WILLIAMSBURG, VA. — The 8,375-square-foot office condominium, located in the Wells Fargo Building at 428 McLaws Cir. in Williamsburg, has been sold for $2.39 million. Cedar Park purchased the condo from Leebcor Properties at McLaws as an investment. Andy Dallas and Chris Rouzie of Cushman & Wakefield | Thalhimer's Newport News, Va., office handled the sale negotiations.
CINCINNATI — The two-story, 28,700-square-foot office building located at 8800 Governor's Hill in Cincinnati has been acquired for $2.9 million. The building is 100 percent leased by Verizon Wireless and DeVry University. A Cincinnati-based investor purchased the property from Duke Realty Corp, represented by Mike Sullivan, Jim O'Connell and Thomas Powers of Cassidy Turley. The office property is visible from Interstate 71.
CLINTON, N.J. — Ikaria has signed a lease that will relocate its company headquarters to 101,641 square feet within Perryville III, a 288,566-square-foot, Class A office building located at 53 Frontage Road in Clinton. The Jones Lang LaSalle team of Tom Reilly, Dino Mattessich and Derek DeMartino represented the tenant in lease negotiations. The landlord was not disclosed.
DALLAS — Cannon Commercial has acquired One Hillcrest Green, a 106,387-square-foot office building in north Dallas from 12700 Hillcrest Partners. Gary Carr, Russell Ingrum, Jack Fraker, Josh McArtor and Eric Mackey of CB Richard Ellis' Capital Markets team represented the seller.
IRVING — Union Standard Insurance Group (USIG) has signed a lease for 56,000 square feet of office space in Urban Towers, located at 222 W. Las Colinas Blvd. in Irving. USIG is a member company of W.R. Berkley Corp., an insurance holding company that is among the largest commercial lines writers in the U.S. The new lease represents a relocation and expansion of USIG's current space at 122 W. Carpenter Fwy. in Irving. Mike Gosslee, Bob Edge, Matt Heidelbaugh, Mari Jones and Gary Collett of Cushman & Wakefield of Texas represented USIG in the site search and lease negotiations. Billy Lokey and John Fancher of CB Richard Ellis negotiated on behalf of the building owner, S.P. Millennium Center, L.P. Cushman & Wakefield's project management group, led by Meg Hardin, will oversee construction of the new space, and move-in is scheduled for the fourth quarter of 2011. USIG will occupy the entire 13th floor and a portion of the 14th floor of Urban Towers.
SEATTLE — The Institute for Systems Biology (ISB) opened its new global headquarters, 140,000 square feet of Class A office and laboratory space in Vulcan Real Estate's 401 Terry Ave. building in Seattle. The move will enable the institute to double the size of its facility over the next decade.
MIAMI — Crédit Agricole Private Banking Miami, an affiliate of the Paris-based Crédit Agricole Group, has signed a 20,137-square-foot, 12-year lease at Brickell World Plaza, located at 600 Brickell in Miami. Crédit Agricole is the inaugural tenant signed at the 600,000-square-foot, 40-story tower, which is set to open in August. Crédit Agricole will move from its current office, located at 601 Brickell Key Drive in Miami, in November. Noël Steinfeld and Chris Dekker of CB Richard Ellis' Miami office represented the landlord, Foram Group. CBRE will handle on-site property management and Foram is handling retail leasing. Glenn Gregory of Jones Lang LaSalle's Miami office represented the tenant in the transaction.
PARSIPPANY, N.J. — SJP Properties has bought back the first phase of Morris Corporate Center IV, a five-story, 350,000-square-foot office building located in Parsippany. SJP originally developed the property in 1999. Occupancy was 93 percent at the time of closing. SJP plans to complete a capital improvements program in the near term. Eastdil Secured brokered the deal. Northwestern Mutual Life Insurance is SJP's equity partner in the property.
GLENDALE, CALIF. — Mesa West Capital has provided a $24.5 million loan to capitalize 207 Goode, an office building off Brand Boulevard in Glendale. The building was completed in 2009 as a speculative development by MPG Office Trust. The new owners — a joint venture between Morgan Stanley Real Estate and Lincoln Property Co. — acquired the building at a discount to replacement cost in a short sale in October 2010. The building is largely vacant, but ownership has been in discussions with a number of tenants.
ARLINGTON, VA. — The 387,721-square-foot, 19-story office building, located at 1300 N. 17th St. in Arlington, has sold for an undisclosed price. The building, anchored by BAE Systems, is 100 percent leased. The seller, an affiliate of Boston-based Beacon Capital Partners, was represented by Bill Collins, Paul Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy Turley's Washington, D.C., office. The buyer was an affiliate of New York City-based Tishman Speyer.