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.
BALTIMORE — Cassidy Turley has arranged the sale of a 28-story, 264,126-square-foot office tower located at 201 N. Charles St. in Baltimore's central business district (CBD). Baltimore-based Blue Ocean Realty purchased the property for nearly $19.7 million. The office tower is only LEED EB Gold certified office tower in Baltimore's CBD, according to Cassidy Turley. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, Lexington Charles Limited Partnership.
HOUSTON — Parmenter Realty Partners, a Miami-based real estate investment firm, has sold the 201,720-square-foot office building situated at 2200 West Loop South in Houston. The property, which is located in close proximity to the Galleria complex, is the first to be sold of the assets from Parmenter Realty Fund IV. At the time of the sale, the building had a single listed vacant space of 25,884 square feet. Parmenter Realty Partners owns two remaining assets in Houston following the transaction.
NORTH HOLLYWOOD, CALIF. – Kennedy Wilson and one of its partners have acquired a 188,366-square-foot office building in North Hollywood for $45 million. The Class A office building is located at 5161 Lankershim Blvd. The buyer plans to execute a series of enhancements at the property before marketing it to the technology, entertainment and media industries that are common throughout this Los Angeles submarket. Pacific Western Bank provided $30 million in financing for this transaction.
JOHNSTON, R.I. — French company Dassault Systèmes has leased 90,000 square feet within the Northwoods Office Park in Johnston, a western suburb of Providence. Currently under construction, the renovation of Northwoods will offer 338,600 square feet of Class A office space, which is slated for completion in fall 2014. The space for Dassault, a provider of 3D design software, is expected to achieve LEED Silver certification. Hobbs Brook Management LLC is the owner of the complex, which is located at 1301 Atwood Ave. The project team for the renovation includes architecture firm Margulies Perruzzi Architects; construction manager Dimeo Construction; and mechanical, electrical and plumbing engineers AHA Consulting Engineers. Other members of the team include structural engineers Odeh Engineers, Inc.; civil and landscape engineers Vanasse Hangen Brustlin, Inc. (VHB); lighting designer HLB Lighting Design; and kitchen consultants Colburn & Guyette.
NEW YORK CITY — Gerson Lehrman Group (GLG), a membership-based network for professional learning and expertise, has leased 64,361 square feet at One Grand Central Place in New York City. GLG is moving its global headquarters to the entire third floor and part of the fourth floor of the office building located at 60 E. 42nd St.With this move, slated for the third quarter of 2014, GLG will join staff from two locations — 850 Third Ave. and 845 Third Ave. Clive Wilkinson Architects will design the new space. Gary Kamenetsky and Robert Meyers of CBRE represented GLG in the lease negotiations. William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord, W&H Properties.
HOUSTON — IDI, an Atlanta-based industrial real estate company, will expand Houston’s Greenspoint Business Center to a total of 757,250 square feet with the construction of two new buildings. The 106,700-square-foot Building C and 244,550-square-foot Building E will join the existing Buildings A, B and D, which were collectively 93 percent occupied at the time of sale. The complex, located along Interstate 45 south of the intersection with Beltway 8, is in close proximity to George Bush Intercontinental Airport.
NORTH HOLLYWOOD, CALIF. – Kennedy Wilson and one of its partners have acquired a 188,366-square-foot office building in North Hollywood for $45 million. The Class A office building is located at 5161 Lankershim Blvd. The buyer plans to execute a series of enhancements at the property before marketing it to the technology, entertainment and media industries that are common throughout this Los Angeles submarket. Pacific Western Bank provided $30 million in financing for this transaction.
SHOREVIEW, MINN. — Marcus & Millichap has arranged the $6.6 million sale of two net-leased buildings totaling 65,370 square feet in Shoreview, about 15 miles north of Minneapolis. The office building serves as the corporate headquarters for PaR Systems, and the manufacturing facility was built by PaR as a build-to-suit for the company’s long-term operations. Sean Doyle, Matthew Hazelton and Adam Prins, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. David Sperling and Christopher J. Zorbas, investment specialists in Marcus & Millichap’s San Diego office, represented the buyer, also a limited liability company.
ELK GROVE VILLAGE — J.C. Anderson Inc. has completed an 8,000-square-foot office build-out for American Digital Corp. at 25 Northwest Point Blvd in Elk Grove Village. American Digital is a 25-year-old technology services company, which recently relocated its headquarters from Arlington Heights to Elk Grove Village, a northwest suburb of Chicago. The information technology company has doubled its space in order to accommodate its growth after the acquisition of two other technology firms. The firm’s new headquarters includes a conference room with audio-visual technology, an open office area and private offices. Thomas Bean was the project executive for J.C. Anderson Inc., while project manager Dan Burnette and superintendent Ryan Kingsville led the construction team. James D. Jordan Architects provided the design services, and Jason Simon of Colliers International represented American Digital in the relocation.