FORT WORTH, TEXAS — Real estate investment management firm PCCP LLC has provided a $41.5 million loan for the recapitalization and lease-up of One City Place, a 313,953-square-foot office building in Fort Worth. The 19-story building, vacant at the time of the loan closing, is located at 300 Throckmorton Street and is part of City Place, a three-building complex owned by Spire Realty Group since 2011. Constructed in 1978, One City Place served as Radio Shack’s headquarters until 2005. Wally Reid and Corby Chaffin of HFF arranged the financing on behalf of Spire, which has invested significant capital in renovations since acquisition.
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CULVER CITY, CALIF. — PriceGrabber.com has extended its 45,000-square-foot lease at Wateridge in Culver City. The building is located at La Cienega Boulevard and Slauson Avenue. PriceGrabber.com was represented by Dave Toomey and Brian Davies of Cresa Los Angeles. The landlord, the Muller Company, was represented in-house by Jim Bannan, and by CBRE’s Deron White and Jeff Pion.
SANTA MONICA, CALIF. – GoCoin has leased 7,000 square feet of office space in Santa Monica. The building, known as Keller Block, is located at 227 Broadway. The international payment-services company is relocating and expanding from the Real Office Centers-ROC Santa Monica location, which is a collaborative workspace for startup companies. Randy Starr of Avison Young represented both GoCoin and the landlord, Third Street Limited, in this transaction.
SILVER SPRING, MD. — Bethesda, Md.-based Washington Property Co. has closed $35.5 million in financing for its 242,000-square-foot office building in Silver Spring. The office building is located at 8757 Georgia Ave. Walker & Dunlop arranged the loan on behalf of Washington Property Co. Tenants at the office building include Social & Scientific Systems Inc., Corinthian Colleges and Synergy Enterprises.
ATLANTA — Choate Construction Co. has completed the $24.6 million, 11-floor renovation of office space at Phipps Tower in Atlanta. Choate completed the 275,000-square-foot project for Carter’s Inc., a children’s clothing retailer. The renovation includes a library/coffee bar on all 11 floors, glass wall systems, wood walls and ceilings, high-end lighting, more than 100,000 square feet of wood flooring and two grand staircases. Phipps Tower is located at 3438 Peachtree Road and is LEED certified but is still seeking LEED Gold certification.
NORTHBROOK, ILL. — The Davis Cos. (TDC) has restabilized its second suburban office property in the Chicago-area market. Working with NAI Hiffman, TDC has invested more than $2 million in capital improvements to renovate and upgrade Edens Corporate Center since acquiring it in 2012. The makeover of common areas and amenities has repositioned the two-building property to reach 90 percent occupancy. During the last three months, NAI Hiffman’s leasing team completed seven leases at Edens Corporate Center, totaling nearly 36,000 square feet of office space. Edens Corporate Center, located at 630-650 Dundee Road in Northbrook, features twin, four-story buildings totaling 188,000 square feet.
ANN ARBOR, MICH. — G2 consulting Group, a Michigan-based firm specializing in geotechnical, environmental and construction engineering services, has opened a new office in Ann Arbor to service clients in the city, as well as Washtenaw County and the surrounding area. Twelve-year G2 veteran Jason Stoops, who completed both his undergraduate civil and environmental engineering degree, as well as his masters in geotechnical engineering at the University of Michigan, will manage the new office. The office will include four full-time engineers and a senior field technician and is located in the Eisenhower Commerce Center at 1595 Eisenhower Place. An open house is planned for late in the first quarter.
HOUSTON — Private equity fund Velocis has sold a 100,716-square-foot office building in Houston to Hicks Ventures, a locally based real estate investment firm. The five-story property, located at 7700 San Felipe St. and built in 1979, offers views of the Buffalo Bayou and is situated in close proximity to the Memorial Villages retail development. Velocis originally acquired the building in 2011 and reports a 30 percent internal rate of return.
DEERFIELD, ILL. — J.C. Anderson Inc. has completed a 45,000-square-foot office renovation and expansion for Morgan Stanley at 111 S. Pfingsten Road in Deerfield, a northern suburb of Chicago. The construction on the second floor included new carpet and paint, along with remodeling of the lobby and reception areas. The fourth floor was a complete reconfiguration to incorporate new private offices and open work areas. Founded in 1935, Morgan Stanley is a global financial services firm with expertise in securities, asset management and credit services. Seth Erlich was the project manager and Steve Perry was the superintendent for J.C. Anderson. Wight & Co. provided the architectural services.
CORONA, CALIF. — CHOC (Children’s Hospital of Orange County) Children’s Health Center has opened in Corona. The 5,735-square-foot center is located at 854 Magnolia Ave. Though it is one of several community health centers that CHOC is opening, this is the first facility to service Corona. CHOC signed a lease in late 2013 for the space. It was represented by NAI Capital’s Sonya Dopp-Grech, Steve Lewallen and Ryan Dopp. Bob Bush and John Bosko of the same firm represented the landlord, Magnolia Medical Plaza, in this transaction.