NEW YORK CITY — NAI Global has brokered the sale of a five-story garage building in New York City for $29.5 million. The 40,000-square-foot building is located at 318 E. 48th St. It was purchased by the Government of the Republic of Singapore, which plans to convert the building into an office building that will house its Mission to the United Nations and Consulate offices. The government is currently located at 231 W. 51st St. Gil Robinov of NAI's New York City office represented the buyer. David Noonan of Newmark Knight Frank represented the seller, Chapman Consulting Group.
CHESAPEAKE, VA. — The U.S. General Services Administration, acting on behalf of the U.S. Coast Guard, has signed a lease renewal for 61,992 square feet with First Potomac Realty Trust. The 10-year lease allows the Coast Guard to occupy the entire Crossways Commerce Center III building in the Crossways Commerce Center Business Park in Chesapeake. The tenant leases an additional 73,263 square feet elsewhere on the property.
NEW YORK CITY — SL Green Realty Corp. has closed on a $215 million loan for the refinancing of 100 Park Avenue in Manhattan, New York City. The loan carries a 5-year term with two 1-year extension options and a 6.64 percent fixed interest rate. The proceeds will be used to retire the property's existing $175 million mortgage as well as complete a $72 million renovation of the property that began in 2007. The lender was a group of banks that includes DekaBank, Helaba, PB Capital Corp., Westdeutsche ImmobilienBank AG and Modern Bank. SL Green owns 100 Park Avenue in a joint venture with institutional investors advised by Prudential Real Estate Investors. The tower totals 36 stories and 825,815 square feet.
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed two leases for Manhattan office space totaling 189,054 square feet. First, JLL brokered a 10-year renewal on behalf of General Motors Corp. (GM) at 767 Fifth Avenue. GM occupies the 14th through 16th floors of the building for a total of 114,300 square feet. The company has leased space at the 2 million-square-foot, Class A building since it was built in 1968. Peter Riguardi, Michael Shenot and Lloyd Desatnick represented the tenant. Robert Selsam and Andrew Levin of Boston Properties provided in-house representation for the landlord. In the second deal, JLL negotiated a sublease for 74,754 square feet on behalf of NYC Office Suites at 1350 Avenue of the Americas. The subtenant, which provides short-term office space for lease, will occupy the second through fourth floors of the 585,156-square-foot building for an 11-year term. Scott Panzer and Sean Black of JLL represented NYC Office Suites. Joseph Harkins of Grubb & Ellis represented the sublessor, Harper Collins.
WALTHAM, MASS. — J. Calnan & Associates has completed Phase I of the 85,000-square-foot renovation of Constant Contact's Waltham headquarters located at 1601 Trapelo Rd. A new Network Operations Center was built, which includes state-of-the-art audio/visual equipment and a media room for online podcasts. Phase II of the project will include the creation of a Great Room, which will be used for large training events. The project team also includes Visnick & Caulfield and WB Engineers.
HOUSTON — Three new leases totaling 57,128 square feet have been signed at One Oak Park, a new office project located in Houston. Melton & Melton Certified Public Accountants is leasing 25,998 square feet, Access MediQuip is leasing 18,352 square feet, and First Continental Mortgage is leasing 12,778 square feet. Chip Colvill and Michael Anderson of Colvill Office Properties represented the landlord, a joint venture between Means Knaus Partners and an affiliate of The Carlyle Group. Andy Iverson of Jackson & Cooksey represented Access MediQuip, and Tommy Alexander and Warren Alexander of CB Richard Ellis represented First Continental Mortgage. One Oak Park totals 153,000 square feet and is located on 8.4 acres at 6002 Rogerdale Rd. in the city's Westchase district. The building was completed in April and is applying for LEED-Gold certification. Occupancy is currently 37 percent.
MIAMI — The law firm Blizin Sumberg Baena Price & Axelrod has signed an 80,000-square-foot lease with 1450 Brickell LLC for space in 1450 Brickell. The 35-story Miami office tower is expected to deliver during the first quarter of next year. Blizin Sumberg will move from its current location in Miami’s Wachovia Financial Center to the new property, which has achieved LEED Gold pre-certification. Barbara Liberatore Black and Matthew Goodman of CRESA Partners represented the law firm. Blanca Commercial Real Estate’s Tere Blanca and Danet Linares represented the landlord.
FISHERS, IND. — Cohen Financial has secured an $11.54 million loan for the refinancing of an office property in Fishers. Located on Kincaid Drive, the property offers approximately 193,000 square feet of office space. The buliding is currently 100 percent leased. Christopher Carroll of Cohen’s Chicago office arranged the financing, which includes a fixed rate and moderate leveraging, for the borrower, an institutional client. The lender was a regional bank.
INDIANAPOLIS — An extensive renovation is planned for 1302 North Meridian Street, a historic 54,000-square-foot office building located in downtown Indianapolis. Acquired in 1932 by the Oldsmobile Division of General Motors, the property has since been utilized as a car dealership, a department store and a business furniture company. Most recently, the facility was occupied by Extra Space Storage. Locally-based Shiel Sexton has been tapped for the renovation project, which is scheduled for completion by year’s end. Upon completion, the project will seek LEED-CI Gold certification. The building currently offers up to 38,000 square feet of available for-lease office space on the first, second and third floors. John Crisp of Colliers Turley Martin Tucker – Indianapolis is marketing the property.
PRINCETON, N.J. — Acting as project architect, KSS Architects has completed the interior build-out for the new Princeton office of international law firm Dechert LLP. The firm relocated from its former office at Princeton Pike Corporate Center to a 30,000-square-foot space at 902 Carnegie Center. The interior contains marble tile floors as well as wood and glass workstations. Other features of the new office include conference rooms with audio-visual systems, a lunch room designed as a cafe, and security features throughout the space.