LOS ANGELES — Element L.A., a 12-acre creative office project in West Los Angeles, has received a $65-million construction loan. The $150-million campus will be located at 1861, 1901, 1925 and 1933 South Bundy Drive and 12333 West Olympic Blvd. It will incorporate the five existing buildings on this site, which are all set to undergo renovations. In keeping with the creative office tradition, Element L.A. will feature high ceilings, skylights and large windows, as well as outdoor patios, a bike shop, caf
SAN BERNARDINO, CALIF. – A 35,640-square-foot building that formerly functioned as a big box property in San Bernardino has sold to MTK SoCal Investments, LLC for $4.6 million. The building is located at 1094 South E Street near the Inland Center Mall. It will soon be converted into a facility for the County of San Bernardino. The seller, Holdings Second, LLC, was represented by Marc Pironand Lidia Talaveraof NAI Capital.
WASHINGTON, D.C. — Meridian Capital Group LLC has arranged a $134.3 million mortgage to refinance a 13-story office property in Washington, D.C. The 417,383-square-foot, Class A office property is located at 1615 L St. N.W. Rael Gervis of Meridian Capital Group’s New York office arranged the 10-year CMBS loan with a fixed interest rate of 4.61 percent on behalf of the borrower, Spitzer Enterprises.
NAPERVILLE, ILL. — Beacon Investment Properties LLC has entered the Chicago market with the $24 million acquisition of Park Plaza, a 210,774-square-foot office building in Naperville. A Boston-based institutional real estate advisor sold the Class B+ office building. Park Plaza, located at 215 Shuman St., is a four-story building with 52,450-square-foot floor plates divided into 25,225-square-foot wings. Travelers Insurance Co. anchors the property, while Transguard Insurance Co. and Medical Staffing Network are among the larger tenants. Dan Deuter, senior vice president and Paul Lundstedt, executive vice president at CBRE, represented the seller. Susan Hill, senior managing partner at HFF’s Houston office, arranged an $18 million, 10-year mortgage loan through Cantor Commercial Real Estate of Houston.
MONTPELIER, VT. — The Vermont League of Cities and Towns has signed a 14,000-square-foot office lease at City Center in Montpelier, the capital of Vermont. CityCenter is located at 89 Main St. in downtown. Tenants at the building include the Secretary of State, The New England Culinary Institute, Skinny Pancake, Artisan’s Hand, Edward Jones, AT&T, Vermont Bankers Association and Onion River Community Access. The property also features an on-site parking garage. Doug Nedde is the owner of the City Center Montpelier building and broker/owner of Nedde Real Estate.
DALLAS — KBS Realty Advisors has acquired Highland Park Place, a 17-story, 164,011-square-foot office tower in the Preston Center submarket of Dallas for $31.4 million. The Class A building, located at 4514 Cole Ave., was 84 percent occupied at the time of the sale. Gary Carr, John Alvarado and Eric Mackey of CBRE represented the seller, Heitman. Newport Beach, Calif.-based KBS and its affiliated companies now own 13 office properties in the Dallas/Fort Worth Metroplex totaling more than 4.4 million square feet. Earlier this year, two office properties totaling nearly 750,000 square feet in the Preston Center submarket — Preston Commons and Sterling Plaza — were purchased by KBS REIT III.
LOS ANGELES — Element L.A., a 12-acre creative office project in West Los Angeles, has received a $65-million construction loan. The $150-million campus will be located at 1861, 1901, 1925 and 1933 South Bundy Drive and 12333 West Olympic Blvd. It will incorporate the five existing buildings on this site, which are all set to undergo renovations. In keeping with the creative office tradition, Element L.A. will feature high ceilings, skylights and large windows, as well as outdoor patios, a bike shop, café, and a volleyball and basketball court.American video game publisher Riot Games has recently signed a lease for 284,000 square feet of space at the campus. The project will be developed by Hudson Pacific Properties. The construction loan was provided by U.S. Bank. Hudson was represented by Eric Shelby and Tony Natsis of Allen Matkins in the lease transaction. Riot Games was represented by Jordan Fishman and Rob Plotkowski of Advisors LLP.
SAN BERNARDINO, CALIF. – A 35,640-square-foot building that formerly functioned as a big box property in San Bernardino has sold to MTK SoCal Investments, LLC for $4.6 million. The building is located at 1094 South E Street near the Inland Center Mall. It will soon be converted into a facility for the County of San Bernardino. The seller, Holdings Second, LLC, was represented by Marc Piron and Lidia Talavera of NAI Capital.
SAN FRANCISCO — Prism Skylabs, an offline commerce leader, and Akamai, a cloud service provider, have leased a total of more than 43,000 square feet at 799 Market in San Francisco. Prism signed a five-year lease for 14,749 square feet, while Akamai signed a long-term lease for about 29,000 square feet. Both companies are scheduled to move into the 142,902-square-foot building in November. Prism was represented by Elizabeth Hart of Cornish & Carey Commercial Newmark Knight Frank, while Akamai was represented by David Duble of Cushman & Wakefield. The landlord, Jamestown, was represented by Bill Cumbelich, Daphne Spieker and John Walsh of CAC Group.
CHICAGO — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired 181 W. Madison, a 50-story, Class A, 953,000-square-foot tower in downtown Chicago. Colliers International reported earlier this year that the property was under contract and that CBRE would pay about $300 million, or $319.15 per-square-foot, to GE Capital, the owner. The property, which is 83 percent leased to tenants with limited rollover, is located within three blocks of two major public transportation hubs — Ogilvie Transportation Center and Union Station. Constructed in 1990, the property features a five-story main lobby and Energy Star designation. The new owner plans to start a capital campaign and make enhancements, such as cosmetic improvements to building common areas, elevator modernization, an upgrade to building systems, replacing portions of the roof and obtaining LEED certification. The transaction was sourced off-market through Eastdil, which represented the seller.