FAIRFAX, VA. — Exxon Mobil Corp. has selected Cassidy Turley to market its 117-acre campus in Fairfax, as it prepares to relocate its local operations to a consolidated site in The Woodlands, a suburb of Houston. The property, located at 3225 Gallows Road, includes five buildings with 1.3 million square feet of office space. The site also includes 1 million square feet of parking structures and 92 acres of undeveloped land.
HAWTHORNE, N.Y. — Mack-Cali Realty Corp. has sold 19 Skyline Drive in Hawthorne for $17.5 million. The vacant five-story, 248,400-square-foot building was sold to New York Medical College, a member of the Touro College and University System. “The sale of this property continues our strategy of recycling our capital out of non-core office assets to fuel our diversification into multifamily,” says Mitchell Hersh, president and CEO of Mack-Cali.
PRINCETON, N.J. — Dr. Reddy’s Laboratories Inc. has signed a lease for 106,500 square feet of office and laboratory space with National Business Parks Inc. in Princeton. The global pharmaceutical company signed a long-term lease for the entire 75,500-square-foot, Class A property located at 107 College Road E., which will serve as the firm’s North American headquarters. The company also signed a 31,000-square-foot lease at the 61,792-square-foot, Class A building at 303 College Road E. Dr. Reddy's Laboratories, was represented by Shawn Straka, Steve Fleming and John Buckley of Jones Lang LaSalle. Vince Maranoand Tom Stange of Jones Lang LaSalle represented the building owner, National Business Parks.
ONTARIO, CALIF. — Lake View Center, a 106,345-square-foot office property in Ontario, has sold to BH Properties for $13.8 million. The office complex is located at 3257 & 3237 E. Guasti Road. It is currently 62 percent leased. Notable tenants include East West Bank, T-Mobile and the University of La Verne. BH Properties plans to invest additional capital into the project. BH Properties represented itself in this transaction, while the sellers, PCCP and the Muller Companies, were represented by CBRE’s Kevin Shannon, Darla Longo and Phil Woodford.
NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
NORFOLK, VA. — Mid-Atlantic Maritime Academy has leased 20,833 square feet of office space at 5301 Robin Hood Road in Norfolk Commerce Park II. The three-story, Class A property includes a renovated lobby, onsite cafe and onsite management. Perry Frazer and Matt Wilbricht of CBRE | Hampton Roads represented the landlord, Norfolk Commerce Park II, in the transaction. Don Crigger of CBRE | Hampton Roads represented the tenant.
HOUSTON — Investcorp's U.S.-based real estate division has purchased One Westchase Center, a 466,000-square-foot office building in Houston's Westchase submarket. The purchase was part of Investcorp's $200 million investment in five office properties in the metro areas of Washington, D.C., Denver and Houston. The properties total more than one million square feet and have a combined occupancy rate of approximately 94 percent.
NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
MIAMI — Littler Mendelson P.C., a labor law firm, and Studley, a commercial real estate services firm, have signed long-term leases for 17,137 square feet and 7,580 square feet, respectively, at Wells Fargo Center in Miami. The leases have an estimated value of more than $14 million. The firms will join tenants such as Wells Fargo Bank and Deloitte in the 750,000-square-foot Class A tower. Brian Gale of Taylor & Mathis represented the owner, MetLife, in the transaction. Carter Hopkins of CBRE represented Littler Mendelson and Studley was self-represented by Greg Katz.
SAN DIEGO – A 5,000-square-foot office building and a 6,200-square-foot adjacent industrial building in San Diego have sold to a private investor for $2.4 million. The buildings are located at the corner of Cedar and California streets. The new owner plans to convert the property into 11,000 square feet of restaurant, office or retail space. Ben Tashakorian and Nick Totah represented both the buyer and the seller, a limited liability company, in this transaction.