Office

FOX INTERACTIVE MEDIA LEASES 421,000 SQUARE FEET OF OFFICE SPACE

by admin July 3, 2008

LOS ANGELES — Fox Interactive Media has signed a 12-month lease for 421,000 square feet of office space at Horizon at Playa Vista in Los Angeles. The company will occupy virtually the entire first phase of the 15-acre office campus. The first phase consists of two five-story buildings surrounded by pedestrian pathways and open courtyard spaces. Designed by Johnson Fain, the property features many modern aspects including a progressive, contemporary design and state-of-the-art workplace technology. Located at the intersection of Bluff Creek Drive and Campus Center Drive, the property is seeking Gold LEED certification. Fox Interactive plans to consolidate its Los Angeles facilities, which currently house a variety of companies including My Space, Fox Sports Interactive and Rotten Tomatoes. The company plans to take occupancy by June 2009. Cushman & Wakefield arranged the lease on behalf of the owners, Lincoln Property Company and ASB Real Estate Investments; Studley Inc. represented Fox Interactive Media.

July 3, 2008

TRAMMELL CROW TAKES 49,347-SQUARE-FOOT OFFICE BUILDING

by admin July 3, 2008

SAN DIEGO — Trammell Crow Company’s (TCC) private equity group has acquired a 49,347-square-foot office building, which is located within the Torrey Pines submarket of San Diego. Constructed in 2001 and located off Genesee Avenue, the two-story property features 24,674-square-foot floorplates, 9-foot ceilings with acoustical system and ample parking. TCC’s private equity group, along with the firm’s Southern California Business Unit, plan to renovate and update the asset and reposition it as either Class A office space or lab/biotech space for single or multi-tenant uses. Jerry Keeney and Matt Nickels Jr. of CB Richard Ellis’ (CBRE) San Diego office will market and lease the property, while Dick Shope and Jennifer McClendon, also of CBRE, are managing the property.

July 3, 2008

Office Western

SOUTHWEST GAS CORP. TO DEVELOP $10.8M FACILITY

by admin July 3, 2008

HENDERSON, NEV. — Southwest Gas Corp. has selected Jaynes Corp. to develop its $10.8 million operations facility in Henderson. The new facility, Southwest Operations Center, will feature a 58,000-square-foot concrete tilt-up office/warehouse building, a 14,000-square-foot fabrication shop and a 16-building training facility complex, as well as streets and utilities to support the operations center. The training center will feature 16 mock-up buildings and an open excavation area, which will be used to train employees. The complex is situated on a 16-acre site located south of St. Rose Parkway and east of Henderson Airport. Completion is slated for June 2009.

July 3, 2008

Office Southeast

PLANS ANNOUNCED FOR 104-ACRE DEVELOPMENT IN MARYLAND

by admin July 2, 2008

BALTIMORE — St. John Properties is developing a 104-acre office park in Fredrick, Md., which will feature more than 400,000 feet devoted to scientific research. The project, located south of Fredrick near the intersection of MD Route 85 and MD Route 270, will house 11 tenants in separate buildings, ranging from 25,000 square feet of space to 62,050 square feet of space, and is expected to deliver in the first quarter of 2009.

July 2, 2008

Midwest Office

PANATTONI TO CONSTRUCT 700,000-SQUARE-FOOT OFFICE/INDUSTRIAL FACILITY

by admin July 2, 2008

EDWARDSVILLE, ILL. — Sacramento, Calif.-based Panattoni Development Co., acting as general contractor, has negotiated a build-to-suit contract with St. Louis-based World Wide Technology for a 700,000-square-foot office/industrial facility located within the 7 million-square-foot planned Lakeview Commerce Park in Edwardsville. World Wide Technology plans to use 10,000 square feet for office facilities, and 690,000 square feet for warehousing, distribution and technology purposes. Amenities at the building include 32-foot clear-height ceilings, ESFR sprinkler systems, and modern loading and trailer storage areas. The value of the property, which was leased for a 5-year term, is estimated at approximately $30 million to $31.5 million. Thomas Homco and David Zeigler of Lee & Associates’ St. Louis office represented Panattoni; Ryan Keiser and Tim Convy of CB Richard Ellis represented World Wide Technology in the transaction. The building is slated for completion in December.

