Office

CBRE REALTY TRUST ACQUIRES 142,500-SQUARE-FOOT OFFICE BUILDING

by admin June 30, 2010

MONTVALE, N.J. — CB Richard Ellis Realty Trust (CBRE) has acquired a Class A office building located in Montvale. The two-story, 142,500-square-foot property is situated on 35 acres at 225 Summit Ave. It is currently occupied by Medco Health Services, which is subleasing the space from Barr Pharmaceuticals. The property was built in 1966 and underwent an $8.5 million renovation in 2007. Amenities include a 300-seat cafeteria and 480 parking spaces. The seller was a partnership between a fund managed by Urdang Capital Management, Ivy Equities and Paragon Realty. The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the partnership. The same team also procured the buyer.

June 30, 2010

NORTHMARQ ARRANGES $34 MILLION FOR TWO MANHATTAN TOWERS

by admin June 30, 2010

NEW YORK CITY — NorthMarq Capital has arranged a total of $34 million in first-mortgage financing for two Manhattan office towers. The buildings total approximately 300,000 square feet and are located at 300 E. 42nd St. and 1776 Broadway. The United Nations is the major tenant at the former property. The loan carries a 15-year term, a 25-year amortization schedule and a fixed interest rate. The lender was Sun Life of Canada. NorthMarq's Craig Bjornsund arranged the funding.

June 30, 2010

Office Western

GRUBB & ELLIS HANDLES $10.6 MILLION EAST BAY WATERFRONT OFFICE SALE

by admin June 30, 2010

ALAMEDA, CALIF. — Grubb & Ellis has negotiated the $10.6 million sale of the 62,000-square-foot Bay View Plaza, a two-story office building located at 1600 Harbor Bay Parkway within the Harbor Bay Business Park in Alameda. Anchored by OtisMed, the property was approximately 93 percent leased at the time of the sale. Grubb & Ellis’ Steve Golubchik, Christopher Johnke, Cale Miller, Edward Suharski and Seth McKinnon represented the seller, Ellis Partners, in the transaction; the buyer, Worthington Investments, represented itself.

June 30, 2010

Office Western

32,000-SQUARE-FOOT OFFICE BUILDING SELLS FOR $3.9 MILLION

by admin June 30, 2010

SAN DIEGO — The 31,960-square-foot Padre Plaza office building, located at 3505 Camino del Rio South in San Diego, has been sold for $3.9 million. Cushman & Wakefield’s Barry Mahlberg and Derek Applbaum represented the seller, Lewis D. Hutchins, Hampshire Investments LLC, in the transaction, and Jerome Sili represented the buyer, Atlantida LLC.

June 30, 2010

Office Southeast

UNIVERSITY LEASES 90,000-SQUARE-FOOT OFFICE

by admin June 29, 2010

MIAMI — Keiser University has leased a new 90,000-square-foot building from Procacci Development Corp. for the relocation of its Kendall campus. The build-to-suit is located in Crossroads at Dolphin Commerce Center in Miami. The office park spans 438,000 square feet in four, Category 5 hurricane-resistant buildings.

June 29, 2010

Northeast Office

DAVIS ACQUIRES BURLINGTON WOODS FOR $32.75 MILLION

by admin June 29, 2010

BURLINGTON, MASS. — The Davis Companies has acquired a Burlington office park at auction for $32.75 million. Burlington Woods consists of two buildings totaling 267,829 square feet. The project was 64 percent occupied at the time of the sale. Tenants include Philips Color Kinetics, GE Ionics, KeyPoint Partners, Cbeyond and Corporate Technologies. The buyer plans to undertake a significant capital improvements program in order to reposition the property. Cushman & Wakefield has been selected to lease it. The Davis Companies completed the acquisition on behalf of its $230 million Davis Investment Ventures Value Opportunity Fund I.

June 29, 2010

Office Texas

GSA LEASES SPACE FOR U.S. ATTORNEY'S OFFICE

by admin June 29, 2010

HOUSTON — The General Services Administration has signed a 132,539-square-foot lease with MetLife for space in Wells Fargo Plaza. The U.S. Attorney's Office will occupy the space, which is located at 1000 Louisiana St. in Houston. The property is a Class A office building that stands 71 stories tall. Jones Lang LaSalle's Brian Weiss, Bruce Rutherford, David Bale, Louie Crapitto and Anna Schinas represented the tenant. Dave Hanusa and Bonnie Kelley of CB Richard Ellis represented the landlord.

June 29, 2010

Office Western

HL COMMERCIAL COMPLETES $22.5 MILLION MILE HIGH CITY OFFICE BDG. PURCHASE

by admin June 29, 2010

DENVER — HL Commercial Real Estate has brokered the $22.5 million acquisition of the 135,499-square-foot Quad at Lowry office building in Denver. Located on 8.15 acres, the property is mostly occupied by Kaiser Permanente. HL Commercial’s Tony Diosi represented the Marin County, California-based buyer in the transaction, and Sperry Van Ness’ Dean Corey and Troy Meyer represented the seller, SGMP/Quad at Lowry LP.

June 29, 2010

Office Western

LARGEST DIRECT NEW OFFICE LEASE IN PORTLAND METRO IN PAST YEAR

by admin June 29, 2010

WILSONVILLE, ORE. — Grubb & Ellis has negotiated a 131,793-square-foot, Class A office lease at 27500 SW Parkway Ave. in Wilsonville. Grubb & Ellis’ David Squire and Jake Lancaster represented the building owner, Washington Capital Management, in the transaction with the lessee, Oregon Institute of Technology, which was represented by Melvin Mark Brokerage Co.’s Pat Schreck and Tim Parker. The college signed a 10-year lease with an option to purchase at the four-story building, which was previously InFocus’ headquarters.

June 29, 2010

Office Texas

LEASE BRINGS HOUSTON OFFICE TOWER TO 92 PERCENT OCCUPANCY

by admin June 28, 2010

HOUSTON — Sutherland Asbill & Brennan has signed a 41,410-square-foot lease for space in Houston's First City Tower, brining the building's occupancy to 92 percent. The LEED-ED office property, which is owned by FC Tower Property Partners, is located at 1001 Fannin St. First City Tower stands 49 stories and spans 1.3 million square feet. Cushman & Wakefield 's Kevin Snodgrass represented the tenant. Colvill Office Properties' Chip Colvill and Michael Anderson represented FC Tower Property Partners.

June 28, 2010

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