LOS ANGELES — Kennedy Wilson, through its sponsored funds, KW Property Fund II and KW Property Fund III, has purchased 6100 Wilshire, a 16-story office property in Beverly Hills. Located on the southwest corner of Wilshire and Fairfax, the 213,961-square-foot property is 85 percent occupied by a variety of tenants including CBS, Ovation, World Link, Fulfillment Fund, Idea Asylum and City National Bank. Built in 1986, the building offers full height, floor-to-ceiling glass bay windows and usable balconies providing city and mountain views. The seller and acquisition price were not disclosed.
CORAL GABLES, FLA. — Florida East Coast Realty has announced that 2020 Ponce, a Class A office condominium located on the corner of Ponce de Leon and Minorca in downtown Coral Gables, has reached its maximum height of 14 stories. Beuchamp Construction is acting as general contractor for the 130,000-square-foot facility. Construction began in 2007, with completion slated for spring 2009. The Mediterranean-style building will feature balconies, valet parking and concierge services. The price of construction was not disclosed.
LENEXA, KAN. — Larry Glaze, Jennifer Carroll and Dean Heueisen of The Staubach Company have represented Kiewit Power Group in leasing 150,000 square feet of office space in Lenexa. The long-term lease for the new built-to-suit Class A office building is one of the largest office deals completed in Kansas City this year. Kiewit Power Group is expected to occupy the facility in June 2009. Financial terms of the lease were not disclosed.
NEW YORK CITY — Shorenstein Properties has acquired a $250 million senior mezzanine loan back by 450 Lexington Ave., a 910,000-square-foot office building located in the Grand Central neighborhood of Manhattan, New York City. The purchase was made by Shorenstein on behalf of Shorenstein Realty Investors Nine, the firm’s private, commingled fund. It was part of a 5-year, fixed-rate package made to Lexington Operating Partners, the building’s owner, in August 2007. The property is currently fully occupied, with major tenants including Davis Polk & Wardwell, Warburg Pincus and Citigroup.
PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has leased 224,000 square feet of office space at the historic Strawbridge & Clothier building, located at the corner of 8th and Market streets in Philadelphia. The Commonwealth of Pennsylvania will occupy the fourth, fifth and sixth floors of the building. The lease is for a term of 20 years with two 5-year renewal options. The tenant plans to occupy the space in the summer of 2009.
FORT WORTH, TEXAS — Fort Worth-based Red Oak Realty has completed construction of Cantey Hangar Plaza, an 86,300-square-foot office building located at 600 W. Sixth St. in Fort Worth. The four-story, Class A building will be anchored by the law firm Cantey Hanger LLP. The firm will occupy all of the fourth floor and most of the third floor, with the option to lease additional space. The second floor of the building will be leased as office space, while the first floor is expected to contain retail, restaurant and office space. A sky bridge will connect the building to the adjacent Bank of America parking garage. The building is owned by First on 6th LP, a Fort Worth-based partnership that includes the Darden family interests, and Jim Eagle and Oleta Thompson of Red Oak Realty. Red Oak also will be providing property management services. The building was designed by Gideon Toal of Fort Worth.
SAN DIEGO — DPR Construction Inc. has purchased Governor Tech Center, an office building located at 5010 Shoreham Place in San Diego, for $6.85 million. Situated on a 3.35-acre site, the 33,705-square-foot property was built in 1984. The single-story, multi-tenant facility is 71 percent leased to five tenants: National City Mortgage, Pentech Financial, Kleinfelder Inc., Guild Mortgage Company and D.C. Pulido Engineering. The buyer plans to relocate to the building. Jed Stirnkorb of CB Richard Ellis represented the buyer; Tony Russell, Richard Gonor, Steve Rowland, Brian Starck and Michael Roberts of Grubb & Ellis|BRE Commercial represented the seller, Shoreham-Viewridge LLC, in the transaction.
BOCA RATON, FLA. — On behalf of Strategic Real Estate Advisors, Falcon Real Estate Investment Co. has sold a 160,000-square-foot, Class A office building within Beacon Square Professional Campus located at 8051 Congress Ave. in Boca Raton, Fla. The four-story building was acquired by Coral Gables, Fla.-based Flagler Development for $42.25 million. Situated on 11.86 acres of land, the office is fully occupied by IBM. Manny de Zarraga, Danny Finkle and Hermen Rodriguez of Holliday Fenoglio Fowler represented Falcon Real Estate in the transaction; Flagler Development was represented in-house.
HOUSTON — Behringer Harvard has acquired One City Centre, a 31-story office tower located at 1021 Main St. in the central business district of Houston. The property comprises more than 608,000 square feet of space, and includes amenities such as two multi-level parking garages, a lobby bank and two delicatessens. It is 93 percent leased, with three major tenants occupying 50 percent of the office space. The office tower was acquired by Behringer Harvard REIT I, the firm’s flagship investment program, for an undisclosed amount.
PORTLAND, ORE. — HomeStreet Capital has provided $10.2 million in construction financing for the redevelopment of the General Automotive Building, which is located in the Pearl District of Portland. Rob Brewster, president of Northwest-based ConoverBond Development, is transforming the vacant warehouse property into a five-story office and retail project. The completed project will offer approximately 37,000 square feet of office space and 7,500 square feet of ground-level retail and restaurant space. The office space will feature open floorplans with exposed walls, ductwork and hanging lights. Additionally, the LEED-designed building will offer on-site showers and bicycle storage. Fortis Construction Inc. is serving as general contractor; SERA Architects Inc. is providing architectural services. Financing was arranged by Gregg Weed of HomeStreet Capital through HomeStreet Bank portfolio funds. Additionally, a seismic loan was provided by the Portland Development Commission.