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.
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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.
BALTIMORE — PNC Financial Services Group has leased 119,000 square feet of space at One East Pratt Street in Baltimore. The company will relocate there in July 2012 from its current Baltimore location at Two Hopkins Place. In addition to office space, the lease includes 7,000 square feet on the first floor for a PNC Bank. Kevin Wille of CB Richard Ellis' Baltimore office represented the landlord, a joint venture between Griffith Properties and Fremont Realty Capital, and Courtenay Jenkins of Cushman & Wakefield's Baltimore office and John Hennessey of GVA/Williams represented the tenant.
NEW YORK CITY —Coty has leased an additional 101,736 square feet of space at the Empire State Building to consolidate its North American headquarters. Coty already occupies 86,000 square feet at the building and will expand in April 2012 when it relocates from One Park Avenue and Two Park Avenue. Ralph Giordano and Richard Bernstein of Cassidy Turley's New York City office represented the tenant in the negotiations and Ryan Kass, William Cohen and Lauren Davidson of Newmark Knight Frank's New York City office represented the landlord, W&H Properties, which is supervised by Malkin Holdings.
NATICK, MASSACHUSETTS — Boston-based EagleBridge Capital has arranged $3 million permanent mortgage financing for the 59,500-square-foot office building 313 Speen Street in Natick. Tenants include Battelle Memorial Institute, MetroWest Orthopedics and Sports Medicine, Nasuni Corp., Clinivation and Bright Horizons Child Care Center. Ted Sidel and Brian Sheehan secured the loan through a regional financial institution.
AUSTIN — Stream Realty Partners — Austin, L.P., a full-service real estate investment, development and services company, has purchased Plaza 35 from a special servicer. Located in the north Austin submarket, the office property is situated close to Interstate 35 and Parmer Lane at 12234 N. I-35 and is 35 percent leased. HFF brokered the sale.
ROCK HILL, MO. — ARCO Construction Co. is advancing construction for its new $3.9 million headquarters. The new office will be a two-story, 27,300-square-foot building located at 900 N. Rock Hill Road in Rock Hill. The company will relocate to the larger space from its previous headquarters at 1750 South Brentwood in Brentwood, Mo. GMA Design is serving as project architect. In addition to its headquarters, ARCO maintains offices in St. Louis; Kansas City, Kan.; Chicago; Cincinnati; Philadelphia: Atlanta; and Tampa, Fla.
NEW YORK CITY — Newton, Mass.-based Government Properties Income Trust (GOV) has acquired a 187,060-square-foot building in New York City for $114 million. The building is 100 percent leased to the United Nations. The purchase was funded by using cash on hand and drawings under GOV's revolving credit facility.