WASHINGTON, D.C. — Vornado Realty Trust has closed on the $104 million acquisition of the 130,000-square-foot 1339 New York Avenue, a Class A trophy office building located in Washington, D.C.'s CBD. The company acquired the 97.5 percent interest it did not previously own in the building. The seller was undisclosed.
NEW YORK CITY — Vornado Realty Trust has completed a $330 million refinancing of Eleven Penn Plaza, a 1.1 million-square-foot office building in Manhattan. The company realized net proceeds of about $126 million after repaying the existing loan on the property and closing costs. The loan bears an interest rate of LIBOR (which today is 2.64 percent), plus 2.35 percent. The seven-year loan has a 30-year amortization schedule that begins in the fourth year.
NEW YORK CITY — Meridian Capital Group has arranged $28 million in financing for a 12-story office building in Queens, on behalf of Pi Capital Partners LLC. An undisclosed local bank provided the five-year loan, which carries a 3.75 percent rate. Cary Pollack of Meridian's New York office negotiated the transaction. The 60,000-square-foot building includes 8,600 square feet of ground-floor retail space.
LOS ANGELES — Dongell Lawrence Finney LLP has signed a 10-year lease for the entire 45th floor of the AON Tower inside Los Angeles’ Financial District. The 19,118-square-foot space will house the mid-sized law firm’s main office. Sean O’Leary and Jim Jandro of Grubb & Ellis represented Dongell Lawrence in this transaction, along with firm partners Richard Dongell and John Lawrence. The firm also worked closely with Michael Meyer of DLA Piper. Jones Lang LaSalle’s John McAniff and Tim Miller collaborated with Andy Fishburn of the property ownership 707 Wilshire Fee LLC.
RALEIGH, N.C. — The 112,000-square-foot Trinity Place, an office building located at 1201 Edwards Mill Rd. in Raleigh, has been sold for $15.4 million. Tenants include AT&T, AeroTek, RSM McGladrey and CapStrat. Denver-based Fairfield Asset Advisors represented both parties in the transaction.
STAMFORD, CONN. — The former General Reinsurance Corp. headquarters in Stamford, Conn. sold for $30 million in a year-end closing. Stamford-based developer Building and Land Technology purchased the 560,000-square-foot office building, located at 695 E. Main St., from Lehman Brothers Holdings Inc. David Benhaut, Gary Gabriel and Grace Braverman of Cushman & Wakefield's East Rutherford, N.J. office and Tom O' Leary of the firm's Stamford office represented the seller in the transaction.
IRVING — Libitzky Holding has purchased a 127,709-square-foot office building, located at 1212 Corporate Dr. in Irving. Gary Carr, Eric Mackey and Robert Hill of CBRE's Dallas office represented the seller, American National Bank, in the transaction.
FAIRFAX, VA. — Centerpointe I & II, located at 4000 and 4050 Legato Rd. in Fairfax, has been sold for $128.7 million. Thomas Properties Group and the California State Teachers Retirement Systems sold the two 11-story office buildings, totaling 421,859 square feet, to Carr Properties Income Trust and an institutional investment partner. Bill Prutting, Jr., William Kaye, Randall Heilig, Jeff Roman, Mike Pepper and John DiCamillo of CBRE's Washington, D.C., office represented the seller in the transaction.
PHILADELPHIA — Philadelphia Media Network (PMN), owner and publisher of The Philadelphia Inquirer, Daily News and Philly.com, has leased 125,000 square feet of office space at 801 Market St. in Philadelphia. The building anchors the Gallery at Market East, both owned by Pennsylvania Real Estate Investment Trust. PMN is expected to move from 400 N. Broad St. to its new headquarters in the summer of 2012.
AUSTIN — Houston-based GSL Welcome Group has acquired the 54,865-square-foot Tuscany Technology Center 4, an office property located at McShane's Tuscany Center at Walnut Creek at 8325 Tuscany Way in Austin. Walter Saad and Cathy Nabours of CBRE's Austin office, along with Todd Mills of the firm's San Antonio office, represented the seller, McShane Development Co., in the transaction. Jim Gibson of Stan Johnson Co.'s Houston office and Craig Tomlinson of the firm's Tulsa, Okla., office represented the buyer. Gila, LLC. has leased the single-story development, which features 24,500 square feet of office space and 30,365 square feet of call center, breakroom and storage space.