NEW YORK CITY — Modis Inc. has signed a 10-year lease for 21,677 square feet of office space at 521 Fifth Avenue in New York. The 371,601-square-foot property is also occupied by Alexander & James, Nippon Life Insurance and Royal Healthcare. Sloan Rhulen of CB Richard Ellis represented Modis; Amy Schustek provided in-house representation for the landlord, SL Green Realty Corp., in the transaction.
MADISON, WIS. — Irgens Development Partners has acquired Park West I, an office building located within University Research Park in Madison. Located at 406 Science Dr., the property offers 51,000 square feet of office space. Irgens plans to make substantial capital improvements to the building. Grubb & Ellis | Oakbrook has been retained to lease the property. Terms of the transaction were not released.
LAS VEGAS — The Siegel Group Nevada has acquired a 2-story, 36,000-square-foot office building, located at 3790 Paradise Road in Las Vegas, for its new corporate headquarters. Terms of the deal were not disclosed. The Siegel Group intends to occupy 40 percent of the property’s space; the building was approximately 80 percent vacant at time of sale.
TAMPA, FLA. — A joint venture consisting of affiliates of TriGate Capital LLC, Feldman Equities and Tower Realty Partners has acquired Fountain Square II, a 134,065-square-foot office building in Tampa. Located within the Fountain Square Office Park, the 70-percent occupied property features an on-site fitness center, a restaurant and a parking garage. Orlando, Fla.-based Tower Realty Partners will manage and lease the property. Terms of the transaction were not released.
MANASSAS, VA. — Rinker Design Associates (RDA) and NAL Research Corp. have acquired a 5-acre development site within Innovation @ Prince William technology park in Manassas. The companies plan to develop two buildings totaling 90,000 square feet on the site. The first phase, Discovery Center I, includes a three-story, 45,000-square-foot building that will services as headquarters for RDA and NAL. The second phase, Discovery Center II, will also be a three-story, 45,000-square-foot building. Construction of the first phase is slated to break ground in March, with completion scheduled for February 2012. The land purchase and first building is estimated to cost $9 million, pending final construction costs. Tom Sandlin of Avison Young represented both RDA and NAL in the transaction.
NEW YORK CITY — A joint venture between Savanna and Monday Properties has procured a $58 million loan to recapitalize a Manhattan office tower. The 20-story building is located at 386 Park Avenue South. The loan, which was provided by PCCP LLC, will be used to complete a broad capital improvements program, which will begin in the early part of the year. Adam Spies of Eastdil Secured represented the owner in the financing. In addition, Chase Bank has renewed its lease for the building's 12,000-square-foot retail space for an additional 11 years. David Green and Steven Soutendijk of Cushman & Wakefield represented the tenant in lease negotiations. Jordan Berger of Monday Properties provided in-house representation for the owners.
PHILADELPHIA — A joint venture between SSH Real Estate Group and Young Capital has refinanced its condominium interest at 123 South Broad Street, an 880,000-square-foot office building located in Philadelphia. The condo, known as Unit II, consists of floors six through 30 and totals approximately 620,000 square feet. The loan carries a 10-year term and a fixed interest rate. Matthew Pestronk of The Ackerman-Ziff Real Estate Group arranged the loan on behalf of the owners through Citigroup Global Markets Realty Corp. The loan will be contributed to an $876.5 million CMBS offering.
HOUSTON — A joint venture between Boca Raton, Fla.-based Crocker Partners and Stamford, Conn.-based Five Mile Capital Partners has acquired the 1.2 million-square-foot Lakes on Post Oak office complex in Houston's Galleria submarket. The Class A property, which is 89 percent leased, is adjacent to The Galleria Shopping Center with close access to U.S. Highway 59, the 610 West Loop and the Westpark Tollway. The office property includes three buildings: the 440,000-square-foot 3000 Post Oak Blvd.; the 421,000-square-foot 3040 Post Oak Blvd.; and the 334,000-square-foot 3050 Post Oak Blvd. Crocker Partners' predecessor entity, CRT Properties, once owned Lakes on Post Oak before the entity was sold in 2005. The purchase marks a re-entry into Texas for Crocker Partners and Five Mile Capital Partners first major acquisition in the Houston market.
AUSTIN — The American Heart Association has sold its 23,098-square-foot office building, located at 1700 Rutherford Ln. in Austin, to an undisclosed local non-profit occupant. Walter Saad, Cathy Nabours, Colin Armstrong and Blake Lloyd of CB Richard Ellis' Fort Worth office represented the American Heart Association, while Conley Covert of Skyles Bayne represented the buyer. The American Heart Association will call the Quarry Oaks campus on Stonelake Boulevard its new home, relocating its local office and regional affiliate headquarters.
WASHINGTON, D.C. — Rock Creek Property Group has acquired 1438 U Street N.W. in Washington, D.C. The two-story building sold for $2.75 million or $229 per square foot. The buyer plans to fully renovate the property, which was originally built for the United States Post Office, into retail, office or mixed-use tenancy. The property measures 12,000 square feet with a total mixed-use development potential of approximately 25,000 square feet. Rock Creek utilized its fund, Rock Creek Fund Investors I, for all equity associated with acquisition.