JUPITER, FLA. — Patrick Madore of Thomas D. Wood & Co. has secured a $5.03 million loan for the Commons at Abacoa II office building. Located at 661 University Dr. in Jupiter, the property encompasses 29,461 square feet. The 10-year loan, which was financed through a regional bank, carries a 6.5 percent interest rate and a 65 percent loan-to-value ratio. The loan also includes a 25-year amortization schedule.
SANDY SPRINGS, GA. — Securus Properties has purchased a 15,000-square-foot REMAX real estate office from MAF 1878 LLC for $3.32 million. The property sits on 2.2 acres at 5163 Roswell Rd. in Sandy Springs. Bruce Propst of Atlanta-based Carter Real Estate represented the buyer, and John DeYonker of Atlanta-based Bull Realty represented the seller.
NEW YORK CITY — Bonnier Corporation has signed a 10-year direct lease for 100,750 square feet of space comprising the entire 9th and 10th floors at Two Park Avenue in Manhattan, New York City. The 1 million-square-foot, 29-story tower occupies the entire easterly blockfront between 32nd and 33rd streets. Bonnier had been a subtenant for several years in the building, which is managed by L&L Holding Company. Jason Gorman and Paul Walker of CB Richard Ellis represented the tenant and L&L was represented in-house by David Berkey.
NEW YORK CITY — Colliers ABR has negotiated two leases at 477 Madison Avenue in Manhattan, New York City. Wyper Capital Management, a private investment management company, signed a 3-year lease for 5,659 square feet of pre-built space on a portion of the fifth floor. In the second transaction, CRG Partners, a leading provider of financial restructuring and operational improvement, signed a 7-year lease for 7,947 square feet of space that is presently demolished. The landlord, J.A.B. Madison Associates, will construct three pre-built units on the entire 16,000-square-foot 12th floor, one of which will be occupied by CRG Partners. David Hoffman and Wendy Miller of Colliers ABR along with Shira Nadich Levin at Cooley, Godward & Kronish, represented the landlord in the lease negotiations. Lindsay Orenstein of Centric Real Estate Advisors represented Wyper Capital Management and Ruth Colp-Haber of Wharton Property Advisors represented CRG Partners.
CULVER CITY, CALIF. — ICDC College has purchased a 24,086-square-foot office building, which is located at 5995 S. Sepulveda Blvd. in Culver City, for $7.9 million or $328 per square foot. Built in 1973 and renovated in 2004-05, the two-story property features a brick façade with subterranean parking. Andrew Jennison and Travis Landrum of Madison Partners represented the buyer and the seller, 5995 S. Sepulveda LLC, in the transaction.
CHICAGO — Summit Design + Build has been selected by owner/developer SSK Partners to redevelop a seven-story, 88,746-square-foot timber warehouse into a modern loft office building. Located at 1033 W. Van Buren St. in Chicago, the building will be converted into multi-tenant office space over phases. Summit, which is teaming with MRSA Architects, will first install a new freight elevator, as well as new mechanical, electrical and fire protection/sprinkler systems. The second phase of construction will begin upon the completion of core and shell build out.
CHICAGO — National law firm Polsinelli Shughart PC has signed a 15-year lease for space within Tishman Speyer’s Chicago Title and Trust Building, which is located at 161 N. Clark in downtown Chicago. The firm will relocate this fall from a 15,000-square-foot office in Two Prudential Plaza, expanding to 29,000 square feet on the Chicago Title and Trust Building’s 41st and 42nd floors. Polsinelli Shughart has hired Chicago-based Whitney Architects to convert the raw space into a Class A office location for its more than 30 attorneys and support staff. Grubb & Ellis brokered the lease on behalf of the tenant.
NEW YORK CITY — Cambridge, Mass.-based biotechnology company Genzyme has renewed its 98,000-square-foot New York City office lease. The company occupies the fifth and sixth floors of 521-33 W. 57th St., located in Manhattan. The new lease carries a 10-year term. David Dusek, Peter Capuciati and Alex Blue of Studley represented Genzyme in lease negotiations. The landlord, an affiliate of Himmel + Meringoff Properties, was represented in-house by Mark Stein and Farrell Virga.
DALLAS — Baton Rouge, La.-based MAPP Construction has completed the renovation of Ernst & Young’s Dallas offices. Construction consisted of the renovation of five floors and 141,749 square feet within the One Victory Park building at Victory Park. MAPP added administrative areas, conference rooms and Intermediate Distribution Frame rooms with security mesh above and below the floor. The project also is applying for LEED-Silver certification. Sustainable components include an indoor air-quality plan, the use of low-VOC paints and materials, and a recycling program for construction materials.
HOUSTON — Charlotte, N.C.-based Grandbridge Real Estate Capital LLC has arranged two permanent fixed-rate loans to refinance an office park in Houston. Harwin Business Center, which was built in the early 1970s, features 221,954 square feet of office space in multiple buildings at 7540-7596 Harwin Dr. Grandbridge arranged the financing on behalf of VIP Investment No. 5. A correspondent life insurance company structured both 5-year loans at a 6-percent interest rate with 25-year amortizations.