HOUSTON — Black Stone Minerals, a fee mineral and royalty owner, has expanded by 13,119 square feet, renewing its headquarters lease for a total of 55,082 square feet at First City Tower in downtown Houston. Chip Colvill and Michael Anderson of Colvill Office Properties represented the landlord, FC Tower Property Partners, LP, an affiliate of Chicago-based JMB Realty. Trey Strake of Cushman & Wakefield represented Black Stone Minerals. First City Tower is a 49-story, 1.3 million-square-foot office building that occupies one city block bounded by Fannin, McKinney, San Jacinto and Lamar streets in Houston's central business district.
NEEDHAM, MASS. — FHO Partners has arranged a 320,665-square-foot office lease renewal in Needham. PTC will continue to occupy space within the three-building corporate campus, located at 140 Kendrick St., for an additional 10 years. FHO Partners represented PTC in lease negotiations. David Provost and Jason Fivek provided in-house representation on behalf of the landlord, Boston Properties.
WEST PALM BEACH, FLA. — KBS Real Estate Investment Trust II (KBS REIT II) has acquired Emerald View at Vista Center in West Palm Beach. The 139,471-square-foot, two-building office complex sold for $36 million. The property is situated on 9.8 acres at 2054 and 2056 Vista Parkway. An affiliate of Boca Raton, Fla.-based Procaccio Development Corp. sold the property.
NILES, ILL. — Imperial Realty has acquired 5940 Touhy Avenue in Niles for an undisclosed price. The three-story building offers 33,783 square feet of office space. Daniel Hyman of Millennium Properties represented the buyer, while Susan Silver, also of Millennium, represented the sellers, a consortium of banks, in the transaction. Greg McCormick of Garfield & Merel served as counsel for the sellers.
SAN DIEGO — Cushman & Wakefield has negotiated Kimball, Tirey & St. John’s 10-year, more than $10 million lease for 32,050 square feet of Class A space in Hazard Center Office Tower, a 15-story, 268,645-square-foot property located at 7676 Hazard Center Dr. in San Diego. The full-service legal firm specializing in commercial and residential real estate will move to its new offices in the Mission Valley submarket in April 2011. Cushman & Wakefield’s Dennis Hearst and David Viani represented the lessee in the deal, and Cassidy Turley BRE Commercial’s Frank Wright and Andy LaDow represented the lessor, 7510 Hazard Center LLC. Hazard Center Office Tower was built in 1990.
WASHINGTON, D.C. — KPMG LLP has signed a long-term lease for two floors at 1801 K Street in Washington, D.C. The approximately 600,000-square-foot building recently underwent a complete renovation and redevelopment designed by Skidmore, Owings & Merrill. In December 2011, KPMG will begin occupying approximately 76,000 square feet of the property, which is seeking LEED Gold certification. The landlord, Somerset Partners, was represented by David Bevirt, Tom Golsen and Carroll Cavanaugh of Jones Lang LaSalle (JLL); Gregory Knoop of Somerset Partners represented the ownership; and KPMG was represented by Phil Leibow, Chris Bynum and Alex Lassar of JLL. KPMG is currently located at 2001 M Street. Terms of the lease were not disclosed.
NEW YORK CITY — New York City-based Savanna has acquired 1375 Broadway, a 513,401-square-foot office tower located in Manhattan, for $135 million. The private equity firm simultaneously purchased the fee ownership from Chedward Realty Corp. and the long-term net lease from Statecourt Enterprises, then collapsed the positions into a fee simple ownership following the closing. A $102 million mortgage was provided by Morgan Stanley. Savannah plans to launch a major capital improvements program in the near term.
NEW YORK CITY — A joint venture between Dallas-based Invesco Real Estate and New York City-based The Kaufman Organization has acquired an office property located at 100-104 Fifth Ave. in New York City for $93.5 million. The property is a 270,000-square-foot office condominium situated above the Mesa Grill. the property was purchased through a pre-petition bankruptcy auction. Woody Heller and Will Silverman of Studley represented the seller, Rock New York.
ENGLEWOOD CLIFFS, N.J. — LG Electronics has acquired an office complex in Englewood Cliffs from Piedmont Office Realty Trust for $55 million. The 27-acre property, which is located at 111 Sylvan Ave., consists of five interconnected buildings containing 410,000 square feet of office space. Citicorp North America currently occupies the campus under a short-term lease. LG did not release its immediate plans for the property but could possibly use it as an expansion of the company's U.S. headquarters. Jeffrey Dunne and Kevin Welsh of CB Richard Ellis' (CBRE) New York Institutional Group partnered with David Opper and Cheryl Hardt of CBRE's Saddlebrook, N.J., office to represent the seller. John Oh of CBRE's New York City office and Paul March of the firm's East Brunswick, N.J., office represented the buyer.
SAN DIEGO — Pacific Office Properties Trust negotiated a 7-year lease for a total of 101,446 square feet of office space with The Active Network at the 356,524-square-foot Seaview Corporate Center in the Sorrento Mesa area of San Diego. The transaction includes an extension of term of 80,186 square feet and an expansion into an additional 21,260 square feet at the tenant’s corporate headquarters. Led by Brigham Black, the office REIT landlord represented itself in the transaction; The Active Network was represented by David Marino of Irving Hughes.