SAN FRANCISCO – A 353,269-square-foot, Class A office building in San Francisco has received $81 million in financing. The building is located at 475 Sansome Street in the city’s North Financial District. It is 90 percent leased to tenants including Oracle, Amazon.com, Bank of the West and Yahoo! The 10-year, fixed-rate loan was arranged for Multi-Employer Property Trust (MEPT) by HFF’s Bruce Ganong, Cary Abod and Chris Gandy. It was provided by Prudential Mortgage Capital Company. Bentall Kennedy served as MEPT’s real estate advisor.
SAN JOSE, CALIF. – Ebay’s four-building, 250,000-square-foot office campus in San Jose has received a $50-million refinance. The campus is located within the Golden Triangle. The refinance will allow the borrower to secure a 10-year, fixed-rate mortgage at a competitive interest rate, as well as pay off its existing maturing debt. The loan request also featured a 1st Trust Deed and mezzanine financing components. It was placed by Alex Chenarides and John Souza of Barry Slatt Mortgage’s Los Angeles office. Financing was arranged through one of the company’s correspondent CMBS relationships. It will be serviced by Barry Slatt.
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.
WASHINGTON, D.C. — Cassidy Turley has arranged a $124 million permanent loan for Paramount Group's 425 Eye St. N.W. in Washington, D.C. The 365,800-square-foot Class A office building is 86 percent leased. The Board of Veterans Affairs is occupying a large portion of the space on a long-term basis. The property underwent a major renovation in 2010. Christian Miles, Philip Mudd and Bradley Geiger of Cassidy Turley arranged the five-year, floating-rate loan.
RALEIGH, N.C. — Business law firm Wyrick Robbins Yates & Ponton LP has renewed and expanded its lease to 57,027 square feet at The Summit, located at 4101 Lake Boone Trail in Raleigh. The firm focuses on mergers and acquisitions, venture capital, financing and business litigation. Heath Chapman and Don Shupe of CBRE represented the tenant in the transaction.
NEW YORK CITY — Paramount Leasehold LP has received $130 million in new financing for The Paramount Building, a 788,000-square-foot building located at 1501 Broadway in Times Square. The financing will facilitate ownership’s plan to invest more than $50 million to execute an improvement program at the 33-story office building. Cantor Commercial Real Estate provided the 10-year, interest-only loan, which carries a fixed interest rate of 3.1 percent. Meridian Capital Group LLC originated and negotiated the loan. Avison Young serves as the building’s office leasing agent and is advising the building’s owner on a major strategic reinvestment program for the iconic commercial tower. Tobin | Parnes Design Enterprises is the architect for the project. First built in 1926 as the East Coast headquarters for Paramount Pictures, the property housed The Paramount Theater, which served as one of New York City’s premier entertainment venues for movies and live performances until it closed in 1964. Today, the building is home to a diverse mix of companies.
TRENTON, N.J. — New Jersey Schools Development Authority (NJSDA) has signed a 68,725-square-foot lease to fully occupy 32 East Front St., a Class A office building in downtown Trenton. NJSDA had previously occupied 21,666 square feet on two floors in the freestanding, five-story building. The new lease enables NJSDA to consolidate its operations into one location. Located between Broad and Warren streets, the building offers immediate access to Route 1, Route 29 and I-295. In 2005, Matrix Development Group was selected by the City of Trenton’s Economic Development Corp. to finish construction of 32 East Front St. as part of the city’s ongoing efforts to redevelop its downtown district.
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.
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.
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.