Office

288,458-SQUARE-FOOT OFFICE BUILDING SELLS IN MINNESOTA

by admin February 8, 2011

MINNETONKA, MINN. — KBS REIT II has acquired 601 Tower at Carlson Center in Minnetonka. The 15-story, 288,458-square-foot office tower sold for an undisclosed price. The property is 90 percent leased to tenants, including One Beacon Insurance, Conopco, Wachovia, RBC Capital Markets, Robert Baird, Pine River Capital and HQ Global Workplaces. Tom Holtz represented the CB Richard Ellis Minneapolis Investment Team that represented the undisclosed seller in the transaction. KBS Capital Advisors represented Newport Beach, Calif.-based KBS REIT II.

February 8, 2011

STAN JOHNSON BROKERS $13.95 MILLION OFFICE BUILDING SALE IN WISCONSIN

by admin February 8, 2011

BROOKFIELD, WIS. — Stan Johnson Company has brokered the sale of an office building, which is located at 350 N. Sunny Slope Road in Brookfield. Built in 1984, the three-story, 84,700-square-foot office building sold for $13.95 million. The property is fully occupied by Thomas Reuters. Craig Tomlinson of Stan Johnson Company represented the California-based buyer, which was in a 1031 exchange. The seller was an unit of CW Capital as special servicer for a Wells Fargo CMBS issuance. Cassidy Turley represented the seller in the transaction.

February 8, 2011

Northeast Office

SAVANNA RECAPITALIZES 5 HANOVER SQUARE IN NYC

by admin February 8, 2011

NEW YORK CITY — Savanna has procured $47 million in first-mortgage financing to recapitalize a New York City office tower. The property is a 25-story, 333,000-square-foot building located at 5 Hanover Square in Lower Manhattan's Financial District. Savanna plans to use the funds, which were provided by Mesa West Capital, to finish its capital improvements plan for the property and to fund leasing efforts. Savanna acquired the building last year.

February 8, 2011

Office Western

CB RICHARD ELLIS ARRANGES $4.4 MILLION OFFICE LEASE SPANNING 120 MOS.

by admin February 8, 2011

LAS VEGAS — On behalf of the lessor, Great Wash Park LLC (Tivoli Village), CB Richard Ellis’ Randy Broadhead and Brad Peterson have negotiated the more than $4.39 million, 120-month lease of approximately 12,635 square feet of office space, located at 400 S. Rampart Boulevard in Las Vegas, to HQ Global Workplaces LLC.

February 8, 2011

Northeast Office

TF CORNERSTONE RELOCATES TO 387 PARK AVENUE IN NYC

by admin February 7, 2011

NEW YORK CITY — Real estate investment firm TF Cornerstone has relocated its headquarters to a building it owns in New York City. The company will occupy 30,000 square feet, comprising the sixth and seventh floors, of 387 Park Avenue South, a 12-story, 200,000-square-foot office building. The company plans to complete a multi-million renovation of the property that will include new elevators, upgrading both lobbies and a new façade. TF Cornerstone purchased the building in 2005.

February 7, 2011

Office Western

JONES LANG LASALLE NEGOTIATES HEADQUARTERS LEASE NEAR L.A.

by admin February 7, 2011

PASADENA, CALIF. — On behalf of Bolton & Co., Jones Lang LaSalle has arranged a 30,884-square-foot lease at the 265,000-square-foot Pasadena Corporate Park, a Class A complex located at 3475 E. Foothill Blvd. in Pasadena. Terms of the deal were not disclosed. Jones Lang LaSalle’s John McAniff, Christina Noonan and Jason Fine represented the tenant, which will use the new space as its company headquarters, in the transaction, and CB Richard Ellis’ Todd Doney, Nico Vilgiate and John Murray represented the landlord, Wells REIT Fund II. Jones Lang LaSalle’s Southern California Project and Development Services will oversee planning, design, construction and close-out of the project for the 80-year-old employee-owned insurance brokerage company.

February 7, 2011

Office Southeast

16,000-SQUARE-FOOT OFFICE BUILDING SELLS IN FLORIDA

by admin February 4, 2011

ST. PETERSBURG, FLA. — Marcus & Millichap has brokered the sale of a BB&T Insurance office building in St. Petersburg. Located at 800 49th St. N., the 16,000-square-foot property sold for $400,000. Leon Brockmeier and Tim Phillips of Marcus & Milichap represented the Maryland-based seller and the Florida-based buyer.

February 4, 2011

Midwest Office

MCSHANE SELECTED FOR LAW FIRM OFFICE BUILD-OUT IN CHICAGO

by admin February 4, 2011

CHICAGO — Olgetree, Deakins, Nash, Smoak & Stewart P.C. has selected McShane Construction Co. to complete a 6,000-square-foot expansion and build-out at the law firm's new offices at 155 N. Wacker Dr., Suite 4300 in Chicago. The build-out will include 18 private offices, three conference rooms, six soft offices and one breakroom. McShane recently completed the firm's 20,300-square-foot build-out for its relocation to the new office. Atlanta-based ASD Architects is providing architectural services for the project.

February 4, 2011

Northeast Office

MARCONE CAPITAL SECURES $13.5 MILLION FOR TWO OFFICE BUILDINGS

by admin February 4, 2011

FRANKLIN, MASS., AND BEDFORD, N.H. — Marcone Capital has arranged $13.5 million in non-recourse financing for two office buildings in Massachusetts and New Hampshire. First, an $8.2 million loan was provided for Franklin Oaks Office Park, a 122,756-square-foot property located in Franklin. In addition, a $5.3 million loan was provided for Independence Place, a 101,381-square-foot property located in Bedford. Mike Marcone of Marcone Capital secured the loan on behalf of the borrower, Aegean Capital, through a large New England savings bank.

February 4, 2011

Office Texas

BUILDING 2 AT RESEARCH FOREST LAKESIDE TO BREAK GROUND

by admin February 4, 2011

HOUSTON — Research Forest Lakeside's Building 2, a three-story, 68,000-square-foot speculative office building located on the west side of Lake Woodlands between Lake Woodlands Drive and Research Forest Drive in Houston, is expected to break ground on February 10. Slated for delivery in the fourth quarter of 2011, Building 2 is the first phase of Colorado Springs, Colo.-based Warmack Investment's 76-acre, 1.8 million-square-foot, master-planned development. Research Forest Lakeside will be comprised of ten office buildings and supporting retail. Ziegler Cooper Architects and Odell Associates (ZC+O) is serving as the project architect for Building 2.

February 4, 2011

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