Office

FOUR NEW LEASES SIGNED AT PARKVIEW TOWER

by admin April 23, 2013

KING OF PRUSSIA, PA. — Keystone Property Group has signed four new leases totaling 23,000 square feet at Parkview Tower, its nine-story, Class A office building in King of Prussia, located about 20 miles northwest of Philadelphia. The new leases bring the property to 93 percent occupancy. The latest transactions include: Emerging Growth Equities Ltd. (EGE), which signed a 12,327-square-foot lease; The General Services Administration, which signed a 5,400-square-foot renewal; A/Z Corp., which renewed its 3,087-square-foot lease for a two more years; and Advanced Telecom Services Inc., which signed a 2,638-square-foot lease. Jeff Mack of Smith Mack represented EGE in the transaction. Steve Gersbach of CBRE represented A/Z Corp. Eric Wahlers of Gola Corporate Real Estate represented Advance Telecom Services. Jeff Barker and Kim Finnerty of Cushman & Wakefield represented Keystone.

April 23, 2013

CBRE ARRANGES REGIONS BANK'S 70,970 SF LEASE IN UPTOWN DALLAS

by admin April 23, 2013

DALLAS — CBRE has secured the lease agreement for Regions Bank's move to 17Seventeen McKinney, an office building located at the corner of Akard Street and McKinney Avenue in Uptown Dallas. Regions will occupy both regional offices and a retail bank branch, totaling 70,970 square feet. The bank signed the lease with Granite Properties, the developer of 17Seventeen McKinney. The office building is part of Park Seventeen, a mixed-use development owned by GPI-M Uptown LP, a joint venture between Granite and MetLife. Regions will move into the space, which will serve as the company's Texas headquarters, in January 2014. Jerry Cobb Jr. and Christine Mickey of CBRE's Dallas office, along with Scott Willenbrock of CBRE's Birmingham, Ala., office, represented Regions in the lease. CBRE also serves as Regions Bank's property management partner. The landlord was self-represented by Robert Jimenez and Jim Kirchhoff.

April 23, 2013

Office Western

COHNREZNICK LEASES 22,000 SF IN CENTURY CITY

by admin April 23, 2013

LOS ANGELES – CohnReznick has leased 22,000 square feet in Century City. The new lease will allow the accounting firm to consolidate its former JH Cohn operations, which currently resides at Wilshire Landmark in Brentwood. The new office space is located at 1900 Avenue of the Stars in the Los Angeles submarket of Century City. CohnReznick will occupy the entire 28th floor of the building. The firm was represented by Dave Toomey, Carlo Brignardello and Brian Davies of Cresa Los Angeles. The landlord, Duesenberg Investment Company, was represented by Darren Bell of Topa Management Company.

April 23, 2013

Office Southeast

L&L ACQUIRES VIRGINIA INDUSTRIAL PROPERTY

by admin April 22, 2013

NEWPORT NEWS, VA. — L&L Real Property LLC has acquired 505 Edwards Court in Newport News. The 6,900-square-foot office and warehouse will be used as a machinery shop. Robert Duckett of Mid-Atlantic Commercial represented the seller in the transaction.

April 22, 2013

Midwest Office

JOINT VENTURE ACQUIRES 101,925 SF OFFICE BUILDING

by admin April 22, 2013

MADISON, WIS. — A joint venture owned by Alex Brown Realty Inc. (ABR) and Fulcrum Asset Advisors LLC has acquired the U.S. Cellular Building, located at 5117 W. Terrace Drive in Madison. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $3.1 million in the venture. Built in 1997, the four-story Class A office building spans 101,925 square feet and is located on the southwest corner of the American Center Office Park. The property was 73 percent occupied at the time of sale. U.S. Cellular leases 74,717 square feet and occupies the first, second and third floors. Saint Paul, Minn.-based Advantus Capital Management provided first mortgage financing for the transaction.

April 22, 2013

Midwest Office

K. HOVANIAN T&C HOMES SIGNS 8,820 SF LEASE

by admin April 22, 2013

NAPERVILLE, ILL. — K. Hovnanian T&C Homes has signed an 8,820-square-foot lease at One Naperville Plaza in Naperville, located about 30 miles west of Chicago. The new tenant, a publicly traded homebuilder, plans to use the space for its regional office. One Naperville Plaza is a multi-story, 54,109-square-foot building located at 1804 N. Naper Blvd. Dan O’Neill, Adam Johnson and Jud Henry of NAI Hiffman represented the landlord, ROC Inc., in the transaction. Mark Georgas and Paul Diederich of CBRE represented K. Hovnanian.

April 22, 2013

Northeast Office

RIDGEBURY TANKERS LEASES 2,695 SF IN WESTPORT

by admin April 22, 2013

WESTPORT, CONN. — Ridgebury Tankers LLC has signed a lease for 2,695 square feet of office space at 33 Riverside Ave. in Westport, an eastern suburb of Newport. Riverside Avenue will be the corporate headquarters for the newly founded Ridgebury Tankers, a deep-sea shipping company. Brett Sherman of Angel Commercial LLC represented the tenant in the lease transaction.

April 22, 2013

Office Western

NEW OFFICE TOWER BREAKS GROUND AT 350 MISSION STREET IN SAN FRANCISCO

by admin April 19, 2013

SAN FRANCISCO — A fully pre-leased office tower has broken ground in San Francisco. It is located at 350 Mission Street across from the new Transbay Transit Center and Millennium Tower. Salesforce.com will fully occupy the glass and concrete office tower once it’s completed in 2015. The $200-million tower is being developed by Kilroy Realty Corporation.

April 19, 2013

Midwest Office

DENTONS EXTENDS LEASE AT WILLIS TOWER

by admin April 19, 2013

CHICAGO — Global law firm Dentons has extended its lease at Willis Tower in Chicago for 15 years. Dentons will relocate within the building and occupy 144,000 square feet of new space. Willis Tower is a 4.5 million-square-foot office/retail building in Chicago. The building is home to more than 100 different companies, including the global headquarters of United Airlines. Dentons is the world’s seventh-largest law firm with 2,500 lawyers. Mike Kazmierczak, Derek Rolison and Bob Wislow of U.S. Equities Asset Management represented 233 S. Wacker Drive LLC, the building’s owner, in the transaction. Stuart Eisenkraft, Andrew Sussman, Lewis Miller, Patrick Nelson, Paul Stimpfle, Todd Lippman and Lisa Konieczka of CBRE represented Dentons. U.S. Equities Asset Management has managed leasing at the iconic Chicago building since 2007.

April 19, 2013

Northeast Office

NORMANDY REAL ESTATE ACQUIRES OFFICE BUILDING FOR $5.5M

by admin April 19, 2013

FRAMINGHAM, MASS. — Normandy Real Estate Partners has purchased MetroWest Place, a five-story, Class A office building in Framingham, for $5.5 million. CRCP Pleasant Street LLC sold the 95,000-square-foot property, which is located at 15 Pleasant Street Connector, about 25 miles west of Boston. Genzyme , a developer of transformative therapies for patients affected by rare and debilitating diseases, has fully occupied the building since 2012. Chris Skeffington, John Lashar, Paul Leone and Roy Sandeman of Richards Barry Joyce & Partners represented CRCP Pleasant Street LLC in the transaction. The new ownership has retained Richards Barry Joyce & Partners as the exclusive leasing agent for the building.

April 19, 2013

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