July 2, 2008

Midwest Office

GRUBB & ELLIS|WINBURY GROUP ACQUIRES GREENLEAF PROPERTIES IN KANSAS CITY

by admin July 2, 2008

KANSAS CITY, MO. — Grubb & Ellis|The Winbury Group has acquired the Kansas City assets of Greenleaf Properties and is merging the commercial real estate operations of the two offices in Kansas City. The deal comes after Omaha, Nebraska-based Grubb & Ellis|Pacific Realty acquired the sum of Greenleaf’s assets in Lincoln, Nebraska, and absorbed the company’s local office. Co-founder of Greenleaf Properties, Walt Clements, will become affiliated with Grubb & Ellis|The Winbury Group. Greenleaf Properties will continue to develop in Kansas City, and Grubb & Ellis|The Winbury Group will lease and manage the facilities. Existing properties that were acquired in the merger include Deer Creek Woods in Overland Park, Kan., and Ridgeview Falls in Olathe, Kan.

July 2, 2008

Midwest Office

DUKE REALTY ARRANGES OFFICE LEASES TOTALING 80,000 SQUARE FEET

by admin July 2, 2008

DOWNERS GROVE, ILL. — Duke Realty Corp. has arranged leases totaling 80,000 square feet within the three-building, 650,000-square-foot Executive Towers West, which is located off of Finley and Butterfield roads in Downers Grove. At Executive Towers West II, Abercrombie & Kent — a luxury travel company — has signed a 10-year lease for 42,284 square feet of office space. The new office will become the company’s North American headquarters. Jason Volpe and Rick Schuham of Studley represented Abercrombie & Kent; Josh Robbins of Duke Realty Corp. represented ownership in the transaction. Additionally, Oakbrook Terrace, Ill.-based Redbox Automated Retail has leased 24,000 square feet of space within Executive Towers I. The company will relocate to the new facility in August. Diana Riekse and Andrea VanGelder of The Staubach Company represented Redbox Automated Retail; Robbins represented ownership in the transaction. Smaller leases recently negotiated by Duke Realty Corp. at Executive Towers West include Bibby Financial Services’ expansion and Brocade Communication Systems’ renewal.

July 2, 2008

Northeast Office

SHORENSTEIN ACQUIRES CONTROLLING INTEREST IN TWO OFFICE TOWERS

by admin July 2, 2008

NEW YORK CITY — San Francisco-based Shorenstein Properties has acquired a 94 percent controlling interest in the entity that owns two Manhattan, New York City, high-rise towers. The first property is Park Avenue Tower, a 36-story office tower located at 65 E. 55th St. The building contains 615,857 square feet, and is currently 97 leased to a tenant roster that includes Paul Hastings, Davidson Kemper Capital Management, King Street Capital Management and Oak Hill Capital Management. The second property is 850 Third Avenue, a 21-story, 613,664-square-foot office tower. Major tenants at the building, which is 92 percent leased, include Discovery Communications, Shearman & Sterling and Citibank. Shorenstein acquired the interest for an undisclosed amount on behalf of its investment fund, Shorenstein Realty Investors Nine LP.

July 2, 2008

Office Western

JV ACQUIRES 159,000-SQUARE-FOOT OFFICE BUILDING FOR $65M

by admin July 2, 2008

SAN DIEGO — PCCP Janez Genesse LLC, a joint venture between San Diego-based Janez Group and El Segundo, Calif.-based PCCP LLC, has purchased Genesee Executive Plaza, a 159,000-square-foot office property located at 9333 and 9339 Genesee Ave. in the La Jolla Golden Triangle area of San Diego. Arden Realty sold the property for $56 million or $350 per square foot. The complex consists of two three-story, 80,000-square-foot office buildings. The property is currently 90 percent leased to a variety of tenants, including FedEx, IGO Medical Group and First Pacific Bank. The buyers plan to implement a capital renovation and improvement plan. Eastdil Secured represented the seller in the transaction; Janez was self-represented.

July 2, 2008

Office Southeast

CORAZON DEVELOPMENT PURCHASES $7.8 MILLION OFFICE BUILDING

by admin July 1, 2008

FORT MYERS, FLA. — Mark Alexander of Sperry Van Ness’ Ft. Myers office recently completed the sale/leaseback of Cypress Professional Building, a 29,927 square-foot office building in Punta Gorda, Fla., for $7.8 million. Alexander represented the seller, Corazon Development, and Bob King of R. King & Associates of Tampa worked on behalf of the buyer, Raleigh, N.C.-based Oaks Development. The building is 100 percent occupied.

July 1, 2008

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