PHILADELPHIA — Winthrop Realty Trust has paid $57 million to take over the non-performing $70 million mortgage on 1515 Market St., a 514,000-square-foot office building in Philadelphia. Tenants of the property include Citizens Bank and Temple University.
HOUSTON — Jones Lang LaSalle has arranged the sale of 12301 Kurland, a four-story, 195,525-square-foot office building in Houston's Gulf Freeway submarket. Rudy Hubbard and Kevin McConn of Jones Lang LaSalle represented the seller, Capital Commercial Investments, in the transaction. Paul House and John Ream of Jones Lang LaSalle secured a 10-year senior mortgage CMBS loan through Deutsche Bank on behalf of the buyer, Mission Cos. The property is 92 percent leased to five tenants.
CYPRESS, CALIF. — A 285,000-square-foot office/R&D building in Cypress has received $27 million in permanent financing. The non-recourse debt features an interest rate in the low 4 percent range and a 20-year term. The borrower, a privately held entity, used the funds to refinance the existing principal balance, as well as generate capital for its commercial real estate portfolio. Kevin Burkhalter of Johnson Capital's Los Angeles office arranged the loan.
SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Companyand Angelo, Gordon & Companyfor $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.
QUINCY, MASS. — Three new tenants will join One Adams Place in Quincy, after leasing a total of 31,325 square feet. Ricoh Americas Corp. signed a lease for 10,380 square feet, H.T. Bailey Insurance Group leased 15,572 square feet and South Shore Mental Health will take 15,572 square feet. Sean Teague, Jon Teague, Jon Vacca and Kate McGovern of Cassidy Turley represented the landlord, Commonwealth REIT, in the transaction. CBRE Group represented Ricoh Americas, DTZ represented H.T. Bailey and The Congrad Group represented SSMH. Reit Management & Research LLC manages the property.
SUGAR LAND — Three new office tenants have signed leases with Planned Community Developers (PCD) for office space at Sugar Land Town Square, bringing the development to 83 percent occupancy. Altius Consulting has leased 2,716 square feet of office space at 2245 Texas Drive, Suite 150. Julie Combs of JC Realty represented the tenant in the lease transaction. DuCharme, McMillen & Associates has leased 9,335 square feet of space at 2245 Texas Drive, Suite 450. Hugh Herman of Cushman & Wakefield of Texas represented the tenant. John Crane Production Solutions has leased 6,556 square feet of space at 2150 Town Square Place, Suite 395. Tracy Steele of Morgan, Lewis & Bockius represented the tenant in the transaction. PCD was self-represented by Don Janssen in the all three lease transactions.
SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Company and Angelo, Gordon & Company for $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.
MARLBOROUGH, MASS. — Verax Biomedical has signed a lease for 16,876 square feet of office and laboratory space at 120 Bartlett St. in Marlborough. Verax develops rapid tests for detecting bacterial contaminants in blood cells and tissue. Dan Collins, Stephen Cusano and Tom Egan of NAI Hunneman represented the landlord, The Ram Cos., in the transaction. Jones Lang LaSalle represented the tenant.
HOUSTON — Newport Beach, Calif.-based KBS Strategic Opportunity REIT has closed on its acquisition of West Loop I & II, a 313,873-square-foot office complex located in Houston's Bellaire submarket. The office complex recently underwent nearly $4 million in capital improvements, including elevator upgrades and renovations for its adjacent eight-story parking deck. 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.
THE WOODLANDS — Layne Christensen Co., a water management and construction firm, has signed a 51,152-square-foot lease for space in One Hughes Landing, a Class A office property being developed in the 66-acre Hughes Landing on Lake Woodlands mixed-use development in The Woodlands. When built out, One Hughes Landing will span eight stories and 197,000 square feet. Houston-based Gensler has designed the property to LEED Silver certification standards. Layne Christensen Co. signed the lease for the top two floors of the office building with the project's developer, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp. Texas Capital Bank and Woodforest National Bank provided $38 million in non-recourse financing to The Howard Hughes Corp. for the development of One Hughes Landing. Robert Parsley and Norman Munoz of Colliers International represented the landlord in the lease transaction. Sven Sykes of Colliers' Chicago office, Brian Johnson of the firm's Kansas City office and Jay Kyle of the firm's Houston office represented the tenant.