Office

PARTNERSHIP TO DEVELOP OFFICE BUILDING IN WEST HOUSTON

by admin January 7, 2013

HOUSTON — A co-investment partnership between Crimson Real Estate Fund (CREF) and USAA Real Estate Co. has acquired eight acres of land in west Houston to build a new three-story office building and an adjoining parking lot. The 97,500-square-foot building will serve as the new headquarters for TGS-Nopec Geophysical Co. Patrinely Group will develop the building and Crimson Services will provide on-site property management. Both Patrinely and Crimson Services are affiliates of CREF. The project will be leased entirely to TGS-Nopec. Jon Silberman of NAI Houston represented TGS-Nopec in its lease transaction. Dennis Tarro of Crimson Services represented the landlord.

January 7, 2013

KBS BUYS PALO ALTO TECHNOLOGY CENTER

by admin January 7, 2013

PALO ALTO, CALIF. — KBS Realty Advisors has purchased Palo Alto Technology Center, a 259,157-square-foot office campus, for an undisclosed sum. The 10-building complex is located on Embarcadero Road at Highway 101 in Palo Alto. It was 97 percent leased at the time of sale. Stanford Hospital and Clinics recently leased about 66 percent of the campus.

January 7, 2013

Office Western

ACENTO LEASES 19,042 SF IN SANTA MONICA

by admin January 7, 2013

SANTA MONICA, CALIF. — Acento Advertising has signed a seven-year lease for 19,042 square feet at 2001 Wilshire Blvd. in Santa Monica. The new space will allow the company to expand and hire about 60 new employees. The lease is valued at $4.36 million. Acento will occupy the new space in March. The firm was represented by Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company. The landlord, Douglas Emmett, represented itself in this lease transaction.

January 7, 2013

Office Western

DIVCOWEST, TPG BUY MISSION WEST’S SILICON VALLEY PORTFOLIO

by admin January 4, 2013

SAN FRANCISCO – A partnership between DivcoWest and affiliates of TPG Real Estate has purchased the majority of assets within Mission West Properties’ Silicon Valley portfolio. The purchase price was not disclosed. The 73-building portfolio contains 6.4 million square feet. Eastdil Secured, Morgan Stanley and Bank of America Merrill Lynch served as the partnership’s financial advisors, while Gibson, Dunn & Crutcher and Skadden, Arps, Slate, Meagher & Flom acted as legal advisors.

January 4, 2013

Northeast Office

STARWOOD CAPITAL BUYS 1.9M SF OF OFFICE SPACE

by admin January 4, 2013

GREENWICH, CONN. — Greenwich-based Starwood Capital Group has acquired a portfolio of nine office buildings, including a property in Pittsburgh, for $260.5 million. The portfolio totals 1.9 million square feet of Class A space in Orlando, Tampa, Charlotte, Winston-Salem, Pittsburgh and Salt Lake City. The buildings are 95 percent leased, excluding Salt Lake City, and the average year of completion is 1999. Wells REIT Real Investment Trust II was the seller.

January 4, 2013

Northeast Office

TRANSATLANTIC REINSURANCE INKS 134,000 SF LEASE

by admin January 4, 2013

NEW YORK CITY — Transatlantic Reinsurance Co. has signed a lease for 134,000 square feet of office space at One Liberty Plaza in Lower Manhattan. Transatlantic, a holding company for a number of subsidiary organizations offering reinsurance products, will occupy three floors of the building for 15 years. With the new signing, the property is now 98.6 percent leased. Robert Lowe and John Cefaly of Cushman & Wakefield represented the tenant in the transaction. The landlord, Brookfield Office Properties, was self-represented by Duncan McCuaig.

January 4, 2013

Office Texas

CAPLEASE CLOSES ON $18.1M PURCHASE OF OFFICE BUILDING

by admin January 4, 2013

SAN ANTONIO — CapLease has closed on its $18.1 million acquisition of a 96,000-square-foot, Class A office building, located in San Antonio. The property is leased to two tenants: United Healthcare Services and Becton, Dickinson and Co. CapLease acquired more than $185 million in commercial properties in 2012, including this purchase.

January 4, 2013

Office Western

DIVCOWEST, TPG BUY MISSION WEST’S SILICON VALLEY PORTFOLIO

by admin January 4, 2013

January 4, 2013

Office Western

FOX POINT COMMONS IN LAKEWOOD SELLS FOR $2.5M

by admin January 3, 2013

LAKEWOOD, COLO. — Fox Point Commons, a 55,024-square-foot office and retail complex, has sold to Kensington, LLC for $2.5 million. It is located at 13655-13701 West Jewell Ave. Kensington, which purchased Fox Point as a 1031 Exchange property, was represented by Matt Ritter of Pinnacle Real Estate Advisors. The unnamed seller was represented by TJ Smith of Colliers International.

January 3, 2013

Midwest Office

THE BOULDER GROUP ARRANGES SALE OF JPMORGAN CHASE OFFICE PROPERTY

by admin January 3, 2013

COLUMBUS, OHIO – The Boulder Group has arranged the $8.9 million sale of an 84,000-square-foot JPMorgan Chase office property in Northbrook. The building is fully leased to JPMorgan Chase on a net lease basis with two years remaining on the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based partnership. The buyer was self-represented in the deal.

January 3, 2013

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