Office

VORNADO TO SELL 866 UNITED NATIONS PLAZA IN NYC FOR $200M

by admin November 11, 2013

NEW YORK CITY — Vornado Realty Trust has agreed to sell 866 United Nations Plaza, a 360,000-square-foot office building in Manhattan, for $200 million. The New York-based real estate investment trust did not disclose the buyer’s information for the 38-story building, which occupies an entire square block between 48th and 49th streets, First Avenue and F.D.R. Drive. However, Crain's New York Business reported the buyer was a venture between real estate investors Meadow Partners and United Realty Partners. Major tenants at the building include the consulates of Chile, Finland, the United Nations Office of Foreign Missions and law firm Fross, Zelnick, Lehrman & Zissu. Vornado says the sale of the building will result in net proceeds of about $146 million, after repaying existing debt and closing costs. The sale is slated for completion by the end of the year.

November 11, 2013

MWEST PROPERTIES ACQUIRES SILICON VALLEY OFFICE PORTFOLIO

by admin November 8, 2013

SAN JOSE, CALIF. — MWest Properties has acquired a three-campus portfolio in Silicon Valley for a reported $200 million. The acquisition includes 12 R&D and corporate office buildings that total 825,000 square feet throughout North San Jose. Notable tenants at the campuses include Boston Scientific, the North American headquarters of Taiwan Semiconductor Manufacturing Company and the corporate headquarters of Tessera. MWest Properties is a joint venture backed by DivcoWest, Ivanho

November 8, 2013

Office Western

MWEST PROPERTIES ACQUIRES SILICON VALLEY OFFICE PORTFOLIO

by admin November 8, 2013

November 8, 2013

Office Western

BUCHANAN BUYS 10-BUILDING PHOENIX PORTFOLIO FOR $52.6M

by admin November 7, 2013

PHOENIX — Buchanan Street Partners has acquired a 10-building portfolio based in Phoenix for $52.6 million. The portfolio includes a mix of office, industrial, office flex and retail properties. The 446,000-square-foot portfolio was acquired in four separate sales transactions. It includes an industrial property in Avondale, as well as three assets within the master-planned Cotton Center in Phoenix. The portfolio was 74 percent leased at the time of the sale. Buchanan represented itself in this transaction, while the unnamed seller was represented by Eastdil Secured.

November 7, 2013

Office Southeast

HFF BROKERS $38.1M SALE OF OFFICE BUILDINGS IN FORT LAUDERDALE

by admin November 7, 2013

FORT LAUDERDALE, FLA. — HFF has closed the sale of Pinnacle Corporate Park I & II, two Class A office buildings totaling 262,434 square feet at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. A joint venture between Banyan Street Capital and DRA Advisors purchased the buildings for $38.1 million. The properties are 85 percent leased to tenants such as University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae. Herman Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Northwestern Mutual, in the transaction.

November 7, 2013

Midwest Office

NAI HIFFMAN ARRANGES 32,000 SF IN LEASES IN METRO CHICAGO

by admin November 7, 2013

ADDISON AND WESTMONT, ILL. — NAI Hiffman has represented JSQ Commercial in four separate lease transactions totaling more than 32,000 square feet of office space in suburban Chicago. At Brush Hill Office Courte, located at 740-770 Pasquinelli Drive in Westmont, MacNeal Health Providers Inc. expanded its lease for 15,237 square feet. Mid-American Group, an employee benefits consulting firm, expanded its lease for 6,208 square feet at the property. Cardinal Health also signed a new lease for 4,011 square feet. Brush Hill Office Courte includes four single-story office buildings totaling 112,229 square feet. In Addison, Shimadzu Corp., a manufacturer of scientific instruments, expanded its lease for 6,968 square feet at Centerwest Business Park, located at 2055 West Army Trail Road. The space is located within an 116,583-square-foot flex building directly off the I-355 and Army Trail Road interchange. Dan O’Neill, executive vice president, and Matt Novak, associate with NAI Hiffman’s office services group, represented JSQ Commercial in all four transactions. Tony Karmin of Transwestern represented MacNeal Health Providers; Ellen Steinbrecher of Lee & Associates represented Mid-American Group; and Pete Adamo of CBRE represented Cardinal Health. Vic Sanmiguel of Chicagoland Commercial represented Shimadzu.

November 7, 2013

Northeast Office

THREE TENANTS LEASE 97,770 SF AT WATERMILL CENTER IN METRO BOSTON

by admin November 7, 2013

WALTHAM, MASS. — New Boston Fund Inc. has leased approximately 97,770 square feet to three different tenants at Watermill Center, a 206,634-square-foot, Class A office building in suburban Boston. The firm leased 72,714 square feet to Global Partners LP, a publicly traded Fortune 200 company and provider of midstream logistics and marketing of energy products. Fireman Capital Partners, a private equity investment firm signed a lease for 17,565 square feet. BlueSnap, a global payment service provider, plans to occupy 7,491 square feet at the six-story property. Constructed in 1984, Watermill Center includes a full-service cafeteria and 703 parking spaces and is located in Waltham. Duncan Gratton, senior managing director and principal, and Kate McGovern, an associate at Cassidy Turley, represented New Boston Fund in the transactions. David Campbell, senior managing director and principal, and Ryan Romano, assistant vice president at Cassidy Turley, represented Global Partners LP. John Boyle, senior managing director and principal at Cassidy Turley, represented Blue Snap and Fireman Capital Partners.

November 7, 2013

Office Texas

COLLIERS BROKERS SALE OF 26,230 SF OFFICE PROPERTY IN SUGAR LAND

by admin November 7, 2013

SUGAR LAND, TEXAS — Colliers International has brokered the sale of a 26,230-square-foot office building in Sugar Land, a southwest suburb of Houston. Hudson Products previously occupied the facility, which is located at 1307 Soldiers Field Drive. Marshall Clinkscales, Greg Cizik and Edward Edson of Colliers’ Houston office represented the buyer, Texas Dow Employees Credit Union, which will be the sole tenant of the property going forward. Kolbe Curtice and Corbin Janssen of Colliers’ Fort Bend office represented the seller, SLGD of Texas LLC.

November 7, 2013

Office Western

BUCHANAN BUYS 10-BUILDING PHOENIX PORTFOLIO FOR $52.6M

by admin November 7, 2013

November 7, 2013

Office Western

IRVINE OFFICE COMPLEX BUILDING SELLS FOR $27.2M

by admin November 6, 2013

IRVINE, CALIF. – Griffin Capital Corp. has acquired an 82,645-square-foot creative office building in Irvine for $27.2 million. The Class A building is located at 16752 Armstrong Ave. near Tustin Legacy. Motorcross accessories and apparel company Fox Head recently signed a 15-year lease at the facility. The sellers, Shubin Nadal Realty Investors and Penwood Real Estate Investment Management, were represented by Newmark Grubb Knight Frank (NGKF) and CBRE. NGKF also negotiated the Fox Head lease.

November 6, 2013

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