HOUSTON –– Cornerstone Mortgage Co. has renewed its lease on a 49,574 square-foot property. The site is located at 1177 West Loop South in Houston. Chris Lewis of Griffin Partners, a commercial real estate company based in Houston, represented Cornerstone. Marshall Clinkscales of Colliers represented the tenant in the transaction.
LOS ANGELES — The June 2011 Allen Matkins UCLA Anderson Forecast California Commercial Real Estate Survey reports increased optimism in many of California's major markets. The report notes that Class A asset values have risen to near-peak levels over the past 18 months, which may signal either increased investor optimism or the threat of a new asset bubble. The report also notes, however, that this increase in values is not supported by today's rental and occupancy rates. While occupancy and rental rates may not account for higher asset prices, the forecast believes developer optimism may have played a role. It predicts San Francisco and Silicon Valley will be the first California markets to reach healthy levels of construction activity, with Los Angeles and San Diego close behind. The growth of the manufacturing industry has also positively affected California's industrial sector, particularly in Silicon Valley and Orange County. “Optimism with respect to office and industrial market fundamentals in 2013 and 2014, which first appeared a year ago, is an important precursor to the re-start of commercial construction,” said Jerry Nickelsburg, senior economist, UCLA Anderson Forecast, in a statement. “While the overall sluggishness of the general economic recovery will engender a slow …
NASHVILLE, TENN. — Atlanta-based ARA has expanded its operations to Nashville. This is the firm's 24th location. Scott Tyrone, formerly a Cassidy Turley multifamily division leader, heads the office, and the Atlanta team operates as an adjunct.
MILWAUKEE — Stadium Business Park, located at 1745 S. 38th St. in Milwaukee, has selected Inland Construction for its 23,200-square-foot tenant improvement project, which is scheduled for completion in December. The project consists of demolition and construction of new interiors, offices, lunchroom, bathroom and training room.
ATLANTA — The General Services Administration (GSA) on behalf of the Federal Bureau of Investigation (FBI), has renewed its lease with Highwoods Properties for 137,000 square feet at 2635 Century Center Pkwy. in Atlanta. The GSA currently leases 663,000 square feet at Century Center for a number of federal agencies including the FBI, CDC and the Department of Veteran Affairs. Raleigh, N.C.-based Highwoods Properties' 17-building Century Center portfolio encompasses 1.7 million square feet and is 93.4 percent occupied.
NEW YORK CITY — A joint venture between DMR CRE Opportunity Fund I LP and CTNY Investors has purchased 70,000 square feet of Class A office space at The Setai Wall Street, located at 40 Broad St. in New York City. The condominium comprises four commercial floors.
RICHARDSON — KDC, a commercial real estate and investment firm based in Dallas, has acquired two corporate offices and a warehouse, a total of 460,000-square-feet, from Fossil, a design, marketing and distribution company. The offices and warehouse are located in Richardson. “We see the purchase of the Fossil buildings as another great redevelopment opportunity. There is tremendous potential with the buildings,” said John Brownlee, KDC senior vice president. KDC will unveil its redevelopment plans for the sites once they’re vacated later this year. The offices sit at 2280 N. Greenville and 2323 N. Central and the warehouse sits at 2155 Campbell Creek.
CHICAGO — Farbman Group has acquired the Randolph-Wells Building, a 23-story, Class C office building located at 204 West Randolph in Chicago's West Loop. Constructed in 1928, the tower is occupied by tenants that include Kaplan Educational Center; tenants at the building's street-level retail space include Baskin-Robbins and Dunkin Donuts. The building has recently undergone renovations that include a new roof and elevator upgrades. The seller's name was not released.
CAMBRIDGE, MASS. — Pegasystems has signed a 163,000-square-foot lease at the 252,000-square-foot One Rogers Street in Cambridge. The company will relocate its corporate headquarters from the current office at 101 Main St. in Cambridge. Roy Hirshland and Mark Cote of T3 Advisors represented the tenant in the transaction, and John Osten, Peter Berkarian and Dan Kollar of Jones Lang LaSalle's Boston office represented Principal Real Estate, the landlord.
HOUSTON — Eastbourne Park Row LP, an affiliate of Fuller Realty Partners LLC, has sold 16400 Park Row, a three-story, 85,701-square-foot office building in Houston’s Energy Corridor, to RiverOak Investment Corp. LLC for an undisclosed amount. Situated on approximately 4 acres immediately north of Interstate 10, 16400 Park Row is close to Highway 6. The property is fully leased to Kraton Polymers on a NNN basis with a remaining lease term of 10.3 years. Dan Miller and Martin Hogan of HFF (Holliday Fenoglio Fowler) represented the seller. The Los Angeles office of Wells Fargo provided acquisition financing at closing.