signed a long-term, 310,000-square-foot lease to completely occupy Somerset Corporate Center IV in Bridgewater. The facility is located within SJP Properties’ 2.1 million-square-foot, Class A office complex, about 30 miles southwest of Newark. Valeant, a multinational pharmaceutical company, will consolidate multiple locations into its new U.S. headquarters at the office complex. The company is expected to relocate to Somerset Corporate Center IV starting in the first quarter of 2014. SJP Properties will oversee the build-out of its new headquarters. Amenities at the building include a full-service cafeteria, a conference center with a 225-seat, theater-style auditorium and a fitness center. Greg Ficke, director, David Sherman, executive vice president, and Harlan Hollander, senior director at Cushman & Wakefield, represented Valeant in the transaction. Jeff Schotz, executive vice president, and Peter Bronsnick, senior vice president, represented SJP in house.
THE WOODLANDS, TEXAS — ExxonMobil Corp. has leased 478,000 square feet of office space at Hughes Landing, the mixed-use development of The Howard Hughes Corporation and The Woodlands Development Company. The lease includes one entire 300,000-square-foot Class A building and a portion of another. The property features an adjacent 13-story, 800,000-square-foot parking garage. Houston-based Kirksey Architects designed the buildings to achieve LEED certification, and Harvey Builders is serving as general contractor. Developers expect ExxonMobil to occupy the space by summer 2016.
PHOENIX — Country Club Manor, an 89,214-square-foot office property in Phoenix, has sold to Hyperion Fund for $8.5 million. The Class A property is located at 1221 and 1313 E. Osborn Road near the Phoenix Country Club. It was about 68 percent leased at the time of the REO sale. Eric Wichterman and Mike Coover of Cassidy Turley’s Capital Markets Group represented both the buyer and seller, Aetna Health Insurance, Co., in this transaction.