MIAMI — AIDS Healthcare Foundation (AHF) has purchased a two-story retail/office building in Miami. Located at 1510 Alton Road, the 8,200-square-foot property sold for $3.18 million. AHF plans to use the property to operate as a healthcare facility, a pharmacy, a clinic and a thrift store. The seller was Florida-based Alton XV Corp. Stephen Gaunt and Eric Gaunt of CresaPartners represented the buyer in the transaction.
CHICAGO — The Alter Group has partnered with White Oak Realty Partners to develop 625 West Adams Street in downtown Chicago. The 20-story tower will offer 490,000 square feet of Class A office space, a 400-stall parking garage and an 800-seat community center serving Old St. Pat's Church. Martin Wolf with Chicago-based Solomon Cordwell Buenz & Associates designed the building.
NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a 70,476-square-foot office lease at Black Rock, a 908,000-square-foot office building located at 51 W. 52nd St. in New York City. Law firm Dorsey & Whitney LLP will occupy the space, consisting of the tower's eighth through 10th floors, for a 15-year term. It will relocate from its current offices at 250 Park Ave. The JLL team of Peter Riguardi, Frank Doyle, Barbara Winter and Andrew Flint represented the landlord, CBS Broadcasting. The Cushman & Wakefield team of John Cefaly, Gus Field and Donald Preate represented the tenant.
HOUSTON — Isolatek International has leased a 25,000-square-foot office building at 502 S. Main St. in Houston's Galena Park. Clay Peebles of Boyd Commercial represented Isolatek, while Doyle Toups and Jim Autenreith of NAI Houston represented the landlord, Valley Plaza Donaho.
BURBANK, CALIF. — Cast & Crew Entertainment Services has signed a new headquarters lease for 51,064 square feet of Class A office space at 2300 Empire Ave. within Empire Center in Burbank. The 10-year lease is valued in excess of $15 million. Studley’s Scott Katcher and Len Nadler represented the provider of payroll services to the entertainment industry in the transaction; CB Richard Ellis’ Patrick Church and Anneko Greco represented the landlord. The first signed tenant at the 7-story, 364,000-square-foot, LEED Gold-certified project, Cast & Crew is expected to occupy the entire fifth floor of the newly built building on March 1, 2011.
BLOOMFIELD HILLS, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged a $13 million CMBS loan for Bloomfield Centre in Bloomfield Hills. The three-story building offers 137,879 square feet of office space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Bloomfield Centre LLC. The lender was Citigroup Global Markets Realty Corp., a correspondent of Bernard Financial Group.
NEW YORK CITY — Jones Lang LaSalle has arranged an $800 million loan for the refinancing of 245 Park Avenue, a 44-story, 1.7 million-square-foot office tower located in New York City. Robert Martin of the firm's New York office led the team that secured the loan on behalf of the borrower, Brookfield Office Properties. The lender was Bank of China.
HOUSTON – Heritage Plaza, a 53-story, 1.2 million-square-foot office trophy tower in downtown Houston, will be sold to Brookfield Office Properties for approximately $325 million. Atlanta-based Goddard Investments is selling the property to New York-based Brookfield after dealings with San Antonio-based USAA Real Estate didn’t transpire. Located at 1111 Bagby St. in the central business district, Heritage Plaza was acquired by Goddard Investments in July 2005 for $121 million. Goddard improved the building’s occupancy from 45 to 89.5 percent with the addition of tenants like Deloitte and EOG Resources at 292,000 square feet and 252,000 square feet respectively. The transaction with Brookfield would mark the city’s second highest price ever paid for an office building, only behind the sale of the Bank of America Center in August 2007 for $367 million.
DEERFIELD, ILL. — CBRE Realty Trust has acquired Ten Parkway North, a Class A office building located in Deerfield. The 99,566-square-foot property is fully leased to Markel Midwest Inc. Paul Lundstedt, Jeff Shell and John Gavin of Grubb & Ellis represented the seller, The John Buck Company, in the transaction. Terms of the sale were not released.
NEW YORK CITY — A fund controlled by CB Richard Ellis (CBRE) Investors has sold a minority interest in 1540 Broadway, a 907,427-square-foot office building located in the heart of Manhattan. The property was acquired as a distressed asset in 2009 by CBRE Strategic Partners Value 5 Fund. The buyer then embarked on a repositioning and leasing campaign, and completed the sale of the minority interest as a way to realize a return on its investment. The buyer was a joint venture between HSBC Alternative Investments and Edge Fund Advisors, which were acting on behalf of a syndicate of HSBC Private Banking Clients. CBRE Investors will maintain a majority stake in the building and will continue to manage the property.