RICHARDSON — CBRE has arranged the sale of a five-building office portfolio in Richardson's Telecom Corridor totaling 728,792 square feet. The office buildings include Palisades I & II and Greenway Plaza I, II & III, which had a combined 50 percent occupancy. Gary Carr and Eric Mackey of CBRE's Dallas office and Russell Ingrum of the firm's Houston office arranged the sale on behalf of the seller, La Jolla, Calif.-based Equastone Value Funds II & III. The sale was managed by Kirk Cypel of Rouleur Realty Advisors. Dallas-based JP Partners Realty are the buyer.
WASHINGTON, D.C. — Washington, D.C.-based Penzance has purchased the 200,000-square-foot Watergate, an office building located at 2600 Virginia Ave. NW in Washington, D.C.The 12-story building is located in the Watergate office and residential complex. Eastdil Secured's Washington, D.C., office represented the undisclosed seller in the transaction.
MADISON, N.J. — Realogy Corp., which owns real estate firms Coldwell Banker, Century 21 and Sotheby's International Realty, will relocate its corporate headquarters from Parsippany, N.J. to a Madison site about seven miles away. Realogy's current lease expires in 2013, and the company will move into a new 15-acre site at 175 Park Ave. in late 2012. Morristown-based Hampshire Cos. is developing an existing structure into a new 270,000-square-foot building. Construction is currently underway at the site. Global Client Solutions, a Realogy subsidiary, represented Realogy in the transaction. David Simson, Timothy Greiner, and Brendan McBride of Newmark Knight Frank represented Hampshire Cos.
AVON, CONN. — MFJ Properties has purchased a 20,600-square-foot medical office building, located at 40 Dale Rd. in Avon, for $1.6 million. Rob Montesi and Steve Inglese of New Have Group's New Haven office represented the seller, Phoenix Dale Road LLC, in the transaction. New Haven Group also procured the buyer.
PHOENIX – A 76,286-square-foot office building, located at 2929 E. Camelback Road in Phoenix, has been purchased by Greenlaw Partners for $7.5 million. The Class B office building was constructed in 1982 and underwent significant renovations in 2008. It was 52 percent leased at the time of sale. Eric Wichterman and Mick Coover of Cassidy Turley BRE Commercial’s Capital Markets Group represented both the buyer and the seller, Stoughton Plaza, LLC, in this transaction.
COLUMBIA, MD. – Cassidy Turley has brokered the $16.15 million sale of Hillside Center I & II, two office buildings totaling 86,189 square feet, located at 6310 & 6315 Hillside Ct. in Columbia. Jonathan Carpenter and Jay Wellschlager of Cassidy Turley's Baltimore office represented Corinthian Realty Partners, the seller, in the transaction. The buyer was First Potomac Realty Trust.
GOLETA, CALIF. — Lockheed Martin Corporation has renewed its lease for 84,181 square feet at the Santa Barbara Business Park in Goleta. The five-year lease includes two 42,000-square-foot, Class A buildings at 336 and 346 Bollay Drive. The space will be occupied by Santa Barbara Focalplane, a Lockheed Martin Missiles and Fire Control business. The Towbes Group represented the landlord in this transaction.
SAN DIEGO — San Diego Miramar College has recently completed its 270,000-square-foot, 828-space parking structure and its 5,108-square-foot police substation. The substation is hoping to receive LEED-Platinum certification. If it does, Miramar College will be the first of San Diego’s higher education institutions to achieve this fete. The $17.9-million project was built by McCarthy Building Companies.
RESTON, VA. – Odin, Feldman & Pittleman law firm has signed a 53,918-square-foot lease for office space, located at 1775 Wiehle Ave. in Reston. The firm will relocate from its current office, located at 9302 Lee Hwy. in Fairfax, Va., in the fall of 2012. Wendy Feldman Block and Julie Schuelke of Washington, D.C.-based Studley represented the tenant in the lease transaction. Jeff Roman and Mike Pepper of CBRE's McLean, Va., office represented the landlord.
FRISCO — Dallas-based Gearbox Software has pre-leased 61,000 square feet of office space at the $60 million Frisco Square development, which is designed by O'Brien Associates. Gearbox's new headquarters will add approximately 205 jobs. The eight-story development will feature 100,000 square feet of office space, 50,000 square feet of retail space and 220 residential apartment units. James Esquivel and Jeff Eckert of Jones Lang LaSalle's Dallas office represented the landlord, Frisco Square Development, in the leasing transaction. Baron Aldrine of CBRE's Dallas office represented the tenant.