NEW YORK CITY — CB Richard Ellis (CBRE) has brokered a 15-year, 100,000-square-foot office lease at 7 Times Square in Manhattan, New York City. Law firm Pryor Cashman will relocate to the space, which encompasses the 39th through 41st floors of the tower, as well as almost half of the third floor. The move will consolidate the firm’s offices, which are located at 400 and 410 Park Ave., as well as 70 E. 55th St. The new space also contains 10,000 additional square feet, allowing for future growth. Pryor Cashman will occupy the space in mid-2009. CBRE’s Mark Ravesloot, Lewis Miller, Jason Gorman and Mike Wellen represented the tenants. The landlord, Boston Properties, was represented by John Powers, Peter Turchin and Christie Harle, also of CBRE. The deal follows two other recent large Manhattan office leases CBRE has arranged. The firm brokered Viacom’s renewal of 1.3 million square feet at 1515 Broadway, as well as Mercedes-Benz USA’s relocation of its flagship car dealership to 332,982 square feet at 770 11th Ave.
CHANTILLY, VA. — CB Richard Ellis Realty Trust has purchased a two-building office portfolio totaling 143,011 square feet from an undisclosed party for $41.5 million. The buildings, Avion Midrise III and IV, are located at 14550 and 14560 Avion Parkway in Chantilly and are fully leased. The U.S. General Services Administration occupies Avion Midrise III, and Avion Midrise IV is home to Lockheed Martin Corp. The Class A buildings are outfitted with systems that meet federal security regulations.
RICHMOND, VA. — The Democratic Party of Virginia has purchased a 15,000-square-foot office building from Tinsman Holdings for $1.15 million. The property is located at 1710 E. Franklin St. in Richmond. Kathy Ivins and Mac Wilson of Thalhimer’s Richmond office brokered the sale.
NEW YORK CITY — The topping off ceremony has been held for the structural steel of 11 Times Square, a 1.1 million-square-foot office tower under construction in Midtown Manhattan, New York City. Developed by SJP Properties, the building is on schedule for a 2010 completion. The building’s unique concrete core, which rises the entire height of the 40-story building and encases all of the building’s critical elements, was completed in October. The project is applying for LEED-Gold certification, making it one of the largest environmentally sustainable commercial projects in the Northeast.
BOSTON — BNY Mellon Center at One Boston Place, an approximately 800,000-square-foot office tower located in Boston and the third largest tower in the city, has been awarded LEED for Existing Buildings Gold certification from the U.S. Green Building Council. The property is owned by a joint venture between TIAA-CREF and SITQ. Anchor tenants at the tower include Bank of New York Mellon, Boston Capital Corp., Robinson & Cole and Wells Fargo. The tower also received the Environmental Protection Agency’s Energy Star rating in 2007.
MURRIETA, CALIF. — SPD Group LLC has broken ground for the construction of Ivy Place Office Condominiums, a two-story, 38,800-square-foot office project located in Murrieta’s historic downtown area. The Class A property is divisible to approximately 1,100 square feet with each floor offering approximately 19,400 square feet. Completion is scheduled for first quarter 2009. Newport Beach, Calif.-based Binnquist Development is serving as general contractor for the project. Steve Malley of Sperry Van Ness is marketing the property.
NEW ORLEANS — 201 St. Charles Place LLC has purchased Place St. Charles, a 52-story Class A office tower, from the investment partnership of Loeb Partners Realty and J.S. Karlton Co. for an undisclosed amount. The New Orleans property boasts 1.4 million square feet of office space and 58,000 square feet devoted to retail. St. Charles Place LLC will assume an existing loan on the building, which is currently serviced by Wells Fargo. Michael Siegel of New Orleans-based Corporate Realty brokered the sale.
MIAMI — Miami-based Rilea Group’s 1450 Brickell, a 586,000-square-foot office tower in downtown Miami, has achieved LEED Gold pre-certification. When completed in January 2010, the property will feature a slew of environmentally friendly features, including high impact-resistant glass and special parking for fuel-efficient cars. The office project’s electricity will come from renewable energy sources and 75 percent of the construction waste will be recycled. The Weston, Fla.-based Spinnaker Group provided environmental consulting services for 1450 Brickell, and NBWW & Associates of Coral Gables, Fla., designed the building.
LINCOLNSHIRE, ILL. — Chicago-based Bridge Development Partners and Globe Corp. have plans to develop a 162,000-square-foot spec office building located at 555 Aptakisic Rd. in Lincolnshire. Situated on a 12-acre site, 555 Corporate Center will feature 40,000-square-foot floorplates. The Class A office building is being designed/constructed to achieve LEED Certification. Chicago-based Archideas is the architect; Des, Plaines, Ill.-based Premier Design + Build Group is the general contractor for the project. Kevin Clifton and Peter Kelly of Colliers Bennett & Kahnweiler are marketing the property. Construction is set to begin by the end of the year, with completion expected in the fourth quarter of next year. The project is located directly north of Bridge’s Aptakisic Corporate Park industrial development in Buffalo Grove, Ill.
HOUSTON — HE Capital is in the midst of completing a $1 million renovation program for 1001 West Loop South, an eight-story, 223,340-square-foot office building located in Houston. Phase I, which will be complete by the end of November, consists of the installation of two energy-efficient chillers, as well as improvements to the property’s parking garage entrance and exterior landscaping. The design phase is also under way for renovations to the building’s conference facility, lobbies, corridors and restrooms. Construction for this phase should begin in 2009. HE Capital acquired the property in late 2007. It is currently 90 percent occupied; the Houston office of CAPSTAR Commercial Real Estate Services is handling leasing efforts for the remainder of the property, including two floors totaling 57,000 square feet that will become available in February 2009.