MALDEN, MA— Cambridge Health Alliance has signed a 56,750-square-foot office lease at Commerce Place, located at 350 Main St. in Malden. The lease brings the building to more than 92 percent leased. Cambridge Health Alliance is an integrated healthcare system that serves Cambridge, Somerville, and other Boston’s metro-north communities. The healthcare system is relocating from various locations, including Station Landing in Medford and will occupy the fourth and fifth floors of Commerce Place. Steven Purpura, Eric Smith and Ron Friedman of Richards Barry Joyce & Partners represented the landlord, Preotle, Lane & Associates, in the transaction. Adam Subber, Dan Sullivan and Paul Delaney of Cresa Boston represented Cambridge Health Alliance.
LAKEWOOD, COLO. – A 13,852-square-foot medical office building in Lakewood has sold to Advanced Property Services for $4.3 million. The building is located at 1750 Pierce Street. It is leased to a national dialysis company that has resided at the center since 1998. Advanced Property Services was represented by Sam Leger and Tim Finholm of Unique Properties, Inc – TCN Worldwide. The seller, YPSI ANN ASSOCIATES, LP, was represented by Scott Shwayder, Marc Lippitt and John Sheflin, also from Unique.
SAN JOSE, CALIF. – InvenSense Inc. has leased 130,000 square feet of space at a Class A office building in San Jose. The 228,000-square-foot building is located at 1745 Technology Drive. It will serve as the company’s new corporate headquarters. InvenSense was represented by Jim McPhee and John Fennell of Cushman & Wakefield. The landlord, Equity Office, was represented by CBRE’s Rob Shannon, Christian Marent and Bob Steinbock.
ARLINGTON, VA. — Jones Lang LaSalle (JLL) has secured $112 million in non-recourse financing for Lincoln Place, a 503-776-square-foot office property located in Arlington’s Pentagon City submarket. Lincoln Place comprises two 12-story buildings located at 600 and 700 Army Navy Dr. that are wholly leased to the Drug Enforcement Agency through 2018. JLL’s Wes Boatwright, Mike Yavinsky and Jon Goldstein arranged the loan, which carries a 10-year term and a floating rate. The lender is SunTrust Banks, and the borrower is California State Teachers’ Retirement System.
ELMHURST, ILL. — NAI Hiffman represented Bridge Development Partners in securing two lease renewals totaling 14,903 square feet of office space at 501 W. Lake St. in Elmhurst. Anderson Pest Control has renewed its 9,829-square-foot lease, and Patterson Medical, a provider of rehabilitation products, renewed its lease for 5,074 square feet. The offices are located within the Corporate Plaza of Elmhurst, which is 96 percent leased. The building offers docks and drive-in doors and tenant-controlled HVAC and security. Dan O’Neill, Steve Connolly and Jeff Fischer of NAI Hiffman represented the landlord in both transactions, while Tim Carlson of Cresa represented Patterson Medical.
NEW YORK CITY — Clarion Partners LLC has acquired 100-104 Fifth Ave., a 277,412-square-foot Midtown South property, from the Kaufman Organization and Invesco Real Estate for $225 million, according to Bloomberg News. Kaufman Organization will serve as the property’s exclusive leasing and management agent. Studley’s capital transaction group brokered the sale. Currently 100 percent leased, the property is in close proximity to Union Square, public transportation, green space, entertainment and an array of services.
NEW YORK CITY — RFR Holding LLC has closed $100 million in financing for 345 Park Avenue South in New York City. Citibank arranged the 10-year CMBS transaction. Located in Midtown South, 345 Park Avenue South is completely occupied by Digitas, a digital marketing firm owned by Publicis Groupe, which has leased the property through 2021. The property offers street-level retail space, which is currently occupied by two bank branches and a restaurant.
FORT WORTH, TEXAS — The General Services Administration (GSA) has selected a joint venture between Trammell Crow Co. and USAA Real Estate Co. to develop the southwest region headquarters for the Federal Aviation Administration (FAA). The six-story, build-to-suit office development will be located in the Alliance Park in Fort Worth. The headquarters building will span 357,214 square feet. Construction is slated to begin in September and wrap up in October 2015. The project team includes Gensler, Manhattan Construction Co., B & A Consulting Engineers, Haynes Whaley Associates, Mycoskie Mcinnis Associates, Pacheco Koch and Weidlinger Associates. GSA was self-represented in the 20-year build-to-suit lease by Nancy Lopez, along with Kelly Winn of Studley.
BRANCHBURG, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold a building located at 51 Imclone Drive in Branchburg for approximately $6.2 million. The office property is a single-tenant, two-story that includes 63,213 square feet of space. “This sale will allow us to continue to execute on our strategy of redeploying proceeds into more strategic growth opportunities,” says Mitchell Hersh, president and CEO of Mack-Cali.
PLANO, TEXAS — Trammell Crow Co. and Principal Real Estate Investors (PREI) have formed a joint venture to develop Legacy Towers, a two-phase speculative office building project located at the southeast corner of the Dallas North Tollway and Legacy Drive in Plano. The joint venture has begun the demolition of the former Stacy Furniture headquarters building at the site. Phase I of Legacy Towers includes a 13-story, 342,066-square-foot office tower and six-story parking structure, which will be connected via an air-conditioned walkway. Trammell Crow and PREI expect the tower will be available for occupancy in third quarter 2014. The joint venture and the architect, HKS Inc., are designing Legacy Towers to achieve LEED Gold certification. Wells Fargo is the project lender, and CBRE Dallas is marketing and leasing Legacy Towers.