EDISON, N.J. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has secured $35 million for the refinancing of 379 Thornall Street, a 15-story, Class A office building located in Edison. The property totals 331,053 square feet and was 93 percent leased at the time of closing. CBRE’s James Gunning and Donna Falzarano originated the loan on behalf of M. Alfieri Co. The loan includes a 3-year term and a fixed interest rate; the lender was a New Jersey-based commercial bank.
NEW YORK CITY — Satellite provider DIRECTV has expanded its offices at One Rockefeller Plaza, a 600,000-square-foot office building located in Manhattan, New York City. The company signed a 12,996-square-foot lease for a portion of the second floor. It now occupies 77,471 square feet of the building, comprising the entire fifth, sixth and seventh floors, as well as the new lease on the second floor. DIRECTV was represented in lease negotiations by Arthur Mirante and Adam Rappaport of Cushman & Wakefield’s New York office, along with C.L. Baskin of the firm’s Dallas office. The landlord, Tishman & Speyer, was represented in-house by Peter Brindley and Ted Koltis. Terms of the lease were not disclosed.
HOUSTON — Groundbreaking has occurred for a build-to-suit office building for Arch-Con Corp., a Houston-based general contractor. The three-story, 21,000-square-foot building is located on West Gray Street in Houston’s River Oaks submarket. The project was designed by locally based Ziegler Cooper Architects. The construction timetable was not released.
PEACHTREE CITY, GA. — GF Capital Real Estate Investment has leased 48,000 square feet in its 91,609-square-foot office building at 700 Westpark in Peachtree City to two tenants. The U.S. Army Reserve Corp. renewed its 31,595-square-foot lease, and General Dynamics renewed its 16,476-square-foot lease. The property is currently 95 percent leased. Michael Lipton of Atlanta-based Colliers Spectrum Cauble and David Strickland of Peachtree City-based Quantum Commercial Real Estate represented the landlord in the transactions. The U.S. Army was represented internally, and Ann Barrett of CB Richard Ellis’ Boston office represented General Dynamics.
CHICAGO — The McCormick Foundation has signed a 16,500-square-foot lease for space in the 2 million-square-foot Michigan Plaza. The property is located at 205 N. Michigan Ave. and 225 N. Michigan Ave. in Chicago. The new site will serve as the company’s corporate headquarters. Mark A. Buth and Kathleen Bertrand of Chicago-based MB Real Estate represented the owner. Cal Wessman, Lisa Konieckza and James Otto of CB Richard Ellis represented the McCormick Foundation.
NEW YORK CITY — The New York Times Company has entered into a sale-leaseback transaction with W.P. Carey & Co. for a portion of its New York headquarters, located on Eighth Avenue between 40th and 41st streets in Manhattan, New York City. W.P. Carey and two of its publicly held, non-traded REIT affiliates, CPA:16 – Global and CPA:17 – Global, will acquire 21 floors, encompassing approximately 750,000 square feet, of the 52-story building for $225 million. The lease has a 15-year term with an option for The Times Company to repurchase the office condominium interest during the 10th year of the lease for $250 million. The initial year’s rental payment will be $24 million with escalations throughout the lease. Proceeds from the sale will be used by The Times Company to pay off long-term debt. Andrew Sachs and Michael Rotchford of Cushman & Wakefield advised The Times Company in the transaction.
AUSTIN, TEXAS — Capmark Finance has arranged $39 million in construction financing for The Offices at East Avenue, a 215,000-square-foot office project located in Austin. The project is the first phase of the 2.8 million-square-foot, mixed-use redevelopment of the former Concordia University campus. Current plans for the site call for office, retail, multifamily and hotel space in a pedestrian-friendly environment. Scott Bryant of Capmarks’ Austin office originated the loan on behalf of East Avenue Office Holdings LP. The lenders were U.S. Bank and Texas Capital.
WESTON, FLA. — The local private investor Westin Holdings II has sold the 9,547-square-foot Weston Town Center Executive Suites property to Fort Lee, N.J.-based Roned Realty for $2.85 million. The property is located in the Weston Town Center in Weston. Michael Zimmerman and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller.
LAKE SUCCESS, N.Y. — Rutherford, N.J.-based Lincoln Equities Group has arranged a 63,580-square-foot lease renewal and expansion for North Shore – LIJ Health System in Lake Success. The healthcare provider will nearly double the size of its offices at 1979 Marcus Ave. The additional space will be used to expand the company’s Center for Learning and Innovation; it will contain classrooms, a state-of-the-art clinical simulation center and a standardized patient facility. Daniel Ackerman of Lincoln Equities represented the landlord, Willett Cos., in lease negotiations. The 1979 Marcus Avenue property is a three-story, 350,000-square-foot, Class A office building. It features a fitness center, a full-service cafeteria, dry cleaning, security and a three-level underground parking facility.
SAN ANTONIO — The Environmental Protection Agency has awarded Energy Star certification for Fountainhead Business Park II, a three-story office building located at 4545 Horizon Hill Rd. in San Antonio. The project is part of a two-building office campus that is managed by Grubb & Ellis Realty Investors on behalf of one of its private client investors. The building is situated on 12.4 acres; it includes approximately 89,000 square feet of rentable space and 1,100 parking spaces. It is currently fully occupied by Boston-based Genzyme Corp.