NEWARK, N.J. — Deerwood Real Estate Capital has arranged a $50 million loan for the Centre Market building, a 380,000-square-foot office building located in Newark. The building, which has the Energy Star designation, is 90 percent leased to the federal government. The loan was arranged by Deerwood's Abe Katz and carries a 7-year term.
SOMERS, N.Y. — Pepsi Beverage Co., the bottling division of PepsiCo, has expanded its lease at One Pepsi Way in Somers by 180,000 square feet. The company will now occupy all of the nine-story, 540,000-square-foot office building. The CB Richard Ellis team of Paul Jacobs and Robert Caruso represented Pepsi in lease negotiations. Glenn Walsh and Arthur Mirante of Cushman & Wakefield partnered with Allen Wieder of Paul Weiss to represent the landlord, Murray Hill Properties.
SAN DIEGO — Cassidy Turley BRE Commercial has facilitated the $1.3 million sale of two office condominiums, located at 11189 Sorrento Valley Road within Venture Sorrento Office Park in the Sorrento Valley area of San Diego. A subsidiary of PacVentures, PV Venture Sorrento LLC sold units 104 and 105 totaling 6,204 square feet to the Del Mar Union School District for use by its facilities department. Cassidy Turley BRE Commercial’s Phillip Linton represented the seller in the transaction, and Colliers International’s Chuck Wasker and Mark Kagan of Tenant Rep Real Estate represented the buyer.
CRYSTAL CITY, VA. — Los Angeles-based Lowes Enterprises is planning a $70 million redevelopment project for 1400 Crystal Drive in Crystal City. The 300,000-square-foot building, which is part of the 550,000-square-foot Jefferson Plaza complex, will be redeveloped into a modern Class A office property. Slated to begin in early 2012, the project will include relocating the building lobby to Crystal Drive and on-site amenities, including a rooftop terrace, a fitness center and a concierge. Additionally, the building will be retrofitted with modern mechanical systems. Fox Architects is providing architectural services for the project.
NEW YORK CITY — Metropole Realty Advisors has secured $175 million for the refinance of 681 Fifth Avenue, a 17-story office tower located in Manhattan. The financing consists of a $150 million, fixed-rate, senior loan provided by Ladder Capital Finance and a $25 million mezzanine loan provided by Malkin Strategic Capital. Proceeds will be used to pay off existing debt and fund the completion of pre-built offices on some of the floors.
RICHARDSON — Fossil Partners, L.P., a worldwide designer and distributor of fashion accessories, has leased 535,000 square feet of office space at the southeast corner of Central Expressway and Spring Valley in Richardson. Formerly home to Blue Cross Blue Shield of Texas (BCBSTX), the office space became available when BCBSTX moved into new headquarters in March 2010. Fossil is consolidating its employees from its two Richardson corporate offices into its new space. It's also moving distribution operations currently located at 2155 Campbell Creek in Richardson to previously leased space. KDC, a commercial real estate and investment firm, has leased the 535,000 square feet at Central Expressway and Spring Valley to Fossil, and will purchase the other three buildings vacated by Fossil as part of the transaction.
HOUSTON — Willbros United States Holdings, Inc., an oil and gas equipment and services provider, has signed an 87,212-square-foot office lease at Five Post Oak Park in Houston's Galleria submarket. Willbros extended its original lease for 10 years, expanding its size by 44,178 square feet. Tim Relyea, Joe Peddie and David Guion of Cushman & Wakefield of Texas represented Willbros, while Clint Bawcom and Brian McMackin of Cassidy Turley represented the landlord, Shorenstein Properties LLC. Five Post Oak Park is a 567,319-square-foot Class A office building located at 4400 Post Oak Pkwy.
SAN DIEGO — Jones Lang LaSalle has represented Legacy Partners in a 61,249-square-foot, more than $4 million lease transaction at Legacy Wateridge, a two- building, Class A office complex located at 10421 & 10431 Wateridge Circle in San Diego’s Sorrento Mesa submarket. Jones Lang LaSalle’s Chad Urie and Tim Olson represented the landlord in the 36-month lease renewal, and Matthew Miller and Chris Powers of CresaPartners represented the tenant, Wells Fargo.
FORT WORTH, TEXAS — Spire Realty Group has procured a $44 million loan for the acquisition of Two City Place, a 315,225-square-foot office tower located at 100 Throckmorton St. in Fort Worth. The property was built in 1976 and renovated in 2008. It was 82 percent leased at the time of closing to a tenant roster that includes Range Resources and First American Payment Systems. The loan carries a 5.72 percent fixed rate and a 5-year term. The lender was JP Morgan Chase Bank. The Holliday Fenoglio Fowler team of Wally Reid, Travis Anderson and Corby Chaffin represented Spire Realty.
MIAMI — Jones Lang LaSalle's Capital Markets team has secured a $60 million senior mortgage loan for LaSalle Investment Management (LIM) to finance the acquisition of Miami Tower in Miami. Located in downtown Miami, the 47-story tower was purchased in an all-cash transaction by LIM in December 2010. David Hendrickson and Chuck Hoag of Jones Lang LaSalle led the company's team in the transaction.
