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.
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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.
SAN DIEGO COUNTY, CALIF. — BYCOR General Contractors has nearly finished constructing the 104,397-square-foot Building 902, a Class A office building in San Diego County’s Liberty Station. Delivery is expected late this month. Building 902 was constructed to Silver LEED specifications and features water-efficient fixtures, roof finishes aimed at reducing heat and locally produced building materials. The property is 77 percent leased to BAE Systems on a 10-year contract. Liberty Station already houses six fully leased buildings. With the addition of Building 902, the development will span 22 acres and encompass 380,000 square feet of office space.
BOSTON — Millennium Partners – Boston has received the 2009 Preservation Achievement Award for its restoration and redevelopment of the historic 179 Lincoln Street building, located in Boston’s Leather District. The former industrial building, which was constructed in 1899 and originally known as the Albany Building, was redeveloped into a five-story, 220,000-square-foot office building. The project received the award for Best Adaptive Use of a Historic Industrial Space in the City of Boston from the Boston Preservation Alliance. It also achieved LEED certification. The project was designed by locally based CBT Architects. New tenants that have signed at the building include Bovis Lend Lease LMB, Power Advocate and The TriZetto Group. CB Richard Ellis – New England is serving as leasing agent for the remaining space.
HOUSTON — Holliday Fenoglio Fowler (HFF) has arranged an $8.8 million loan for the Concourse at Westway, a two-story, 129,724-square-foot office building located on the West Sam Houston Tollway in Houston. The Class A, multi-tenant facility was constructed in 1999. It is currently fully occupied by five tenants, including Stewart Title Co. Eagle Energy Partners and Nextel of Texas. It is located within the 150-acre Westway Park mixed-use development. Todd Sugimoto of HFF’s Los Angeles office and Jeff Knowles of the firm’s Houston office originated the financing on behalf of Guggenheim Real Estate. Terms of the loan include a 3-year term with a floating interest rate. Proceeds will be used to replace an existing loan that matured in December 2008.
RALEIGH, N.C. — Poway 1 has purchased a 10,200-square-foot office/flex building in Raleigh from an undisclosed seller for an undisclosed price. The property is located at 1648 N. Market Dr. Raleigh-based Drucker & Falk’s Branham Stovall, II, represented the buyer, and Raleigh-based Fountain & English’s Andy English represented the seller.
FORT WORTH, TEXAS — Construction is complete for Wilcox Plaza at Green Oaks, a $15.4 million office project located in Fort Worth. Situated on an 8.77-acre site that formerly housed the Green Oaks Hotel, the property comprises a three-story, 196,000-square-foot office building. The project was designed by the Dallas office of Omniplan and is expected to receive LEED-Gold certification. Sustainable features include the preservation of the site’s original oak trees, a low-reflectivity roof, a structure comprised of recycled steel manufactured locally, low-VOC interior materials, and efficient water and energy systems. The project was developed by Wilcox Development and marks the second LEED-certified project Omniplan has completed for the developer.