HOUSTON — The New York City office of iCap Realty Advisors has arranged $30 million in acquisition financing for a 17-story, Class A office building located in Houston. The tower is located just west of Interstate 610 in the city’s Galleria/West Loop submarket, within a 30-acre master planned development that also features several other Class A office towers, a luxury high-rise residential building, and a luxury hotel. The tower secured by the financing comprises 370,000 rentable square feet and includes an approximately 1,000-space parking garage. Terms of the non-recourse, first-mortgage financing include a 5-year term with interest-only payments for the first 2 years. The lender was a major insurance company.
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AURORA AND ADDISON, ILL. — Chicago-based Paine/Wetzel • ONCOR International has brokered two transactions in the Chicago suburbs totaling more than 75,000 square feet. The company has represented Import Logistics in its 69,340-square-foot headquarters expansion at 1005 North Commons in Aurora. Upon completion in December, the facility will measure 140,000 square feet. Elise Couston of Paine/Wetzel represented Import Logistics in the transaction. Additionally, Couston, in conjunction with John Stump of Paine/Wetzel, has arranged the sale of a warehouse building located at 481 S. Irmen Dr. in Addison. Investor Matthew Liberocki has purchased the facility from IRMEN LLC for an undisclosed amount. The 6,500-square-foot building is fully occupied by Tenacious Cleaning Service. Mark Levy of Sequoia Realty Group represented the buyer in the transaction.
QUINCY, ILL.; AND EDEN PRAIRIE, MINN. — HDA Architects has completed two Midwest projects totaling 135,000 square feet. On behalf of Vatterott College, the firm has completed a 33,000-square-foot facility in Quincy. The cost of completion was $3.7 million. In Eden Prairie, HDA Architects finished a 132,000-square-foot facility, which will serve as the corporate headquarters for ATK (Advanced Weapon and Space Systems Co.). The four-story building includes basement parking and a two-level parking garage. Minneapolis-based TOLD Development Co. served as the developer for the $19 million building.
TROY, MICH. — L. Mason Capitani has arranged the sale of a 2,129-square-foot office located at 95 E. Maple in Troy. Mortgage Management has sold the building to an undisclosed buyer in order to move closer to its existing client base in Madison Heights, Mich. Garrett Middlekauff and Gary Grochowski of L. Mason Capitani represented the seller in the transaction. The acquisition price was not disclosed.
NEW YORK CITY — SL Green Realty Corp. has completed three office leases in Midtown Manhattan, New York City, that total more than 153,000 square feet. At 1515 Broadway, Wurk Environments has signed a 10-year lease for 64,788 square feet. The company will occupy the previously vacant 11th and 12th floors of the 54-story building. The Times Square tower is currently undergoing an extensive redevelopment. David Kaufman of SL Green, along with Frank Doyle, Cynthia Wasserberger, Edward DiTolla and David Kleiner of Jones Lang LaSalle, represented SL Green. At 1185 Avenue of the Americas, News America Inc., an affiliate of News Corp., has expanded its space by 54,472 square feet, taking the 22nd and 23rd floors of the tower in a 12-year lease. The new lease brings the company’s total space in the building to 138,284 square feet, and keeps the building at full occupancy once the new space becomes vacant in 2009. David Levinson and David Berkey of L&L Holding Co. represented the tenant. SL Green was represented in-house by Howard Tenenbaum and Gary Rosen. At 750 Third Avenue, Eisner LLP has also expanded, leasing 33,981 square feet under an 8-year term. The company will expand into the entire …
DENVER — Behringer Harvard has acquired 1875 Lawrence, a 15-story office tower in the historic LoDo (lower downtown) area of Denver’s central business district. Built in 1982, the property offers 185,000 square feet of rentable office space. Additionally, the property features a three-level underground parking garage. The seller and acquisition price were not disclosed.
DULUTH, GA. — Brand Properties has broken ground on the 110,000-square-foot One Sugarloaf Centre, a Class A office building located at 1960 Satellite Blvd. in Duluth. Design work was provided by Wakefield Beasley Associates with the goal of attaining LEED certification for the property. The building is 70 percent pre-leased to tenants including Gwinnett Community Bank, Garrard Construction, Wheeler Kolb Management Co. and J.D. Stephens Inc. Delivery is expected in September of next year.
CHICAGO — MillerCoors has signed a 15-year lease for approximately 130,000 square feet of office space located at 250 S. Wacker Dr. in downtown Chicago. The property will serve as the company’s new headquarters, joining Milwaukee and Golden, Colo., as one of MillerCoors’ three major business locations. MillerCoors will be the largest tenant at the building, with 400 employees on eight floors. The headquarters will house a majority of MillerCoors’ senior executives, as well as marketing, human resources, legal, finance, IT and communications divisions. Chicago-based VOA has been selected to complete the interior design and construction for the property, which will require the firm to employ sustainable and environmentally responsible designs. MillerCoors will continue to maintain its operations in Milwaukee and Golden, and plans to make major investments in both breweries. The new headquarters will be ready for occupancy in June 2009. Jones Lang LaSalle assisted MillerCoors in its headquarters relocation.
BLOOMINGTON, MINN. — Minneapolis-based NorthMarq Brokerage Services has secured a lease with Prime Therapeutics for 156,000 square feet of space within TIAA-CREF’s Normandale Lake Office Park located in Bloomington. Prime Therapeutics has begun a phased move-in to six floors of the 8400 Tower, which was formerly leased to GMAC-ResCap. The company will continue to occupy its space within the Eagandale Corporate Center, and is using the new property to consolidate additional operations. Tom Bahe, assisted by Ray Reese, Brian Fogelberg and Neil Kolatkar of CB Richard Ellis, represented Prime Therapeutics in-house; Tom Tracy and Zach Pettus of NorthMarq represented the property owner in negotiations.
MINNEAPOLIS — On behalf of Virchow, Krause & Co., Welsh Construction has completed a 92,00-square-foot build-out for an office located at 225 South Sixth St. in Minneapolis. The project included installing steel floor framing and cutting stairs between five floors of the existing building. The Class A office space was completed by Welsh Construction in 5 months. The project was headed up by Welsh Project Managers Chris Loberg and Blaine Kolles; Field Superintendent Rod Kalina; and Project Assistant Jean Springer.