HOWARD COUNTY, MD. — A joint venture between St. John Properties and Greenebaum & Rose Associates has formed to develop 570,000 square feet of office space in five multi-story buildings along Maple Lawn Boulevard in Howard County. Additionally, the joint venture will share ownership of four multi-story office buildings, which total 385,000 square feet, one of which is still under construction. With the new agreement, St. John Properties assumes the rights to co-own, lease and manage up to 15 buildings on 60 acres of land at Maple Lawn, totaling more than 1.2 million square feet of office, flex and retail space. This is the fourth joint venture for the companies.
Office
NEW YORK CITY — Blackstone Group has acquired the senior and mezzanine loans secured by the leasehold interest in a Manhattan office tower for $98.25 million. The property is a 22-story, 236,000-square-foot, Class A tower located at 1140 Avenue of the Americas. The seller was a bank consortium led by Landesbank Baden-Württemberg. The Holliday Fenoglio Fowler team of Andrew Scandalios, Whitney Wilcox and Jeffrey Julien represented the seller.
NEW YORK CITY — Savanna Fund II REIT has acquired the senior mortgage loan for 80 Broad Street, a 36-story, 410,000-square-foot office tower located in Manhattan. A partnership led by Swig Equities acquired the building in 2004 and took out a $75 million senior mortgage loan in 2006 following extensive renovations. The Cushman & Wakefield team of Steve Kohn Helen Hwang, Nat Rockett, Karen Wiedenmann and Alex Hernandez represented the seller and special servicer, J.R. Robert Companies Inc.
SALEM, N.H. — Integrated Builders has completed the build-out for Comcast's Maine/New Hampshire office in Salem. The telecommunications provider occupies 104,000 square feet at 9 Northeastern Blvd. The build-out included installing drop ceiling, vinyl composite tile flooring, and HVAC and fire protection systems in the facility's testing room.
COPPELL — JP Morgan Chase Bank has leased Freeport IV, a 125,103-square-foot office and call center located at 1111 Northpoint Dr. in Coppell, from Duke Realty Corp. It will use the building for its mortgage operations, consolidating several other call center operations into the facility this August. Freeport IV is one of 13 buildings in Duke Realty's Freeport North development just off Interstate 635 and Texas State Highway 121 in Coppell. Paul Whitman and Russell Cosby of Jones Lang LaSalle represented JP Morgan Chase Bank in the transaction.
LOUISVILLE, KY. — Construction has begun for a 125,000-square-foot, Class A office building located at 600 North Hurstborne in Louisville. The building is being developed by a joint venture between NTS Development Co. and University of Louisville Development Co. The four-story building was designed by architect KlingStubbins. The construction manager on the project is Messer Construction.
PARSIPPANY, N.J. — Grosvenor Investment Management has leased a 150,500-square-foot building located at 299 Jefferson Road in Parsippany to Evonik Degussa Corporation. The speciality chemicals manufacturer will use the property as its North American headquarters. Vision Equities represented the landlord in lease negotiations. The building is in the process of a renovation, which includes common area improvements, a new fitness center, a roof replacement and updated building systems.
NEWARK, CALIF. — BioMed Realty Trust has signed a new lease with Logitech for 263,543 square feet of office space through February 2023 at its Pacific Research Center in Newark. Terms of the lease were not disclosed.
GRAND RAPIDS, MICH. — A $4.82 million renovation and mini-perm loan was provided in Grand Rapids for the 31,139-square-foot Flat Iron building. The office building is a four-story property with street-level retail space. The loan was arranged by Colliers International's West Michigan office through Chicago-based Cohen Financial for the borrower, Grand Rapids-based Locus Development. The developer is focused on revitalizing and redeveloping unique urban properties.
MORRIS TOWNSHIP, N.J. — National Business Parks has leased a 189,000-square-foot office building to Atlantic Health System. The property is located within Southgate Corporate Center at 435 South St. in Morris Township. Atlantic Health already occupies a nearby building at 475 South Street. it expects to move in during the fourth quarter following building improvements that include new building systems and finishes, a redesign of the front entrance and the addition of an on-site café.