CHICAGO —Multi-Employer Property Trust has purchased the 928,040-square-foot 200 West Madison, an office building located at the intersection of Madison and Wells streets in Chicago, from a joint venture between Tishman Speyer, Pearlmark Real Estate Advisors and a major U.S. pension plan in an all-cash transaction for $217.5 million. Paul Barile and Janice Sellis of Transwestern's Chicago office represented the buyer in the transaction.
CHICAGO — Aries Capital has arranged $45.3 million in first mortgage financing for the 456,000-square-foot Clark Adams Building, located at 105 W. Adams in Chicago. Jeff Bucaro of Aries' Chicago office originated the floating rate loan.
NEW YORK CITY — Lehman Brothers Holdings has sold the 305,000-square-foot 1107 Broadway, a 16-story former office building in Manhattan, to the Witkoff Group for $191 million. The sale is the result of an auction Eastdil Secured coordinated that was previously approved by the bankruptcy court. The building, along with 200 Fifth Avenue, once housed the International Toy Center.
HOUSTON — DRA Advisors has purchased 2323 Shepherd Place, a 119,576-square-foot office building in the River Oaks submarket of Houston. The 14-story property is 90.4 percent occupied by professional tenants. Ken Page of Grubb & Ellis represented the seller, Younan Properties, and the buyer was self-represented.
THOUSAND OAKS, CALIF. – Guitar Center has leased 42,673 square feet of office space at Lakeview Corporate Center. The value and terms of the lease were undisclosed. The 261,000-square-foot Lakeview Corporate Center is the only LEED-Silver office complex in the Conejo Valley, according to Lee Black, executive vice president of NAI Capital’s Encino office. Black represented Lakeview’s landlord, LBA Realty Fund III – Company VII, LLC, along with Jared Smits, who is also out of the firm’s Encino office. Guitar Center was represented by Jones Lang LaSalle’s Gary Horwitz, Kamal Agha and Jim Lindvall.
HUNTINGTON BEACH, CALIF. – A 3.19-acre parcel of land in Huntington Beach that includes two multi-tenant office buildings totaling 60,052 square feethas sold to development company DCO BeachWalk LLC. The office buildings are currently occupied. The site, located at 19891-19895 Beach Blvd., will be used for one of the first redevelopments along Beach Boulevard as part of the Beach and Edinger Corridors Specific Plan of Huntington Beach, according to Kathy Fuller, vice president in Voit’s Irvine office. Fuller represented the seller, Evangelical Free Church of Huntington Beach (EFCHB). DCO BeachWalk LLC represented itself in the transaction.
NORWALK, CALIF. — The Los Angeles County Sheriff’s Department has signed a lease extension with Sonnenblick Del Rio Norwalk LLC for 98,000 square feet at its Norwalk Government Center office building. The eight-year lease is for the entire fourth floor of the seven-story, 50,000-square-foot building, and includes an emergency back-up power and call center that will be located in the basement.
COLUMBIA, S.C. — Chris Orr of Charlotte, N.C.-based Romans Properties has brokered the $2.14 million sale of a 10,520-square-foot office building, located at 2125 Adams Grove Rd. in Columbia. Orr represented the seller, Rea Investments, in the transaction and procured the buyer, Chicago-based Brauvin Real Estate.
EDEN PRAIRIE, MINN. — Milestone AV Tecnologies has selected Welsh Construction to remodel an 82,000-square-foot office building, located at 6436 City West Pkwy. in Eden Prairie. Milestone recently purchased the building, which was formerly occupied by Dept 56. The renovation includes a new data center, a customer experience center, demolition and infill of the 4,500-square-foot atrium and state-of-the-art engineering and testing labs. Chicago-based Mekus Tanager designed the project to achieve LEED Silver certification. Completion is slated for early next year.
TROY, MICH. — Troy-based L. Mason Capitani CORFAC International has negotiated the sale of the 25,000-square-foot Haverhill Office Complex, located at 2950 W. Square Lake Rd. in Troy. Also on the property is an active cell tower. The buyer plans to renovate the building. Mason Capitani and Gary Grochowski of L. Mason Capitani CORFAC International represented the seller in the transaction and procured the buyer, LSTC California. The asking price for the property was $1.8 million.