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.
CARROLLTON — Grubb & Ellis has brokered the lease extension of 59,856 square feet of office space, located at 3000 Kellway Dr. in Carrollton. Heather Densmore Shover and Trae Anderson of Grubb & Ellis' Dallas office represented the landlord, 3000 Kellway Drive Holdings LP, in the lease transaction. Securus Technologies was the tenant.
SMYRNA, GA. — Floor and Decor Outlets of America has signed a 30,810-square-foot lease at Lakewood II office building, located at 2233 Lake Park Dr. in Smyrna. Bill Weghorst and Chip Roach of PM Realty Group's Atlanta office, along with Chris Breeden of Parkway Realty Services' Atlanta office, represented the landlord, Parkway Properties Office Fund II, in the transaction. Don Perry of Norcross, Ga.-based Lavista Associates represented the tenant.
PHILADELPHIA — Law firm Morgan Lewis has extended its 289,432-square-foot office lease at Six Penn Center in Philadelphia. The company occupies all of the office space at Six Penn, which consists of floors six through 18. The lease now expires Jan. 31, 2021. W. Whitney Hunter and Peter Talman of Jones Lang LaSalle represented Morgan Lewis in the transaction. The building is owned by a joint venture controlled by Lexington Realty Trust. Morgan Lewis is one of the 15 largest law firms in the U.S., according to The National Law Journal's ranking of the 250 largest law firms.
SAN DIEGO — The Law Firm of Morris, Sullivan & Lemkul, LLP has signed a new 10-year lease at the Monarch Corporate Center in the San Diego submarket of Scripps Ranch. The firm now occupies the entire third floor of the building. The expansion totaled 20,000 square feet, and the lease is valued at $7.5 million. Morris, Sullivan & Lemkul was represented by Cassidy Turley BRE Commercial’s Dave Odmark. CBRE’s Jeb Bakke, Tyler Gossett and Scott Kincaid represented the building’s owner, Vinings Trace, LLC.
RALEIGH AND CARY, N.C. — A six-building office portfolio, located in Raleigh and Cary, has sold. The assets include 5540 & 5565 Centerview Dr., 801 Jones Franklin Rd. and 5520 Capital Center Dr. in west Raleigh; 6501 Weston Pkwy. in Cary; and 1616 Millbrook Rd. in north Raleigh. David Finger and Scot Humphrey of Cassidy Turley's Raleigh office, along with Rob Cochran of the firm's Charlotte, N.C., office, and Jud Ryan, Paul Collins and Drew Flood of the firm's Washington, D.C., office represented Duke Realty, the seller, in the transaction. The buyer was Archon Acquisition.
NEW YORK CITY — Meridian Capital Group has negotiated a $44 million mortgage loan to recapitalize a 17-story, 160,000-square-foot office building in Midtown Manhattan. The 7-year loan provided by a local savings bank includes a 4.3 percent rate and interest-only payments for the first year. The building is located on East 45th Street and is 98 percent occupied. Tenants include LIM College and AT&T. Allan Lieberman of Meridian arranged the transaction.
HOUSTON — Noble Energy has signed a long-term lease to fully occupy a 497,000-square-foot office building, located at 20555 State Hwy. 249 in Houston. Noble Energy will consolidate its other Houston locations into the new building. The building is undergoing capital improvements to achieve LEED and Energy Star designations, and Kirksey Architecture is designing the renovations. Jim Arket and Mona Williams of Grubb & Ellis' Houston office represented the tenant in the lease transaction. A joint venture between Trammell Crow Co. and Principal Real Estate Investors own the building.
CLAREMONT, CALIF. — The Claremont Business Park was sold to a private investor for $8,775,000. The business park was built in 1988. It is composed of five single-tenant buildings and one multi-tenant building for a total of 69,428 square feet. It is fully leased. Lee A. McCullough of Colliers’ Irvine, Calif., office represented the buyer. Bob Griffith and Steven Ward of Grubb & Ellis represented the seller, Claremont Business Park LLC.