CLEVELAND, OHIO — Pinnacle Financial Group Inc. has arranged $26 million in refinancing for a four-property historic office portfolio in downtown Cleveland and Pittsburgh. The 382,814-square-foot portfolio includes the Park Building, Diamond Building and the Superior Building in Cleveland, as well as the Investment Building in Pittsburgh. Pinnacle worked on behalf of E.V. Bishoff Co. to secure the 15-year, non-recourse loan through a life insurance company lender. The loan also includes a fixed interest rate.
NEW YORK CITY — Jones Lang LaSalle’s capital markets team, acting on behalf of a partnership between RXR Realty and Walton Street Capital, has secured up to $165 million in mezzanine financing for 237 Park Avenue, a 22-story, 1.2 million-square-foot office tower in Midtown Manhattan. SL Green Realty Corp. and Blackstone provided a mezzanine loan, which carries an interest rate of 7 percent and provides the borrowers $125 million upfront and could provide up to an additional $40 million. The asset was acquired for $810 million and the partnership has assumed a $420 million securitized senior mortgage. Approximately 98 percent of the building’s tenants are investment-grade companies, including J. Walter Thompson, UBS, J.P. Morgan Chase, Credit Suisse and Jennison Associates. Formerly the Railroad Mail Services Building, the property features a dramatic atrium lobby and includes 153 feet of retail frontage on Lexington Avenue and 145 feet of retail frontage on Depew Place. Kellogg Gaines, managing director, and Dustin Stolly, executive vice president, led the Jones Lang LaSalle team in the transaction.
LITTLE FALLS, N.J. — Global design firm Gensler was selected to perform a renovation on Overlook at Great Notch, a 425,000-square-foot, trophy office building in Little Falls, located about 20 miles north of Newark. The renovation kicks off a multi-million dollar repositioning program for the building that includes modernizing all common areas. A new conference center, fitness center and a coffee bar will also be added to the building. The facility, located at 150 Clove Road, includes covered parking, a full-service cafeteria, Wi-Fi access, 24-hour security, onsite ownership and management, with immediate access to mass transit. Richard Mirliss, executive managing director at Colliers International, along with colleagues Richard Madison, Anthony Rinaldi and Brian Cass, represented the building’s owner in the transaction.
ADDISON, TEXAS — Gaedeke Group LLC has acquired the Millennium Tower, a 351,683-square-foot office asset in the suburb of Addison, part of the Far North Dallas submarket. Developer Wynn Jackson completed the 14-story structure and adjacent seven-story parking garage, located at 15455 N. Dallas Parkway, in 2000. It will be 97.8 percent occupied as of January, and General Electric subsidiary Dresser Inc. is the largest tenant, occupying 44,115 square feet. KBS Realty Advisors sold the LEED-certified building after investing approximately $1.6 million in capital improvements since 2009. Gary Carr, John Alvarado, Eric Mackey and Robert Hill of CBRE marketed the property on behalf of the seller. Belinda Dabliz of Gaedeke will handle leasing going forward, while Debra Spears is responsible for on-site management.
PALO ALTO, CALIF. — Rockwood Capital has acquired a 50,000-square-foot office building in downtown Palo Alto for $53 million. The building is located at 130 Lytton across from the city’s Caltrain Station. It is fully leased to A9, a subsidiary of Amazon, which uses the facility as its headquarters. The four-story building has outdoor patios on every floor. Rockwood teamed up with Tarlton Properties on this acquisition. The seller, KG-Lytton, LLC, was represented by Kevin Cunningham of Cornish and Carey Commercial Newmark Knight Frank, and Hernan Santos and Charlie McCabe of CBRE.
RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plans (IEHP) has purchased Atrium at Empire Lakes, a 392,702-square-foot office complex in Rancho Cucamonga, for $50.8 million. The complex is located at 10801 E. 6th Street. The building was at 42 percent occupancy when it went into receivership in 2012. Its occupancy is now above 90 percent. IEHP took up residency at the building in mid-2013. It currently occupies 207,307 square feet in a lease that is valued at $100 million. Other notable tenants at the complex include State Farm, Parsons Construction and Chicago Title. Trigild was the property’s appointed receiver. The firm worked with Cushman and Wakefield and Fernando Landa of CGS3 law firm to close the distressed asset sale. Trigild will continue to act as the complex’s property manager.
BURLINGTON, MASS. — Nordblom Co. has acquired the former Palomar Medical Technologies world headquarters at 15 Network Drive in Burlington, a northwest suburb of Boston. Nordblom, in conjunction with its partner, Network Drive Owner LLC, purchased the 130,000-square-foot building for $25.8 million from Cynosure Inc. The acquisition of 15 Network Drive brings the entire 158-acre campus of Network Drive at Northwest Park under single ownership. Cynosure, a manufacturer of cosmetic, aesthetic and medical lasers, will continue to lease the building through June 2014. Matt Pullen, executive director, Rob Griffin, president, Mike Frisoli, executive vice president, and Ed Maher, vice chairman at Cushman & Wakefield, represented the seller in the transaction.
AUSTIN, TEXAS — Drawbridge Realty Trust has acquired the 76,910-square-foot Stonecreek Park, an office asset in Austin, for $16.9 million. The two-story, Class A property is located in the Northwest Corridor submarket at 3300 Duval Road, in proximity to the MoPac Expressway and Interstate 35, and was completed in 2000. Amenities include underground parking. Myriad Genetics Inc., a molecular device producer serving the healthcare industry, anchors the facility. Lionstone Group arranged the acquisition financing.
KATY, TEXAS — Developer Myers, Crow & Saviers Ltd. has leased the 135,000-square-foot Mason Creek Office Center I in the Houston suburb of Katy to Geico. Completed in July, the building is located at 21420 Merchants Way. Griff Bandy and Jon Silberman of NAI Houston represented the tenant in the negotiations, while Bob Cromwell and Kevin Nolan of Moody Rambin and Mark Saviers of Myers, Crow & Saviers represented the developer. With this lease, Myers, Crow & Saviers announces the construction of the 129,600-square-foot Mason Creek Office Center II, set to begin in March.
INDIANAPOLIS — StreetLinks Lender Solutions has announced it will relocate its national headquarters to the ground-floor commercial space at the Artistry, a $30 million mixed-used development in downtown Indianapolis. StreetLinks, which sells real estate appraisal management services, is moving from 7551 Shelby St. in Indianapolis. Developer Milhaus Ventures has begun construction on the Artistry, and StreetLinks is expected to move in spring 2014. Approximately 200 employees will occupy 25,000 square feet at the building, located at 451 E. Market St. The first floor of the Artistry includes commercial space, resident amenities and parking. The second through fifth floors feature 258 apartment units.