NORFOLK, VA. — Town Point Club Inc. has renewed its lease for 18,394 square feet of office space in the World Trade Center, located at 101 W. Main St. in Norfolk. Town Point Club is a private business club comprised of formal and casual dining areas, meeting rooms, business center, bar, lounge and smoking room. The membership includes business executives, military officers and entrepreneurs. Michael Divaris of Divaris Real Estate Inc. represented the tenant in the deal.
BLAINE, MINN. — McLean, Va.-based Gladstone Commercial Corp. has purchased an office building in Blaine from the CSM Corp. for $14.4 million. The 92,275-square-foot, single-story building is fully leased to PTC Inc., a Needham, Mass.-based company that develops software solutions and help companies design products and manage product information. “We are excited about this acquisition, which highlights our focus on high-quality assets leased on a long-term basis to strong tenants like PTC Inc.,” says Matt Tucker, a director of investment for Gladstone, a REIT.
ORANGETOWN, N.Y.— Bloomberg LP has signed a lease for a new 131,805-square-foot, build-to-suit data center in Orangetown, located about 13 miles west of White Plains. The center is being developed by a joint venture of Russo Development and Sentinel Data Centers, which will retain ownership of the property. Upon completion, the facility will be a single-story property with infrastructure to provide more than seven megawatts of data capacity. The project is slated for completion in mid-2014. The Rockland County Industrial Development Agency endorsed Orangetown’s resolution to provide the project with a partial tax abatement package and Bloomberg’s lease agreement is conditional upon final authorization by the county executive.
DALLAS — Velocis, a commercial real estate investment fund, and its investors have purchased 3131 McKinney Avenue, a 145,610-square-foot Class A office building in Uptown Dallas. The 13-story property is more than 90 percent leased. The property sits atop a six-story parking garage and its tenants have immediate access to West Village, the McKinney Avenue Trolley line and Katy Trail. The acquisition is Velocis' ninth purchase, bringing its total assets under management to more than $240 million. HFF represented the seller, a state pension fund advised by Lincoln Property Co., in the transaction. Lincoln will manage the asset, and James Esquivel, Jay Bailey and Clint Coe of Jones Lang LaSalle will handle property leasing.
DENVER – A 680,277-square-foot office building in Denver has sold to Franklin Street Properties Corp. for $183 million. The building is located at 1999 Broadway in the city’s Central Business District. The acquisition included a nine-story parking structure. The building is 96 percent leased.
BRANFORD, CONN. — TKJ Associates has sold a 50,000-square-foot Class A office building, located at 322 E. Main St. in Branford, to 322 East Main Street LLC. The buyer is an entity owned by a Connecticut-based real estate investor and affiliate of Stamford, Conn.-based SWC Office Furniture. Steven Inglese of New Haven Group represented the seller and procured the buyer in the transaction. The three-story office building was 38 percent leased prior to the time of sale. Coinciding with the purchase of the building, the buyer entered into leases with two new tenants for the entire first floor, bringing the building’s occupancy close to 70 percent. The new owner also has renovations planned for various common areas including the lobby entrance. The New Haven Group will continue marketing the building for lease on behalf of the new owner. The purchase price was undisclosed.
STAMFORD, CONN. — The Landis Group’s Class A office tower, located at 400 Atlantic St. in Stamford, has achieved LEED Silver certification from the U.S. Green Building Council for Existing Buildings. In 2012, the management at 400 Atlantic assembled an in-house team to incorporate a variety of sustainable initiatives and cost-cutting strategies, including changes in electrical usage, fuel/gas consumption and hardscape management.
AUSTIN, TEXAS — Atlanta-based Cousins Properties Inc. has broken ground on Colorado Tower, a 371,000-square-foot, Class A office tower in downtown Austin's Warehouse District. Dude/Paine Architects designed the 29-story building under the Austin Energy Green Building 2 star program. Colorado Tower will feature a fitness facility and conference center. Two firms, DuBois, Bryant & Campbell LLP and Scott, Douglass & McConnico LLP, have pre-leased space in the tower. Colorado Tower is expected to be substantially complete by December 2014.
CHICAGO — Cole Real Estate Investments, on behalf of Cole Corporate Income Trust Inc., has acquired the Hillshire Brands Co. headquarters in Chicago’s West Loop for $97.5 million. Sterling Bay Cos. reportedly purchased the empty 233,869-square-foot building in 2012 for $10 million, and spent about $50 million to build-out the property for Hillshire. All of the infrastructure and building components were redone, and windows were added on all four exposures, expanding the amount of natural light. “One of the key factors was the long-term lease — nearly 15 years — with an investment-grade tenant,” says Boyd Messmann, senior vice president of office and industrial acquisitions.
HOUSTON — Houston-based Boxer Property has acquired Northwest Central Plaza, a 75,289-square-foot office building located at 5500 N.W. Central Drive in Houston. The two-story property is currently vacant. Boxer Property also owns the adjacent property, 5600 N.W. Central Drive.