SAN DIEGO — Lockheed Martin Corporation has renewed its lease for 111,972 square feet at Horizon Tech Center in San Diego. The 157,884-square-foot tech center is located just east of Scripps Ranch Road and 0.5 miles east of I-15 in the Scripps Ranch submarket. The center is owned by KBS Real Estate Investment Trust II.
Office
NEW ORLEANS AND BATON ROUGE, LA. — Atlanta-based real estate firm Songy HighRoads LLC has purchased seven office buildings in New Orleans and Baton Rouge for $52.7 million. The properties total nearly 520,000 square feet. The Baton Rouge properties include 2431 S. Acadian Thruway; Citiplace One & Two; Sherwood Oaks Office Park; Corporate Atrium; and Corporate Two. The last property is Latter Center West, located at 2800 Veterans Blvd. in Metairie, a northwest suburb of New Orleans. Jones Lang LaSalle's Houston office brokered the transaction.
ATLANTA — Walker & Dunlop has arranged acquisition financing for a Class A, 123,000-square-foot office building in Atlanta's Cumberland/Galleria submarket. The property is currently 88 percent leased. Hagan Dick of Walker & Dunlop's Atlanta office arranged the non-recourse loan through a national bank on behalf of the borrowers, Brookwood Investment Group and Noro Management Inc.
HOUSTON — Hines is underway on 609 Main at Texas, a 47-story, 1 million-square-foot office tower in downtown Houston. The construction schedule started this week with site preparation, including the demolition of the existing abandoned structure. New Haven, Conn.-based architecture firm Pickard Chilton designed the building, and the sustainability-focused Hines CalPERS Green fund is developing the building. 609 Main at Texas, which will stand at the corner of Main and Texas streets, is pre-registered LEED and expected to attain Gold or Platinum certification upon completion. A fitness center, conference center, café and internal parking garage are among the planned amenities. Hines expects excavation and foundation construction in March 2014 and occupancy by early 2017.
SEATTLE – Thomas Company has opened a new office in Seattle. It has also hired net lease expert Adam Christoffersen to oversee the region. Christoffersen was previously with Gibraltar, LLC and CBRE. Thomas Company, which specializes in the single-tenant, net leased assets, was originally founded in Newport Beach, Calif.
SAN DIEGO — Lockheed Martin Corporation has renewed its lease for 111,972 square feet at Horizon Tech Center in San Diego. The 157,884-square-foot tech center is located just east of Scripps Ranch Road and 0.5 miles east of I-15 in the Scripps Ranch submarket. The center is owned by KBS Real Estate Investment Trust II.
NASHVILLE, TENN. — Miami-based Parmenter Realty Partners has sold Nashville City Center, a Class A, 27-story office building in downtown Nashville. The 482,407-square-foot tower houses tenants such as Waller Lansden and First Tennessee Bank. Prior to the sale, Parmenter renovated the lobby and floor common areas. Additionally, there is currently a 499-space underground parking garage under construction in close proximity to the office building.
MIDDLETON, WIS. — George Smith Partners has arranged an $18.9 million loan on behalf of its client, Pheasant West LLC, for the refinancing of its 200,000-square-foot office building in suburban Madison. The University of Wisconsin Medical Foundation leases the four-story office property. The building, which features 160,000 square feet of office and 40,000 square feet of storage, is located on 10 acres at 7974 UW Health Court in Middleton. A Florida-based lender with a national single-tenant, net-lease platform provided the loan to Pheasant West LLC. The 10-year loan includes an eight-year, fixed interest rate of 4.65 percent and a 20-year amortization schedule.
CHICAGO — MB Real Estate has completed the 37,000-square-foot office build-out for Heartland Alliance’s new space at 208 S. LaSalle St. in Chicago. The build-out features the addition of private offices, large openwork areas, conference rooms and breakout spaces. David Graff, senior vice president, and Brian Toenjes, project manager at MB Real Estate, led the firm’s project services division, which oversaw the construction process. ICG provided the construction services for the project and Baumann Studios was the architect. Heartland Alliance is a human rights and services organization helping people living in poverty or danger improve their lives and realize their human rights.
CAMBRIDGE, MASS. — Biomeasure Inc., a wholly owned subsidiary of Ipsen, is relocating to 650 East Kendall Street in Cambridge. Ipsen signed an 11-year, 63,000-square-foot lease at a 282,000-square-foot Class A building, where it will occupy the entire second floor and a portion of the fourth floor. The move-in date is slated for mid-2014. Ipsen, a global specialty care pharmaceutical company, is moving its U.S. research and development operations from Milford to be closer to leading hospitals, universities, and biotech companies. The company currently has operations at 27 Maple St. in Milford. Jack Burns, Adam Subber, Dan Sullivan and Paul Delaney of Cresa Boston represented Ispen in the lease transaction. Steven Purpura and Eric Smith of Richards Barry Joyce & Partners represented the landlord, BioMed Realty Trust Inc.