INDIANAPOLIS — Indiana Landmarks has completed the disposition of the Wiliamson Center in Indianapolis. The Indiana University Foundation purchased the 15,734-square-foot office property, located at 340 W. Michigan St., for an undisclosed price. The buyer plans to relocate its Indianapolis-based staff to the building from its current location on North Meridian.
GREAT NECK, N.Y. — CPEX has negotiated the sale of a 13,752-square-foot office building located at 300 Northern Blvd. in Great Neck for $1.65 million. The all-cash buyer will also occupy space within the building. The property traded at a 9.2 percent cap rate. Andrew Lester and Wyatt Uhlein of CPEX represented the undisclosed seller. CB Richard Ellis assisted in brokering the deal.
SCHAUMBURG, ILL. — Morgan/Harbour Construction Co. is constructing an office build-out for New York Life Insurance Co. in Schaumburg. Located at 20 N. Martingale Road, the 18,881-square-foot project will include the construction of private offices, conference rooms, open work space areas and a break room. Wight & Co. is providing architectural services for the project, which is slated for completion in spring 2011. Cushman & Wakefield is serving as project manager.
DENVER — In what is reportedly Downtown Denver’s largest lease transaction in approximately 3 years, Bridgepoint Education has signed a 151,331-square-foot office lease at the Park Central building located at 1515 Arapahoe Street. In the transaction, CB Richard Ellis’ Lee Diamond, Ty Ritchie and Chris Hook, as well as Chris Hobson of Cassidy Turley BRE Commercial, represented the San Diego-based provider of post-secondary education services, which is expected to occupy the pure expansion space by late summer. Cassidy Turley Fuller’s Doug Wulf and Robert Knisely represented the landlord, WSC 1515 Arapahoe Investors LLC, which is an entity of Walton Street Capital LLC and Means Knaus Partners LP.
HOUSTON — Moran Shipping Agencies, a ship husbandry services company, has broken ground on its new three-story, 25,000-square-foot build-to-suit office building along Ronan Road in the Greenspoint district of Houston. Moran Shipping was founded in Rhode Island in 1937 and opened its Houston office in 1974. Levinson Alcoser Associates is serving as the project architect, while SpawMaxwell is serving as the general contractor.
MAITLAND, FLA. — ADT Security Services and Simplex Grinnell, two wholly owned subsidiaries of Tyco International Ltd., have signed a 10-year lease at 6830 Shadowridge Dr. The companies will jointly occupy 43,445 square feet of space at Semoran CommerCenter at Orlando International Airport, a 190,100-square-foot Class A office/flex facility in Maitland. Ray Romano of CB Richard Ellis represented the tenants; Robert Blackwell of NAI Realvest represented the landlord/development team. The facility is being developed by Bavar Properties Group and NAI Realvest.
PARSIPPANY, N.J. — Cornwell Corp. has purchased a 73,000-square-foot office building located within Morris Corporate Center in Parsippany for $5.25 million. The seller was EBI LLC. Cornwell plans to relocate is corporate office and the offices of one of its subsidiaries, Edifice Information Management, to 22,000 square feet within the building. The company will also complete a capital improvements program. Jon Williams of Cushman & Wakefield's Morristown, N.J., office represented Cornwell in the deal. Williams will also lease the building's vacant space — currently totaling approximately 49,000 square feet. Robert Rudin and Andrew Schiffer of Cushman & Wakefield's East Rutherford, N.J., office represented the seller.
ALAMEDA, CALIF. — Webcor LP has committed to 37,663 square feet at The Waterfront at Harbor Bay, a 385,000-square-foot business park located at 1751 Harbor Bay Parkway just minutes from downtown Oakland. Webcor will occupy one entire floor at a 73,257-square-foot office building within the park, which consists of four two-story office buildings, one single-story office building and one distribution building. Cassidy Turley BT Commercial’s Brian Collins represented Webcor in the deal, and Ryan Hattersley of Cushman & Wakefield represented the landlord. Originally developed between 1996 and 2000 as a corporate campus, The Waterfront at Harbor Bay Business Park was acquired by BPG Properties Ltd. in 2006.
WARREN, MICH. — Detroit Spectrum Painters has purchased a 16,974-square-foot office building in Warren for an undisclosed price. The company plans to relocate its commercial, industrial and residential painting business to the new facility, which is located at 27560 College Park Dr. Michael Grammatico of L. Mason Capitani CORFAC International represented the buyer in the transaction. The seller was not released.
WARRENVILLE, ILL. — J.C. Anderson has completed a 72,000-square-foot office renovation for BP in Warrenville. The energy company is relocating its offices to 28100 Torch parkway within Cantera II from 150 Warrenville Road. The renovation project included the complete demolition of the existing furniture and the construction of new offices, work stations and training rooms, including new carpeting and paint, as well as mechanical, electrical and plumbing modifications. Design Organization provided architectural services for the project.