DURHAM AND CARY, N.C. — Phase 3 Properties has completed the disposition of two laboratory and office buildings in North Carolina. BioMed Realty Trust acquired Patriot Drive Sciences Center, which is located at 3908 Patriot Dr. in Durham, and 3000 Weston Parkway in Cary. Constructed in 1984, the 48,000-square-foot Patriots Drive Sciences Center sold for approximately $8.6 million, while the 30,000-square-foot Weston Parkway property, which was built in 1990, sold for $6.1 million. The Weston property is fully leased to Diosynth Biotechnology. Lee Clyburn of Grubb & Ellis|Thomas Linderman Graham represented Phase 3 Properties in the transactions.
NEW YORK CITY — Meridian Capital Group has arranges $200 million in acquisition financing for a trophy office tower located in Manhattan. The Class A building contains approximately 540,000 square feet over 40 stories and is located at 1330 Avenue of the Americas. Ralph Herzka and Rael Gervis of Meridian arranged the loan through a New York City-based bank on behalf of the borrower, RXR Realty. Terms of the loan were not released.
BOSTON — Synergy, a Boston-based investment and development firm, has purchased a 175,000-square-foot office property located in the city's Seaport District. Located at 253 Summer St., the property contains two office buildings totaling five and six stories. It was originally constructed in 1902 as a dry goods warehouse for Boston Wharf Co. and later converted into a multifamily office property. Occupancy was 92 percent at the time of closing. The Cushman & Wakefield team of Robert Griffin, Jr., Edward Maher, Jr., David Pergola and David Martel represented the seller, Boston HSR South Boston LLC, and procured Synergy.
LOS ANGELES — Colliers International has negotiated The Associated Press’ 10-year, nearly $5.5 million lease of 15,444 square feet of office space located at 221 S. Figueroa St. in downtown Los Angeles. Built in 1977 and part of a multi-building campus, the location is home to US Bank, One Legacy and UCLA Extension. Colliers International’s Nathan Pellow and Brian Feist represented the tenant in the lease extension; Charles Dunn Co.’s Chris Runyen represented the landlord, US Bank.
BRENTWOOD, TENN. — Northwestern Mutual has acquired Gateway II, a Class A office building in Brentwood, for $24.25 million. Located on 5.5 acres at 5500 Maryland Way, the four-story property offers 117,000 square feet of rentable space. The property is currently 100-percent occupied by tenants, including LifePoint Hospitals, Stanley D. Lindsey & Associates and Robin & Morton. Alex S. Palmer & Co., the seller, developed and built the property in 2007. Douglass Johnson and Steve Preston of CB Richard Ellis' Nashville, Tenn., office brokered the transaction.
RICHARDSON – Arapaho Gardens, a 38,218-square-foot office property located at 1121-1149 Rockingham Ln. in Richardson has changed hands. An Iowa-based private investor sold the property to a Dallas-based owner/user and limited liability company. The institutionally owned property is approximately 69 percent occupied. It consists of four one- and two-story buildings on the corner of Arapaho Road and Rockingham Lane, approximately three-fourths of a mile west of North Central Expressway. Ron Hebert of Marcus & Millichap’s Dallas office represented the seller.
SCOTTSDALE, ARIZ. — Cassidy Turley BRE Commercial has negotiated the $16.25 million investment sale of the five-building, 177,173-square-foot La Curvata, a Class A office/showroom development located directly across the street from DC Ranch at 18760, 18850, 18940, 19030 and 19120 North Pima Rd. in Scottsdale. Built in 2009, though 73 percent in shell condition, and 27 percent leased at the time of sale, the property was acquired by OPM4 LLC, an Oregon-based company formed by Harvest Development LLC. Cassidy Turley’s Rick Danis, Eric Wichterman, Paul Boyle and Mike Coover negotiated the sales transaction on behalf of Pima Holding Co., which is owned by a collection of five participating banks led by National Bank of Kansas.
LOUISVILLE, KY. — KBS Real Estate Investment Trust II (KBS REIT II) has acquired National City Tower in downtown Louisville for an undisclosed price. Situated on 2.6 acres in Louisville's Main Street Corridor, the 40-story towers offers 723,300 square feet of Class A office space. The building is 96-percent occupied by a variety of tenants, including PNC Bank, Humana, Greenebaum Doll & McDonald and Dinsmore & Shohl. Paul Lundstedt and John Gain of Grubb & Ellis, along with Craig Collins of Commercial Kentucky, represented the undisclosed seller. KBS Capital Advisors represented KBS REIT II in the transaction.
TOWSON, MD. — Baltimore, Md.-based Merritt Properties has purchased The Exchange, which is located at 1122 Kenilworth Dr. in Towson. The building offers 88,257 square feet of Class A office space. Bo Cashman and Jonathan Beard of CB Richard Ellis represented the seller, Riderwood Associates Limited Partnership, in the transaction. The acquisition price was not released.
PITTSBURGH — An affiliate of Philadelphia-based PMC Property Group has purchased Pittsburgh's Verizon Building for $4.4 million. The 285,000-square-foot office building is located at 201 Stanwix St. Randall McCombs and Michael Sell of Grant Street Associates represented the seller, a Santa Monica, Calif.-based limited partnership. Rudyard Porter of Porter Advisors represented the buyer.