GLASTONBURY, CT. –– Waldemar Realty has purchased a 25,537-square-foot office building on 2.35 acres of land from Carl Foster, LLC. Waldemar Realty’s partners will occupy one-third of the building, which sits at 100 Western Blvd. in Glastonbury, CT. Sentry Commercial was the sole broker in the transaction.
NEW YORK CITY –– Stellar Management and Savanna Investment Management, owners of 2 Rector Street, have leased a 25,462-square-foot office through Cushman & Wakefield. Ithaka, a not-for-profit organization, will occupy the space, which spans the entire 18th floor and a portion of the 17th floor. Other tenants include Skanska and Bank of America Merrill Lynch.
NEW YORK CITY –– Plaza Construction is moving its national corporate headquarters to 1065 Avenue in New York. Plaza signed a 12-year lease to occupy the entire seventh floor of the 35-story, 681,790-square-foot tower owned by The Blackstone Group. Paul and Michael Ippolito of Newmark Knight Frank and David Brooks of Paul Hastings represented Plaza in the transaction, and Lance Korman of Newmark Knight Frank and Stuart Kaplan of Blank Rome acted on behalf of Blackstone. The tower sits at West 40th Street and its tenants include HOK Architects, Federal Express Corp. and Yahoo.
HOUSTON –– Cornerstone Mortgage Co. has renewed its lease on a 49,574 square-foot property. The site is located at 1177 West Loop South in Houston. Chris Lewis of Griffin Partners, a commercial real estate company based in Houston, represented Cornerstone. Marshall Clinkscales of Colliers represented the tenant in the transaction.
LOS ANGELES — The June 2011 Allen Matkins UCLA Anderson Forecast California Commercial Real Estate Survey reports increased optimism in many of California's major markets. The report notes that Class A asset values have risen to near-peak levels over the past 18 months, which may signal either increased investor optimism or the threat of a new asset bubble. The report also notes, however, that this increase in values is not supported by today's rental and occupancy rates. While occupancy and rental rates may not account for higher asset prices, the forecast believes developer optimism may have played a role. It predicts San Francisco and Silicon Valley will be the first California markets to reach healthy levels of construction activity, with Los Angeles and San Diego close behind. The growth of the manufacturing industry has also positively affected California's industrial sector, particularly in Silicon Valley and Orange County. “Optimism with respect to office and industrial market fundamentals in 2013 and 2014, which first appeared a year ago, is an important precursor to the re-start of commercial construction,” said Jerry Nickelsburg, senior economist, UCLA Anderson Forecast, in a statement. “While the overall sluggishness of the general economic recovery will engender a slow …
NASHVILLE, TENN. — Atlanta-based ARA has expanded its operations to Nashville. This is the firm's 24th location. Scott Tyrone, formerly a Cassidy Turley multifamily division leader, heads the office, and the Atlanta team operates as an adjunct.
MILWAUKEE — Stadium Business Park, located at 1745 S. 38th St. in Milwaukee, has selected Inland Construction for its 23,200-square-foot tenant improvement project, which is scheduled for completion in December. The project consists of demolition and construction of new interiors, offices, lunchroom, bathroom and training room.
ATLANTA — The General Services Administration (GSA) on behalf of the Federal Bureau of Investigation (FBI), has renewed its lease with Highwoods Properties for 137,000 square feet at 2635 Century Center Pkwy. in Atlanta. The GSA currently leases 663,000 square feet at Century Center for a number of federal agencies including the FBI, CDC and the Department of Veteran Affairs. Raleigh, N.C.-based Highwoods Properties' 17-building Century Center portfolio encompasses 1.7 million square feet and is 93.4 percent occupied.
NEW YORK CITY — A joint venture between DMR CRE Opportunity Fund I LP and CTNY Investors has purchased 70,000 square feet of Class A office space at The Setai Wall Street, located at 40 Broad St. in New York City. The condominium comprises four commercial floors.
RICHARDSON — KDC, a commercial real estate and investment firm based in Dallas, has acquired two corporate offices and a warehouse, a total of 460,000-square-feet, from Fossil, a design, marketing and distribution company. The offices and warehouse are located in Richardson. “We see the purchase of the Fossil buildings as another great redevelopment opportunity. There is tremendous potential with the buildings,” said John Brownlee, KDC senior vice president. KDC will unveil its redevelopment plans for the sites once they’re vacated later this year. The offices sit at 2280 N. Greenville and 2323 N. Central and the warehouse sits at 2155 Campbell Creek.