NEWBURY PARK, CALIF. – A 19,248-square-foot office building in Newbury Park has sold to Bradley Trust for $2,295,000, or $119 per square foot. The two-story building was constructed in 2002 and is located within the USA Business Center. Bradley Trust was represented by Chris Swatosh and Sam Wagner of TOLD Partners. The seller, Zions First National Bank, was represented by Stuart Scott and Shaun Bieniek of DAUM’s Ventura County office.
NEW YORK CITY — An office tower located at 137 Varick St. in Hudson Square has reached full occupancy, thanks to two new tenants and another tenant expanding its space. The NYU Poly Varick Street Incubator, an entrepreneur development program run by The Polytechnic Institute of NYU, signed a three-year lease to relocate to 28,364 square feet of space in the building's second and seventh floors. Paik Architecture agreed to a five-year lease for 2,988 square feet of office space and Unity Construction signed a four-year extension to increase its square footage to 3,100 square feet from 2,000 square feet. Trinity Real Estate, the building's owner, was represented by Marc Packman and Tom Lynch in the company's negotiations with Unity Construction and Paik Architecture. Peter Fontanetta represented Trinity in the NYU-Poly deal. All three leases were negotiated directly with the tenants.
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.
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.