NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of an office building portfolio for Yeshiva University for $87.5 million. The buildings are located in New York City and include: 920 Broadway, a 16-story office building located on the southeast corner of Broadway; and 9 East 38th Street, a 12-story office building located on the north side of East 38th Street, between Fifth Avenue and Madison Avenue. Bob Knakal and John Ciraulo of Massey Knakal handled the transaction.
NEW YORK CITY — Macy’s has renewed its 646,000-square-foot lease at Eleven Penn Plaza in Manhattan until 2035. Eleven Penn Plaza is a 1.1 million-square-foot office building in the Penn Plaza district where Vornado Realty Trust owns approximately 9 million square feet of office, retail and hotel space. The building was built in 1923 and has 23 floors. Macy’s, with corporate offices in Cincinnati and New York, is a national retailer with fiscal 2011 sales of $26.4 billion.
PLANO, TEXAS — Jones Lang LaSalle has brokered the sale of a 32,262-square-foot office building, located at 6101 W. Plano Parkway in Plano. The buyer, Starkey Mortgage, will use the office building as its new corporate headquarters. Steve Thelen and Stephen Holley represented the buyer in the transaction. Michael Bowles of John Bowles Co. represented the seller.
PHOENIX — Mosaica Office Building, a 65,900-square-foot office building in the Phoenix submarket of Ahwatukee, has sold to BASIS Schools, Inc for $2 million. The Class C building is located at 10210 South 50th Place. The building was vacant at the time of the sale. College preparatory schoolBASIS Ahwatukee is scheduled to occupy the space in August 2013. The seller was Educational Facilities Acquisitions LLC. The transaction was executed by Eric Wichterman and Mike Coover of Cassidy Turley and Terry Warren of Arizona Charter Commercial Realty.
TYSONS CORNER, VA. — HFF has arranged a $65 million construction loan for 7940 Jones Branch Drive, a 307,000-square-foot office development in Tysons Corner. The borrower was a joint venture between MRP Realty and Rockpoint Group. Scheduled for completion in 2014, the development is approximately 50 percent pre-sold to Logistics Management Institute, a non-profit consultancy organization. The 11-story building will be adjacent to the newly completed Jones Branch connector road. Dan McIntyre led the HFF team that arranged the loan through EagleBank.
TAMPA, FLA. — Urdang, the real estate manager for BNY Mellon, and its joint venture partner Crocker Partners have acquired the Two Harbour Place office building and an adjacent 1.2-acre site in Tampa. Amstar/CNL Two Harbour LLC sold the office property and Lindell-Harbour LLC sold the adjacent site, which is zoned for multifamily development. Two Harbour Place is a Class A, 180,000-square-foot building constructed in 1998 and renovated in 2006. The property is 90 percent leased and located on Tampa's Harbour Island, an upscaled planned development that includes commercial, lodging and residential uses.
BEACHWOOD, OHIO — The Pavilion Office Building, a 42,598-square-foot property, has sold to a private investor for $3.2 million. The property, located at 24100 Chagrin Blvd. in the metro Cleveland area, sold at 96 percent of the original listing price. Cooper Commercial Investment Group represented the buyer and seller, a private group based out of Beachwood, in the deal.
MILWAUKEE — Michael Best & Friederich LLP has renewed its 89,725-square-foot office lease for five more years in downtown Milwaukee. The office building is located at 100 E. Wisconsin Ave. and is managed by Reit Management & Research LLC. Steve Steinmeyer, Jack Keenan and Dan Jessup of Jones Lang LaSalle represented Michael Best in the deal and Kevin Armstrong and Steve White of CBRE represented the landlord, CommonWealth REIT. Michael Best & Friederich is a broad-based business law firm that has offices in Milwaukee, Madison, Waukesha and Manitowoc, Wis. and Chicago.
FORT WORTH, TEXAS — Arlington-based SkyWalker Property Partners has sold two historic office buildings, located at 215 and 219 S. Main St. in Fort Worth, after investing more than $350,000 in their restoration. An investment group known as 1915 South Main LLC, which is affiliated with JRH Partners, purchased the adjacent brick buildings. The buildings total 12,970 square feet and once served as a regional office for Illinois-based Greenlee Textron Inc. The buildings are primed for retail or office use and sit blocks away from downtown Fort Worth. The new owner is seeking tenants for the buildings, which sit on a lot with two parking areas, totaling 47 spaces. Blake Lloyd of CBRE represented the buyer in the transaction.
PHOENIX — Mosaica Office Building, a 65,900-square-foot office building in the Phoenix submarket of Ahwatukee, has sold to BASIS Schools, Inc for $2 million. The Class C building is located at 10210 South 50th Place. The building was vacant at the time of the sale. College preparatory school BASIS Ahwatukee is scheduled to occupy the space in August 2013. The seller was Educational Facilities Acquisitions LLC. The transaction was executed by Eric Wichterman and Mike Coover of Cassidy Turley and Terry Warren of Arizona Charter Commercial Realty.
