ESCONDIDO, CALIF. — Cypress Office Properties, LLC has purchased a 78,367-square-foot, Class A office building in Escondido for an undisclosed sum. The three-story property was built in 2008 and is 38 percent leased. This is the third office building that Cypress has purchased in the past 12 months. The transaction is part of the company’s overall investment strategy, which is to acquire quality, value-add assets in San Diego, Orange County, Calif., and Phoenix. CBRE’s Gary Stache, Louay Alsadek, Pat Scruggs, Evan August and Anthony Delorenzo represented both the buyer and the seller in this transaction. Cypress also retained Larry Cambra and Dan Yielding from CBRE to handle the property’s leasing. CBRE’s Property Management group will manage the property.
LONG ISLAND CITY, N.Y. —H&R REIT has acquired the 670,000-square-foot Two Gotham Center in Long Island City, closing the deal with a $250 million loan from two life companies. Michael Strober of CB Richard Ellis' Tampa office arranged the financing in a 10-year note at a 4.25 percent interest rate. Darcy Stacom and William Shanahan, with CBRE's investment properties institutional group in New York represented the seller in the transaction.
NEW YORK — Law firm Baker & McKenzie has signed a 15-year lease for 105,803 square feet on seven floors of the trophy tower, owned by IDB Group. Mitchell Steir, John Mambrino, David Goldstein and Matthew Barlow of Studley represented Baker & McKenzie in the transaction. Craig Reicher, Howard Fiddle, James Ackerson, Zachary Freeman, Sinclair Li and Greg Maurer-Hollaender of CB Richard Ellis represented the building owner.
SAN DIEGO – DivcoWest and Stockbridge Capital Group have formed a joint venture to purchase the Genesee Executive Plaza, a 159,425-square-foot, Class A commercial and medical office complex in San Diego, for an undisclosed sum. Genesee Executive Plaza was built in 1984 and resides within San Diego’s University Town Center submarket. It recently received $1.2 million in capital improvements. The plaza is currently 69 percent leased, and has been approved for an additional 22,500 square feet of medical office space. The property was marketed by Fred B. Cordova, Mark A. McEwen, Tom Mercer, Paul Braun, Chris Ross and Ryan Eddy of Colliers International.
ALPHARETTA, GA. — Cushman & Wakefield has arranged the sale of a 93,963-square-foot office building, located at 1200 Bluegrass Lakes Pkwy. in Alpharetta. The building is 73 percent leased to Arch Chemicals through 2021. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield's Atlanta office represented Reed Elsevier, the seller, in the transaction. The buyer, Norcross, Ga.-based OA Development, was self-represented by Eric Singer.
NEW YORK— Colliers International has arranged a 15-year, 74,000-square-foot lease at 175 Varick St. WeWork, a provider of high-end office suites, will take space on multiple floors. Eric Meyer, Richard Plehn and Seth Hecht of Colliers International's New York office represented the landlord, Extell Development Co. Sean Black of Jones Lang LaSalle represented WeWork in the transaction.
FORT WORTH — Three new office buildings, totaling approximately 275,000 square feet, are scheduled to break ground in spring 2012 at Sundance Square, a 35-block entertainment, office and retail district in Fort Worth. The buildings will be located at 420 Commerce St.; 425 Houston St.; and 407 Throckmorton St. The Throckmorton Street building will be approximately 99,000 square feet, including 12,196 square feet of residential space. The Houston Street building will be approximately 93,000 square feet, including 12,393 square feet of retail space. The Commerce Street building will be approximately 83,000 square feet, including 17,000 square feet of retail and restaurant space. Washington, D.C.-based David M. Schwarz Architects designed the project to meet LEED certification. Fort Worth-based The Projects Group is the project manager, Fort Worth-based Bennett Benner Pettit, Planners + Architects is the architect of record and The Beck Group is the construction manager for all three buildings.
DALLAS — Drew Davis Realty Partners has purchased a 38,500-square-foot office building, located at 4027-4031 Bronze Way in Dallas, from Fujikoki America. Craig Jones and Matt Elliott of NAI Robert Lynn's Dallas office represented the buyer in the transaction. Craig Gutow of Dallas-based The Gutow Co. represented the seller.
GRAND PRAIRIE — 2M Solutions has purchased a 26,133-square-foot office building, located at 800 Greenview Dr. in Grand Prairie, from Southwest Securities FSB. Michael Stanzel of NAI Robert Lynn's Dallas office represented the buyer in the transaction, and Brett Heinen and Jerry Averyt of Henry S. Miller's Dallas office represented the seller.
HOUSTON — Morgan Keegan, a brokerage and investment banking firm, has leased the entire 43rd floor and part of the 41st floor, a total of 24,357 square feet, in San Felipe Plaza, a Class A office building located at 5847 San Felipe St. in Houston. San Felipe Plaza spans 980,472 square feet and is currently 89 percent leased. Chip Colvill, Michael Anderson and Win Haggard represented the landlord, TPG/CalSTRS, a joint venture between Los Angeles-based Thomas Properties Group and the California State Teachers' Retirement System, in the lease transaction. Brad Marnitz of NAI Houston represented the tenant.