NEW YORK CITY — Meridian Capital Group has arranged a $72 million loan to refinance two office properties in the Garment District of New York City. David Hayum of Meridian negotiated the 10-year loan through Morgan Stanley. The two office properties, totaling 250,000 square feet, were recently repositioned and are home to many high-tech tenants and fashion showrooms.
BRIDGEWATER, N.J. — Aon Hewitt, a risk management services provider, has signed a 10-year lease renewal for 50,000 square feet at Somerset Corporate Center I in Bridgewater. The 250,000-square-foot center is fully leased and also houses tenants such as Brother International and Merrill Lynch. John Nugent, Edward DaCosta and Christopher Adamo of CBRE Group represented the tenant in the transaction. The landlord, SPJ Properties, was self-represented.
HOUSTON — Transwestern has brokered a 52,148-square-foot lease at the new, 350,000-square-foot Eldridge Oaks, a Class A office building located at 1080 Eldridge Parkway in Houston. Eric Anderson, David Baker and Paul Wittorf represented the landlord, Cornerstone Real Estate Advisors, in the lease transaction. Mark O'Donnell of Studley represented the tenant, Houston-based IHI E&C International Corp.
SUNNYVALE, CALIF. – LinkedIn has committed to 556,360 square feet of office space in Sunnyvale. The social networking company will soon be housed in a 630,000-square-foot, Class A campus that is being developed by JP DiNapoli Companies on a 14.2-acre site. It is located at 555 North Mathilda Ave. LinkedIn will be the campus’ sole tenant. The project, which will contain a pair of 204,000-square-foot buildings and a 129,600-square-foot building, is striving for LEED-Gold certification. A 73,425-square-foot office building is already in existence at the campus and is currently leased by LinkedIn. A 52-room Comfort Inn, which sits on the property, will be demolished to make room for the new campus. JP DiNapoli was represented by Phil Mahoney and Ben Stern of Cornish & Carey Commercial Newmark Knight Frank.
LISLE, ILL. — Rockola Corp. has signed a 3,040-square-foot office lease at 550 Warrenville Road in Lisle. The building is part of the Corporetum Business Park. Patrick Kiefer and Jim Adler of NAI Hiffman represented the landlord, Winthrop Realty Trust, in the transaction. Chris Shanahan of Stony Creek Brokerage represented the tenant.
WALTHAM, MASS. — Citizen's Disability has signed a lease for 42,905 square feet at 1075 Main St. in Waltham. Citizen's Disability, a Social Security disability advocacy group, is relocating its headquarters from Marlboro, Mass. The building features a cafe, fitness center and covered parking. Stephen James and Dan Collins of NAI Hunneman represented the tenant in the transaction. Rob Walles of CBRE Group represented the landlord.
PHILADELPHIA — Ballard Spahr, a national law firm, has signed a 15-year lease renewal for 179,307 square feet at BNY Mellon Center in Philadelphia. Wayne Fisher and Craig Scheuerle of Newmark Grubb Knight Frank represented the landlord, CommonWealth REIT, in the transaction. CBRE represented the tenant. The property is managed by Reit Management & Research LLC, Real Estate Services. The BNY Mellon Center was built in 1990. Firms such as BNY Mellon, FMC Corp. and Sunoco are headquartered in the building, which has maintained occupancy rates above 90 percent since its construction.
HOUSTON — Phillips 66 has plans to build its new global headquarters on a 14-acre site, located between Westheimer Road and Briar Forest Drive in Houston's Westchase District. Phillips 66 will acquire the property from an affiliate of Thomas Properties Group. The campus will include office space, conference capabilities, training facilities and wellness and dining options. Construction is slated to take between two to three years and will commence when the design is finalized and the permits are in place. Phillips 66's temporary headquarters are in the Pinnacle Westchase building.
DALLAS — Newport Beach, Calif.-based KBS Realty Advisors has finalized three new long-term leases totaling 18,552 square feet at the 515,732-square-foot Providence Towers, which KBS acquired in 2009. Marcus & Millichap will lease 10,205 square feet on the first floor of Providence Tower West, White Rock Oil and Gas will occupy 5,780 square feet in the Providence East Tower and Investment Talk Advisors will occupy 2,567 square feet on the second floor of Providence Tower West. Kim Brooks, Justin Miller and Scott Walker of Transwestern's Dallas office represented the owner in the lease transactions. Chris Sido of Swearingen Realty Group's Dallas office and Scott Flanagin of Warren Wixen Real Estate Services' Los Angeles office represented Marcus & Millichap. Sandy Matejek of Jones Lang LaSalle's Dallas office represented White Rock, and Investment Talk Advisors was self-represented.
IRVINE, CALIF. – A 24,000-square-foot office building located at 2501 Alton in Irvine has sold to EQR Residential for $5 million. EQR is an apartment developer that plans to demolish the property in favor of a new multifamily development. The company had previously purchased an adjacent site and is currently processing entitlements for the new project. This 1.9-acre space is expected to represent the second phase of the project. EQR was represented by CBRE’s Larry Schuler. The seller, SKB Enterprises, was represented by Steve Schloemer of Colliers International.