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.
DENVER — NBS Real Estate Capital LLC has completed a $4.13 million preferred-equity investment in 1899 Wynkoop, a 162,000-square-foot Class A office building in lower downtown Denver. The Portland, Ore.-based investment firm partnered with the Nichols Partnership, the original developer of the property.
NEW YORK CITY — A joint venture between New York City-based The Kaufman Organizaion and Dallas-based Invesco Real Estate has acquired 100-104 Fifth Avenue in New York City. The 17-story, 270,000-square-foot office building is located in Union Square. The joint venture plans to begin a $9 million capital improvements program to the building in the first quarter of 2011. The seller's name was undisclosed. Mark Fisher, Keith Braddish, Jason Gaccione and Michael Diaz of CBRE Capital Markets arranged $55 million in financing for the acquisition.
HOUSTON — In a deal first announced on RE Business Online on November 15, 2010, Atlanta-based Goddard Investment Group has finalized the sale of Heritage Plaza, a landmark office complex in downtown Houston, to New York-based Brookfield Properties Corp. for $325 million. Heritage Plaza, located at 1111 Bagby St., comprises an office tower, which is approximately 84 percent leased, constructed in 1986 and the Federal Land Bank building built in 1935. Tenants of the office tower include Deloitte, EOG Resources and Tudor Pickering Holt & Co. It is Houston's second highest price ever paid for an office building, behind only the Bank of America Center sale for $367 million in August 2007.
PHOENIX — Buchanan Street Partners has sold the 176,800-square-foot Catalina Terraces, a Class A office building located in Phoenix, to Santa Fe, N.M.-based Rosemont Realty for $20.75 million. Jim Fijan’s CB Richard Ellis brokerage team executed the sale of the three-story, multi-tenant property to the national commercial property acquisition and asset management company.
JACKSONVILLE, FLA. — Locally based David E. Gonzales Corp. has acquired Baywood Center, an office complex located at 9424-9428-9432 Baymeadows Road in Jacksonville's Butler-Baymeadows suburban office market, for $6.8 million. Developed in 1985, the property consists of one six-story building and two two-story buildings offering a total of 162,864 square feet of office space. The complex is anchored by CH2M Hill and Golder & Associates. Karl Johnson of Cushman & Wakefield represented the seller, Boston-based KBS Realty Advisors, in the transaction.
WARRENDALE, PA. — Keystone Property Group has announced plans to construct two new office buildings within its Keystone Summit Corporate Park in Warrendale. The Class A buildings could total up to 150,000 square feet and will target users seeking 20,000 contiguous square feet and above. A construction timetable was not released. Keystone Summit currently contains five buildings totaling 573,744 square feet. Occupancy is currently 100 percent.
NEW YORK CITY — SL Green Realty Corp. has reached an agreement to take full control of the leasehold and fee interests in three Midtown Manhattan properties. The company acquired the interests from Gramercy Capital Corp. for a combined $390.8 million, which includes the assumption of $265.6 million in debt. SL Green acquired a 45 percent joint venture interest in the leasehold and fee interests in 885 Third Avenue, also known as the Lipstick Building, as well as 2 Herald Square. The company acquired its interest in the first property for $39.3 million and assumed $120.4 million in debt. SL Green acquired its interest in the second property for $25.6 million and assumed $86.1 million in debt. The deal brings its leasehold stake in both buildings to 100 percent. Finally, SL Green purchased the entire leased fee interest in 292 Madison Avenue for $19.2 million. The company also assumed $59.1 million in debt.