PARSIPPANY, N.J. — CB Richard Ellis (CBRE) Realty Trust has purchased the Deloitte building in Parsippany. The seller is a joint venture between The Hampshire Companies, Mack-Cali Realty Corp. and J.P. Morgan Asset Management. The property is a five-story, 175,000-square-foot office building, which was built in 2007. It is located at 100 Kimball Drive within the 90-acre Centre of Morris County office campus. Deloitte occupies the entire building through 2020. Adam Spies of Eastdil Realty represented the sellers in the deal. The purchase price was not disclosed.
CONROE – An investment partnership sponsored by Houston-based Vista Equities Group has acquired a 39,000-square-foot office building located at 333 N. Rivershire Dr. in Conroe. The property was 50 percent occupied at the time of acquisition. Vista Equities Group plans expansive renovations and Robert Graham of The Marion Franke Team in Conroe will serve as the building’s leasing agent. Woody Mann of Vista Equities Group negotiated the property acquisition, while James Coleman of First National Bank handled the financing.
COLUMBIA, MD. — Chicago-based Romanek Properties, in partnership with Chicago-based Syndicated Equities, has purchased 7700 Montpelier Road in Columbia for $7.25 million. The single-story, 43,785-square-foot office building is fully leased to John Hopkins University. Jon Carpenter, Jay Wellschlager and Philip Iglehart of Cassidy Turley's Capital Markets Group represented the seller, CSG Partners, in the transaction.
NEW YORK — IMS Health Transportation Corp. has leased 14,206 square feet of space at 485 Lexington Avenue, a 31-story, 921,370-square-foot office building in New York. The company will occupy the entire 26th floor of the building. Lisa Kiell of Jones Lang LaSalle Brokerage represented the tenant; David Kaufman provided in-house representation for the building owner, SL Green Realty Corp., in the 10-year lease transaction.
NEW YORK CITY — Modis Inc. has signed a 10-year lease for 21,677 square feet of office space at 521 Fifth Avenue in New York. The 371,601-square-foot property is also occupied by Alexander & James, Nippon Life Insurance and Royal Healthcare. Sloan Rhulen of CB Richard Ellis represented Modis; Amy Schustek provided in-house representation for the landlord, SL Green Realty Corp., in the transaction.
MADISON, WIS. — Irgens Development Partners has acquired Park West I, an office building located within University Research Park in Madison. Located at 406 Science Dr., the property offers 51,000 square feet of office space. Irgens plans to make substantial capital improvements to the building. Grubb & Ellis | Oakbrook has been retained to lease the property. Terms of the transaction were not released.
LAS VEGAS — The Siegel Group Nevada has acquired a 2-story, 36,000-square-foot office building, located at 3790 Paradise Road in Las Vegas, for its new corporate headquarters. Terms of the deal were not disclosed. The Siegel Group intends to occupy 40 percent of the property’s space; the building was approximately 80 percent vacant at time of sale.
TAMPA, FLA. — A joint venture consisting of affiliates of TriGate Capital LLC, Feldman Equities and Tower Realty Partners has acquired Fountain Square II, a 134,065-square-foot office building in Tampa. Located within the Fountain Square Office Park, the 70-percent occupied property features an on-site fitness center, a restaurant and a parking garage. Orlando, Fla.-based Tower Realty Partners will manage and lease the property. Terms of the transaction were not released.
MANASSAS, VA. — Rinker Design Associates (RDA) and NAL Research Corp. have acquired a 5-acre development site within Innovation @ Prince William technology park in Manassas. The companies plan to develop two buildings totaling 90,000 square feet on the site. The first phase, Discovery Center I, includes a three-story, 45,000-square-foot building that will services as headquarters for RDA and NAL. The second phase, Discovery Center II, will also be a three-story, 45,000-square-foot building. Construction of the first phase is slated to break ground in March, with completion scheduled for February 2012. The land purchase and first building is estimated to cost $9 million, pending final construction costs. Tom Sandlin of Avison Young represented both RDA and NAL in the transaction.
NEW YORK CITY — A joint venture between Savanna and Monday Properties has procured a $58 million loan to recapitalize a Manhattan office tower. The 20-story building is located at 386 Park Avenue South. The loan, which was provided by PCCP LLC, will be used to complete a broad capital improvements program, which will begin in the early part of the year. Adam Spies of Eastdil Secured represented the owner in the financing. In addition, Chase Bank has renewed its lease for the building's 12,000-square-foot retail space for an additional 11 years. David Green and Steven Soutendijk of Cushman & Wakefield represented the tenant in lease negotiations. Jordan Berger of Monday Properties provided in-house representation for the owners.