ISELIN, N.J. — CB Richard Ellis has completed the sale of a 98,459-square-foot office building located at 186 Wood Ave S. in Metropark in Iselin. Set on 19.43 acres, the property is also approved for 474,000 square feet of Class A office space. Jeffrey Dunne and Kevin Welsh of CB Richard Ellis' New York Institutional Group collaborated with Jeffrey Babikian to represent Siemens Shared Services, LLC, an entity controlled by Siemens Corporation, in the sale. The team was also responsible for procuring the buyer, Hampshire Global Partners, an entity controlled by The Hampshire Companies, which plans to re-develop and upgrade the office building and develop the balance of the site over time. The sale price was undisclosed.
TUCSON, ARIZ. —Tucson-based Arizona Mail Order Company Inc. has signed a 10.5-year lease for Centre East, a four-building office complex located at 7840 E. Broadway Blvd. in Tucson. The recently remodeled complex earned the ENERGY STAR rating from the U.S. Environmental Protection Agency. Amenities include fiber optic service and abundant parking for visitors and employees. Buzz Isaacson of CB Richard Ellis, along with Ted Lyon and Michael Brown of Boston-based DTZ FHO Partners LLC represented the tenant; David Volk of CBRE represented the landlord, Tucson-based Houaloa Companies, in the transaction. The value of the lease was not disclosed.
WASHINGTON, D.C. — Perseus Realty LLC has taken out a $103.5 million loan against a 309,480-square-foot, Class A office building in Washington. The financing replaces an acquisition loan for the property, located at 1110 Vermont Ave. N.W. The building is 78 percent leased to the advertising firm WPP, Streamsage, Tompkins Construction and 21 additional tenants. Lindsay Stroud of Washington-based Perseus Realty Capital secured the 3-year, fixed-rate loan.
NORTHBROOK, ILL. — The Missner Group has disposed of a 3,350-square-foot office condominium, located at 105 Revere Dr. in Northbrook. The condo, which traded for approximately $424,000, is situated within a 17,500-square-foot, single-story office property. The multi-tenant property has been repositioned as a for-sale office condo building. The condo was acquired by architecture firm Sara E. F. Gensburg Ltd.
AUSTIN, TEXAS — A partnership assembled by the Austin office of Cencor Realty Services has acquired 4200 Lamar, a two-story office building located at the corner of North Lamar Boulevard and West 42nd Street in Austin. The building totals approximately 31,016 square feet and is situated on approximately 1.2 acres. Lance Morris of the Austin office of The Weitzman Group represented the buyer, 4200 Lamar Partners Ltd. The undisclosed seller was represented by Tom Martine of Martine Properties. The partnership has already begun a redevelopment of 4200 Lamar into a multi-use building with office and retail components. Three tenants have already signed leases for the retail component. They include sushi restaurant Uchiko, Mexican restaurant Tacodeli and Floyd’s 99 Barber Shop. The renovation project is slated for completion by the end of 2009, with the tenants opening by the following spring. The project was designed by Michael Hsu Design Office.
ALTAMONTE SPRINGS, FLA. — OFFICECO has purchased a 21,234-square-foot office building from Eula Scott LLC for $2.37 million. The property is located at 505 Maitland Ave. in Altamonte Springs. The law firm Wright, Fulford, Moorhead & Brown will occupy the property. Orlando-based First Capital Property Group’s Chuck Mitchell and Trent Scott represented OFFICECO. Maitland, Fla.-based Maitland Realty Co.’s Michael Calhoun represented the seller.
BELOIT, WIS. — Coldwell Banker Commercial | McGuire Mears & Associates (MMA) has brokered the sale of a 3,350-square-foot office building located in Beloit. The property is situated at 1970 Cranston Rd. and sold for a price of $400,000. Joel Patch of MMA represented the buyer, McBain Enterprises. Land Title & Closing, a tenant at the building, will remain in its space. The seller was not disclosed.
WAYNE, N.J. — Colliers Houston & Co. brokered the sale of an 88,435-square-foot corporate headquarters facility located at 70 Demarest Dr. in Wayne. The facility sits on an 8-acre lot that provides parking for 140 cars with additional amenities including 25-foot ceiling heights, multiple tailgates and ground level loading. The site is less than 15 miles from Midtown Manhattan, 25 miles from Newark Liberty International Airport and 30 miles from LaGuardia Airport, as well as within close proximity to Routes 80, 46 and 23, as well as NJ Transit Bus and rail. Colliers Houston's Howard Weinberg represented the seller, Wachovia Bank, while SBWE represented the buyer, Electronics Expo, in the transaction.
NEW YORK CITY — SL Green Realty Corp. has completed a 10-year, 67,152-square-foot lease with accounting firm Marcum & Kliegman LLP at 750 Third Avenue in Manhattan, New York City. The transaction is the largest tenant relocation lease signed in Midtown Manhattan so far in 2009. The 34-story building, also known as Grand Central Square, features 857,354 square feet and interconnects with SL Green’s 485 Lexington Avenue building. The REIT will construct a turn-key installation for Marcum & Kliegman, building out the entire 11th and 12th floors to specifications agreed upon in advance of lease execution. Other tenants include Eisner, LLP, Fairchild Publications, Teachers Insurance and Annuity Association, Endurance Reinsurance Corp. and Schonbraun McCann Consulting Group. David Kaufman of SL Green represented the landlord, while Newmark Knight Frank’s Neal Golden, Ross Perlman and Lee Brodsky acted on behalf of the tenant. Noah Shapiro, Esq. of Paul Hastings was counsel for the landlord; Spenser Stein, Esq. of Goldfarb & Fleece represented the tenant.
GLENVIEW, ILL. — Opus North Corp. has signed Mead Johnson Nutrition to a long-term lease at the developer’s Opus Gateway office building in Glenview. Located within The Glen mixed-use community, the four-story, Class A office facility was completed late last year. Mead Johnson will relocate its corporate headquarters to the 134,000-square-foot building, occupying the entire fourth floor when it moves in this month. Each floor offers 33,000 square feet of office space. The Glen is a 1,200-acre office, retail and residential redevelopment located at the intersection of Willow Road and Patriot Boulevard on Chicago’s North Shore.