HOUSTON — Tanglewood Property Group (TPG) has acquired a 101,000-square-foot office building in Houston’s Beltway 8 Corporate Center business park. The property, located at 5300 W. Sam Houston Parkway North, was fully leased at the time of the sale. Henry Hagendorf of TPG and Tom Lynch of CBRE represented TPG in the acquisition.
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GLENDALE, ARIZ. — California Casualty Insurance Co. has renewed its lease for 27,750 square feet at Talavi Corporate Center in Glendale. The center is located at 5651 W. Talavi Blvd. The insurance company renewed for another six years. It has resided at the center since 2004. California Casualty was represented by Craig Coppola and Andrew Cheney of Lee & Associates Arizona. The landlord, Regent Properties, was represented by CBRE’s Ashley Brooks, Jr. Regent acquired the property from CW Capital Asset Management during the lease negotiation.
CHICAGO — MB Real Estate has brokered the sale of two floors of office space spanning 20,315 square feet at the 55 W. Wacker building in Chicago. The 15-story, 209,000-square-foot tower is located at 55 W. Upper Wacker Drive. The Taipei Economic and Cultural Office in Chicago (TECO-Chicago) will occupy space on the 12th and 13th floors of the building. The TECO-Chicago office serves Taiwanese citizens in the Midwest as well as the interests of the Republic of China (Taiwan). TECO-Chicago will relocate from its current offices in Chicago this spring.The Class B building was built in 1968. The property is leased and managed by MB Real Estate. Kevin Purcell, Mark Buth and Walter Hennig of MB Real Estate represented building ownership in the transaction. Lisa Davidson and James Stein of Studley Inc. represented TECO-Chicago.
NEW YORK CITY — White & Case LLP, a global law firm with operations in 26 countries, plans to relocate but will remain on Sixth Avenue. The firm has signed a 440,000-square-foot long-term lease at 1221 Avenue of the Americas, which is owned by The Rockefeller Group. The leased space includes the top floors in the building, as well as below-grade space. The firm will move to the 2.5 million-square-foot property in 2017. The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by John Cefaly. The lease brings total new leasing activity at 1221 Avenue of the Americas to more than 700,000 square feet over the past 18 months.
IRVING, TEXAS — Cassidy Turley has arranged a 22,347-square-foot office lease in Irving for GM Financial, the arm of General Motors that provides automotive financing for individuals through dealerships nationwide. The tenant will occupy space within the Mandalay Tower, a 12-story, Class A property located at 220 E. Las Colinas Blvd. Rick Hopwood of Red Oak Realty represented GM Financial in the lease negotiations. Rodney Helm and Chris Taylor of Cassidy Turley represented the landlords, Parmenter Realty Partners and American National Insurance Co.
PHOENIX — Parkway Properties has commenced construction on Hayden Ferry III, a 261,000-square-foot office building in Phoenix. The development will be located along the south shore of Tempe Town Lake. It is the final phase of Parkway’s 780,000-square-foot, master-planned office community. The total project is expected to cost $68.8 million.
REDLANDS, CALIF. — Innotrac Corporation will debut its newest direct-to-consumer fulfillment center next month in Redlands. The 300,000-square-foot facility is located at 26763 San Bernardino Ave. This will be the fulfillment services provider’s ninth U.S. facility. Innotrac plans to open a tenth location in Chicago this summer. The company’s clients have included Target, Groupon, P90X, AT&T, Rainbow, Ann Taylor, Ferrari and Porsche.
FAIRFIELD, CT. — Save the Children will lease 59,100-square-foot of office space at 501 Kings Highway in Fairfield for its new headquarters. Eric West of West, Lane & Schlager Realty Advisors and Mindy Saffer of Cresa represented Save the Children in the headquarters relocation negotiations that resulted in 15-year lease. Save the Children is an independent organization that works in the United States and around the world to create lasting change for children in need. The property attracted the tenant due to location and cost; it allows the organization to maintain its long-term presence in Fairfield County.
GILBERT, ARIZ. — Nexius Solutions is relocating to a 20,982-square-foot facility in Gilbert. The new space is located at 377 S. Hamilton Court. The end-to-end wireless services provider will relocate from 2601 S. 37th St. in Phoenix. It will take occupancy this month. Nexius was represented by Grady and Jackie Orcutt of Cushman & Wakefield. The unnamed landlord was represented by Commercial Properties.
DOVER, DEL. — A joint venture has purchased seven office buildings from CD Realty Advisors Inc. in Dover for $30 million. Located at 800-861 Silver Lake Blvd., the office park is occupied by the largest concentration of government tenants in Dover. Moshe Mendlowitz of the Goldstone Group, Mark and Chesky Frankel of Lakestar, and west coast philanthropist Shlomo Rechnitz teamed up for the purchase. This deal adds another layer to what is in excess of $500 million in total square footage purchased by Lakestar properties. Rechnitz is the owner of Brius Health Care Services, the largest nursing home provider in California. Shaya Ackerman of Eastern Union Funding arranged a $21.75 million loan from Ladder Capital, locking in three years of interest-only on a 10-year term, with a 30-year amortization schedule. According to Ackerman, the out-clauses in government leases present a risk that can complicate financing. He worked with Ladder Capital to minimize that risk.