WALLINGFORD, CT. — Burns & McDonnell has signed a lease for 27,635 square feet of space at the 305,000-square-foot Campus at Greenhill, located at 108 Leigus Rd. in Wallingford. Burns & McDonnell expects to relocate from its existing Wallingford facility on Thorpe Avenue in September into the new space, which will include a training room, auditorium, conference rooms, a library and areas for Engineering, Project Management and Operations staff. Cushman & Wakefield represented the landlord in the lease transaction.
WASHINGTON, D.C. — Washington, D.C.-based PRC has secured $23.17 million in financing through PCCP on behalf of a joint venture between Monument Realty and Angelo, Gordon & Co. for the acquisition and renovation of 2055 L St. NW, an office condominium in Washington, D.C. The buyer will complete renovations including refurbishing the entry and lobby, enhancing the facade, providing a new HVAC system, creating ground floor retail space, installing new fire alarm systems and more. The renovation will offer 103,000 square feet of new office space by the end of 2011. Verizon will maintain its lease of the first several floors of the building, where it controls the midtown telephone switching center.
BALTIMORE — Cassidy Turley has arranged $42.5 million in debt financing for the 355,779-square-foot One East Pratt, a repositioned Class A office building located on Baltimore's Inner Harbor waterfront. John Campanella of the Washington, D.C., office secured a 5-year, floating-rate bank loan on behalf of the owner, Griffith Properties.
CAMBRIDGE, MASS. — Meritage Properties has sold the 34,000-square-foot 485 Massachusetts Ave., an office and retail building in Cambridge, for $13.02 million to ClearRock Properties and Juster Properties. The building is 100 percent leased to Danvers Bank, Floating Rock, Heartland Robotics, HQ Global and IDEO. Scott Jamieson, Michael Smith, John Osten, Peter Bekarian and Robert Borden of Jones Lang LaSalle's Boston office represented the seller and procured the buyer.
MARLTON, N.J. — Colliers International's Southern New Jersey Office Division arranged the sale of a 62,000-square-foot office building, located at 13000 Route 73 in Marlton, for $7.7 million. Major tenants of the building include Bank of America, Foundation Title, Hahnemann University Health and Avnet. Colliers has been retained as the leasing agent for the property. Jason Wolf and Evan Zweben were the sole brokers in the transaction, representing Veritas Real Estate Investments, the buyer, and Liberty Property Trust, the seller.
LEXINGTON, MASS. — The Massachusetts Institute of Technology (MIT) Lincoln Laboratory has signed an 80,000-square-foot lease at the 160,000-square-foot Three Forbes Road, an office, research, development and lab building in Lexington. Three Forbes is part of a four-building campus know as Forbes Business Center. Needham, Mass.-based The Bulfinch Cos. is the owner of the building and the landlord.
NEW YORK CITY — Mack-Cali Realty Corp. has negotiated a new 21-year, 56,106-square-foot lease on behalf of General Reinsurance Corp. (Gen Re), a subsidiary of Berkshire Hathaway, at 125 Broad Street in downtown Manhattan. John Picco and Peter Van Duyne of Cushman & Wakefield's Midtown New York City office and Thomas Kaufman of the Downtown office represented Gen Re in the transaction, and Mark Ravesloot, Peter Turchin, Gerry Miovski, Zachary Freeman and Christopher Levinson of CB Richard Ellis' New York City office represented Mack-Cali.
PHOENIX — The 172,690-square-foot Camelback Executive Park has been purchased by Lincoln Property Company and a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. The three-story building is located at 6991 E. Camelback Rd. in Scottsdale, AZ. Lincoln Property will act as the property and construction manager for Camelback Executive Park. CBRE's Barry Gabel, Mindy Korth, Jim Fijan and Jerry Roberts handled the transaction. CBRE's Jerry Roberts and Corey Hawley will be in charge of new tenant leasing for the property.
SAN DIEGO — CB Richard Ellis has sold a two-story, 19,796-square-foot office building to Destiny Real Estate, LLC, for $2,813,505. This LLC is owned by Marwaha Group, which is a multi-unit franchisee and development agents with the Subway sandwich chain. The structure, which is located at 6863 Friars Rd. in Mission Valley, CA, was originally built in 1980. Destiny plans to remodel the building before moving its San Diego Subway Development offices to its second floor. CBRE's Dick Balestri and Mike Alessio represented the sellers, AK Partners Company LLC, 535 S. Catalina Company LLC, 345 S. New Hampshire Company and AK Partners II LLC. Coldwell Banker Commercial's Jim Karlovsky represented Destiny.
VANCOUVER, WASH — Lionbridge Technologies has signed a five-year lease for 34,000 square feet of flex space at Columbia Center. This transaction follows Hewlett Packard’s lease agreement for 160,000 square feet at the center, which was signed in late 2010. Lionbridge, which is a provider of testing solutions for technology applications and Web content, is a contractor for laboratory services for HP. Paul Carlson and Tom Usher from Cushman & Wakefield’s Portland, OR, office represented Columbia Center’s owner, PacTrust Realty. Lionbridge Technologies was represented by CresaPartners.