LOS ANGELES — The Academy Tower, a 175,012-square-foot office building in the Los Angeles submarket of North Hollywood, has sold to Kennedy Wilson for $48 million. The building is located at 5200 Lankershim Blvd. It is 97 percent leased. Notable tenants include Endemol, IPPT and Starcom Worldwide. The transaction was funded with $19 million in equity from Kennedy Wilson and a $29-million loan from Bank of America Merrill Lynch.
LINCOLNSHIRE, ILL. — Retail Properties of America Inc. (RPAI) has sold an 818,686-square-foot office building in Lincolnshire that is fully leased to Aon Hewitt, for $148 million. Proceeds from the sale were used to repay $177.7 million in mortgage debt and accrued interest encumbering the entire Aon Hewitt campus. Following the sale, RPAI continues to own the remaining 343,000-square-foot Aon East Campus, which is fully leased to Aon Hewitt.
ROSEMONT, ILL. — Three new tenants have joined 600 Shafer Court, a 162,115-square-foot office building in Rosemont. The American Society of Plumbing Engineers, represented by Greg Witt and James Otto of CBRE Group, leased 7,076 square feet. Quattro FPO Solutions took 3,185 square feet and was represented by Peter Kelly of Lincoln Property Commercial. Haemonetics Corp., represented by Jon Azulay of Studley, leased 14,665 square feet. Jack Reardon of NAI Hiffman represented the owner in all three transactions.
KATY — Eastgroup Properties has begun construction on a 30,000-square-foot build-to-suit headquarters facility for Welltec Americas, located at Merchants Way and Ravello Drive in Katy. The new facility will include a training facility for field engineers, technicians, maintenance and sales associates. Welltec worked with the Katy Area EDC for the development.
HOUSTON — Toronto-based Avison Young has been selected to provide leasing services for a two-building office portfolio totaling 267,578 square feet in Houston. The portfolio includes a 100,352-square-foot property located at 110 Cypress Station Drive and the 167,226-square-foot Creekridge II, a three-story property located at 140 Cypress Station Drive. The owner of the portfolio is Sante Fe, N.M-based Rosemont Realty. Lee Jeane of Avison Young will handle the leasing and marketing services for both properties.
LOS ANGELES — The Academy Tower, a 175,012-square-foot office building in the Los Angeles submarket of North Hollywood, has sold to Kennedy Wilson for $48 million. The building is located at 5200 Lankershim Blvd. It is 97 percent leased. Notable tenants include Endemol, IPPT and Starcom Worldwide. The transaction was funded with $19 million in equity from Kennedy Wilson and a $29-million loan from Bank of America Merrill Lynch.
SANTA ROSA, CALIF. – Medtronics has expanded its footprint in Santa Rosa. The medical device technology company has signed a new lease for a 62,865-square-foot building at 3880 Brickway Blvd., while extending its current lease term on the neighboring 63,720-square-foot building at 3850 Brickway Blvd. The Class A buildings were owned by Equity Office Properties (EOP) when the leases were executed, but have since been purchased by Basin Street Properties. EOP was represented by Jeff Negri, Niels von Doepp and Ryan Snow of Cassidy Turley.
NEW YORK CITY — Ivanhoe Cambridge has acquired a 49.9 percent ownership interest in 1411 Broadway, a 40-story office tower in Manhattan, for $360 million. The joint venture agreement with The Swig Co. includes a managing interest for Ivanhoe and a significant investment by both parties to upgrade the property. The 1.2 million-square-foot office tower is located west of Bryant Park and south of Times Square.
OKLAHOMA CITY, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has secured a $63 million mortgage for the new Boeing Regional Headquarters Campus, located across from Tinker Air Force Base in Oklahoma City. Todd McNeill and Sunny Sajnani of MCA arranged the 10-year loan with a 30-year amortization schedule. The proceeds from the loan were used to retire existing debt, pay for capital improvements, fund closing costs and return equity to the sponsor.
HOUSTON — Commercial Resource Capital has refinanced the 263,385-square-foot Younan Square, a 20-story office building located at 1010 Lamar in downtown Houston. The office building also includes the 1111 main parking garage. Toby Kettle and Jason Dannatt of Commercial Resource Capital arranged the five-year, fixed-rate loan.