HAUPPAUGE, N.Y. — Cushman & Wakefield Inc. has completed the sale of 2929 Expressway Drive, a 152,254-square-foot, Class A office building located in Hauppauge, NY. Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Rob Kuppersmith of Cushman & Wakefield represented the seller, a joint venture between Ivy Realty and CenterSquare Investment Management. The group also procured the buyer, a joint venture between Mason Asset Management Inc. and Great Neck N.Y.-based Namdar Realty Group.
PALO ALTO, CALIF. — Morgan Stanley Real Estate has paid $65 million for a full leasehold interest in a 75,875-square-foot office building in Palo Alto. The building is located at 1117 South California Ave. within the Stanford Research Park. Its main tenant is Paul Hastings law firm, among others. Morgan Stanley acquired the building for its commingled fund, The Prime Property Fund. This is the fund’s first Palo Alto investment. Northern California is one of seven markets preferred by the fund. Additional markets include Southern California, Chicago, South Florida, New York, Boston and Washington, D.C. About 9 percent of the fund’s portfolio is based in Northern California. This includes a mix of office and industrial properties throughout San Francisco, Santa Clara, San Jose, Hayward and Stockton. The fund’s counsel was provided by Doug Praw and Lewis Feldman of Goodwin Procter LLP.
ALPHARETTA, GA. — Velocis, a private equity real estate fund, has purchased Royal Center I, a 152,057-square-foot, Class A office building located in the Royal 400 master-planned office park in Alpharetta, a northern suburb of Atlanta. The office building is the first purchase for Velocis in the Atlanta market. Jones Lang LaSalle will provide property management and leasing services for the asset.
FORT LAUDERDALE, FLA. — Berger Commercial Realty has brokered the sale of a 24,000-square-foot office building in downtown Fort Lauderdale for approximately $2 million. The four-story property is located at 955 S. Federal Highway. Sapphire Investment Fund LLC purchased the office asset from the AIDS Healthcare Foundation Inc. Sapphire plans to invest $2 million to renovate the office building.
NEW YORK CITY — Sitt Asset Management LLC has sold 240 West 40th Street, a 159,774-square-foot office building in Manhattan, to AEW Capital Management for $63 million. The 13-story, loft-style building is fully leased to fashion label DKNY. Richard Baxter, Jon Caplan, Scott Latham, Yoron Cohen and Stephen Shapiro led Jones Lang LaSalle’s capital markets group, which represented the seller in the transaction.
NEW YORK CITY — Colliers International has arranged a 59,323-square-foot lease renewal on behalf of law firm Richards Kibbe & Orbe LLP, which will continue to occupy its headquarters space at 200 Liberty St. in Lower Manhattan. Richards Kibbe & Orbe serves the financial and business communities and has offices in New York City, Washington, D.C., and London. The firm occupies the 28th and 29th floors at 200 Liberty St. Brookfield Office Properties owns the building. David Cheikin and Christopher Zizza of Brookfield Office Properties represented the landlord in-house in the transaction.
ATLANTA — Comcast Spotlight Atlanta, a subsidiary of Comcast Communications Inc., has signed a full-floor lease at One Glenlake, a 353,000-square-foot office building located in Atlanta’s Perimeter submarket. Comcast Spotlight’s new office space is located at One Glenlake Parkway in Suite 1100. Michelle Galvani of Wildmor Realty represented Comast Spotlight in the lease transaction. PM Realty Group represented the landlord. Comcast Spotlight will move to One Glenlake after 18 years of occupying space at its previous location in Norcross, Ga.
CHICAGO — J.C. Anderson Inc. has completed a 25,000-square-foot build-out for DePaul University’s Schmitt Academic Center (SAC) at 2320 N. Kenmore Ave. in Chicago. The SAC houses academic and administrative offices for DePaul University, the nation’s largest Catholic university. The build-out included renovating the entire third floor, as well as half of the second and fourth floors. J.C. Anderson also added private offices, public corridors and conference rooms. Steve Boulukos of J.C. Anderson was the project executive, and Vasilko Architects provided design services.
JERSEY CITY, N.J. — Forbes Media signed a 10-year, 92,720-square-foot lease for the entire ninth and 10th floors of 499 Washington Boulevard, a 14-story, Class A office building in Jersey City. The 60,000-square-foot tower is located within Newport, a mixed-used community developed by LeFrak that includes more than 5,000 luxury apartments and is located minutes from Manhattan. The American media publishing company will relocate its former headquarters in Manhattan to Newport by the end of 2014. Marylou Berk, senior vice president and head of commercial real estate at LeFrak, and Charles Borrok, executive vice chairman of Cushman & Wakefield, secured the lease on behalf of Newport.
HOUSTON — Moody Rambin has arranged a 10,016-square-foot office lease at the 363 N. Sam Houston Parkway building of Houston. Construction and engineering firm Day & Zimmerman Group Inc. will occupy the space. The larger property, a tower totaling nearly 400,000 square feet, is in proximity to the interchange of Sam Houston Parkway and Interstate 45. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, 363 Northbelt LP, in the negotiations. Jon Lee of CBRE represented the tenant.