Office

TISHMAN COMPLETED LAB/OFFICE REDEVELOPMENT

by admin February 6, 2009

NEW YORK CITY — Tishman Construction Corp. has completed the redevelopment of 407 E. 61st St. in Manhattan, New York City. The seven-story, 70,000-square-foot building will now house laboratory and office space for Weill Cornell Medical College. It had previously served as a city parking garage in the mid-1990s and a showroom for Rolls Royce when it was originally built in the early 1900s. The basement, which was enlarged from 500 square feet to 7,500 square feet, will house mechanical support space for the labs, a staff lounge and a locker area. The rest of the building will contain three research labs with cold rooms, fume hoods and support spaces, as well as two floors of administration offices. Stonehill & Taylor Architects served as project architect.

February 6, 2009

ARAGON TAPPED TO BUILD OUT 55,000-SQUARE-FOOT OFFICE

by admin February 6, 2009

NEW YORK CITY — New York City-based Aragon Construction had been selected to build out a four-floor, 55,000-square-foot office suite for Royce Funds. The office will be located on floors 21 through 24 at 745 Fifth Ave. in Manhattan, New York City. Construction will include conference rooms, private offices, open work areas, a large trading desk, a main reception area on the 23rd floor, lobbies on the other floors, a gym on the 21st floor and a wood-clad internal staircase that will join the floors together, as well as lead to two terraces. Additional features include a bicycle storage facility, LAN room and pantries on each floor. Ted Moudis Associates is serving as project architect. Royce Funds previously occupied 30,000 square feet at 1414 Avenue of the Americas, also in New York City. It will sublet the old space when it expands into its new office. Completion is scheduled for March.

February 6, 2009

Northeast Office

CAPSTONE ADVANCING $7 MILLION OFFICE BUILDING REHAB

by admin February 6, 2009

NEW YORK CITY — Capstone Equities is advancing a $7 million capital improvements program at 156 William Street, a Class A office building located in the Financial District of Manhattan, New York City. Construction will include lobby renovations, new windows, HVAC upgrades, new lighting, upgraded finishes and mechanical systems, and the installation of a modern security system. The office tower offers 3,000 square feet of pre-built space, 25,000-square-foot floor plates, 10,000 square feet of ground-floor retail space and 100,000 square feet of renovated space that will be available by February 2010. Gensler is providing construction services for the project. In addition, three new tenants have recently signed at the property, including Earthjustice, Judlau Contracting and Chrysler Borg. CB Richard Ellis is serving as leasing agent.

February 6, 2009

Office Western

SORRENTO HEIGHTS CENTERS REACHES 100-PERCENT OCCUPANCY

by admin February 6, 2009

SAN DIEGO — CB Richard Ellis has closed several leases that brings Harsch Investment Properties’ Sorrento Heights Corporate Center, a 78,047-square-foot office building, to full occupancy. The property is located at 10509 Vista Sorrento Parkway in San Diego’s Sorrento Mesa area. The recent leases include a 60-month, 4,052-square-foot lease inked by Lee & Associates; a 65-month, 4,051-square-foot lease signed by Carl Warren & Company; Del Mar Datatrac’s 39-month, 10,365-square-foot lease; Debra Chew’s 12-month, 1,344-square-foot lease; and a 40-month, 2,919-square-foot lease inked by The Retirement Group. The five leases total 22,731 square feet with a combined consideration of approximately $2 million. Mike Hoeck and Ryan Egli of Grubb & Ellis brokered the transactions on behalf of the landlord.

February 6, 2009

Office Western

DEVRY UNIVERSITY LEASES 47,500-SQUARE-FOOT BUILT-TO-SUIT PROPERTY

by admin February 6, 2009

LONG BEACH, CALIF. — DeVry University has signed an 11-year lease for a 47,500-square-foot built-to-suit office building at Douglas Park, a master-planned 261-acre mixed-use project in Long Beach. DeVry is the first tenant announced within the 54.5-acre portion of the park being developed by San Francisco-based Newcastle Partners and RREEF Alternative Investments. Construction on the building, which is located at Conant Avenue and Lakewood Boulevard, is expected to commence in May, with completion slated for March 2010. Design to obtain LEED Silver certification, the building will offer 360 parking spaces, outside gathering areas, building connectivity and infrastructure for solar power.

February 6, 2009

Office Southeast

GROUND BROKEN ON VIRGINIA OFFICES TOTALING 140,000 SQUARE FEET

by admin February 5, 2009

HAYMARKET, VA. — Landservices has broken ground on two office buildings totaling 140,000 square feet in Haymarket. Located at the interchange of I-66 and Route 15, the buildings span 80,000 square feet and 60,000 square feet. The properties are part of The Village at Heathcote, which will encompass 450 residential units and 75,000 square feet of street-level retail. BB&T Bank and Minnieland Private Day School have leased pad sites in front of the buildings and should open late this year.

February 5, 2009

Office Southeast

5,747-SQUARE-FOOT OFFICE BUILDING SOLD

by admin February 4, 2009

FORT LAUDERDALE, FLA. — Metro has purchased a 5,747-square-foot office building from 2495 E. Commercial Blvd. LLC for $1.2 million. The property is located on 19,366 square feet of land at 2495 E. Commercial Blvd. in Fort Lauderdale. The buyer was represented by Luna Nichols of Fort Lauderdale-based NAI Rauch, Weaver, Norfleet, Kurtz & Co. The firm’s Robert Edlin represented the seller.

February 4, 2009

Northeast Office

FANTINI & GORGA ARRANGE $2 MILLION OFFICE ACQUISITION LOAN

by admin February 4, 2009

NEW BEDFORD, MASS. — Boston-based Fantini & Gorga (F&G) has arranged $2 million in acquisition financing for an 18,100-square-foot office building located in New Bedford. George Fantini and Mark Whelan of F&G placed the loan through StanCorp Mortgage Investors. Terms of the loan were not disclosed. The undisclosed borrower is acquiring the property as part of a 1031 exchange.

February 4, 2009

Office Texas

CBRE BROKERS 234,288-SQUARE-FOOT OFFICE SALE

by admin February 4, 2009

SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of Petroleum Tower, a two-building office property located at 8626 and 8700 Tesoro Dr. in San Antonio. The property consists of twin eight-story buildings totaling 112,315 and 111,042 square feet, with a 10,931-square-foot atrium connecting them. Property amenities include a restaurant, covered parking and fiber optic cable access. The tenant roster includes Lockheed Martin Corp., CYTO Laboratories, the Internal Revenue Service and AT&T Mobility. CBRE’s Todd Mills led a team of brokers from the firm’s San Antonio and Austin, Texas, offices in completing the sale. The buyer was James Cotter, a local private investor. The acquisition price was not disclosed.

February 4, 2009

Office Western

NEWMARK REALTY CAPITAL ARRANGES $88 MILLION LOAN FOR 27-STORY OFFICE TOWER

by admin February 4, 2009

CENTURY CITY, CALIF. — Newmark Realty Capital Inc. has arranged an $88 million loan for an office tower, which is located at 1900 Avenue of the Stars in Century City. The 27-story tower offers 600,000 square feet of office space. George Mitsanas, Monique Monzon and Peter Hillakas of Newmark Realty Capital Inc. secured the financing. Specific terms of the loan were not disclosed.

February 4, 2009

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