Office

KOMAN TO COMPLETE $30M RENOVATION OF CUPPLES 9 BUILDING

by admin June 8, 2011

ST. LOUIS — Creve Coeur, Mo.-based The Komen Group has completed its foreclosure acquisition of the historic Cupples 9 building in downtown St. Louis and will soon begin a $30 million renovation of the property. The project will include 147,000 square feet of office and ground-floor retail space within the building, which is located at 900 Spruce Street. Upon completion, which is expected in 2013, agricultural communications company Osborn & Barr will lease 66,000 square feet of anchor space within the building. Koman will lease and manage the building following its completion.

June 8, 2011

55 ERIEVIEW PLAZA SELLS IN CLEVELAND

by admin June 8, 2011

CLEVELAND — Grubb & Ellis has completed the sale of 55 Erieview Plaza, an 88,000-square-foot office building located in Cleveland's Financial District. An entity of the buyer, 2105 Ontario LLC, will occupy approximately 24,000 square feet of the building. Alex Jelepis and Susan Licciardi of Grubb & Ellis represented the seller, Boxer Property, in the deal. The buyer utilized in-house representation.

June 8, 2011

Midwest Office

CDP BUYS DISTRESSED ILL. OFFICE BLDG FOR REHAB

by admin June 8, 2011

NORTHBROOK, ILL. — Crossroads Development Partners has acquired a vacant office building located at 4201 Lake Cook Road in Northbrook at a sheriff's sale. The Class B property was constructed in 1989 and contains 66,000 square feet of space over three stories. CDP has already commenced an extensive renovation and repositioning of the building. CB Richard Ellis is providing leasing services.

June 8, 2011

Northeast Office

CONTINENTAL CASUALTY CORP. SIGNS 81,296-SQUARE-FOOT LEASE

by admin June 8, 2011

NEW YORK CITY — Continental Casualty Corp. has signed a 19-year, 81,296-square-foot lease at 125 Broad St. in Manhattan. Alan Grossman of ARG Realty Consultants and Stephen Siegel, Bruce Surry and Christopher Mansfield of CB Richard Ellis' New York City office represented the tenant. Mark Ravesloot, Peter Turchin and Gerry Miovski, also of CBRE's New York City office, represented the landlord, Mack-Cali.

June 8, 2011

Northeast Office

BURNS & MCDONNELL LEASES 27,635 IN CT.

by admin June 8, 2011

WALLINGFORD, CT. — Burns & McDonnell has signed a lease for 27,635 square feet of space at the 305,000-square-foot Campus at Greenhill, located at 108 Leigus Rd. in Wallingford. Burns & McDonnell expects to relocate from its existing Wallingford facility on Thorpe Avenue in September into the new space, which will include a training room, auditorium, conference rooms, a library and areas for Engineering, Project Management and Operations staff. Cushman & Wakefield represented the landlord in the lease transaction.

June 8, 2011

Office Southeast

PRC SECURES $23.17M FINANCING FOR D.C. OFFICE BUILDING

by admin June 7, 2011

WASHINGTON, D.C. — Washington, D.C.-based PRC has secured $23.17 million in financing through PCCP on behalf of a joint venture between Monument Realty and Angelo, Gordon & Co. for the acquisition and renovation of 2055 L St. NW, an office condominium in Washington, D.C. The buyer will complete renovations including refurbishing the entry and lobby, enhancing the facade, providing a new HVAC system, creating ground floor retail space, installing new fire alarm systems and more. The renovation will offer 103,000 square feet of new office space by the end of 2011. Verizon will maintain its lease of the first several floors of the building, where it controls the midtown telephone switching center.

June 7, 2011

Office Southeast

CASSIDY TURLEY SECURES $42.5M FINANCING FOR ONE EAST PRATT

by admin June 6, 2011

BALTIMORE — Cassidy Turley has arranged $42.5 million in debt financing for the 355,779-square-foot One East Pratt, a repositioned Class A office building located on Baltimore's Inner Harbor waterfront. John Campanella of the Washington, D.C., office secured a 5-year, floating-rate bank loan on behalf of the owner, Griffith Properties.

June 6, 2011

Northeast Office

CAMBRIDGE OFFICE BUILDING SELLS FOR $13 MILLION

by admin June 6, 2011

CAMBRIDGE, MASS. — Meritage Properties has sold the 34,000-square-foot 485 Massachusetts Ave., an office and retail building in Cambridge, for $13.02 million to ClearRock Properties and Juster Properties. The building is 100 percent leased to Danvers Bank, Floating Rock, Heartland Robotics, HQ Global and IDEO. Scott Jamieson, Michael Smith, John Osten, Peter Bekarian and Robert Borden of Jones Lang LaSalle's Boston office represented the seller and procured the buyer.

June 6, 2011

Northeast Office

VERITAS ACQUIRES N.J. OFFICE BUILDING

by admin June 6, 2011

MARLTON, N.J. — Colliers International's Southern New Jersey Office Division arranged the sale of a 62,000-square-foot office building, located at 13000 Route 73 in Marlton, for $7.7 million. Major tenants of the building include Bank of America, Foundation Title, Hahnemann University Health and Avnet. Colliers has been retained as the leasing agent for the property. Jason Wolf and Evan Zweben were the sole brokers in the transaction, representing Veritas Real Estate Investments, the buyer, and Liberty Property Trust, the seller.

June 6, 2011

Northeast Office

MIT SIGNS 80,000-SQUARE-FOOT LEASE

by admin June 6, 2011

LEXINGTON, MASS. — The Massachusetts Institute of Technology (MIT) Lincoln Laboratory has signed an 80,000-square-foot lease at the 160,000-square-foot Three Forbes Road, an office, research, development and lab building in Lexington. Three Forbes is part of a four-building campus know as Forbes Business Center. Needham, Mass.-based The Bulfinch Cos. is the owner of the building and the landlord.

June 6, 2011

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