RALEIGH, N.C. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has commenced major renovations at Carolina Place, a Class A office building in Raleigh. The five-story, 99,181-square-foot office property is undergoing renovations to its lobby and common areas including the complete removal and replacement of the glass curtain wall and entry doors to the lobby. The remainder of the lobby will be entirely gutted and replaced with new flooring, walls, trim and lighting in a modern design. The restrooms and elevators are also being gutted and completely updated. LS3P is the renovation architect and Riley Lewis General Contractors is the general contractor. The renovations are scheduled for completion by the end of this year.
NEW YORK CITY — SL Green has acquired the non-performing mortgage on 315 Park Avenue South in Manhattan, a 20-story office tower primarily leased to Credit Suisse Group. The 320,000-square-foot property is located on the northwest corner of Park Avenue South and 24th Street. According to media reports, a $219 million mortgage matured on the property in June and the owner was unable to refinance.
HOUSTON — Newport Beach, Calif.-based KBS Strategic Opportunity REIT has purchased the 400,101-square-foot 1800 West Loop South, a 21-story office tower located in Houston's West Loop/Galleria submarket. The property is 88 percent leased. KBS plans to upgrade the lobby and elevators of the property, which features a deli, laundry and dry-cleaning services and an 11-story parking garage. KBS-affiliated companies own four other Houston-area properties totaling 1.3 million square feet, including Ten West Corporate Center, Two Westlake Park, Clay Crossing and 8300 FM 1960. Charles Schreiber, Jr., Peter Bren, Keith Hall and Peter McMillan III of KBS Realty Advisors sponsored the buyer in the transaction, and KBS Capital Advisors LLC advised the REIT.
ADDISON — Fiesta Restaurant Group, owner and operator of the Taco Cabana and Pollo Tropical restaurants, has plans to occupy 20,000 square feet of office space at 14800 Landmark Blvd. in Addison. The new office space will serve as Fiesta's corporate headquarters. The company plans to have 55 employees in the office during the next three years.
BOSTON — EagleBridge Capital has arranged $6 million in permanent mortgage financing for 33 Broad Street, a 40,500-square-foot office building in Boston's Financial District. The building is fully leased and retail tenants on the ground floor include State Street Eye Health and Expresso Love. The upper floors are occupied by 18 office tenants including law firms, accountants and financial advisors. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a financial institution.
CORPUS CHRISTI — NorthMarq Capital has arranged first mortgage refinancing for the 72,793-square-foot Sun Plaza Office Building, located at the intersection of Holly Road and South Staples Street in Corpus Christi. The property's tenant roster includes Stewart Title, NRG Energy, AT&T and Falcon Healthcare. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender on behalf of the borrower, Sun Real Estate LLC.
NATICK, MASS. — Maric Strathmore Inc. has sold a 15,504-square-foot office building at 21 Strathmore Road in Natick for $3 million. The building is located within the Natick Business Park near Route 9. Scott Hughes of New Dover Associates represented the seller in the transaction. He also procured the buyer, GMG 21 Strathmore Road, an affiliate of Genesis Management Group.
HOUSTON — Parkway Properties has signed a contract agreement to acquire the 626,000-square-foot Phoenix Tower, a 26-story Class A office building located in the Greenway Plaza submarket of Houston, for $124.5 million. The office tower is LEED Gold certified and is 84.5 percent leased. Parkway has plans to place a secured first mortgage on the property after closing that will equate to 65 percent of the purchase price, approximately $80.6 million.
FORT WORTH — Jones Lang LaSalle has arranged Residential Credit Solutions' 106,500-square-foot office lease at 4708 Mercantile Drive in Fort Worth. Pat McDowell and Matt Montague of Jones Lang LaSalle represented the tenant in the lease transaction. Brian Randolph and Andrew Ward of Mercantile Partners represented the landlord.
SPARTANBURG, S.C. — The Wells Fargo and Ward Law Building at 233 S. Pine St. in Spartanburg has sold for $1.3 million. Dan Dunn of NAI Earle Furman’s Spartanburg office represented the unlisted seller. NAI Earle Furman’s Greenville, S.C., office and Greenville-based Investment Services Group procured the buyer.