Office

25,000 SF OFFICE BUILDING IN CHICAGO AREA SELLS FOR $6.7M

by admin June 24, 2013

ROMEOVILLE, ILL. — Marcus & Millichap has arranged the $6.7 million sale of Rasmussen College Building, a 25,000-square-foot, Class B office property in Romeoville, located about 30 miles southwest of Chicago. Howard Wiese and John Abuja, investment specialists in Marcus & Millichap’s Chicago Downtown & O’Hare office, marketed the property on behalf of the seller, a limited liability company, and secured the buyer, an investor. Rasmussen College is the sole tenant of the property located at 1400 W. Normantown Road.

June 24, 2013

UBS TAPS CASSIDY TURLEY TO LEASE, MANAGE 135 W. 50TH ST.

by admin June 24, 2013

NEW YORK CITY — UBS Global Asset Management has hired Cassidy Turley for the leasing, property management and project management of an 862,000-square-foot building located at 135 W. 50th St. in Manhattan. Built in 1963, tenants at the property include Time Inc., NBC Universal, Marvel Entertainment, Nintendo of America, Fareportal, Alliance Bernstien, Mizuho Trust & Banking, WeiserMazars, Bobby Van’s Grill and Duke Café. Led by Craig Evans, senior managing director of Cassidy Turley, the leasing team includes David Hoffman Jr., executive managing director and principal; Whitnee Williams, associate vice president; and Theodora Livadiotis, associate vice president. Jack Terranova, senior vice president and principal, will lead property management, and Joseph Yacovone of Cassidy Turley will provide project management services.

June 24, 2013

Office Western

TEMPE OFFICE PROPERTY SELLS FOR $3M

by admin June 24, 2013

TEMPE, ARIZ. – A 118,355-square-foot office property in Tempe has sold to ViaWest Group for $3 million. It is located at 8375 River Parkway in ASU Research Park. The property is fully occupied by NXP Semiconductors and Wells Fargo. ViaWest plans to renovate the building once current leases expire. The seller, Blue Vista Capital Partners, was represented by Mark Detmer and Bo Mills of Jones Lang LaSalle and Don Rodie of Cushman & Wakefield.

June 24, 2013

Office Western

JINX LEASES 32,500 SF AT POWAY TECH CENTER

by admin June 24, 2013

POWAY, CALIF. – Jinx has leased 32,500 square feet at Poway Tech Center. The building is located at 13465 Gregg Street in Poway. The Internet-based clothing and accessories company will occupy the building around September. The transaction was executed by Brian Mulvaney and Matthew Bean of Voit Real Estate Services’ San Diego office.

June 24, 2013

Office Western

EL SEGUNDO OFFICE BUILDING CHANGES HANDS

by admin June 21, 2013

EL SEGUNDO, CALIF. – A 198,532-square-foot office building in El Segundo has sold to Menlo Equities for an undisclosed sum. The building is located at 101 North Sepulveda. It is 89 percent leased to Federal Express and International Rectifier. The seller, a global investment manager, was represented by HFF’s Michael Ross, Paul Brindley, Richard Plummer and Andrew Harper.

June 21, 2013

Office Southeast

CBRE BROKERS $5.3 MILLION DISTRESSED OFFICE SALE IN SOUTH FLORIDA

by admin June 21, 2013

LAUDERHILL, FLA. — CB Richard Ellis (CBRE) has brokered the sale of Executive University Courts, a distressed office property located in Lauderhill, for $5.3 million. The 102,120-square-foot, Class B property is situated at 4300 N. University Drive. It comprises six interconnected two-story buildings surrounding a landscaped courtyard with a water feature. The campus was constructed in 1987 and renovated in 1999. Occupancy was 62 percent at the time of closing. The CBRE team of Scott O’Donnell, Dominic Montazemi and Miguel Alcivar represented both the seller, 4300 Lauderhill LLC, and the buyer, KAS Partners LLC. The buyer also enlisted CBRE to lease the property. Deborah Fink is handling the assignment.

June 21, 2013

Midwest Office

SUN LIFE ASSURANCE CO. OF CANADA RENEWS 13,246 SF LEASE

by admin June 21, 2013

SCHAUMBURG, ILL. — Sun Life Assurance Co. of Canada has renewed its 13,246-square-foot lease at 3120 N. Plum Grove in Schaumburg. The 72,461-square-foot flex building is 86 percent occupied and includes a drive-in door with storage rooms and 18-foot clear ceiling heights. Michael Flynn, executive vice president, and Jason Wurtz, vice president, of NAI Hiffman’s office services group represented Sun Life Assurance Co. of Canada in the transaction. Jordan Rovito of Cushman & Wakefield represented the landlord, Innovative Marketing Solutions.

June 21, 2013

Northeast Office

SAVANNA INKS NEW LEASE AT 31 PENN IN NYC

by admin June 21, 2013

NEW YORK CITY — Real estate private equity firm Savanna has signed Real Estate Arts Inc. to a new lease at 31 Penn Plaza in New York City. Real Estate Arts will occupy approximately 6,822 square feet on a portion of the sixth floor for a 10-year term. Mitchell Konsker, Matthew Astrachan and Matthew Polhemus of Jones Lang LaSalle represented Savanna in the lease transaction. Michael Hirsch and Benjamin Friedland of CBRE represented the tenant.

June 21, 2013

Northeast Office

MASSEY KNAKAL SELLS DEVELOPMENT SITE IN BROOKLYN

by admin June 21, 2013

NEW YORK CITY — Massey Knakal has sold a development site for $4.2 million at 401 State St., between Bond and Nevins streets in Brooklyn’s Boerum Hill neighborhood. The four-story building is configured as office space and spans approximately 18,000 square feet. Bob Knakal of Massey Knakal handled the transaction with Stephen Palmese.

June 21, 2013

Office Texas

KBS REIT III CLOSES ON $269M NATIONAL OFFICE PORTFOLIO

by admin June 21, 2013

DALLAS AND GAITHERSBURG, MD. — KBS Real Estate Investment Trust III has closed on a $269 million purchase of three office properties: Preston Commons and Sterling Plaza in Dallas, and One Washingtonian in Gaithersburg. The purchase is KBS REIT III’s largest transaction to date. Preston Commons is a three-building, Class A complex with 427,799 square feet of rentable space covering 6.33 acres. Sterling Plaza is a Class A, LEED Silver-certified property with 313,609 square feet of rentable space. Preston Commons and Sterling Plaza are both currently 86 percent occupied and located in Dallas’ Preston Center neighborhood. One Washingtonian is a Class A, LEED Platinum-certified tower with 321,007 square feet of rentable space. The property is currently 94.9 percent occupied and is located on the west side of Interstate-270 in Gaithersburg. The complex is part of Washingtonian Center, a 212-unit mixed-use project that includes restaurants, shops, hotels and offices. CBRE’s Russel Ingrum led the portfolio sale with local assistance in Dallas by Gary Carr and in Maryland by Bill Kaye and Ryan Clutter, all with CBRE. KBS REIT III purchased the properties from affiliates of CBRE Global Investors.

June 21, 2013

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