CHICAGO — The Hearn Co. has purchased 55 W. Monroe in Chicago from LaSalle Investment Management for $136 million. The 803,000-square-foot, 40-story office tower was once known as the Xerox Center. The new owner plans to make street-level changes to the entries and upgrade the property's amenities and common areas. Bruce Miller, Jim Postweiler, David Hendrikson, Keith Largay, Jascint Vukelich and Nooshin Felsenthal of Jones Lang LaSalle represented Hearn in the transaction. The brokerage also secured acquisition financing of $108 million: $86.5 million in senior debt through Wells Fargo Bank and $21.5 million in mezzanine facility through Redwood Trust.
NEW YORK CITY — The Albanese Development Corp. has purchased 510 W. 22nd St. in West Chelsea for $54.5 million. ADC plans to redevelop the site from a vacant, five-story garage into a 175,000-square-foot, Class A office building. The site was purchased from Highland Capital, a Texas-based investment fund, which acquired it from the previous owner, an investment group that included Shawn Carter, the rapper known as Jay-Z. Cook + Fox Architects is designing the structure.
IRVING — Atlanta-based The Brookdale Group has closed on its acquisition of the 1.4 million-square-foot Towers at Williams Square, an office complex comprised of four Class A buildings located at 5125 N. O'Connor Blvd. in Irving. The Brookdale Group purchased the property through Brookdale Investors Six, the firm's sixth real estate investment fund. The property consists of a 26-story office building, two 14-story office buildings and a five-story building, and it sits on a 16-acre property that fronts Lake Carolyn.
THE WOODLANDS — The J. Beard Real Estate Co. has brokered the sale of a 2.11-acre tract, located in the Village of Alden Bridge at the intersection of Ginger Jar and Kuykendahl Road in The Woodlands. Alden Land Development, a private partnership, purchased the land from The Woodlands Land Development. Two 10,000-square-foot office buildings will be constructed on the site by Everson Developments. The buildings are slated for a August 2012 completion and J. Beard is handling the marketing, sales and leasing of the office buildings.
SCOTTSDALE, ARIZ. — Westport Capital Partners LLC has purchased Scottsdale Financial Center II in Scottsdale for an undisclosed sum. The Class A, 150,000-square-foot office building is located at 4141 N. Scottsdale Road. The center is currently 71 percent leased to Coventry Health Care. Jones Lang LaSalle’s Jim Sadler, Dennis Desmond and Brian Ackerman represented the seller. JLL’s Harry Klaff also represented Coventry, the building’s primary tenant, in the lease transaction.
ATLANTA — Cushman & Wakefield has negotiated the sale of the 94,839-square-foot 56 Perimeter Center East, an office building located in Atlanta. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield's Atlanta office represented Rubenstein Partners, the seller, in the transaction. The buyer was The Simpson Organization.
ORLANDO, FLA. — Wyndham Vacation Ownership has signed a 230,000-square-foot lease at Sea Harbor Office Center, located at 6277 Sea Harbor Dr. in Orlando. David Chapin of Jones Lang LaSalle's Orlando office represented Lexington Realty Trust, the landlord, in the transaction. John Wanamaker of Orange City, Fla.-based Coldwell Banker Commercial/AI Group represented the tenant.
LONG GROVE, ILL. — ACCO Brands Corp. has signed a 189,092-square-foot lease at Kemper Lakes Business Center, a 1.1 million-square-foot, four-building office park located in Long Grove, a northwest suburb of Chicago. ACCO Brands is relocating its headquarters to Four Corporate Drive, a three-story, Class A office building. Kemper Lakes encompasses 164 acres and is situated between two lakes and overlooks the Kemper Lakes Golf Course. Philadelphia-based BPG Properties Ltd. (BPG), which serves as the asset manager for the property, has completed more than $35 million in capital improvements, including a complete redevelopment of the parking area, new exterior entries, new interior lobbies and enhanced landscaping. Dave Florent and Steve Kling of the Chicago office of Colliers International represented the landlord in the transaction. Lou Hall of the Chicago office of Cushman & Wakefield represented ACCO Brands.
LOWELL, MASS. — Autoliv has selected Margulies Perruzzi Architects to provide space planning and interior design services for its 60,000-square-foot expansion, located at 1001 Pawtucket Blvd. in Lowell. Autoliv currently occupies 20,000 square feet of space. The expansion will include 30,000 square feet of office space with workstations, conference rooms and open work areas, as well as 30,000 square feet of production, engineering and testing space, including ground-floor space for vehicle testing. Winstanley Enterprises owns the building.
OKLAHOMA CITY — Sperry Van Ness/ William T. Strange & Associates has arranged the $1.35 million sale of the 60,654-square-foot Metro Office Park, a six-building office property located at 4300 Highline Blvd. in Oklahoma City. Zach Martin of Sperry Van Ness' Oklahoma City office represented the seller, G.D. Madden, in the transaction. Scott Pickens of Oklahoma City-based Total Realty Services represented the buyer, Appian Properties. The property has been on the market for more than 2 years and currently has approximately 30 percent occupancy.