SAN ANTONIO — NorthMarq Capital has arranged a $13 million first mortgage loan for the 114,433-square-foot The Oaks at University Park, an office park located in San Antonio. The property features tenants such as Allstate and Community First Health. William Luedemann of NorthMarq's Houston office arranged the 15-year loan with a 25-year amortization schedule through John Hancock Life Insurance Co. on behalf of the borrower, Building One Oaks.
DETROIT — Rock Ventures is closing on its purchase of the historic Federal Reserve building in Detroit, a 176,000-square-foot building that has sat vacant since 2004. Built in 1927, the building is located at 160 W. Fort St. The Federal Reserve Bank moved to a new building in 2004, leaving the property empty. Rock Ventures was formed by Dan Gilbert, chairman and founder of Quicken Loans. In the past year, Gilbert has purchased nine buildings, three parking structures and one parking lot in downtown Detroit. Gilbert broke the news of the Federal Reserve purchase during the opening of Rock Venture's $12 million renovation of the Madison Theater Building in Detroit. The building has been renamed The M@dison.
MARLTON, N.J. — Tequesta Properties has acquired two Marlton-based office buildings from Brandywine Realty Trust for $22.8 million. Five Greentree Centre is a 165,956-square-foot office building at 525 W. Lincoln Dr. in the Greentree Corporate Centre. The second property, 30 Lake Center Dr., is a 40,287-square-foot office building located at 30 Lake Center Executive Pkwy. Both buildings were developed in 1986. Joe Sklencar of Grubb & Ellis represented both parties in the transaction.
FARMINGVILLE, N.Y. — Medford-based Ocean 11 Realty purchased the 50,000-square-foot former headquarters of Teachers Federal Credit Union (TFCU) in Farmingville for $4.6 million. The five-story office building is located at 2410 N. Ocean. The building will be renamed as the Heron Professional Center and will undergo an upgrade. Ocean 11 plans to make one floor available for leasing and market the remaining floors through an office-condominium offering. Hauppauge-based Corporate Realty Services represented TFCU in the sale. Paul Elliott of Medford-based Soundview Realty Group represented Ocean 11.
BASKING RIDGE, N.J. — Matheson Tri-Gas, a specialty and industrial gas producer, has expanded its U.S. headquarters and signed an 11-year lease extension in Basking Ridge. The company expanded its lease by 10,000 square feet, for a total of 33,000 square feet, at 150 Allen Rd. Brian Lynch and Peter Rasmusson of Lee & Associates represented the tenant in the transaction. The building's owner, the Silverman Group, was represented in-house by Toby Nelson.
PHILADELPHIA — Retailer Five Below has signed a new 34,500-square-foot, 10-year office lease at 1818 Market St. in Philadelphia. The location will serve as the company's new corporate headquarters. Five Below merchandise is geared to the teen and pre-teen markets. The lease includes an option to expand to a total of 60,000 square feet on two floors. With the addition, 1818 Market is 83 percent leased. The landlord is Daymark Realty Advisors.
PLANO — A new joint venture between Dallas-based Hines and institutional investors advised by J.P. Morgan Asset Management-Global Real Assets have acquired the 215,499-square-foot The Plaza at Legacy, an office building in the Legacy Business Park in Plano. The acquisition also includes a 12-acre adjacent land parcel. Hines developed the property as a build-to-suit for Computer Associates in 2001 and sold the asset to ING-Clarion in 2004 but continued to manage the property until 2006. Jones Lang LaSalle's Houston Real Estate Investment Banking team advised Hines in the joint venture equity and debt. Computer Associates has reconfigured its space renewed its lease for 43 percent of the property in a 10-year deal, leaving approximately 120,000 square feet of space available for multiple tenants. Computer Associates' reconfiguration has led to a repositioning of the office building, which will include upgrading the lobby, adding a deli/sundry store, adding a fitness center and upgrading common areas on each floor. The retrofit is slated for an end of 2012 completion and is being financed by U.S. Bank. Hines is co-marketing the available office space with Cassidy Turley.
LONG BEACH, CALIF. — Regus has agreed to lease 18,399 square feet of office space at Landmark Square in Downtown Long Beach. Regus’ business center is anticipated to open mid-year, providing executive suite offices, meeting space and virtual offices for executives and entrepreneurs in the South Bay. It was represented by Steve Solomon and Jason Fine of Jones Lang LaSalle Los Angeles. Landmark’s owner, Brookfield Properties, was represented in-house by John Barganski and Toliver Morris.
BOSTON — Suffolk Construction will oversee the 12-month renovation of 185 Franklin St., a historic high-rise office building in Boston's Financial District. The building has been rebranded 50 Post Office Square. Plans for the project call for renovations to the building's lobby, commercial space and common areas and 110 new underground parking spaces. Suffolk is currently developing the first phase of construction, which includes the addition of 21,000 square feet of street-level retail space. The two-phase project is slated for completion in 2013.
WEST CONSHOHOCKEN, PA. —Five Tower Bridge, one of Philadelphia's premier suburban office towers, has sold for a reported $70 million to MIM-Hayden Real Estate Funds. MIM is a partnership between Conshohocken-based Miller Investment Management and Hayden Real Estate Investments, and David Cos. of Boston. The 222,000-square-foot tower was built by Oliver Pulver Tyrone in 2001 and is located at 300 Barr Harbor Dr. in West Conshohocken. The building is fully occupied. KBS Realty Advisors of Newport Beach, Calif. was the seller.
