NEW YORK CITY — Time Equities Inc. has completed a $4.3 million sale for 8,200 square feet of office space at 131 W. 33rd St. in New York City for the Drug Policy Alliance (DPA), a not-for-profit organization. DPA will occupy the entire 15th floor and will join tenants Progressive Credit Union, Bijoux (Bodhi Bags) and Gammon Ragonesi Associates. Brandon Medeiros of Time Equities represented the seller and Carri Lyon of Cushman & Wakefield represented DPA.
NEW YORK CITY — Cerberus Capital Management has leased 110,000 square feet of office space and will occupy the 10th, 11th, 12th and 14th floors of Class A office building at 875 Third Ave. Paul Glickman and Diana Biasotti of Jones Lang LaSalle’s New York office represented the building owner, Eastgate Realty, and Stephen Siegel and Amanda Bokman of CB Richard Ellis represented Cerberus Capital. The 720,000-square-foot office building is now more than 98 percent leased.
ATLANTA — The law firm of Morris, Manning & Martin has renewed its 125,000-square-foot lease extension at the 900,000-square-foot Atlanta Financial Center. The lease keeps the firm's headquarters in Buckhead while expanding its space by 11,000 square feet. Jones Lang LaSalle, which represented Morris, Manning & Martin LLP, had been negotiating a lease on behalf of the firm at the Campanile office tower in Midtown. However, the firm decided to renew negotiations for space at the Atlanta Financial Center after lease negotiations with Campanile landlord Dewberry Capital Corp. reached an impasse. The firm's offices have been located at the Atlanta Financial Center since 1987. Its staff has expanded from 26 to more than 350 employees in that span.
NEW YORK CITY — Micro Office Solutions has leased 33,000 square feet on the sixth and seventh floors at 902 Broadway in New York’s Silicon Alley. Micro Office Solutions will use the space for its Launch Pad initiative, an office suite division targeted to technology and new media startups. Launch Pad will open in the fall and include 70 private offices and 130 work stations. Colliers International’s Perry Mesmer and Martin Meyer represented Micro Office and building owner 902 Associates. Asking rent is $39 per square foot.
DALLAS — The Dallas office of Grubb & Ellis Co. has recently completed the following lease transactions in the Dallas area: InternetBusinessGroup.com Inc. has leased 26,673 square feet of office space in Westpoint 1 at 1255 Corporate Dr. from Daymark Realty Advisors Inc. Russ Johnson and Noreen Mehdi of Grubb & Ellis represented InternetBusinessGroup.com, and Noran Hogan, Alan Harrington, Robert Deptula and Natalie Snyde of Transwestern represented Daymark. Mixed4Media Inc. has extended its lease from Kodiak Capital Management Co. for 7,495 square feet of office space in the Country Club Plaza at 1701 Legacy Dr. Heather Densmore Shover and Mehdi of Grubb & Ellis represented Mixed4Media and Kodiak were self-represented. Management Decisions-MDI Inc. has leased 2,297 square feet of office space from Kodiak in the Country Club Plaza. Shover and Mehdi of Grubb & Ellis represented Management Decisions-MDI, and Stephen Holley of Jones Lang LaSalle represented Kodiak. Bridgemetrics has leased 3,023 square feet of office space in Country Club Plaza from Kodiak as well. Densmore and Mehdi represented Bridgemetrics, and Damian Rivera of Stream Realty Partners represented Kodiak.
HOUSTON — Northmarq Capital has arranged a permanent mortgage for the 428,831-square-foot Energy Tower II located at 1720 Katy Freeway in Houston. Energy Tower II is a 17-story, Class A office tower in the Energy Plaza development. Financing was based on a 10-year term with a 30-year amortization schedule. John Burke of NorthMarq arranged financing for the borrower, Energy Tower II Investments, through NorthMarq’s relationship with Pacific Life Insurance Co.
HOUSTON — Transwestern’s Houston office has completed more than 44,000 square feet of office leases at Greenspoint Park, an office campus comprising 350,000 square feet, located at Northchase and Benmar Dr. Michelle Wogan of Transwestern and her team represented RM Crowe, the landlord, in the negotiations. New leases include the following: Scientific Drilling has leased 20,700 square feet, and Clay Peeples of Boyd Commercial represented them in the transaction. Integrated Production Systems has leased 16,500 square feet, and David Bale of Jones Lang LaSalle represented them in the transaction. Bankers Life and Casualty has leased 3,200 square feet, and John Parsley of Colliers International represented them in the transaction. Interstate Tax Management has leased 824 square feet.
CARROLLTON — Cleveland-based PAI Dallas has sold a 32,480-square-foot office/warehouse in Carrollton to M-D Investments. The property sits on 1.9 acres at 2555 Tarpley Rd. in the Trinity Square Business Park. Brian Pafford and Kevin Santaularia of Bradford Commercial Real Estate Services represented PAI Dallas, and Jean Russo of Cushman & Wakefiled of Texas Inc. represented M-D Investments. The warehouse includes 1,6800 square feet of office space, four dock doors and 50 parking spaces.
PORTLAND, ORE. — Melvin Mark Capital Group has arranged financing for two California projects. The group arranged a $20-million loan with a CMBS lender for the 187,094-square-foot 2201 Broadway office building in Oakland, Calif. It contains a 10-year, fixed-rate term with a 30-year amortization period. The group also arranged a $4.5-million loan with a life insurance company for the four-story Aventerra Apartments in Berkeley, Calif. The property contains ground-floor retail. It carries a five-year, fixed-rate term with a 25-year amortization period.
SANTA ANA, CALIF. – A 32,365-square-foot office building located at 801 Parkcenter in Santa Ana has sold to 801 RCA Venture, LLC for $3.7 million. The building contains 15 units leased to 12 tenants. The buyer purchased the property with all cash. It later secured permanent financing through a Life Company correspondent, which was arranged by the Alison Company. The buyer was represented by Gillett Commercial's Denny Pender. The seller was represented by Professional Real Estate Services.