Office

CBRE BROKERS $38 MILLION SALE OF THE ATRIA

by admin October 24, 2008

GARDEN CITY, N.Y. — The Long Island office of CB Richard Ellis (CBRE) has negotiated the purchase of The Atria, a six-story, Class A office tower located at 900 Stewart Ave. in Garden City, for $38 million. The 235,000-square-foot building is fully occupied by JPMorgan Chase, which has the option to return 80,000 square feet of the building within the next 18 months. CBRE’s Philip Heilpern, Richard Karson, Martin Lomazow and Paul Leone represented the buyer, CAF Realty; Cushman & Wakefield represented the seller, BREOF BNK2 Atria LLC, which is an affiliate of Brookfield Asset Management.

October 24, 2008

NORTHMARQ ARRANGES $21.5 MILLION REFINANCING OF PACKARD BUILDING

by admin October 24, 2008

PHILADELPHIA — NorthMarq Capital has arranged a $21.5 million loan for the refinancing of a 180,000-square-foot office condo unit within The Packard Building, a 26-story mixed-use tower located at the corner of 15th and Chestnut streets in the Center City neighborhood of Philadelphia. The condo unit consisted of the first 12 floors of the building, which contains office space on floors two through 12, and retail space on the basement, ground floor and mezzanine levels. Major tenants include The Defender’s Association of Philadelphia, Philadelphia Municipal Authority and a new Del Frisco’s Double Eagle Steakhouse that is presently under construction. Tom Graf and Bruce Whipple of NorthMarq’s New York City office arranged the financing on behalf of the borrower, Chest-Pac Associates, through the lender, CWCapital. Terms of the loan include a 5-year term with a 30-year amortization schedule. The Packard Building contains ground-level retail space, 11 floors of office space, and residential condominiums on floors 13 through 26.

October 24, 2008

Office Texas

CUSHMAN & WAKEFIELD NEGOTIATES OFFICE LEASE

by admin October 24, 2008

TULSA, OKLA. — The Houston office of Cushman & Wakefield of Texas has negotiated the lease of a 7,972-square-foot office building, located at 1327 N. 105th Ave. in Tulsa. The building will be occupied by Houston-based Total Safety US, which was represented by James Foreman and Louis Kaleel of Cushman & Wakefield in the transaction. The landlord is locally based Pine Street Investment Group. Terms of the lease were not disclosed.

October 24, 2008

Office Western

40,000-SQUARE-FOOT OFFICE/LAB FACILITY UNDERWAY

by admin October 24, 2008

CARLSBAD, CALIF. — Danielson DSS LLC is developing building seven for ViaSat Inc. The 40,000-square-foot office and lab facility is located within Bressi Ranch Corporate at 2530 Campbell Pl. in Carlsbad. Smith Consulting Architects is providing full architectural services for the project, which is seeking LEED Commercial Interiors certification. Ledcor Construction is serving as general contractor. Completion is slated for March 2009.

October 24, 2008

Midwest Office

LEE & ASSOCIATES BROKERS TWO OFFICE SALES TOTALING $14.64 MILLION

by admin October 23, 2008

APPLETON, WIS. — Steve Doran of Lee & Associates of Madison, Wis., has represented both parties in the sale and acquisition of two office buildings in Appleton. At 3913 Prospect Ave., White Cap Real Estate has acquired a 40,000-square-foot office property from Alliance Development for $8.8 million. Tenants within the fully occupied building include Fiduciary Partners, Baird, First Business Bank, Miles Data and Perinatal Consulting. Located at 2801 Enterprise Ave., White Cap Real Estate has acquired another property from Alliance Development. The 29,000-square-foot office building was sold for $5.84 million. Tenants at the facility include Larson Engineering, Rockwell and Ziegler. White Cap has plans to sell both of the buildings on the TIC market.

