Office

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.

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.

NEW YORK CITY — The Empire State Building is slated to undergo a green renovation process that will reduce the building’s energy use and greenhouse gas emissions by up to 38 percent. Changes include a 6,500 window light retrofit, the introduction of radiator insulation, improved tenant lighting, daylighting and plug upgrades, air handler replacements, a chiller plant retrofit, a whole-building control system upgrade, ventilation control upgrades and new Web-based tenant energy management systems. Upon completion, the building should achieve an ENERGY STAR score of 90, and it will pursue LEED Gold certification. Jones Lang Salle will be managing the renovation. The initial cost of the renovation is anticipated to be $20 million with a resulting $4.4 million in annual energy savings once the project is complete.

NEW JERSEY — White Plains, N.Y.-based Howard Properties and Chatham, N.J.-based The Garibaldi Group have arranged a build-to-suit lease transaction for Cervalis. The company will occupy a newly constructed, 148,191-square-foot data center in northern New Jersey that will be developed by Hackensack, N.J.-based Russo Development. The facility will feature 50,000 square feet of raised floor data center space, as well as 25,000 square feet of workspace, recovery space and administrative offices. It marks Cervalis’ entry into the New Jersey market; its other facilities are located in New York and Connecticut. The company could not disclose the future address of the building. The construction timetable was not released. Howard Properties and The Garibaldi Group are both affiliates of CORFAC International.

PITTSBURGH — CB Richard Ellis (CBRE) has been selected by Rugby Realty Co. to serve as exclusive leasing agent for its approximately 2 million-square-foot Pittsburgh office portfolio. The nine-property portfolio features five marquee office towers, including 11 Stanwix Street, The Frick Building, Gulf Tower, 4 Allegheny Center and 564 Forbes Avenue. The other four properties include 914-922, 925, 933 and 938-940 Penn Avenue. CBRE’s leasing team will be led by Jeremy Kronman and will include Andrew Miller, Christina Bucciero and Courtney Lynn. CBRE plans to roll out its new marketing and pricing information over the next 30 to 60 days.