TAMPA, FLA. — Robert Hernandez of NorthMarq Capital’s Tampa office has arranged a $21 million construction loan for Sutton Properties. The loan is being used to expand Sutton’s original 141,376-square-foot building to a total of 281,458 square feet for manufacturing and office space. The property is fully occupied by DRS Optronics Financing was based an 18-month interest-only term followed by a 42-month extension amortized on a 15-year schedule.
NEW YORK CITY — The National Basketball Association has renewed its lease for 153,405 square feet at Olympic Tower, a Class A office tower located at 645 Fifth Ave. in Manhattan, New York City. The NBA signed a lease for 10 years with a 5-year option. It will continue to occupy floors 14 through 20 of the building with an option to expand onto two additional floors. It originally took occupancy at the building more than three decades ago; the location contains its corporate offices. Harry Seherr-Thoss, Mark Jaccom, Robert Freedman, Richard Plehn Sr., and Christina Plakopita of FirstService Williams represented the landlord, Olympic Tower Associates. The tenant was represented by Barry Goson, Moshe Sukenik and Corey Borg of Newmark Knight Frank.
ARLINGTON, VA. — The board of Arlington County has signed a 144,740-square-foot lease with Foulger-Pratt Development for space in Sequoia Plaza One. The county leased 97 percent of the building, which is located at 2100 Washington Blvd. in Arlington. Included in the 10-year lease is an option to expand into the entire three-building Sequoia Plaza office park. Foulger-Pratt has also added base-building upgrades in order to qualify the space for LEED EB certification. Mark Roberts of Washington, D.C.-based Studley represented the tenant, and Cushman & Wakefield represented Fougler-Pratt.
BURLINGTON, MASS. — New Boston Fund has completed the sale of 51 South Bedford St., a 100,000-square-foot telecom facility in Burlington. The building was sold for an undisclosed price to H.N. Gorin, Inc. The building, which is fully leased to long-term tenant Verizon Communications, is located directly off Route 128 and is adjacent to the Burlington Mall. Peter Joseph at Eastdil Secured represented New Boston in the transaction and procured the buyer.
NEW YORK CITY — NAI Global New York City has negotiated a 7-year office lease on behalf of Guidepoint Global, a leading primary research firm who provides customized information solutions in the healthcare, technology, media, telecommunications, energy, industrials, consumer goods and services, and financial services sectors. The tenant is taking 30,671 square feet of space on the 11th floor 730 Third Ave. in Manhattan, New York City. The tenant’s recent acquisition of S&Ps Vista Research division necessitated a move to larger premises. Andrew Simon and Logan Gurtman of NAI Global New York City represented the tenant, and Howard Fiddle of CBRE represented the building’s owner, TIAA-CREF.
SCOTTSDALE, ARIZ. — Greg Hopley of Colliers International has brokered the sale and acquisition of two office suites, totaling approximately 8,515 square feet, within Bell 101 Executive Center, which is located at 8937 E. Bell Rd. in Scottsdale. Cabral Holdings acquired the space from EBH LLC for $1.46 million or $172 per square foot. Cabral plans to occupy the second floor suite. A mortgage company currently occupies the first floor suite.
FORT LAUDERDALE, FLA. — Fort Lauderdale-based Miller Construction Co. has completed a 71,600-square-foot headquarters building for WPLG-TV, an ABC affiliate known locally as Channel 10. The facility is located on Hallandale Beach Boulevard in Fort Lauderdale. The property includes two studios, a satellite tower and administrative and data storage areas. The station can now broadcast from its studio and the field in digital high definition.
NEW YORK CITY — W&H Properties has recently completed the repositioning of 60 East 42nd Street to One Grand Central Place. The building not only changed names, but underwent an $85 million upgrade program. The renovation included new windows, renovated elevators, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems. The building also features a visitor center, a tenant conference center, a messenger center and a law library. The 55-story tower includes tenants such as ABS and Gibbs & Soell. The facility offers direct in-building access to Grand Central Terminal, as well as to the 4, 5, 6, 7 and Times Square shuttle subway lines. One Grand Central Place is owned by a partnership led by Peter L. Malkin and Anthony E. Malkin. Available space at One Grand Central Place ranges from partial floors of 1,200 to 8,000 square feet to full floors of 9,500 to 47,589 square feet. Newmark Knight Frank is the exclusive managing and leasing agent for the property.
LAGUNA BEACH, CALIF. — Chris Chinnici and Roman Ciuni of NAI Capital’s Newport Beach, Calif., office has completed the sale of an office building in Laguna Beach. Laguna Broadway acquired the 18,000-square-foot property for an undisclosed price. The seller was Laguna Beach Playhouse.
IRVINE, CALIF. — Los Angeles-based Maguire Properties has completed the disposition of 3161 Michelson Drive, a six-story office property located within the Park Place campus in Irvine. An affiliate of EMMES Group of Companies acquired the 150,000-square-foot property for approximately $160 million. The disposition allowed Maguire to eliminate the project-level debt that was slated to mature in September; eliminate a New Century master lease obligation with potential exposure of up to $16 million; eliminate a $24 million principal loan guaranty; eliminate a master lease parking obligation with a potential exposure of up to approximately $50 million; release a 1,380-space parking structure from encumbrance of the existing mortgage; and increase cash flow by eliminating the project’s negative cash flow.