HOUSTON — Chris Wadley and Logan Brown Jr. of Grubb & Ellis’ Houston office recently represented Gillett Properties in the sale of 3 Northpoint Drive. The three-story, approximately 54,000-square-foot office building sold to WW Cole Group Ltd., which represented itself. The building is located in Houston within close proximity to Interstate 45 North and Beltway 8. It is fully leased to the State of Texas.
RIDGELAND, MISS. — Birmingham-based Hoar Construction is nearly finished constructing the structural frame, shell and core of the 368,000-square-foot Renaissance 200 office tower. The property is located adjacent to Renaissance at Colony Park in Ridgeland. The Class A building was designed by Atlanta-based Cooper Carry & Associates, and it is being constructed to LEED Silver standards. Hoar will also complete a build-out of Ridgeland-based Butler Snow’s new law offices on the top four floors of the property. The development is expected to deliver in October.
BOCA RATON, FLA. — Liberty Property Trust has signed lease renewals totaling more than 78,000 square feet for space in the firm’s Boca Colonnade building, located at 777 Yamato Rd. in Boca Raton. Campus Management Corp. has signed a 53,619-square-foot lease. Greg Katz of Studley’s Miami office represented Campus Management in the long-term lease. Verizon Wireless Personal Communications has signed a 25,262-square-foot lease. Keith Edelman and Scott Goldstein of Jones Lang LaSalle’s Miami office represented the tenant.
CHICAGO — Grubb & Ellis has brokered the purchase of a 21,800-square-foot office building, located at 557 W. Randolph St. in Chicago, for $2 million. The property was acquired by Actors’ Equity Association (AEA), which is expanding from its previous location at 125 S. Clark St. in Chicago. The actors’ union will initially occupy two of the building’s four stories beginning in the second quarter of 2010 and will lease out the remaining space. Mark Stables of Grubb & Ellis negotiated the transaction. Stephen DiPaola of AEA provided in-house representation. The building located at 557 West Randolph was constructed in 1855 and is one of only two buildings in the area to survive the Great Chicago Fire of 1871.
TEWKSBURY, MASS — Cappy Daume, Scott Jamieson, and Mike Smith, and Nathaniel Heald of Jones Lang LaSalle have closed the $10 million sale of Ames Pond Corporate Center in Tewksbury. The two-building, 154,200-square-foot office park is set on 55 acres at the I-495 and Route 133 interchange. The property is currently 71 percent leased to seven tenants, with five new leases totaling 100,000 square feet closed since June 2007. The site can potentially accommodate upwards of 150,000 square feet of commercial development. A joint venture partnership between Leggat McCall Properties and Dead River Properties purchased the park. Jones Lang LaSalle represented the seller and procured the buyer in the transaction.
RICHMOND, VA. — Allied Capital REIT has sold the 146,305-square-foot Midlothian Center to Midlothian Plaza Associates for $7 million. The property, located at the intersection of Wadsworth Drive and Midlothian Turnpike in Richmond, is 57 percent occupied by medical and retail service tenants. Eric Robison, Richard Thalhimer, James Ashby, IV, and C. Lee Warfield, III, of Thalhimer’s Richmond office brokered the sale.
NEW YORK CITY — Construction has topped out for The High Line Building, an 11-story office tower located at 450 W. 14th St. in the Meatpacking District of Manhattan, New York City. The building consists of a six-story glass tower built atop a five-story former meatpacking facility. The building contains 100,000 square feet of office space, as well as 7,636 square feet of ground-floor retail space and 4,308 square feet of lower level retail space. The High Line Park, a former elevated rail line that is being converted into a public park, runs 103 feet through the building. The project is applying for Gold-level LEED-Core & Shell certification. Fashion retailer Helmut Lang has already signed a lease for two full floors of office and showroom space at the project. Completion is scheduled for the fall. The High Line Building is being developed by CB Developers. It was designed by Morris Adjmi Architects. Newmark Knight Frank is marketing the office component of the project and Winick Realty Group is marketing the retail space.
ROSELAND, N.J. — CB Richard Ellis (CBRE) has arranged $12.25 million in permanent acquisition financing for 425 Eagle Rock Avenue, a 128,034-square-foot office property located in Roseland. The property consists of a four-story, Class A office building that was 90 percent occupied at the time of closing. The loan carries a 10-year term with a fixed interest rate. CBRE’s Debt & Equity Finance Group secured the financing on behalf of the borrower, Marcon Roseland. The lender was a Connecticut-based commercial bank. CBRE’s Tri-State Investment Group also represented the seller, Principal Financial Group, in the disposition of the property.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has brokered the sale of the Brookfield Real Estate Opportunity Fund Chase Bank Portfolio, a five-building, Class B office portfolio located in Houston. The portfolio totals 157,672 square feet and includes: 2900 Woodridge Drive, 6200 Highway 6 South, 9525 Bissonnet Street, 11806 Wilcrest Drive and 13103 FM 1960. JPMorgan Chase Bank is the anchor tenant of the portfolio, occupying 43 percent of the portfolio through 2021. HFF’s Dan Miller and Trent Agnew negotiated the transaction. The parties involved were not disclosed.
BETHLEHEM, PA. — Liberty Property Trust has sold a portfolio of five office buildings located in Bethlehem. The portfolio totals 152,100 square feet and consists of 1655 and 1685 Valley Center Parkway and 3400, 3450, and 3500 High Point Boulevard. Set on 21 acres at the Schoenersville Road exit of Route 22, the Class A office buildings are located within a 175-acre master-planned development. The portfolio, which was 91 percent occupied at the time of the sale, was purchased for an undisclosed price by Bethlehem LVCC Associates. Michael Hines and Robert Fahey of CB Richard Ellis represented the seller.