SCOTTSDALE, ARIZ. — Colliers International has negotiated the $2.475 million acquisition of a 12,224-square-foot office condo, located in Pima Commerce Center at 14287 N. 87th Street in Scottsdale. Situated within the Scottsdale Airpark, the space comprises the first floor of Building C, a two-story, 24,428-square-foot-building in Pima Commerce Center, a three-building property developed in 2004. Colliers’ Todd Noel, Charles Miscio and Keith Lambeth represented the buyer, Phoenix-based Adancho Properties LLC, in the transaction, and Sheila Bale and Ryan O’Conner of Prudential CRES represented the seller, Shea Com 101 LLC.
CHICAGO — UBS has renewed its lease of 400,000 square feet of office space at One North Wacker Drive in downtown Chicago. The financial company will occupy 13 floors of the 51-story, 1.4 million-square-foot office tower, which is currently 98 percent leased. UBS will be consolidating its operations from 181 W. Madison St. to One North Wacker when the lease begins in 2012. Jack Keenan and Robert Schmidt of Jones Lang LaSalle represented UBS in lease negotiations. Tom D’Arcy, Tom Irvine and Agnes Olejniczak provided in-house representation for the owner/manager, Hines U.S. Core Office Fund LP. Terms of the lease were not released.
SOUTHFIELD, MICH. — Neumann Smith Architects has inked a deal for 13,567 square feet of office space in Southfield. The property, which is located at 400 Galleria, was leased for an undisclosed price. Steve Morris of Newmark Knight Frank brokered the lease on behalf of the tenant. The landlord was not disclosed.
NEW YORK CITY — Construction is under way for a seven-story, 45,000-square-foot office building located at 433 Broadway in the Soho Cast Iron District of Manhattan, New York City. The building will feature six stories of office space with 7,000-square-foot floor plates as well as a top-floor penthouse. Completion is slated for the first quarter of 2011. Coldwell Banker Commercial Phoenix Asset Management is representing the projects owners, 433 Broadway LLC and Malon 433 Inc. The project architect is RKT&B and the construction manager is OTCA/BDD-JV LLC.
SANTA ANA, CALIF. — The Orange County Shared Spaces Foundation has acquired a 33,981-square-foot office property, located at 1505 E. 17th Street in Santa Ana, for $2.8 million. Voit Real Estate Services’ Al Pekarcik and Dan Vittone represented the buyer, and the seller, 1505 E. 17th Street Associates, represented itself.
STERLING, VA. — Neustar has signed a 10-year lease with Bavar Properties Group to occupy its 92,000-square-foot Ridgetop III at Loudoun Tech Center building. The $18 million office property is located at 21575 Ridgetop Circle in Sterling. The tenant currently leases 45,000 square feet at the nearby Ridgetop I building and will move into the new Class A space by the end of the year. Jones Lang LaSalle's Robb Johnson represented Neustar in the lease. Neil Alt of Lincoln Property Co. represented the landlord.
NEW YORK CITY — The Metropolitan Transit Authority (MTA) has signed a 10-year lease for 112,940 square feet of office space at 333 West 34th Street in New York City. It will occupy floors seven through 10 of the building. Josh Kuriloff and Rob Lowe of Cushman & Wakefield represented the tenant in lease negotiations. The landlord, SL Green Realty Corp., was represented in-house by Steve Durels, who was joined by the Cushman & Wakefield team of Paul Glickman, Tara Stacom, Mitti Liebersohn, Doug Dolgoff and Diana Biasotti. SL Green recently completed a major redevelopment of the property following Citigroup's vacancy of the building, where it had been the sole tenant. In addition to the MTA's lease, The Segal Company recently signed a 156,000-square-foot lease and will occupy floors two through five. Occupancy is presently more than 81 percent.
WILLOWBROOK, ILL. — CenterPoint Properties has purchased a 50,157-square-foot office/warehouse distribution property in Willowbrook. A subsidiary of Prime Group Realty Trust sold the property for $4.3 million. Situated on 4.5 acres at 7100 Madison, the property consists of 60 percent office and 40 percent warehouse space. Trane Company, a HVAC equipment supplier, is currently leasing the property through December 2015. Jaime Fink, Jeffrey Bramson and Kenneth Glomb of Holliday Fenoglio Fowler represented the seller in the transaction.
CHICAGO — Walgreens has signed a lease to occupy 20,000 square feet of office space at the Sullivan Center in downtown Chicago. The company will utilize the space to house its e-commerce department, which will open with approximately 65 employees. Sullivan Center, which is approximately 80 percent leased, is owned and managed by Joseph Freed and Associates.
WOODBRIDGE, N.J. — Morristown, N.J.-based The Hampshire Companies has broken ground for the first building at CENTRA, its new 19-acre business park located in Woodbridge. The project consists of the redevelopment of an existing 98,500-square-foot building located at 186 Wood Avenue South. The building will be taken down to its structural steel, redeveloped into Class A office space and expanded by approximately 8,000 square feet. Completion is slated for late 2010. The project will be applying for LEED certification. The general contractor is Tishman Construction, and the project architect is Kohn Pederson Fox Associates PC. Cushman & Wakefield is handling leasing for the building. At full build-out, CENTRA could contain as much as 640,000 square feet of space.