FRANKLIN, TENN. — Denver-based Amstar has sold the 175,262-square-foot McEwen Building, an office building located at 1550 McEwen Dr. in Franklin's Cool Springs submarket, to Newport Beach, Calif.-based KBS Reit III for $40 million. The building is 97 percent leased to tenants that include Renal Advantage, Mars Petcare, Raymond James, Carlisle Cos. and Cisco Systems. Don Albright of Nashville, Tenn.-based Cushman & Wakefield/Cornerstone represented the seller in the transaction. The buyer was self-represented.
MINNEAPOLIS — A partnership between Invesco and Zeller Realty Group has acquired the Fifth Street Towers in Minneapolis at auction for $110 million. The purchase of the towers, which span 1.1 million square feet, was completed at a foreclosure auction held last month at the Hennepin County Sheriff's office. The sale price was $1 more than the credit bid offered by the lender foreclosing the property. Located at 100 and 150 S. Fifth St., the property is about 65 percent occupied. Zeller will manage the buildings.
OLMSTED FALLS, OHIO — Vitamix has broken ground on a $10 million, 51,000-square-foot expansion of its world headquarters in Olmsted Falls, a suburb of Cleveland. The manufacturer of blending equipment has doubled its workforce during the last few years to nearly 500 people. Vitamix expects to add 100 workers this year. The company has also increased international exports by 80 percent in the past three years.
NEW YORK CITY — Real estate private equity firm Savanna has acquired 576 Fifth Ave., a 72,000-square-foot boutique office building on the corner of Fifth Avenue and 47th Street in Midtown. Savanna initially acquired the defaulted first mortgage and subsequently took control of the leasehold interest in the property in a consensual transaction with the former leasehold owner. Savanna plans to begin a multi-million renovation of the property. The project will include upgrades to the elevators, a roof replacement and a facade restoration. Cushman & Wakefield will manage the property while Todd Korren and Tal Masica of Savanna will be responsible for leasing.
HOUSTON — Moody Rambin has secured two leases totaling 167,652 square feet of office space at the 188,113-square-foot Ashford 7 building, located at 900 Threadneedle St. in Houston. Sasol North America signed a lease renewal/expansion for 83,960 square feet, and Mustang Engineering leased 83,692 square feet. Robert Cromwell and Kevin Nolan of Moody Rambin represented the landlord, CFS Ashford VII, in both lease transactions. Mary Caldwell-Coughran of Caldwell Cos. represented Sasol North America.
COLUMBUS — Mt. Carmel Health System has inked a 12,060-square-foot office lease at Arlingate Plaza, located at 4171 Arlingate Lane in Columbus. Doug Falor of Cassidy Turley represented the landlord, Time Equities, in the transaction.
NEW YORK CITY — The World Trade Center tower, constructed to replace the twin towers that were leveled on 9/11, has edged out the Empire State Building as the tallest building in New York City. On Monday, crews installed steel columns on top of the tower, which surpassed the 1,250-foot high Empire State Building. When finished, One World Trade Center will stand 1,776 feet tall. Completion is scheduled for the end of 2013. The property is being jointly developed by the Port Authority of New York and New Jersey and The Durst Organization. The building is expected to be the tallest in the western hemisphere. Burj Khalifa in Dubai remains the world's tallest building at 2,723 feet.
COLUMBUS, OHIO — Cott Systems has inked an office lease for 17,016 square feet at 2800 Corporate Exchange Dr. in Columbus. The company is a provider of public records management and storage systems. Todd Barcus of Cassidy Turley represented the tenant in the transaction. Wayne Harer and Ken Isenbarger of Continental Realty Ltd. represented the landlord, Corporate Exchange Building IV & V LP.
NEW YORK CITY — David Berley, chairman of brokerage firm Walter & Samuels, has purchased a boutique office building in the Flatiron District for $10 million. The 7-story building is located at 30 E. 20th St. and includes loft-like office space and two ground-level retail spaces. Ivan Hakiman of HPNY represented the seller in the transaction.
WATERTOWN, MASS. —Three new office tenants will move into the Riverworks complex, located at 480 Pleasant St. in Watertown. The Alzheimer's Association will relocate from Arsenal on the Charles in Watertown, Mass. and will use a portion of the second floor, totaling 18,737 square feet, as its regional headquarters and training facility. Sabre Hospitality Solutions will relocate from Netwon, Mass. into 11,583 square feet on the fourth floor. Education Resource Strategies (ERS) has signed a lease for 10,403 square feet on the second floor, and will relocate from One Brook Street in Watertown. Daniel Kollar, Brendan Cohn, Peter Bekarian and Keith Gurtler of Jones Lang LaSalle represented the owner, Farley White Interests, in the transaction. Robert Fitzgerald and Bill Crean represented the Alzheimer's Association. Keith Gurtler of Jones Lang LaSalle represented Saber, while Adam Meixner and Jeremy Fried of Boston Realty Advisor represented ERS.