Office

PRISM CAPITAL PARTNERS BEGINS REPOSITIONING OF ONE HARMON PLAZA

by admin July 9, 2008

SECAUCUS, N.J. — Prism Capital Partners has begun a $4.5 million repositioning of One Harmon Plaza, a 10-story office building located in Secaucus. The 187,113-square-foot property is part of a mixed-use complex that also contains a Crowne Plaza Hotel and a shopping mall. Renovations to the center will include a new grand entrance plaza and canopy, major lobby and elevator upgrades, a new café and substantial parking garage renovations. Prism has also signed Jones Lang LaSalle to lease the more than 21,000 square feet of vacant space inside the building. Tom Reilly and Dino Mattessich of the firm’s New Jersey office and James Quinn of the firm’s New York office will handle leasing efforts.

July 9, 2008

SAPIR LEASES 98,175 SQUARE FEET AT MANHATTAN HIGH-RISE

by admin July 9, 2008

NEW YORK CITY — The Sapir Organization has arranged a lease for 98,175 square feet at 11 Madison Avenue, a 28-story office building located in Manhattan, New York City. The tenant, Enfatico, signed a lease for 10 years and 6 months, and will use the space as its world headquarters. Howard Fiddle, Brad Gerla and Stephen Siegel of CB Richard Ellis represented the landlord, The Sapir Organization. The tenant was represented by Gregory Tosko, also of CB Richard Ellis. Occupancy at 11 Madison Avenue is currently at 100 percent and rents are averaging $75 per square foot.

July 9, 2008

Office Texas

BEHRINGER HARVARD SELLS INTEREST IN 171,000-SQUARE-FOOT OFFICE BUILDING

by admin July 9, 2008

HOUSTON — Behringer Harvard has sold a controlling interest in Enclave on the Lake, an approximately 171,000-square-foot office building located in the Energy Corridor of Houston. The six-story building is situated on 6.7 acres at 1255 Enclave Pkwy. It is currently 100 percent leased to SBM Atlantia, a subsidiary of SBM Offshore. Behringer Harvard completed the sale on behalf of Behringer Harvard REIT I, which acquired a 36 percent interest in the property in 2004 with other tenant-in-common (TIC) investors. The disposition will provide the REIT and its TIC investors with an overall yield during the cash holding period of more than 80 percent, as well as an annualized cash-on-cash return of approximately 19 percent. The sale price and the buyer were not disclosed.

July 9, 2008

Office Texas

HGI ACQUIRES DEBT FOR TWO OFFICE TOWERS

by admin July 9, 2008

TULSA, OKLA. — Harbor Group International has acquired a $31.5 million tranche of debt from JPMorgan Chase Bank. The debt is secured by One and Two Warren Place, two office towers located in the Yale Corridor of Tulsa. One Warren Place is a 20-story tower than contains 469,907 rentable square feet, and is currently 85 percent occupied. Two Warren Place is a 19-story tower that contains 485,576 square feet, and is 94 percent occupied. Harbor Group International acquired the loans through its HGI Debt Opportunity Fund.

July 9, 2008

Office Southeast

VIRGINIA TRUCK SERVICE FACILITY PURCHASED

by admin July 8, 2008

CHESAPEAKE, VA. — Old Dominion Truck Leasing recently purchased an 8-acre, 19,500-square-foot property for new offices, truck servicing and fleet storage from Ford Motor Co., for $3 million. Patrick L. Mumey and W. Scott Wermers of Thalhimer handled sale negotiations of the property, located at 2608 Indian River Rd. in Chesapeake.

July 8, 2008

Midwest Office

OPUS NORTHWEST EXPANDS EXCELSIOR CROSSINGS TO 806,000 SQUARE FEET

by admin July 8, 2008

HOPKINS, MINN. — Minneapolis-based Opus Northwest has been approved to expand Excelsior Crossings to 806,000 square feet of space. Cargill — a provider of food, agricultural, and risk management products and services — will fully occupy the 28-acre office park, which is located at the northeast corner of Highway 169 and Excelsior Boulevard in Hopkins. Construction of the 268,000-square-foot third phase is expected to begin in September, with completion slated for March 2010. The first building, which was completed for Cargill in June, is a seven-story, 260,000-square-foot complex with a ground-level skyway connecting it to the phase’s second building. The 268,000-square-foot second phase is currently underway, and is slated for completion in July 2009. An approximately 10,000-square-foot building will house Cargill’s on-site daycare facility. Upon completion in mid-2010, the office park will hold approximately 3,000 Cargill employees. Excelsior Crossings, which is a brownfield redevelopment, is being designed to achieve LEED Gold certification.

July 8, 2008

Northeast Office

DICKINSON SELLS HYSTER HQ FOR $6 MILLION

by admin July 8, 2008

BILLERICA, MASS. — Quincy, Mass.-based Dickinson Development Corp. has sold an 87,200-square-foot office building located at 159 Rangeway Rd. in Billerica for $6 million. The building serves as the headquarters of Hyster New England, which sold the building to Dickinson in 2000 in a sale/leaseback transaction. In this transaction, the building was acquired by 159 Rangeway Road – Billerica LLC. Gary Lemire of CB Richard Ellis brokered the transaction.

July 8, 2008

Northeast Office

MERIDIAN ARRANGES $35 MILLION FOR TWO OFFICE PROPERTIES

by admin July 8, 2008

NEW YORK CITY — New York City-based Meridian Capital Group has arranged $35 million for two Manhattan office buildings. First, Meridian secured $25 million for the refinancing of the St. James Building, a historic 16-story office building located at 1133 Broadway. The building totals 154,660 square feet of rentable space and includes ground-floor retail space. Allan Lieberman of Meridian originated the financing on behalf of the undisclosed borrower. The loan carries a 5.75 percent fixed interest rate. Additionally, Meridian secured $10 million in financing for 58 and 60-62 E. 11th St. The property totals 48,000 square feet and consists of two adjacent office/loft buildings with ground-floor retail space. Lieberman and Seth Grossman arranged the financing on behalf of the borrower. The loan also carries a 5.75 percent fixed interest rate.

July 8, 2008

Northeast Office

MACK-CALI COMPLETES 100,759-SQUARE-FOOT OFFICE LEASE

by admin July 8, 2008

JERSEY CITY, N.J. — Mack-Cali Realty Corp. has completed a lease for 100,759 square feet at 101 Hudson St., a 1.25 million-square-foot office tower located in Jersey City. Tullett Prebon Holdings Corp. (TPHC) will lease the space, consisting of a 12-year extension of the 63,372 square feet it currently occupies in the building and a 37,387-square-foot expansion for 15 years, as its North American headquarters. The Class A office tower is currently 100 percent leased. John Cefaly, Robert Lowe and Ed Duenas of Cushman & Wakefield represented the tenant in the transaction. Mack-Cali was represented in-house by Thomas Savoca.

July 8, 2008

Northeast Office

SAVANNA SECURES $45.75 MILLION OFFICE LOAN

by admin July 7, 2008

NEW YORK CITY — New York City-based Savanna, along with a locally based hedge fund, has originated a $45.75 million full-recourse senior loan for a 150,622-square-foot office building located at 63 W. 38th St. in Midtown Manhattan, New York City. The loan for the 12-story, Class B property carries a 65 percent loan-to-value ratio. Meridian Capital Group advised the borrower, a private New Jersey-based investment firm.

July 7, 2008

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