WAYNE, PA. — Construction is complete for a $10 million renovation to Wayne Woods Office Center, a 12-building, 370,000-square-foot office park located at 983-999 Old Eagle School Rd. in Wayne. Construction primarily consisted of upgrades to the property to accommodate the center’s new anchor tenant, technology service provider Evolve IP. The company invested more than $10 million for a new data center and a Network Operations & Security Center that provides services to tenants of the office park. In addition, new landscaping was installed, new common area finishes were added, the parking lot was upgraded, sidewalk and curbing enhancements were added and exterior lighting was upgraded. To correspond with Evolve IP’s occupancy, the center has been renamed Evolve IP Corporate Center and the identification signage has been updated. The property is owned by GPX Realty Partners.
HOUSTON — Construction is complete for Beltway II, a Class A office building located in Houston. The building is part of Beltway Lakes, a 46-acre, master-planned project situated at the intersection of Beltway 8 and Highway 249 in northwest Houston. The initial phase of development for the park comprises Beltway I and II, two six-story office buildings that total 323,000 square feet. Both have been pre-certified for the Gold level of LEED-Core & Shell and both are ready for immediate occupancy. Beltway Lakes is owned, developed and managed by locally based Radler Enterprises.
PHOENIX — Phoenix-based Medical Monitoring Services has purchased a 23,455-square-foot Class A office building, which is located at 1606 W. Whispering Wind Dr. in Phoenix, for $3.3 million. The two-story office building is situated on approximately 1.15 acres in the Deer Valley submarket. The property features 19,455 square feet of Class A office space and a 4,000-square-foot, fully furnished warehouse with three roll-up doors, seated flooring and full air conditioning. The buyer plans to occupy a portion of the building. Todd Noel, Keith Lambeth, Charles Miscio and Michael Crystal of Colliers’ Phoenix office represented the buyer; Mike Ciosek, Eric Bell and Bob Lundstedt of Colliers International’s Scottsdale, Ariz., office represented the seller, Phoenix-based Happy Valley Office LLC, in the transaction.
JUPITER, FLA. — Patrick Madore of Thomas D. Wood & Co. has secured a $5.03 million loan for the Commons at Abacoa II office building. Located at 661 University Dr. in Jupiter, the property encompasses 29,461 square feet. The 10-year loan, which was financed through a regional bank, carries a 6.5 percent interest rate and a 65 percent loan-to-value ratio. The loan also includes a 25-year amortization schedule.
SANDY SPRINGS, GA. — Securus Properties has purchased a 15,000-square-foot REMAX real estate office from MAF 1878 LLC for $3.32 million. The property sits on 2.2 acres at 5163 Roswell Rd. in Sandy Springs. Bruce Propst of Atlanta-based Carter Real Estate represented the buyer, and John DeYonker of Atlanta-based Bull Realty represented the seller.
NEW YORK CITY — Bonnier Corporation has signed a 10-year direct lease for 100,750 square feet of space comprising the entire 9th and 10th floors at Two Park Avenue in Manhattan, New York City. The 1 million-square-foot, 29-story tower occupies the entire easterly blockfront between 32nd and 33rd streets. Bonnier had been a subtenant for several years in the building, which is managed by L&L Holding Company. Jason Gorman and Paul Walker of CB Richard Ellis represented the tenant and L&L was represented in-house by David Berkey.
NEW YORK CITY — Colliers ABR has negotiated two leases at 477 Madison Avenue in Manhattan, New York City. Wyper Capital Management, a private investment management company, signed a 3-year lease for 5,659 square feet of pre-built space on a portion of the fifth floor. In the second transaction, CRG Partners, a leading provider of financial restructuring and operational improvement, signed a 7-year lease for 7,947 square feet of space that is presently demolished. The landlord, J.A.B. Madison Associates, will construct three pre-built units on the entire 16,000-square-foot 12th floor, one of which will be occupied by CRG Partners. David Hoffman and Wendy Miller of Colliers ABR along with Shira Nadich Levin at Cooley, Godward & Kronish, represented the landlord in the lease negotiations. Lindsay Orenstein of Centric Real Estate Advisors represented Wyper Capital Management and Ruth Colp-Haber of Wharton Property Advisors represented CRG Partners.
CULVER CITY, CALIF. — ICDC College has purchased a 24,086-square-foot office building, which is located at 5995 S. Sepulveda Blvd. in Culver City, for $7.9 million or $328 per square foot. Built in 1973 and renovated in 2004-05, the two-story property features a brick façade with subterranean parking. Andrew Jennison and Travis Landrum of Madison Partners represented the buyer and the seller, 5995 S. Sepulveda LLC, in the transaction.
CHICAGO — Summit Design + Build has been selected by owner/developer SSK Partners to redevelop a seven-story, 88,746-square-foot timber warehouse into a modern loft office building. Located at 1033 W. Van Buren St. in Chicago, the building will be converted into multi-tenant office space over phases. Summit, which is teaming with MRSA Architects, will first install a new freight elevator, as well as new mechanical, electrical and fire protection/sprinkler systems. The second phase of construction will begin upon the completion of core and shell build out.
CHICAGO — National law firm Polsinelli Shughart PC has signed a 15-year lease for space within Tishman Speyer’s Chicago Title and Trust Building, which is located at 161 N. Clark in downtown Chicago. The firm will relocate this fall from a 15,000-square-foot office in Two Prudential Plaza, expanding to 29,000 square feet on the Chicago Title and Trust Building’s 41st and 42nd floors. Polsinelli Shughart has hired Chicago-based Whitney Architects to convert the raw space into a Class A office location for its more than 30 attorneys and support staff. Grubb & Ellis brokered the lease on behalf of the tenant.