Office

MULTI-MILLION DOLLAR RENOVATION COMPLETED ON TORREY PINES LAB BUILDING

by admin January 21, 2009

LA JOLLA, CALIF. — Touchstone Investments and Angelo Gordon & Company have completed the renovation of a 93,000-square-foot lab/office building, which is located at 11099 N. Torrey Pines Rd. in La Jolla. The renovations to the common area include new seating and collaboration spaces in the main commons area, and upgrades to the main lobby entry, restrooms and elevators. Additionally, the renovations include two high-profile tenant identification monuments located on North Torrey Pines Road and in front of the main lobby entrance of the building.

January 21, 2009

GALE BEGINS 100,000-SQUARE-FOOT OFFICE BUILD-OUT

by admin January 20, 2009

MOORESTOWN, N.J. — Roseland, N.J.-based The Gale Construction Company has commenced a 100,000-square-foot interior office renovation and build-out for the Shaw Group at 224 and 228 Strawbridge Rd. in Moorestown. Construction will comprise 75,000 square feet of 228 Strawbridge Rd. and 25,000 square feet of 224 Strawbridge Rd. Improvements will include a system network room, modular partitions and workstations, upgraded HVAC and energy management systems, a reproduction room and conference rooms. The two office buildings are owned by Mack-Cali Realty Corp., of which Gale Construction is a subsidiary. The construction timetable was not released.

January 20, 2009

Office Texas

RESEARCH IN MOTION BUYS RIVERSIDE COMMONS

by admin January 20, 2009

IRVING, TEXAS — An affiliate of Research in Motion has acquired Riverside Commons, a six-building, 460,297-square-foot office campus located in the Las Colinas submarket of Irving. Constructed in 1986, the campus comprises 13 acres in a park-like setting. It recently underwent a $5.7 million renovation and repositioning campaign. Occupancy was 86 percent at the time of closing. The largest tenant presently at Riverside Commons is Sprint Nextel Corp., which occupies 211,315 square feet. Research in Motion had previously occupied 134,177 square feet at the property, which it was using as its company headquarters. Research in Motion was represented by Pat O’Keefe of CB Richard Ellis’ Dallas office; Gary Carr and Eric Mackey, also of the firm’s Dallas office, represented the seller, Dallas-based Westmount Realty Capital. The acquisition price was not disclosed. Research in Motion is most known as the maker of the Blackberry mobile device.

January 20, 2009

Office Texas

DUKE LEASES 182,700-SQUARE FOOT OFFICE BUILDING

by admin January 20, 2009

COPPELL, TEXAS — Duke Realty Corp. has leased all of Point West I, a 182,700-square-foot office building located at 1525 South Beltline in Coppell, to American Home Mortgage Servicing, Inc. (AHMSI). Point West I is a three-story structure that was developed on spec by Duke in 2008. AHMSI will be relocating its headquarters to the building from its previous location in Irving, Texas. AHMSI was represented in lease negotiations by Bo Bond and Forshey Hoobler of the Dallas office of Jones Lang LaSalle. Duke was represented in-house by Ben Appleby of the company’s Dallas office, along with Dale Ray and Joel Pustmueller of Peloton Realty Advisors. Terms of the lease were not disclosed.

January 20, 2009

Office Texas

REALTY CAPITAL CORP. SELLS LAST BUILDING AT HORIZON RIDGE

by admin January 20, 2009

ROCKWALL, TEXAS — Colleyville, Texas-based Realty Capital Corp. has disposed of a 3,650-square-foot office building located within The Offices of Horizon Ridge office park in Rockwall. It is the last building in the park to be sold. It was purchased by TK Development, which also owns the second building within the four-building, approximately 23,600-square-foot park. Construction of the park was completed in November 2008; it is located just west of the new Presbyterian Hospital.

January 20, 2009

Office Western

CITY OF LOS ANGELES HOUSING AUTHORITY ACQUIRES OFFICE BUILDING

by admin January 20, 2009

VAN NUYS, CALIF. — The Housing Authority for the city of Los Angeles has acquired a two-story, 22,156-square-foot office building for $3.5 million. Located at 6946 Van Nuys Blvd. in Van Nuys, the property is currently occupied by the buyer. Cathy Scullin of NAI Capital Commercial represented the buyer; George Stavaris and Darren Cline of Grubb & Ellis’ North Los Angeles office represented the seller, Van Nuys-based KEPT LLC, in the transaction.

January 20, 2009

Office Southeast

TWO LEASES SIGNED IN ATLANTA’S 12TH & MIDTOWN OFFICE BUILDING

by admin January 19, 2009

ATLANTA — Chicago-based Seyfarth Shaw will lease 84,000 square feet and The Boston Consulting Group will lease 37,000 square feet in the 12th & Midtown office tower in Midtown Atlanta. The two leases represent the first announced tenants in the 725,000-square-foot building, which is being constructed to LEED standards at 1075 Peachtree St. The structure is part of a $600 million, 1.4 million-square-foot development. Delivery of the property is expected in early 2010. Terms of the leases were not announced.

January 19, 2009

Midwest Office

ALTERRA BROKERS $16 MILLION SALE OF 118,000-SQUARE-FOOT OFFICE BUILDING

by admin January 19, 2009

DUBLIN, OHIO — Alterra Real Estate Advisors has brokered the sale of Two Metro Place, a Class A office building located within the Metro Center complex in Dublin. An East Coast investment company has purchased the 118,000-square-foot building from 565 Metro LLC for $16 million. Tenants at the building, which is 98 percent occupied, include Influent, Lowes, The Ohio State University, Siemens and Sophos. Alterra will continue to handle the leasing and management of the property on behalf of the new owners.

January 19, 2009

Midwest Office

SUMMIT REALTY GROUP BROKERS SALE OF 20,912-SQUARE-FOOT OFFICE BUILDING

by admin January 19, 2009

AVON, IND. — Summit Realty Group has brokered the sale of a 20,912-square-foot office building located at 5250 E. US Highway 36 within Prestwick Point Office Park in Avon. Co-Alliance LLP has purchased the multi-tenant, two-story building from Avon West Office Tower LLC for an undisclosed amount. Co-Alliance is relocating its headquarters from Danville, Ind., to the new location. John Demaree, Tim Norton and Jeff Merritt of Summit Realty Group represented the seller in the transaction.

January 19, 2009

Office Texas

CBRE BROKERS TWO OFFICE SALES

by admin January 19, 2009

AUSTIN, TEXAS — The Austin office of CB Richard Ellis (CBRE) has brokered two Austin office sales. In the first transaction, CBRE completed the sale of the Chase Bank Building, a 29,934-square-foot property located at 2711 W. Anderson Lane. The multi-tenant property was fully occupied at the time of closing. Walter Saad and Cathy Nabours of CBRE’s Private Client Group negotiated the transaction between the buyer, Newstreet Properties, and the seller, Brookfield Real Estate Opportunity Fund, which is operated by Brookfield Asset Management. Additionally, CBRE completed the sale of Arbor Square I and II, a 50,836-square-foot, multi-tenant property located at 12885 Research Blvd. The property was 98 percent occupied at the time of closing. The transaction also was negotiated by Saad and Nabours, along with Casey Ford of CBRE’s Austin Office Brokerage division. The buyer was California-based Asset Management Consultants. The seller, Arbor Square LP, has completed approximately $800,000 in renovations to the property since acquiring it in 2005. The acquisition prices in both transactions were undisclosed.

January 19, 2009

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