COLUMBIA, MD., AND TYSONS CORNER, VA. — Cassidy Turley has arranged the sale of a three-building office portfolio in Maryland and Virginia. First Potomac Realty Trust acquired the properties – Cedar Hill I and III totaling 102,632 square feet in Tysons Corner, and Columbia Office, a 137,677-square-foot building in Columbia, for an undisclosed price. Cedar Hill I, located at 2222 Gallows Road, and Cedar Hill III, located at 2216 Gallows Road, are fully leased to the GSA through 2020 and 2019, respectively. Columbia Office is located at 10320 Little Patuxent Parkway. Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller, PNC Realty Investors, which sold the property on behalf of a client, in the transaction.
EDISON, N.J. — Boston-based TA Associates Realty has purchased Metroview Corporate Center, a 196,000-square-foot, Class A office building located in Edison, for $42.1 million in an all-cash deal. The 11-story building is situated on 11.5 acres at 333 Thornall Street. Occupancy was 93 percent leased at the time of closing, and less than 13 percent of the existing leases will come to term over the next three years. The building was constructed in 1984. Amenities include a renovated lobby, a 170-seat cafeteria with outdoor seating, and a two-story parking deck. The building is LEED-Silver certified. The Cushman & Wakefield team of Andrew Merin, Gary Gabriel and David Bernhaut represented the seller and procured the buyer.
NEW YORK CITY — BRT Realty Trust has provided $14 million in acquisition and construction financing for a loft office building located next to Madison Square Park in Midtown Manhattan. The undisclosed borrower is using the proceeds to purchase the building and convert it into high-end residential condominium units. In addition, the ground floor will be leased to a restaurant. Terms of the loan and details about the property were not disclosed.
DURHAM, N.C. — Principal Real Estate Investors LLC has completed the disposition of an office tower in Durham. Located at 4820 Emperor Blvd., the 11-story property offers 259,531 square feet of office space. Additionally, the building is LEED Silver certified. The buyer and acquisition price were not released. Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller.
CLAYTON, MO. — Cassidy Turley has secured $80 million in long-term, fixed-rate financing for Centene Plaza, an office tower in Clayton. Located at 7700 Forsyth Blvd., the 17-story, 486,000-square-foot office tower was developed by a related entity of Centene Corp. Christian Miles and Philip Mudd of Cassidu Turley arranged the financing on behalf of the borrower, Centene Corp.
INDIANAPOLIS — Indiana Landmarks has completed the disposition of the Wiliamson Center in Indianapolis. The Indiana University Foundation purchased the 15,734-square-foot office property, located at 340 W. Michigan St., for an undisclosed price. The buyer plans to relocate its Indianapolis-based staff to the building from its current location on North Meridian.
GREAT NECK, N.Y. — CPEX has negotiated the sale of a 13,752-square-foot office building located at 300 Northern Blvd. in Great Neck for $1.65 million. The all-cash buyer will also occupy space within the building. The property traded at a 9.2 percent cap rate. Andrew Lester and Wyatt Uhlein of CPEX represented the undisclosed seller. CB Richard Ellis assisted in brokering the deal.
SCHAUMBURG, ILL. — Morgan/Harbour Construction Co. is constructing an office build-out for New York Life Insurance Co. in Schaumburg. Located at 20 N. Martingale Road, the 18,881-square-foot project will include the construction of private offices, conference rooms, open work space areas and a break room. Wight & Co. is providing architectural services for the project, which is slated for completion in spring 2011. Cushman & Wakefield is serving as project manager.
DENVER — In what is reportedly Downtown Denver’s largest lease transaction in approximately 3 years, Bridgepoint Education has signed a 151,331-square-foot office lease at the Park Central building located at 1515 Arapahoe Street. In the transaction, CB Richard Ellis’ Lee Diamond, Ty Ritchie and Chris Hook, as well as Chris Hobson of Cassidy Turley BRE Commercial, represented the San Diego-based provider of post-secondary education services, which is expected to occupy the pure expansion space by late summer. Cassidy Turley Fuller’s Doug Wulf and Robert Knisely represented the landlord, WSC 1515 Arapahoe Investors LLC, which is an entity of Walton Street Capital LLC and Means Knaus Partners LP.
HOUSTON — Moran Shipping Agencies, a ship husbandry services company, has broken ground on its new three-story, 25,000-square-foot build-to-suit office building along Ronan Road in the Greenspoint district of Houston. Moran Shipping was founded in Rhode Island in 1937 and opened its Houston office in 1974. Levinson Alcoser Associates is serving as the project architect, while SpawMaxwell is serving as the general contractor.