BOCA RATON, FLA. — 399 West Palmetto Park Associates has sold a 12,000-square-foot office building to 399 Palmetto LLC for $2.72 million. The property is located at 399 W. Palmetto Rd. in Boca Raton. Michael Fimiani of Fimiani Development in Boca Raton brokered the sale.
WILMINGTON, DEL. — The Pettinaro Company has leased the former Daniel L. Herrmann Courthouse, located at 10th and King streets in Wilmington, to law firm Young Conway Stargatt & Taylor. The law firm will occupy the entire 218,000-square-foot building, which will be renovated into Class A office space. The lease is for a term of 15 years; construction will begin in late 2009, with occupancy expected in February 2012.
ORLANDO, FLA. — A joint venture between The Praedium Group and Tower Realty Partners has acquired the 317,521-square-foot Quorum Center Orlando from USAA Real Estate Co. for $29 million. The 13-building office park is located on Vineland Road. The property, which was built in 1987, is 85 percent occupied. Mark Lippmann and Clifford Stein served as in-house representation for Praedium. Ronald Rogg of CB Richard Ellis’ Orlando office represented the seller.
ATLANTA — Kaiser Permanente has signed a lease renewal with Glendale, Calif.-based American Realty Advisors for 206,000 square feet of space in Piedmont Center. The tenant has occupied three buildings in the center, which is located on Piedmont Road in Atlanta, since 1993. David Demarest and William Propst of Jones Lang LaSalle’s Atlanta office and Rita Robison of the firm’s Washington, D.C., office represented the tenant. PC Management Co.’s Lee Caswell represented American Realty Advisors in the transaction.
JENKINTOWN, PA. — Philadelphia-based Binswanger has negotiated the sale of a 5,016-square-foot office building located at 726 Old York Rd. in Jenkintown. The buyer, Aranda Group, plans to utilize the space as offices for its financial services business. Binswanger represented the seller, 726 Old York Road LP, in this transaction as well as the seller's original purchase of the property in December 2008.
HOUSTON — King & Spalding has renewed its lease for 116,732 square feet of space at 1100 Louisiana, a 55-story office building in downtown Houston. Hines is the landlord of the 98 percent-leased property. Tim Relyea of Cushman & Wakefield of Texas represented the law firm, which has been a tenant in the building since 1995. Additionally, oil and gas energy company Vitol Inc. has renewed and expanded its lease at the building. The company, which has been a tenant since 1997, now will occupy 43,000 square feet. Trey Strake and Chris Oliver of Cushman & Wakefield of Texas, Inc. represented Vitol in lease negotiations. Chrissy Wilson, Paula Bruns and Mark Janssen of Hines represented the landlord in both transactions.
TEMPLE TERRACE, FLA. — Marcus & Millichap Real Estate Investment Services has arranged the sale of the Telecom Technology Center, a 133,919-square-foot, three-building, single-story office park in Temple Terrace, in a 1031 exchange. The Telecom Technology Center sold for $10.9 million and traded at a cap rate of 10.65 percent. Douglas Mandel of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, FOA Tampa LLC. Nathan Wood of the firm's Jacksonville, Fla., office represented the buyer, Lepanto Realty Corp.
DALLAS — Parkland Health & Hospital Systems has signed a lease for 67,000 square feet at 8435 Stemmons, an 11-story, Class A office building located in Dallas. The company is using the space as a temporary location while its new campus is under construction. The transaction was negotiated by Red River Asset Management. Parkland is the second tenant at the 229,605-square-foot office building. Earlier this year, Telx signed a lease for 25,000 square feet. The two leases bring occupancy to 45 percent. Red River's leasing plan for the property, which is owned by Lakewood, N.J.-based Diversified Capital, is to reposition the fourth floor as ready-to-occupy office suites and land a two-floor anchor tenant, which will have the option of naming rights to the building.
VAN BUREN TOWNSHIP, MICH. — CB Richard Ellis (CBRE) has arranged a long-term lease for General Electric Co. (GE) that will create a new office/R&D center in the Detroit suburb of Van Buren Township. GE's new operations will consist of approximately 200,000 square feet of office space and a newly constructed, 100,000-square-foot research and development facility. The new facilities will be located within the newly named GE Advanced Manufacturing & Software Technology Center and will commence operation in October. Brent Woodruff of CBRE's Atlanta office and Jeffrey Bell of the firm's Detroit office represented GE. The landlord, Visteon Corp., will maintain its corporate offices and innovation center at the site. Terms of the lease were not disclosed.
SAN DIEGO — Eastman Kodak Co. has signed a lease for 65,755 square feet of industrial and research & development space at 16275 Technology Dr. in San Diego. The lease carries an 18-month term at a cost of $1.37 million. Chris Pascale of CB Richard Ellis represented Eastman Kodak in lease negotiations. Mickey Morera of Cushman & Wakefield represented the landlord, First Industrial LP.