LOS ANGELES – The State Bar of California will soon occupy the top four floors of a 111,000-square-foot office building in Downtown Los Angeles. The building is located at 845 South Figueroa Street. The space is undergoing a $14-million interior renovation before the State Bar takes up residency this December. Smart & Final recently opened on the building’s ground floor. The renovation will be carried out by Driver SPG, a construction affiliate of C.W. Driver. LeanArch will serve as the project’s architect. The five-story building also underwent a full-base renovation last year before the State Bar purchased the property from L&R Companies. The State Bar will be relocating from the AT&T Center once the renovations are complete.
PHOENIX – Omninet Capital has purchased the Midtown Phoenix Bank of America Tower for $14.8 million. The 189,000-square-foot building is located at 3030 N. Central Ave. The tower is currently 87 percent leased to tenants like Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute. Omninet plans to invest more than $2 million to renovate the building. The company also plans to invest an additional $200 million in the Phoenix market over the next two years. Omninet represented itself in this transaction. The seller, a partnership between Morrison Street Capital and Ronald Realty Group, was represented by Michael Crystal of Cushman & Wakefield of Arizona and Jim Palmer of The Palmer Group.
TORRANCE, CALIF. — LivingSocial has leased 19,311 square feet at Pacific Center in Torrance. The center is located at 21250 Hawthorne Blvd. Other notable tenants at the center include Bank of America, Wells Fargo Insurance and Morgan Stanley Smith Barney.The landlord, Bixby Land Company, was represented by Eric Lastition, Doug Brawnand Thacher Goodwin of Colliers International. They are the exclusive leasing agents for the property.
ATLANTA — HFF has arranged $114 million in non-recourse financing for Promenade, a 775,089-square-foot, Class A office tower located in Atlanta's Midtown submarket along Peachtree Street. The property, built in 1990 as a build-to-suit for AT&T, is adjacent to The Four Seasons, Colony Square and the High Museum. The office tower is currently 87 percent leased. Mark Sixour and Bill Ireland of HFF arranged the nine-year, fixed-rate loan through Northwestern Mutual on behalf of the borrower, Atlanta-based Cousins Properties Inc.
MIAMI — Sedgwick LLP and Veritext Legal Solutions have signed leases totaling 27,000-square-foot at One Biscayne Tower, a 700,000-square-foot office tower located in downtown Miami. The two 10-year leases have a combined value of $9 million. Ryan Holtzman of Taylor & Mathis represented the landlord in the two lease transactions. Catarina Jimenez of Jones Lang LaSalle represented Sedgwick LLP and Ryan Ackerman of CBRE represented Veritext Legal Solutions.
GERMANTOWN, WIS. — Electrical equipment maker Trans-Coil International is developing a new manufacturing and office building in Germantown Industrial Park, shifting operations from two facilities in Milwaukee and Menomonee Falls. The new 66,000-square-foot facility at W132 N10611 Grant Drive in Germantown, about 25 miles north of Milwaukee, is slate for a spring 2014 completion. Trans-Coil, with 123 employees, currently operates at 7878 N. 86th St. in Milwaukee, and W142 N9039 Fountain Blvd. in Menomonee Falls. The company plans to add 55 to 60 jobs during the next three years. The company is negotiating with Economic Development Washington County for a low-interest loan to help finance the development, according to the Milwaukee-Wisconsin Journal Sentinel.
NEW YORK CITY — RFR Holding LLC has secured $100 million in refinancing for 160 Fifth Ave., a 107,000-square-foot office property in the Midtown South submarket of Manhattan. RFR says the refinancing through Citibank will enable it to retire $65 million of existing debt on the Class A boutique property, while taking advantage of lower interest rates. The company purchased the property in 2005 and completed a multi-million dollar renovation program. Its largest tenant at 160 Fifth is the Simons Foundation, a private charitable foundation formed by hedge fund manager James H. Simons, at 76,000 square feet. Also on the tenant roster are office and showroom space for Grohe America, the luxury faucet designer; Forrester Research; and Prophet Brand Strategy. Fashion retailer Club Monaco occupies the retail component of 160 Fifth.
WALTHAM, MASS. — Fantini & Gorga has arranged a $35 million permanent mortgage for a 335,000-square-foot office and industrial portfolio in Waltham, a suburb of Boston. The portfolio includes two Class A office buildings and one industrial building, which were close to 90 percent occupancy at the time of closing.
TORRANCE, CALIF. — LivingSocial has leased 19,311 square feet at Pacific Center in Torrance. The center is located at 21250 Hawthorne Blvd. Other notable tenants at the center include Bank of America, Wells Fargo Insurance and Morgan Stanley Smith Barney. The landlord, Bixby Land Company, was represented by Eric Lastition, Doug Brawn and Thacher Goodwin of Colliers International. They are the exclusive leasing agents for the property.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad for $22.2 million. The Class A center is located at 5759 Fleet Street in the Carlsbad Ranch area. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley’s North San Diego office. The seller, TA Realty Associates, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of Cushman & Wakefield.