HOUSTON — Shell has renewed a 15-year lease for 804,491 square feet in One Shell Plaza and 471,934 square feet in Two Shell Plaza in Houston, a combined 1.22 million square feet of office space, the largest office lease transaction in the world in 2011. Tim Relyea and Joe Peddie of Cushman & Wakefield's Houston office represented Shell in the lease transaction. Hines, the buildings' owner, was self-represented by Charles Elder and Chrissy Wilson. As part of the lease agreement, Hines will make capital improvements to the property, including mechanical and electrical upgrades and redesigned outdoor plaza areas.
Office
OAKLAND, CALIF. — The historic 85,000-square-foot Oakland Tribune building has sold to CallSocket LP for $8 million. The company plans to create a call center at the building that should create 2,300 new jobs in Oakland over the next three years. CallSocket was represented by CBRE’s David Noravian, Hyoung Chon and Robert Newstead. The seller, special servicer Torchlight Investor, was represented by Lori Bluett of Bluett & Associates, which will also manage the asset.
VIRGINIA BEACH, VA. — Brasco Bay Corp. has sold the 10,000-square-foot Monarch Plaza, an office property located at 3701 Pacific Ave. in Virginia Beach, to Hank Elling for $1.5 million. Ted Levin of Cushman & Wakefield/Thalhimer's Glen Allen, Va., office represented the seller in the transaction.
BURR RIDGE, ILL. — NorthPoint Capital – Chicago Inc. has arranged a $21 million loan to refinance Estancia Corporate Center in Burr Ridge, Ill. The 157,000-square-foot office complex consists of a one- and three-story building. An undisclosed life insurance company provided the non-recourse loan, which has a 30-year amortization schedule. Paul Walschlager of NorthPoint Capital arranged the financing.
CHICAGO — Los Angeles-based Lowe Enterprises Investment Management has acquired a 165,957-square-foot office building in the O'Hare area of Chicago from Fulcrum Asset Advisors on behalf of a pension fund client. The building, set on 6.7 acres, is 95 percent leased and is zoned for an additional 235,000 square feet of commercial development. The purchase amount was undisclosed.
BOXBOROUGH, MASS. — SynQor has extended its 102,619-square-foot office lease at 155 Swanson Rd. in Boxborough Corporate Center, located at 495 and 111 Boxborough. Andrew Majewski, Jason Levendusky and Tim Lyne of CBRE's Boston office represented the tenant in the transaction. The landlord, New Boston Fund, was self-represented. SynQor supplies power conversion solutions to the communications, computing and industrial markets.
HOUSTON — SM Energy Co. has leased 52,389 square feet of office space at One Eldridge Place, located at 777 N. Eldridge Pkwy. in Houston. The energy firm currently occupies 30,000 square feet at the property and is expected to move into its new space in the second quarter of 2012. Jim Arket and Mona Williams of Grubb & Ellis' Houston office represented the tenant in the lease transaction. John Pruitt of CBRE's Houston office represented the property owner, Behringer Harvard.
IRVINE, CALIF. — Pacific Trust Bank has leased 41,382 square feet of office space at 18500 Von Karman Ave. in Irvine. The space will serves as the company’s corporate headquarters. The company is currently headquartered in Chula Vista, Calif. It will relocate to the Von Karman space in early 2012. David Giglio and Lori Smith of Grubb & Ellis’ Office Group represented Pacific Trust Bank, a wholly-owned subsidiary of First PacTrust Bancorp, in this transaction. The landlord, the Irvine Company, represented itself.
ARLINGTON, VA. — The National Association of Chain Drug Stores (NACDS) has signed a 21,605-square-foot lease at the 108,000-square-foot 1776 Wilson Boulevard, located in Arlington. The company will relocate to the building, which is currently under construction, in October 2012. Skanska USA is developing the property, which is slated for completion in the summer of 2012. Richard Rome and Alexandra Hunihan of Studley's Washington, D.C., office represented the tenant in the lease transaction. Michael Altman, Spencer Stouffer and Avi Fisher of Cassidy Turley's Vienna, Va., office represented the landlord.
RYE, N.Y. — The Dorf Law Firm has signed a long-term lease for 15,832 square feet at 555 Theodore Fremd Ave. in Rye. The firm is expanding and relocating from its current location in Mamaroneck, N.Y. Christopher O' Callaghan of Cushman & Wakefield, Todd Albright of Princeton Realty Group and Mark Blandford of Diamond Properties represented Dorf in the transaction. New York and Boston-based Faros Properties represented the landlord.