October 23, 2008

Midwest Office

CAPE HORN GROUP ARRANGES EIGHT OFFICE CONDO SALES AT THE LASALLE WACKER

by admin October 23, 2008

CHICAGO — Miami-based Cape Horn Group, as owner, has completed eight sales totaling more than 35,000 square feet within The LaSalle Wacker, a 41-story office building located at the corner of LaSalle Street and Wacker Drive in Chicago. Leading the sales at the 414,000-square-foot building was Pearl Properties, which acquired 14,433 square feet of retail space on the building’s first floor. Retail tenants already at the property include Sidebar Grille, Duru’s Custom Shirts and Suits, Builders Bank and Accelerated Rehabilitation Centers. Additionally, five law firms have acquired space within the building: Dwyer & McDevitt Ltd. acquired 2,958 square feet on the 16th floor; Parente and Norem took the entire 27th floor, totaling 4,484 square feet; Samuel V.P. Banks purchased 4,043 square feet on the 38th floor; Zhang & Associates has acquired 1,521 square feet on the 12th floor; and Dinizulu Law Group is relocating to 2,024 square feet on the 11th floor. Anthony Rye of CB Richard Ellis represented Dinizulu Law Group in the transaction. Chicago-based ImageFiction and W. Capra Consulting, which formerly leased space at the building, have purchased 1,867 square feet and 3,871 square feet, respectively. Russ Cora, Larry Cohn and Juan DeAngulo of Cape Horn Group represented …

October 23, 2008

Northeast Office

O’NEILL ANNOUNCES PLANS FOR WORTHINGTON FINANCIAL CENTER

by admin October 23, 2008

MALVERN, PA. — King of Prussia, Pa.-based O’Neill Properties Group has announced plans for a 180,000-square-foot office building, to be located within the developer’s Uptown Worthington mixed-use project. Known as Worthington Financial Center, the building is being designed to achieve LEED certification. Sustainable features include the use of recycled and reclaimed building materials as well as energy-efficient heating, cooling and lighting systems. Berwyn, Pa.-based Turner Investment Partners will serve as the building’s first tenant, taking more than 63,000 square feet in the fourth quarter of 2010. Uptown Worthington is scheduled for completion in fall 2009. Once built-out, the project will total 2 million square feet, including 490,000 square feet devoted to Class A office space. Additional components include retail, restaurants, entertainment venues, hotels and residences.

October 23, 2008

Northeast Office

ECKMAN COMPLETES $11.3 MILLION OFFICE RENOVATION

by admin October 22, 2008

CONCORD, N.H. — Bedford, N.H.-based Eckman Construction has completed the $11.3 million addition and renovation of the Medical & Surgical Building, located within Gallen State Office Park in Concord. Construction consisted primarily of a four-story addition built in the center of the formerly U-shaped building. In addition, the building’s interior was completely gutted and renovated; the brick façade was cleaned and restored; new windows were installed; and all new building systems were installed. The renovated building will serve as the new headquarters for the New Hampshire Department of Revenue Administration. The tenant space will contain offices, conference rooms, a hearing room with audio equipment, a secure mail room, and two connected training rooms equipped with smartboards and video conferencing. Assisting Eckman with the design/build process was locally based Barker Architects. The building will retain its original name, which comes from its previous operation as a building within the New Hampshire State Hospital campus.

October 22, 2008

Northeast Office

10 CORPORATE DRIVE TOPS OUT CONSTRUCTION

by admin October 22, 2008

BURLINGTON, MASS. — Construction has topped out for 10 Corporate Drive, a three-story, 107,000-square-foot office building located in Burlington. The Class A property features average floor plates of 35,000 square feet and build-to-suit opportunities for tenants. An adjacent parcel is permitted for the construction of an additional 120,000-square-foot office building. The project is seeking LEED-Silver certification from the U.S. Green Building Council. Completion is scheduled for mid-2009. 10 Corporate Drive is owned by Multi-Employer Property Trust, which also owns Burlington Centre Office Park, the 78-acre office campus in which the office building is located. CB Richard Ellis is serving as exclusive leasing agent and property manager for the project.

October 22, 2008

Midwest Office

UGL EQUIS TO MANAGE ZURICH FINANCIAL SERVICES’ NORTH AMERICAN PORTFOLIO

by admin October 21, 2008

CHICAGO — Chicago-based UGL Equis has been selected to manage Switzerland-based Zurich Financial Services’ North American real estate holdings totaling approximately 8.4 million square feet. With approximately 400 locations, the portfolio includes approximately 5.2 million square feet of leased space, as well as 3.2 million square feet of owned property. The properties consist primarily of office space, with a small mix of warehouse facilities. In order to fulfill its multi-year responsibility, UGL Equis will provide services for Zurich including strategic portfolio planning, transaction work, lease administration, project management and legal services. Additionally, the company will examine Zurich’s real estate holdings to help identify improved space utilization and cost savings. CB Richard Ellis will handle Zurich’s European Requirement.

October 21, 2008

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