CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad, for $22.3 million. The Class A building is located at 5759 Fleet Street within the Carlsbad Ranch subdivision. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley. The seller, TA Associates Realty, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of C&W Capital Markets Division.
WASHINGTON, D.C. — Cassidy Turley has secured $150 million in acquisition financing for Jamestown LP in its $307.5 million purchase of One Metro Center in Washington, D.C. from Clarion Partners. One Metro Center is a 421,235-square-foot, Class A office tower located at 701 13th St. N.W. in Washington's East End, three blocks from the White House. The property is fully leased. John Campanella and Paul Spellman of Cassidy Turley arranged the floating-rate loan through a bank.
NEW YORK CITY — Boston Properties Inc. has entered into an agreement to sell its 45 percent ground-leasehold interest and related tax credits in Times Square Tower for $684 million in cash. An affiliate of Norges Bank will buy the interest. The property is unencumbered by debt. Boston Properties and an affiliate of Norges Bank will form a joint venture upon closing, and Boston Properties will retain property and leasing management for the venture. Times Square Tower is a 1.2 million-square-foot, Class A office tower located in the heart of Times Square in New York City. The 99 percent occupied property was developed by Boston Properties and completed in 2004. The property is subject to a ground lease with the City of New York with 76 years remaining, and it benefits from a Payment In Lieu of Taxes (PILOT) program through June 2024. The joint venture will hold the contractual right to purchase the fee interest in the property beginning in July 2024.
CEDAR KNOLLS, N.J. — Two companies have signed long-term leases at Cedar Knolls Corporate Center, a 118,000-square-foot, Class A office property in Cedar Knolls. P–Value Communications, a medical communications firm serving the healthcare industry, committed to 8,380 square feet at the office property. The firm is relocating from Parsippany. Chris Conklin and JC Giordano from Jones Lang LaSalle represented P-Value in the transaction. Additionally, OLI Systems, a privately owned simulation technology firm serving chemical manufacturing and engineering service companies, signed a 6,002-square-foot lease at the property. Kathi Sica and John Negri from Coldwell Banker Commercial NRT represented OLI Systems in its relocation from Morris Plains, N.J. Cushman & Wakefield Inc., the leasing agent for the property, represented the landlord, MB1 Capital Partners, in the transactions.
IRVING, TEXAS — Fortis Property Group has acquired The Point at Las Colinas, an 18-story, 403,129-square-foot, Class A office tower in the Las Colinas submarket of Irving, approximately 13 miles northwest of downtown Dallas. The building, originally constructed in 1983 and recently remodeled, features on-site management, a full-service café, a conference center and a fitness center. The property was 98 percent leased at the time of the sale, and current tenants include Lehigh Hanson, GE Capital and Interstate Hotels. The purchase was announced with the renaming of another nearby Fortis property, the NEC Center, which will now be known as The Apex at Las Colinas Crossing. Cushman & Wakefield is marketing both properties.
IRVING, TEXAS — CBRE has arranged a 45,583-square-foot lease in the Irving submarket of Las Colinas for Neovia Logistics Services, which will relocate its headquarters from Illinois to this facility. Neovia, which provides supply chain solutions in various industrial, manufacturing and healthcare sectors, announces the move less than a year after its rebranding from Caterpillar Logistics Services. The tenant will partner with architecture firm Perkins + Will to customize and build-out the space, which is located at 6363 N. State Highway 161. Josh White and Chelby Sanders of CBRE represented Neovia in the lease negotiations.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad, for $22.3 million. The Class A building is located at 5759 Fleet Street within the Carlsbad Ranch subdivision. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley. The seller, TA Associates Realty, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of C&W Capital Markets Division.
DENVER — Artis Real Estate Investment Trusthas purchased 161 Inverness, a 256,767-square-foot trophy office building in Denver that is fully leased to DirecTV, for $71 million. The Class A building is situated within the Inverness Business Park. It was built in 1997 and sits adjacent to the pedestrian bridge for the Dry Creek Station, which offers light rail access.
LAS VEGAS — MVP REIT Inc. has purchased a 47,500-square-foot office building in Las Vegas for $15 million. The building is located at 8880 W. Sunset Road. It is fully leased to a mix of medical and professional tenants that include the corporate headquarters for MVP, which occupies 4,190 square feet. All tenants are under triple-net leases. This sale was part of a larger, five-property portfolio that was acquired by MVP for $48.6 million this past August.
NEW YORK CITY — Colliers International has arranged a 15-year lease at 469 Seventh Ave. with the City of New York leasing 66,800 square feet in the building as part of a large relocation. The multiple-floor space will serve as administrative offices and meeting rooms for the New York City Police Department’s Manhattan south traffic enforcement division. The city agency will occupy part of the ground floor, including a private entrance and elevators, as well as the entire second, third and fourth floors and part of the sixth floor. The 267,000-square-foot office building is situated at the southeast corner of West 36th Street, with access to transportation, including Penn Station and the Port Authority Bus Terminal. The agency is slated to move into its new space in January 2014. Eric Meyer and Marty Meyer and Dan Shavolian of Foremost Real Estate own the building. Keith Cody, John Morrill and Doug Holowink of CBRE Group represented the city of New York in the transaction.