Office

SABEY ACQUIRES $120M CONDO INTEREST IN VERIZON BUILDING

by admin August 5, 2011

NEW YORK CITY — Seattle-based Sabey Data Center Properties has acquired a condominium interest encompassing 29 floors of the 32-story Verizon Building at 375 Pearl St. in Manhattan for $120 million. Sabey obtained financing from lenders National Real Estate Advisors to complete the acquisition. Sabey plans on developing the space to be a data processing center called Intergate.Manhattan that should come online in 2012. Cushman & Wakefield’s Sean Brady and Jeffrey Heller represented Sabey and Ron Solarz of Eastern Consolidated represented Sabey’s partner Youngwoo & Associates. CB Richard Ellis represented the sellers, M&T Bank and Taconic Investment Partners.

August 5, 2011

MAGAZINE OWNERS PURCHASE OFFICE BUILDING IN SOUTHLAKE

by admin August 5, 2011

SOUTHLAKE — Mike and Nicole Tesoriero, owners of Southlake Style magazine, have purchased an office building at 260 Miron Dr. in the Miron Grove Office Park in Southlake. Miron Grove Office Park has five existing buildings ranging from 3,200 to 5,900 square feet. The site will be the new home for Southlake Style, which won Southlake’s small business of the year in 2006. Mark Boone of Realty Capital Corp. represented the seller, RCC Miron Office, Ltd., in the transaction.

August 5, 2011

Office Southeast

FIRST PHASE OF 396 ALHAMBRA COMPLETE

by admin August 4, 2011

CORAL GABLES, FLA. — Renovations on the seven-story South Tower, a Class A office building located within the 273,000-square-foot 396 Alhambra, a mixed-use development in Coral Gables, have finished. The 87,000-square-foot building has already leased 30,000 square feet of office space to tenants including RTKL Associates; Terra Networks; Citibank; and KabooKaboo. Work on 396 Alhambra, located at 396 Alhambra Circle in Coral Gables, began in early 2009. Renovations to South Tower included replacement of the building's windows with hurricane resistant glass, in addition to an overhaul of the plumbing systems, HVAC units, elevator cabs and electrical components. Due to the modernizations, South Tower is set to achieve LEED Silver certification. Miami-based The Fullerton Group designed the building, which is being constructed by Balfour Beatty.

August 4, 2011

Midwest Office

ONE FINANCIAL PLACE RECEIVES REFINANCING

by admin August 4, 2011

CHICAGO — Behinger Harvard has refinanced the maturing debt on the more than 1 million-square-foot One Financial Place in Chicago. JP Morgan Chase provided the new 2-year financing, which offers three one-year extension options.

August 4, 2011

Office Texas

TENANTS SIGN NEW LEASES AT HALL OFFICE PARK IN FRISCO

by admin August 4, 2011

FRISCO — Four tenants have signed new leases in Frisco’s Hall Office Park development with landlord Hall Financial Group. Hall Office Park is comprised of more than 3 million square feet of office space sitting on 162 acres. Kim Butler, Tammy Lomonaco and Brad Gibson represented Hall Financial in-house in the following transactions: Conifer Health Solutions, a Tenet Texas subsidiary, has renewed its 2,809-square-foot lease at 2401 Internet Blvd. Tenet Texas has a total presence of 75,150 square feet in Hall Office Park. ZeOmega has expanded its lease to 7,411 square feet at 3010 Gaylord Pkwy. Montford Management has renewed its 2,919-square-foot lease at 2601 Network Blvd. Michael McCartan of Mark Five Commercial, Inc. negotiated the lease on behalf of Montford Management. Hip Digital Media Inc. has renewed its lease for 1,326 square feet at 2601 Network Blvd.

August 4, 2011

Office Southeast

CB RICHARD ELLIS BROKERS SALE OF LASALLE SELECT PORTFOLIO

by admin August 3, 2011

PEACHTREE CORNERS & JOHNS CREEK, GA. — CB Richard Ellis has arranged the sale of the LaSalle Select Portfolio, which totals 399,461 square feet of office space in four properties in Peachtree Corners and Johns Creek. The portfolio consists of 5707 Peachtree Pkwy.; 3585 Engineering Dr.; 6625 The Corners Pkwy.; and 6455 East Johns Creek. Tenants include HCA, Primedia, Ashworth College, Admiral Insurance, Wells Fargo and Anheuser Busch. The sale has been reported to be $53.5 million. Will Yowell, Justin Parsonnet and Jay O'Meara with CBRE's Atlanta office investment properties institutional group represented the seller, LaSalle Investment Advisors. The buyer was Rosemont Realty.

August 3, 2011

Northeast Office

COMMUNITY WORKING SPACE SET TO OPEN FOR BUSINESS

by admin August 3, 2011

HOBOKEN, N.J. — Mission Fifty, a co-working space, will open its doors in the 3,000-square-foot penthouse of the Hoboken Business Center at 50 Harrison St. in Hoboken. The space includes offices, Internet connection, phones, printers, mail services and a conference room. Founders Aaron Price, Michael Pierce and Greg Dell’Aquila set up the space for entrepreneurs and freelancers to rent work space at a daily or monthly rate.

August 3, 2011

Office Texas

BEHRINGER HARVARD REFINANCES HOUSTON OFFICE PROPERTY

by admin August 3, 2011

HOUSTON — Behringer Harvard has refinanced the 502,410-square-foot One BriarLake Plaza in Houston’s Westchase district. The proceeds from the financing and cash on hand were used to repay the balance under Behringer Harvard REIT I, Inc.’s credit facility. NorthMarq arranged new financing for the property through senior lender Bank of America and mezzanine lender SBAF Mortgage Fund I/Lender. The property is 98 percent leased.

August 3, 2011

Office Southeast

CARR TO DEVELOP 223,000-SQUARE-FOOT MD. OFFICE BUILDING

by admin August 2, 2011

BETHESDA, MD. — Carr Properties has acquired the contract and development rights for a 223,000-square-foot trophy office project located at 4500 East West Hwy. in Bethesda. Construction will begin during the first quarter of 2012 with completion slated for the first quarter of 2014. The development, which is the first trophy quality, ground-up office development in Bethesda in more than 10 years, will be designed to achieve LEED Gold certification.

August 2, 2011

Office Southeast

CONCHITA SIGNS 60,000-SQUARE-FOOT LEASE FOR NEW HEADQUARTERS

by admin August 2, 2011

MEDLEY, FLA. — Conchita Foods has secured a 60,000-square-foot, 10-year lease for its new South Florida headquarters at 10505 N.W. 112th Ave. in Medley at Flagler Station Business Park. The company will relocate its warehouse, office and distribution operations in early 2012. Brian Smith of Cushman & Wakefield's Miami office represented the tenant in the lease transaction and the landlord was self-represented by Stuart Gordon of Flagler Development.

August 2, 2011

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