Office

123 SOUTH BROAD STREET REFINANCED IN PHILADELPHIA

by admin January 7, 2011

PHILADELPHIA — A joint venture between SSH Real Estate Group and Young Capital has refinanced its condominium interest at 123 South Broad Street, an 880,000-square-foot office building located in Philadelphia. The condo, known as Unit II, consists of floors six through 30 and totals approximately 620,000 square feet. The loan carries a 10-year term and a fixed interest rate. Matthew Pestronk of The Ackerman-Ziff Real Estate Group arranged the loan on behalf of the owners through Citigroup Global Markets Realty Corp. The loan will be contributed to an $876.5 million CMBS offering.

January 7, 2011

JOINT VENTURE ACQUIRES LAKES ON POST OAK OFFICE COMPLEX

by admin January 7, 2011

HOUSTON — A joint venture between Boca Raton, Fla.-based Crocker Partners and Stamford, Conn.-based Five Mile Capital Partners has acquired the 1.2 million-square-foot Lakes on Post Oak office complex in Houston's Galleria submarket. The Class A property, which is 89 percent leased, is adjacent to The Galleria Shopping Center with close access to U.S. Highway 59, the 610 West Loop and the Westpark Tollway. The office property includes three buildings: the 440,000-square-foot 3000 Post Oak Blvd.; the 421,000-square-foot 3040 Post Oak Blvd.; and the 334,000-square-foot 3050 Post Oak Blvd. Crocker Partners' predecessor entity, CRT Properties, once owned Lakes on Post Oak before the entity was sold in 2005. The purchase marks a re-entry into Texas for Crocker Partners and Five Mile Capital Partners first major acquisition in the Houston market.

January 7, 2011

Office Texas

AMERICAN HEART ASSOCIATION SELLS OFFICE BUILDING

by admin January 7, 2011

AUSTIN — The American Heart Association has sold its 23,098-square-foot office building, located at 1700 Rutherford Ln. in Austin, to an undisclosed local non-profit occupant. Walter Saad, Cathy Nabours, Colin Armstrong and Blake Lloyd of CB Richard Ellis' Fort Worth office represented the American Heart Association, while Conley Covert of Skyles Bayne represented the buyer. The American Heart Association will call the Quarry Oaks campus on Stonelake Boulevard its new home, relocating its local office and regional affiliate headquarters.

January 7, 2011

Office Southeast

ROCK CREEK PROPERTY GROUP ACQUIRES PROPERTY IN WASHINGTON, D.C.

by admin January 6, 2011

WASHINGTON, D.C. — Rock Creek Property Group has acquired 1438 U Street N.W. in Washington, D.C. The two-story building sold for $2.75 million or $229 per square foot. The buyer plans to fully renovate the property, which was originally built for the United States Post Office, into retail, office or mixed-use tenancy. The property measures 12,000 square feet with a total mixed-use development potential of approximately 25,000 square feet. Rock Creek utilized its fund, Rock Creek Fund Investors I, for all equity associated with acquisition.

January 6, 2011

Office Southeast

PHASE 3 PROPERTIES SELLS TWO BUILDINGS IN NORTH CAROLINA

by admin January 4, 2011

DURHAM AND CARY, N.C. — Phase 3 Properties has completed the disposition of two laboratory and office buildings in North Carolina. BioMed Realty Trust acquired Patriot Drive Sciences Center, which is located at 3908 Patriot Dr. in Durham, and 3000 Weston Parkway in Cary. Constructed in 1984, the 48,000-square-foot Patriots Drive Sciences Center sold for approximately $8.6 million, while the 30,000-square-foot Weston Parkway property, which was built in 1990, sold for $6.1 million. The Weston property is fully leased to Diosynth Biotechnology. Lee Clyburn of Grubb & Ellis|Thomas Linderman Graham represented Phase 3 Properties in the transactions.

January 4, 2011

Northeast Office

MERIDIAN ARRANGES $200 MILLION OFFICE ACQUISITION LOAN

by admin January 4, 2011

NEW YORK CITY — Meridian Capital Group has arranges $200 million in acquisition financing for a trophy office tower located in Manhattan. The Class A building contains approximately 540,000 square feet over 40 stories and is located at 1330 Avenue of the Americas. Ralph Herzka and Rael Gervis of Meridian arranged the loan through a New York City-based bank on behalf of the borrower, RXR Realty. Terms of the loan were not released.

January 4, 2011

Northeast Office

SYNERGY PURCHASES 175,000-SQUARE-FOOT OFFICE PROPERTY IN BOSTON

by admin January 4, 2011

BOSTON — Synergy, a Boston-based investment and development firm, has purchased a 175,000-square-foot office property located in the city's Seaport District. Located at 253 Summer St., the property contains two office buildings totaling five and six stories. It was originally constructed in 1902 as a dry goods warehouse for Boston Wharf Co. and later converted into a multifamily office property. Occupancy was 92 percent at the time of closing. The Cushman & Wakefield team of Robert Griffin, Jr., Edward Maher, Jr., David Pergola and David Martel represented the seller, Boston HSR South Boston LLC, and procured Synergy.

January 4, 2011

Office Western

COLLIERS EXTENDS LEASE DEADLINE FOR THE ASSOCIATED PRESS IN DOWNTOWN L.A.

by admin January 4, 2011

LOS ANGELES — Colliers International has negotiated The Associated Press’ 10-year, nearly $5.5 million lease of 15,444 square feet of office space located at 221 S. Figueroa St. in downtown Los Angeles. Built in 1977 and part of a multi-building campus, the location is home to US Bank, One Legacy and UCLA Extension. Colliers International’s Nathan Pellow and Brian Feist represented the tenant in the lease extension; Charles Dunn Co.’s Chris Runyen represented the landlord, US Bank.

January 4, 2011

Office Southeast

117,000-SQUARE-FOOT OFFICE PROPERTY SELLS FOR $24.25 MILLION IN TENNESSEE

by admin January 3, 2011

BRENTWOOD, TENN. — Northwestern Mutual has acquired Gateway II, a Class A office building in Brentwood, for $24.25 million. Located on 5.5 acres at 5500 Maryland Way, the four-story property offers 117,000 square feet of rentable space. The property is currently 100-percent occupied by tenants, including LifePoint Hospitals, Stanley D. Lindsey & Associates and Robin & Morton. Alex S. Palmer & Co., the seller, developed and built the property in 2007. Douglass Johnson and Steve Preston of CB Richard Ellis' Nashville, Tenn., office brokered the transaction.

January 3, 2011

Office Texas

ARAPAHO GARDENS OFFICE SELLS IN RICHARDSON

by admin January 3, 2011

RICHARDSON – Arapaho Gardens, a 38,218-square-foot office property located at 1121-1149 Rockingham Ln. in Richardson has changed hands. An Iowa-based private investor sold the property to a Dallas-based owner/user and limited liability company. The institutionally owned property is approximately 69 percent occupied. It consists of four one- and two-story buildings on the corner of Arapaho Road and Rockingham Lane, approximately three-fourths of a mile west of North Central Expressway. Ron Hebert of Marcus & Millichap’s Dallas office represented the seller.

January 3, 2011

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