HOUSTON — Developer Peloton Commercial Real Estate will break ground in the fourth quarter on Westcreek Centre, a 368,000-square-foot office tower in Houston’s Galleria area. The 21-story structure, to be located on 3.6 acres between West Loop 610 and Westcreek Lane, will be divided into rectangular floor plates of 26,500 square feet each. Architect BOKA Powell designed the project for LEED Silver certification. Griff Jaggard and Derek Beck of Moody Rambin will lease the property, and Peloton will provide management services. Westcreek Centre will be the first new office building in the Galleria/Post Oak submarket inside of West Loop 610 to be built in 34 years.
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AUSTIN, TEXAS — Equitable Commercial Real Estate (ECR) has brokered the sale of a 19,000-square-foot office building in Austin. The property, located at 2301 W. Anderson Lane, is in proximity to the Mopac Expressway and I-35, as well as Northcross Mall. Patrick Ley and Boyd Harris of ECR represented the unnamed seller in the transaction. Jason Steinberg, also of ECR, represented the unnamed buyer.
PUYALLUP, WASH. — Sunrise Medical Campus, a 98,815-square-foot campus in Puyallup that caters to medical service providers, has sold for $40.2 million. The buyer was not named. The three-building campus is located at 11216 Sunrise Blvd. E., just south of Seattle. The campus is currently 95.6 percent leased to tenants that provide orthodontics, diagnostic testing, heart care, family medicine and allergy care services, among others. The unnamed seller was represented by Jemima McCullum, an attorney at law with Gordon Thomas Honeywell LLP. The transaction was also executed by Lori Hill and Stuart Williams of Jones Lang LaSalle’s Capital Markets.
LOS ANGELES – A 34,833-square-foot office building in Los Angeles has sold to 8075 W. 3rd St. Owner, LLC, for $9.6 million. The building is located at 8075 West 3rd Street near the Farmers Market, The Grove and Cedars Sinai Medical Center. The seller, West 3rd St Association, was represented by Bob Safai and Matt Case of Madison Partners.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has added a new tenant at 100 Wall Street, its 518,405-square-foot, Class A building in Manhattan. Lester Schwab Katz & Dwyer (LSK&D), a litigation law firm, will occupy 39,293 square feet on the 26th and 27th floors, making the space its new Manhattan headquarters. Marc Shapses, Joe Messina and Oliver Petrovic of Studley represented LSK&D in the transaction. Mitchell Konsker, Scott Cahaly and Kyle Young of Jones Lang LaSalle represented Savanna.?
LOS ANGELES — CIM Group has purchased a seven-property portfolio that includes Two California Plazain Downtown Los Angeles and the Montclair Plaza shopping mall in Montclair, Calif., for a reported $170 million. The portfolio also includes the Class A Stadium Towers Plaza in Orange County, Calif.; the 126-room Comfort Suites-San Diego/Mission Valley in San Diego; the 262-room DoubleTree by Hilton Hotel-Bakersfieldin Bakersfield, Calif.; the 125,000-square-foot Montvale Center office building in Gaithersburg, Md.; and a non-performing loan secured by a 440,000-square-foot office campus at 270 Technology Park in Frederick, Md. The portfolio’s marquee asset is Two California Plaza, a 52-story, Class A office building in Downtown Los Angeles’ Bunker Hill neighborhood. It contains 1.28 million square feet of office space and 44,000 square feet of retail space. It is part of a two-tower office complex that shares a retail and restaurant pavilion featuring a 1.5-acre water court and performance plaza. The other top asset in this portfolio is Montclair Plaza, a two-story enclosed regional shopping mall about 30 miles east of Los Angeles. The acquisition included 868,000 square feet of the 1.3 million-square-foot mall. Notable anchors include Macy’s, Nordstrom, Sears, JC Penney and Target. This portfolio was acquired as part of …
ONTARIO, CALIF. — Sedgwick Claims Management, a technology-enabled claims and productivity management solutions provider, has renewed and expanded at Empire Towers in Ontario. The company has leased more than 29,700 square feet at the property, which is located at 3633 Inland Empire Blvd. Sedgwick Claims was represented by Vindar Batoosingh of CBRE's Ontario office. The landlord is CIP Real Estate. It owns the towers in partnership with a fund sponsored by Guggenheim Real Estate.
ATLANTA — Origin Capital, a Chicago-based real estate investment manager, has acquired its fourth asset in Atlanta: Centrum at Glenridge. The 186,360 square foot office building is located at 780 Johnson Ferry Road and is LEED Gold certified. Centrum at Glenridge will be part of Origin Capital's second value-add fund — Origin Capital Fund II LLC. Michael McDonald and Kennedy Hicks of Eastdil Secured brokered the transaction. The seller was Atlanta-based Ackerman & Co. and Northwestern Mutual. Located in Atlanta's Central Perimeter submarket, Centrum at Glenridge is currently 84 percent occupied, with the bulk of occupancy leased on a long term basis to Haverty Furniture Cos. Inc. and Cumulus Media. Origin plans to undertake several capital improvement projects, including the modernization of the building’s elevators, parking garage repairs, the creation of a tenant lounge and upgrades to the multi-tenant floor bathrooms. Origin has selected the Atlanta office of Stream Realty Partners to provide property management and leasing services for the asset. Amenities at Centrum at Glenridge include a tenant conference room, an on-site café and an exercise facility.
ATLANTA — UC Funding LLC has structured and funded a $16.8 million acquisition bridge loan for a 262,000-square-foot office building located in Atlanta's Central Perimeter office submarket. The property is situated with more than 1,000 feet of direct frontage on Interstate 285. Dan Palmier, president and CEO of UC Funding says, “We provided our new sponsor with what they needed to win the deal, a quick commitment and closing in less than 21 days.”
BOSTON —Jones Lang LaSalle Construction has completed construction of Life is Good’s new 22,000-square-foot headquarters at 51 Melcher St. in Boston. Designed by Baker Design Group, the new space features a variety of different-sized private conference rooms, as well as phone booths for individual calls. Life is Good’s new office also includes community worktables, stand-up media-sharing tables and living room areas with lounge chairs, sofas and large flat-panel video displays for laptop or iPad presentations. Jones Lang LaSalle Construction team included Steven Wassersug, managing director, Brendan Boyle, senior construction manager, and Chris Hardiman, senior estimator.