Office

ION GEOPHYSICAL RENEWS 115,000 SF LEASE IN CITYWESTPLACE

by admin July 14, 2011

HOUSTON –– ION Geophysical Corp. has renewed its lease for its 115,056-square-foot office space in CityWestPlace, a 1.47 million-square-foot office campus in Houston. Chip Colvill, Michael Anderson and Win Haggard Jr. of Colvill Office Properties represented the landlord, TPG/Cal/STRS, a joint venture of Thomas Properties Group and the California State Teachers’ Retirement System. Mark O’Donnell of Studley Houston headed lease negotiations on behalf of ION Geophysical. CityWestPlace has tenants ranging from a hair salon to a laundry service spread across its 30 acres.

July 14, 2011

BOULDER GROUP COMPLETES $2.27M SALE OF IND. OFFICE

by admin July 13, 2011

KOKOMO, IND. — Northbrook, Ill.-based The Boulder Group has arranged the sale of a 9,684-square-foot, single-tenant GSA property, located at 353 West Alto Rd. in Kokomo, for $2.27 million. The GSA has seven years remaining on its lease. Randy Blankenstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership. The buyer was a New York-based 1031 exchange investor.

July 13, 2011

Northeast Office

WALDEMAR REALTY PURCHASE OFFICE BUILDING FOR $3.5M

by admin July 13, 2011

GLASTONBURY, CT. –– Waldemar Realty has purchased a 25,537-square-foot office building on 2.35 acres of land from Carl Foster, LLC. Waldemar Realty’s partners will occupy one-third of the building, which sits at 100 Western Blvd. in Glastonbury, CT. Sentry Commercial was the sole broker in the transaction.

July 13, 2011

Northeast Office

25,000 SF OFFICE LEASE SIGNED AT 2 RECTOR STREET

by admin July 13, 2011

NEW YORK CITY –– Stellar Management and Savanna Investment Management, owners of 2 Rector Street, have leased a 25,462-square-foot office through Cushman & Wakefield. Ithaka, a not-for-profit organization, will occupy the space, which spans the entire 18th floor and a portion of the 17th floor. Other tenants include Skanska and Bank of America Merrill Lynch.

July 13, 2011

Northeast Office

PLAZA CONSTRUCTION RELOCATING CORPORATE HEADQUARTERS

by admin July 13, 2011

NEW YORK CITY –– Plaza Construction is moving its national corporate headquarters to 1065 Avenue in New York. Plaza signed a 12-year lease to occupy the entire seventh floor of the 35-story, 681,790-square-foot tower owned by The Blackstone Group. Paul and Michael Ippolito of Newmark Knight Frank and David Brooks of Paul Hastings represented Plaza in the transaction, and Lance Korman of Newmark Knight Frank and Stuart Kaplan of Blank Rome acted on behalf of Blackstone. The tower sits at West 40th Street and its tenants include HOK Architects, Federal Express Corp. and Yahoo.

July 13, 2011

Office Texas

CORNERSTONE MORTGAGE CO. TO RENEW 50,000 SF LEASE

by admin July 13, 2011

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.

July 13, 2011

Office Western

ALLEN MATKINS/UCLA ANDERSON FORECAST MARKET IMPROVEMENT

by admin July 13, 2011

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 …

July 13, 2011

Office Southeast

ARA OPENS NASHVILLE OFFICE

by admin July 12, 2011

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.

July 12, 2011

Midwest Office

STADIUM BUSINESS PARK CHOOSES INLAND FOR RENOVATION

by admin July 12, 2011

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.

July 12, 2011

Office Southeast

FBI RENEWS 137,000 SF AT CENTURY CENTER

by admin July 11, 2011

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.

July 11, 2011

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