SEATTLE — In a move to increase its presence in the United States, Canada-based Ivanhoe Cambridge Inc. has acquired the Wells Fargo Center, a 47-story, Class A office tower in downtown Seattle, for $390 million. Boston-based Beacon Capital Partners LLC was the seller. The transaction marks the region’s largest office sale so far this year, according to the Puget Sound Business Journal. Built in 1983, the office property at Third Avenue and Madison Street includes 983,600 rentable square feet. Of that, nearly 298,900 square feet are available for lease, according to OfficeSpace.com. The skyscraper, which has views of Elliott Bay and downtown Seattle, brings the Canadian investor’s share of Class A space in city’s financial district to almost 8 percent, according to a statement released by Ivanhoe Cambridge. The company has a 50 percent stake in the 943,600-square-foot U.S. Bank Centre, also in the district. Located at 999 Third Ave., Wells Fargo Center is one of Seattle’s tallest skyscrapers. The tower features energy-management and environmental systems, with LEED Gold certification. Ivanhoe Cambridge is the real estate arm of Canadian institutional fund manager Caisse de dépôt et placement du Québec. The real estate manager owns CAN$35 billion in assets in more …
SOMERVILLE, MASS. — Foulger-Pratt has sold a 186,326-square-foot office building, located at 200 Inner Belt Road in Somerville, to North River. The transaction includes the four-story Class A office building and a four-acre development site. The property is currently 82 percent leased and is situated directly off of Interstate 93, four miles from downtown Boston. Robert Griffin, Jr., Edward Maher Jr. and Matthew Pullen of Cushman & Wakefield’s Capital Markets represented the seller in the transaction. Scott Gredler, also of Cushman & Wakefield, will serve as the leasing agent for the property.
SAN ANTONIO — Stream Realty Partners has brokered two office property sales in San Antonio totaling more than 160,000 square feet of office space. Allan Young and Keith Fisher of Stream Realty arranged the sale of a 61,600-square-foot building, located at 6415 Babcock Road in northwest San Antonio. Providence Mortgage Co. purchased the property, which is fully leased to Accenture. Fisher and Carolyn Hinchey Shaw, also with Stream Realty, arranged the sale of a 99,986-square-foot property, located at 3600 Wiseman Blvd. in the Far West submarket. Select Income REIT purchased the property from 3600 Wiseman Corp. The property is fully leased to Hartford Fire Insurance.
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. InvenSensewas 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.
BOCA RATON, FLA. — Johnson Capital has secured $18.5 million in financing for a Boca Raton office property. Constructed between 1978 and 1988, The Fountains Center comprises seven buildings containing 182,000 square feet space, the majority of which is for office tenants. The property also includes two bank branches, each with drive-thru lanes. The borrower is a partnership of local investors that purchased the REO property in 2012 and has since renovated it. The loan carries a five-year term, non-recourse, with a sub-4 percent, fixed interest rate. Terms also include reserves for tenant improvements and leasing commissions. The lender was a regional bank. Eric Fixler of Johnson Capital arranged the deal.
CEDAR FALLS, IOWA — The former Peregrine Financial Group headquarters, a 48,250-square-foot office building in Cedar Falls, has sold for $3.2 million. Spiegel Family Realty Co. Iowa LLC purchased the building at an auction conducted by GA Keen Realty Advisors. Closing on the transaction is slated for later this month.. Russell Wasendorf Sr., who filed for bankruptcy in July 2012, previously owned the building. Michael M. Eidelman is the court appointed receiver and co-chair of the bankruptcy group at Vedder Price PC.
GREENWICH, CONN. — Cronheim Mortgage has arranged a $5.5 million loan for a 43,000-square-foot, four-story office building and a two-story, 26,800-square-foot parking structure in Greenwich. The properties are located south of the intersection of U.S. Route 1 and Mason Street in Fairfield County. Aviva Life and Annuity Co. provided the loan, which carries a 3.9 percent interest rate, for Mason Associates of Greenwich LLC. The property was constructed in 1966 and is currently 100 percent occupied by 15 tenants.
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.