NEWPORT NEWS, VA. — Vienna, Va.-based Sage Real Estate Partners has partnered with Keane Enterprises to acquire an office building in Newport News. Located at 2600 Washington Ave., the 141,000-square-foot property was purchased for approximately $2.25 million or $16 per square foot. The property is currently leased a variety of tenants, including Bank of America, the City of Newport News and the Commonwealth of Virginia General Services Administration.
FLORHAM, N.J. — Construction is advancing for the new North America headquarters of BASF. The 325,000-square-foot building is being built within The Green at Florham Park, a master-planned community located in Florham. The $100 million project will be complete in 2012 and will be applying for LEED-Platinum certification. Turner Construction Co. is providing construction management services. Rockefeller Group Development Corp. is the developer. At full build-out, The Green at Florham Park will contain 830,000 square feet of Class A office space as well as a hotel. Construction is also under way within the park for a new medical facility for Atlantic Sports Health Institute.
PARSIPPANY, N.J. — CB Richard Ellis (CBRE) Realty Trust has acquired a five-story, 175,000-square-foot office building in Parsippany for an undisclosed amount. The Class A property was constructed in 2007 and is located at 100 Kimball Drive. Amenities include a cafeteria and a fitness center. The property is fully leased to a single credit tenant through 2020. The seller's name was not released.
SYRACUSE, N.Y. — Inland Real Estate Acquisitions has purchased Time Warner Cable's division headquarters in East Syracuse for $18.1 million. The property consists of a two-story, 102,924-square-foot building that contains office space and a broadcasting studio as well as a 2.4-acre satellite dish farm. Inland completed the purchase on behalf of Inland Diversified Real Estate Trust. The seller's name was not disclosed.
HOUSTON — Black Stone Minerals, a fee mineral and royalty owner, has expanded by 13,119 square feet, renewing its headquarters lease for a total of 55,082 square feet at First City Tower in downtown Houston. Chip Colvill and Michael Anderson of Colvill Office Properties represented the landlord, FC Tower Property Partners, LP, an affiliate of Chicago-based JMB Realty. Trey Strake of Cushman & Wakefield represented Black Stone Minerals. First City Tower is a 49-story, 1.3 million-square-foot office building that occupies one city block bounded by Fannin, McKinney, San Jacinto and Lamar streets in Houston's central business district.
NEEDHAM, MASS. — FHO Partners has arranged a 320,665-square-foot office lease renewal in Needham. PTC will continue to occupy space within the three-building corporate campus, located at 140 Kendrick St., for an additional 10 years. FHO Partners represented PTC in lease negotiations. David Provost and Jason Fivek provided in-house representation on behalf of the landlord, Boston Properties.
WEST PALM BEACH, FLA. — KBS Real Estate Investment Trust II (KBS REIT II) has acquired Emerald View at Vista Center in West Palm Beach. The 139,471-square-foot, two-building office complex sold for $36 million. The property is situated on 9.8 acres at 2054 and 2056 Vista Parkway. An affiliate of Boca Raton, Fla.-based Procaccio Development Corp. sold the property.
NILES, ILL. — Imperial Realty has acquired 5940 Touhy Avenue in Niles for an undisclosed price. The three-story building offers 33,783 square feet of office space. Daniel Hyman of Millennium Properties represented the buyer, while Susan Silver, also of Millennium, represented the sellers, a consortium of banks, in the transaction. Greg McCormick of Garfield & Merel served as counsel for the sellers.
SAN DIEGO — Cushman & Wakefield has negotiated Kimball, Tirey & St. John’s 10-year, more than $10 million lease for 32,050 square feet of Class A space in Hazard Center Office Tower, a 15-story, 268,645-square-foot property located at 7676 Hazard Center Dr. in San Diego. The full-service legal firm specializing in commercial and residential real estate will move to its new offices in the Mission Valley submarket in April 2011. Cushman & Wakefield’s Dennis Hearst and David Viani represented the lessee in the deal, and Cassidy Turley BRE Commercial’s Frank Wright and Andy LaDow represented the lessor, 7510 Hazard Center LLC. Hazard Center Office Tower was built in 1990.
WASHINGTON, D.C. — KPMG LLP has signed a long-term lease for two floors at 1801 K Street in Washington, D.C. The approximately 600,000-square-foot building recently underwent a complete renovation and redevelopment designed by Skidmore, Owings & Merrill. In December 2011, KPMG will begin occupying approximately 76,000 square feet of the property, which is seeking LEED Gold certification. The landlord, Somerset Partners, was represented by David Bevirt, Tom Golsen and Carroll Cavanaugh of Jones Lang LaSalle (JLL); Gregory Knoop of Somerset Partners represented the ownership; and KPMG was represented by Phil Leibow, Chris Bynum and Alex Lassar of JLL. KPMG is currently located at 2001 M Street. Terms of the lease were not disclosed.