WASHINGTON, D.C. — The law firm Mintz, Levin, Cohn, Ferris, Golvsky and Popeo has signed a 55,000-square-foot lease renewal with Beacon Properties at the 350,000-square-foot Market Square. The law firm has occupied space in the office building, which is located at 701 Pennsylvania Ave. NW in Washington, since 1991. The lease will keep the firm in Market Square for 10 more years. Cassidy & Pinkard's Phillip Thomas represented the landlord. Lois Zambo and Steve London of Studley represented the tenant.
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DUBLIN, OHIO — Wells Real Estate Funds has acquired Sterling Commerce Center I-IV in Dublin. Duke Realty sold the assets for an undisclosed price. Located at 4600-4725 Lakehurst Court and 6060 Emerald Parkway, the 322,679-square-foot center consists of two four-story and two three-story Class A office buildings. Paul Lundstedt, Jeffrey Shell, John Ecclestone, John Gavin and Richard Schuen of Grubb & Ellis|Adena Commercial represented Duke in the transaction.
IRVING, TEXAS — Scott + Reid General Contractors has completed the 172,000-square-foot Caris Life Sciences headquarters, a conversion of a 12-year-old commercial office building. Located at 6655 N. MacArthur Blvd. in Irving, the property features a 27,000-square-foot laboratory. The company will eventually employ more than 700 workers at the property.
WASHINGTON, D.C. — The General Services Administration has signed a 40,996-square-foot lease expansion with StonebridgeCarras for space at One Constitution Square in Washington. The GSA will now occupy the entire 329,251-square-foot property, which is located at the intersection of 1st and M streets in the NoMa neighborhood. The 1.6 million-square-foot first phase of Constitution Square — which also includes the 589,000-square-foot Two Constitution Square, a 440-unit apartment building, a Hilton Garden Inn, a Harris Teeter and 30,000 square feet of retail space — is 99 percent pre-leased. Affiliates of StonebridgeCarras and Walton Street Capital are developing the project.
CHANDLER, ARIZ. — CB Richard Ellis (CBRE) has negotiated a 46,846-square-foot lease at Panattoni Chandler Airport Center, a two-building, flex-office property located at the intersection of Cooper and Germann roads in Chandler Airport Center. Financial terms of the deal were not disclosed. CBRE’s Mark Krison, Scott German and Carole Uhrig represented the landlord, Sacramento, Calif.-based Panattoni Development Co., in the nearly 11-year lease agreement with Pittsburgh-based Education Management LLC; Larry Downey of Cushman & Wakefield represented the tenant in the full-building transaction.
WAYNE, N.J. — United Parcel Service (UPS) has signed a lease for 118,000 square feet of office space in Wayne. The company will occupy space within a four-story, 140,000-square-foot building located at 1655 Valley Road. Amenities in the building include a full-service cafeteria with indoor and outdoor seating, heavy duty electrical service and a raised-floor computer room. David Simson of Newmark Knight Frank represented the landlord, a joint venture between New Boston Fund and Prism Capital Partners. Tom Consiglio of Resource Realty represented UPS.
EAST RUTHERFORD, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged a $38 million loan for a 421,050-square-foot, Class A office building in East Rutherford. Metropolitan Center is a 14-story tower located at 1 Meadowlands Plaza and overlooking the new Meadowlands Sports Complex. The borrower, Strategic Partners U.S. Value V, acquired it in 2008 and recently completed a $15 million capital improvements program. Occupancy was 85 percent at the time of closing. The loan carries a 5-year term and a 25-year amortization schedule. Jim Gunning and Donna Falzarano of CBRE Capital Markets' New Jersey office and John Clifford and Keith Huizinga of the firm's Chicago office secured the loan on behalf of Strategic Partners through lender Northwestern Mutual Life.
SAN FRANCISCO — Grubb & Ellis has represented Sierra Maestra Properties in its acquisition of 54,225 square feet of office space at 153 Kearny Street in downtown San Francisco. The purchase price for the five floors of space plus a mezzanine floor was not disclosed. Grubb & Ellis’ Daniel Cressman, Michael Taquino and Kyle Kovac represented the San Francisco-based buyer in the transaction; Amalgamated Bank of New York was the seller.
MIAMI — Sungard iWorks has sold a 54,000-square-foot office building to 2000 South Dixie Highway LLC for $4.92 million. Located at 2000 S. Dixie Highway in Miami, the property is 65 percent occupied; the seller will continue to occupy 35 percent of the building. John Crotty and David Metalonis of Colliers Abood Wood-Fay represented the seller. Holly Sime Realty's Scott Sime represented the buyer.
NEWTON, MASS. — R.W. Holmes Realty represented the tenant in the lease of office, R&D and production space in Newton. Sloan Valve Co. has inked a deal for an 18,000-square-foot property at 55 Border St. The company manufactures water-efficient solutions. Garry Holmes of R.W. Holmes Realty brokered the transaction on behalf of the tenant and the landlord, Border Realty Trust. Lease terms were not released.