CHESTER, N.J. — NAI James E. Hanson has brokered the sale of Colonial Court, a four-building, 21,559-square-foot office park located at 407-425 Main St. in Chester. NAI's John Schilp represented the seller, Skylands Community Bank, and the buyer, DeSapio Properties. As part of the transaction, Skylands is leasing the 13,500-square-foot building located at 425 Main St. The acquisition price was not disclosed.
NORTH BETHESDA, MD. — Turner Construction Co. is planning to break ground on a 649,000-square-foot office building in North Bethesda's 32-acre North Bethesda Center mixed-use project. Upon completion in July 2012, the 14-story property will house 1,300 federal government employees. The $69 million project was designed to Silver LEED standards.
SOMERSET, N.J. — Newmark Knight Frank has arranged the sale of Somerset Grove Corporate Center, a two-building, 430,000-square-foot office complex located in Somerset. The five-story complex is situated on 34 acres. It contains a two-story center atrium, a full-service cafeteria and a fitness center. AT&T was the previous tenant but has since vacated the property. A team of Newmark Knight Frank brokers led by Richard Madison and Matthew Schnurr sold the property as receiver on behalf of the lender, LNR New Jersey Partners. SHO International Corp. was the buyer and will be occupying approximately half of the property.
NEW YORK CITY — Public television network WNET has signed a 15-year lease for 95,000 square feet at Worldwide Plaza in New York City. The tenant will occupy two full floors of the Times Square office building, which is located at 825 Eighth Ave. The network plans to move from its longtime address at 450 W. 33rd St. by the end of the year. Charles Borrok and Barry Zeller of Cushman & Wakefield represented the tenant in lease negotiations. Peter Duncan and Matthew Coudert of George Comfort & Sons provided in-house representation for the landlord, an investor group led by their company.
KATY — Black Forest Ventures has purchased a 174,521-square-foot office building from CORE Real Estate and a group advised by Prudential Real Estate Investors. The property, which is located at 17000 Katy Freeway in Katy, sits on 10 acres in the Park Ten Office Park. Mustang Engineering leases the building. Rusty Tamlyn, Dan Miller and Trent Agnew of Holliday Fenoglio Fowler represented the seller.
BOSTON — San Francisco-based DivcoWest has acquired an 11-story, 147,751-square-foot office building located in Boston's Beacon Hill neighborhood. The property is located at 9-11 Beacon St. The seller in the off-market transaction was locally based Nathan R. Miller Properties. Joe Previte of Independence Realty and Christina Tiemann of CBNRT arranged the deal. Frank Petz of Richards Barry Joyce & Partners arranged equity financing. DivcoWest completed the purchase on behalf of its Market Street Capital Partners Fund.
HUDSON, MASS. — A subsidiary of K&L Realty has acquired an office/R&D property located in Hudson for $3.87 million. The two-story, 147,000-square-foot building is situated on 18.4 acres at 2 Cabot Road. K&L plans to upgrade the building's lobby and HVAC system as well as rebrand the property as Cabot Woods. Garry Holmes of R.W. Holmes Realty Co. represented K&L in the purchase. Holmes, along with Bill Sullivan and Craig Johnston of R.W. Holmes, will lease the property's vacant 110,000 square feet. Jim Thompson and Doug Jacoby of Newmark Knight Frank represented the seller, NB MS Cabot LLC.
LEXINGTON, MASS. — CB Richard Ellis (CBRE) has brokered the sale of a 40,800-square-foot office building located at 101 Hartwell Ave. in Lexington. The property was vacant at the time of closing. The buyer, King Street Properties, plans to convert the building into a speculative laboratory property, which will be complete by January. CBRE's Patrick Cavanagh and Gary Lemire represented the seller, AMB Property Corp. Cavanagh and Lemire teamed with Mike Ripp and Rob Kinlin, also of CBRE, to secure the buyer.
TORRANCE, CALIF. — Hudson Pacific Properties has acquired the five-story, 113,000-square-foot Del Amo Office building, located on 2.3 acres at 3501 Sepulveda Blvd. in Torrance, for $27.5 million in an all-cash transaction. The property is 100 percent leased to Saatchi & Saatchi North America.
ACTON, MASS. — The Stubbledine Company / CORFAC International has brokered the sale of an office building located at 45 Nagog Park in Acton for $2 million. The buyer, River of Life Christian Church of Boston, plans to use the building as a worship center. Ellen Garthoff of Stubbledine represented the buyer. Tamie Thomson and Tyler Spring of Jones Lang LaSalle represented the seller, Nagog Park LLC.