Office

OCEAN 11 PLANS TO RENAME, UPGRADE 5-STORY NEW YORK OFFICE

by admin January 31, 2012

FARMINGVILLE, N.Y. — Medford-based Ocean 11 Realty purchased the 50,000-square-foot former headquarters of Teachers Federal Credit Union (TFCU) in Farmingville for $4.6 million. The five-story office building is located at 2410 N. Ocean. The building will be renamed as the Heron Professional Center and will undergo an upgrade. Ocean 11 plans to make one floor available for leasing and market the remaining floors through an office-condominium offering. Hauppauge-based Corporate Realty Services represented TFCU in the sale. Paul Elliott of Medford-based Soundview Realty Group represented Ocean 11.

January 31, 2012

GAS COMPANY EXPANDS U.S. HEADQUARTERS

by admin January 31, 2012

BASKING RIDGE, N.J. — Matheson Tri-Gas, a specialty and industrial gas producer, has expanded its U.S. headquarters and signed an 11-year lease extension in Basking Ridge. The company expanded its lease by 10,000 square feet, for a total of 33,000 square feet, at 150 Allen Rd. Brian Lynch and Peter Rasmusson of Lee & Associates represented the tenant in the transaction. The building's owner, the Silverman Group, was represented in-house by Toby Nelson.

January 31, 2012

Northeast Office

TEEN RETAILER LEASES CORPORATE HEADQUARTERS IN PHILLY

by admin January 31, 2012

PHILADELPHIA — Retailer Five Below has signed a new 34,500-square-foot, 10-year office lease at 1818 Market St. in Philadelphia. The location will serve as the company's new corporate headquarters. Five Below merchandise is geared to the teen and pre-teen markets. The lease includes an option to expand to a total of 60,000 square feet on two floors. With the addition, 1818 Market is 83 percent leased. The landlord is Daymark Realty Advisors.

January 31, 2012

Office Texas

HINES, J.P. MORGAN ACQUIRE PLAZA AT LEGACY

by admin January 31, 2012

PLANO — A new joint venture between Dallas-based Hines and institutional investors advised by J.P. Morgan Asset Management-Global Real Assets have acquired the 215,499-square-foot The Plaza at Legacy, an office building in the Legacy Business Park in Plano. The acquisition also includes a 12-acre adjacent land parcel. Hines developed the property as a build-to-suit for Computer Associates in 2001 and sold the asset to ING-Clarion in 2004 but continued to manage the property until 2006. Jones Lang LaSalle's Houston Real Estate Investment Banking team advised Hines in the joint venture equity and debt. Computer Associates has reconfigured its space renewed its lease for 43 percent of the property in a 10-year deal, leaving approximately 120,000 square feet of space available for multiple tenants. Computer Associates' reconfiguration has led to a repositioning of the office building, which will include upgrading the lobby, adding a deli/sundry store, adding a fitness center and upgrading common areas on each floor. The retrofit is slated for an end of 2012 completion and is being financed by U.S. Bank. Hines is co-marketing the available office space with Cassidy Turley.

January 31, 2012

Office Western

REGUS LEASES 18,399 SF AT LANDMARK SQUARE

by admin January 31, 2012

LONG BEACH, CALIF. — Regus has agreed to lease 18,399 square feet of office space at Landmark Square in Downtown Long Beach. Regus’ business center is anticipated to open mid-year, providing executive suite offices, meeting space and virtual offices for executives and entrepreneurs in the South Bay. It was represented by Steve Solomon and Jason Fine of Jones Lang LaSalle Los Angeles. Landmark’s owner, Brookfield Properties, was represented in-house by John Barganski and Toliver Morris.

January 31, 2012

Northeast Office

RENOVATION UNDERWAY AT HISTORIC BOSTON HIGH-RISE

by admin January 30, 2012

BOSTON — Suffolk Construction will oversee the 12-month renovation of 185 Franklin St., a historic high-rise office building in Boston's Financial District. The building has been rebranded 50 Post Office Square. Plans for the project call for renovations to the building's lobby, commercial space and common areas and 110 new underground parking spaces. Suffolk is currently developing the first phase of construction, which includes the addition of 21,000 square feet of street-level retail space. The two-phase project is slated for completion in 2013.

January 30, 2012

Northeast Office

SUBURBAN OFFICE TOWER FETCHES $70M IN PENNSYLVANIA

by admin January 30, 2012

WEST CONSHOHOCKEN, PA. —Five Tower Bridge, one of Philadelphia's premier suburban office towers, has sold for a reported $70 million to MIM-Hayden Real Estate Funds. MIM is a partnership between Conshohocken-based Miller Investment Management and Hayden Real Estate Investments, and David Cos. of Boston. The 222,000-square-foot tower was built by Oliver Pulver Tyrone in 2001 and is located at 300 Barr Harbor Dr. in West Conshohocken. The building is fully occupied. KBS Realty Advisors of Newport Beach, Calif. was the seller.

January 30, 2012

Office Texas

G&E ARRANGES OFFICE LEASE

by admin January 30, 2012

CARROLLTON — Grubb & Ellis has brokered the lease extension of 59,856 square feet of office space, located at 3000 Kellway Dr. in Carrollton. Heather Densmore Shover and Trae Anderson of Grubb & Ellis' Dallas office represented the landlord, 3000 Kellway Drive Holdings LP, in the lease transaction. Securus Technologies was the tenant.

January 30, 2012

Office Southeast

FLOOR AND DECOR OUTLETS SIGNS 30,810 SF LEASE

by admin January 27, 2012

SMYRNA, GA. — Floor and Decor Outlets of America has signed a 30,810-square-foot lease at Lakewood II office building, located at 2233 Lake Park Dr. in Smyrna. Bill Weghorst and Chip Roach of PM Realty Group's Atlanta office, along with Chris Breeden of Parkway Realty Services' Atlanta office, represented the landlord, Parkway Properties Office Fund II, in the transaction. Don Perry of Norcross, Ga.-based Lavista Associates represented the tenant.

January 27, 2012

Northeast Office

LARGE LAW FIRM RENEWS LEASE IN PHILADELPHIA

by admin January 27, 2012

PHILADELPHIA — Law firm Morgan Lewis has extended its 289,432-square-foot office lease at Six Penn Center in Philadelphia. The company occupies all of the office space at Six Penn, which consists of floors six through 18. The lease now expires Jan. 31, 2021. W. Whitney Hunter and Peter Talman of Jones Lang LaSalle represented Morgan Lewis in the transaction. The building is owned by a joint venture controlled by Lexington Realty Trust. Morgan Lewis is one of the 15 largest law firms in the U.S., according to The National Law Journal's ranking of the 250 largest law firms.

January 27, 2012

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