NEW YORK CITY — New York City-based Savanna has acquired 1375 Broadway, a 513,401-square-foot office tower located in Manhattan, for $135 million. The private equity firm simultaneously purchased the fee ownership from Chedward Realty Corp. and the long-term net lease from Statecourt Enterprises, then collapsed the positions into a fee simple ownership following the closing. A $102 million mortgage was provided by Morgan Stanley. Savannah plans to launch a major capital improvements program in the near term.
NEW YORK CITY — A joint venture between Dallas-based Invesco Real Estate and New York City-based The Kaufman Organization has acquired an office property located at 100-104 Fifth Ave. in New York City for $93.5 million. The property is a 270,000-square-foot office condominium situated above the Mesa Grill. the property was purchased through a pre-petition bankruptcy auction. Woody Heller and Will Silverman of Studley represented the seller, Rock New York.
ENGLEWOOD CLIFFS, N.J. — LG Electronics has acquired an office complex in Englewood Cliffs from Piedmont Office Realty Trust for $55 million. The 27-acre property, which is located at 111 Sylvan Ave., consists of five interconnected buildings containing 410,000 square feet of office space. Citicorp North America currently occupies the campus under a short-term lease. LG did not release its immediate plans for the property but could possibly use it as an expansion of the company's U.S. headquarters. Jeffrey Dunne and Kevin Welsh of CB Richard Ellis' (CBRE) New York Institutional Group partnered with David Opper and Cheryl Hardt of CBRE's Saddlebrook, N.J., office to represent the seller. John Oh of CBRE's New York City office and Paul March of the firm's East Brunswick, N.J., office represented the buyer.
SAN DIEGO — Pacific Office Properties Trust negotiated a 7-year lease for a total of 101,446 square feet of office space with The Active Network at the 356,524-square-foot Seaview Corporate Center in the Sorrento Mesa area of San Diego. The transaction includes an extension of term of 80,186 square feet and an expansion into an additional 21,260 square feet at the tenant’s corporate headquarters. Led by Brigham Black, the office REIT landlord represented itself in the transaction; The Active Network was represented by David Marino of Irving Hughes.
HOUSTON — Cameron International Co., which provides flow equipment products, systems and services to the oil, gas and process industries, has signed a 75,467-square-foot office space lease renewal with an extended 10-year term at Park Towers South in Houston. Located at 1333 W. Loop South in Houston's Post Oak Park submarket, the office space serves as Cameron's headquarters. Charles Gordon and Michael Sieger of CB Richard Ellis represented Cameron, while Steven Seltzer of TPMC Realty Corp. represented the landlord, Post Oak Realty Investment Partners, LP.
WASHINGTON, D.C. — First Potomac Realty Trust has acquired Longfellow Plaza at 1211 Connecticut Avenue in Washington, D.C. The eight-story, 137,754-square-foot office property sold for $49.5 million. The 100-percent leased building was originally built in 1967 and renovated in 1998 and 2008. The buyer plans to renovate the property's façade and lobby. Norfolk, Va.-based Harbor Group International sold the property. Holliday Fenoglio Fowler brokered the transaction.
OMAHA, NEB. — Steve Ruff of Q10|Daisley Ruff Financial has arranged an $83 million loan for an office building in Omaha. The ten-story building offers 316,481 square feet of office space and a multi-level parking structure. Once complete in December, the property will serve as the Nebraska headquarters of a top health insurance company. Additional terms of the loan were not released.
AURORA, ILL. — Houston-based Boxer Property has acquired Fox Valley Executive Center in Aurora. Located at 75 Executive Dr., the 107,087-sqauare-foot property sold for an undisclosed price. Tom Gallagher of TPG Financial represented the buyer; Art Burrows of NAI Hiffman represented the seller, Miami-based LNR Property, in the transaction.
STAMFORD, CONN. — Lehman Brothers Holdings has selected L&L Holdings Co. to oversee the repositioning of a Stamford office building. The 580,000-square-foot building, located at 695 E. Main St., will be converted from single-tenant to multi-tenant use. In addition to the interior redesign, all operational systems will be upgraded. The project will be designed for LEED certification. Perkins Eastman is serving as project architect.
NEW YORK CITY — AECOM Technology Corp. has signed a 12-year lease for 108,631 square feet of office space at 100 Park Avenue in New York City. The company will consolidate several of its locattions into the fifth, sixth, 18th and 19th floors of the 36-story tower. The tower's landlord is SL Green Realty Corp. Joseph Simon of Tishman Real Estate Services and Adam Foster of CB Richard Ellis represented the tenant in lease negotiations. SL Green provided in-house representation.