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.
SAN ANTONIO — NorthMarq Capital has arranged a refinancing loan of $12 million for The Atrium, a 130,780-square-foot office building in San Antonio. The property, originally constructed in 1982, is located at 85 N.E. Loop 410 and features on-site security, 24-7 access and a conference room. Bryan Leonard of NorthMarq originated the five-year CMBS loan, which includes a 30-year amortization schedule. The borrower has owned the building for approximately 10 years.
HOUSTON — Pipeline Realty plans to develop up to five office/warehouse buildings totaling 90,000 to 130,000 square feet for Houston’s Cottingham Business Park, the company’s first industrial project in a decade. Pipeline recently acquired 12 acres at the intersection of South Sam Houston Parkway and Cottingham Road for the complex. Versa Integrity Group, an industrial inspection and maintenance company, has pre-leased the first building, which is already under construction. Pipeline will maintain management responsibilities after construction, and Mark Nicholas of Jones Lang LaSalle will lease the property.
HOUSTON — Boxer Property has arranged an office lease at the Centre One building in Houston for GetixHealth, a business services provider for the healthcare industry. The new tenant will occupy 21,738 square feet of the building, which totals 11 stories and 225,113 square feet. Features of the property include an on-site deli, multi-level parking garage, security patrol and surveillance cameras. Trey Miller of Boxer negotiated the lease on behalf of the property owner.
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.
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.
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
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, Ivanhoé Cambridge and TPG Real Estate.