NEW YORK CITY — Eastern Consolidated has brokered the sale of a 12-story office building, located at 29 W. 36th St. in the Midtowns Garment Center district of Manhattan, New York City, for $29 million. The building contains 82,000 square feet of office space. The buyer, Broadway 36th Realty, plans to upgrade the property and continue operation as an office building. Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller, Clemons Management Corp. Ezratty also procured the buyer.
PITTSBURGH — CBRE Capital Markets has arranged a $47 million loan for the refinancing of Two Chatham Center, a 16-story, Class A office tower located at 115 Washington Place in Pittsburgh. The property also includes a 6-story parking garage. The office building is 85 percent occupied, with a tenant roster that includes The University of Pittsburgh Medical Center, Travelers, Access Data Corp., The National Labor Relations Board and the U.S. Secret Service. The loan carries a 7-year term with a 30-year amortization, a competitive spread over the 7-year U.S. Treasury Security and a 60 percent loan-to-value ratio. Financing was arranged by Keith Braddish and Jason Gaccione of CBRE’s New York City office, and Jamie Shafer and Chris Sheedy of the firm’s Pittsburgh office.
CARLSBAD, CALIF. — Phase 3 Properties has acquired a 20,907-square-foot research and development (R&D) building in Carlsbad. Located at 6211 El Camino Real, the one-story building features a newly renovated mezzanine level with approximately 4,500 square feet of second-story office space. Joe Crotty and Ron King of Coldwell Banker Commercial Almar Group ONCOR International represented the seller, Kamay Investments LLC, in the transaction; Phase 3 Properties was self-represented.
NEW YORK CITY — Cushman & Wakefield is slated to move its world headquarters office to 1290 Avenue of the Americas in Midtown Manhattan, New York City. The brokerage firm has signed a 156,282-square-foot lease to occupy the entire seventh floor and portions of the eight and ninth floors at the Class A office tower. Cushman & Wakefield is moving more than 500 employees from 155,000 square feet of space at 51 W. 52nd St. Franklin Speyer and Amy Fox of Cushman & Wakefield led the lease negotiations for the firm. Glen Weiss and Tom Costanzo presented the landlord, Vornado Realty Trust, in-house in the lease negotiations. The new facility totals 43 floors and 1.98 million square feet of office space. Other tenants include AXA Equitable Life Insurance Co. and Microsoft.
NEW YORK CITY — Boston Properties has entered into agreements with affiliates of Macklowe Properties to acquire a portfolio of New York City assets for a total of approximately $3.95 billion. The portfolio includes the 200,000-square-foot General Motors Building, the 292,000-square-foot 540 Madison Avenue facility, a 591,000-square-foot office tower at 125 West 55th St., and the 664,000-square-foot Two Grand Central Tower. The purchase price includes approximately $1.47 billion in cash, the issuance to one of the selling entities of $10 million of common units of limited partnership interest in Boston Properties Limited Partnership and the assumption of approximately $2.47 billion of fixed rate debt. Boston Properties plans to execute the acquisitions through one or more joint venture partnerships. Goldman Sachs and Morgan Stanley are acting as financial advisors to Boston Properties, and Lehman Brothers and Deutsche Bank are investing in the transactions and advising Boston Properties as well. Proskauer Rose LLP and Goodwin Procter LLP are providing legal and tax advice to the REIT. The acquisition of the General Motors Building is slated to close in June.
MARLBOROUGH, MASS. — R.W. Holmes Realty has completed the $7.15 million sale of a 60,477-square-foot office and laboratory building in Marlborough. Located at 33 Locke Dr., the facility is 95 percent leased to Sepracor, a leading research based pharmaceutical company. Garry Holmes of R.W. Holmes represented the seller, Northland Investment, and Bill Sullivan of R.W. Holmes represented the buyer, Janelon Trust. WRT Management will manage the day-to-day operations of the facility.
DEER PARK, TEXAS — Doug Bates and Joel Hill of Henry S. Miller Commercial have arranged the purchase of 149 acres in Deer Park. Clay Development & Construction Inc. acquired the property, which is located at the 4900 block of Highway 225, to develop build-to-suit office/warehouse and office/manufacturing facilities.
LOS ANGELES — McCarthy Building Cos. Inc. has completed the construction of the Los Angeles County Administration Building, a $65 million facility located in South Los Angeles. The project consists of a $55.5 million, four-story office building and a $9.6 million, six-story parking structure. Developed by Los Angeles-based ICO Development in conjunction with the county of Los Angeles, the 220,000-square-foot office property is leased to four Los Angeles County departments — Child Support Services, Department of Children and Family Services, Department of Mental Health and Department of Social Services. McCarthy constructed the facility under a design-build contract with ICO Development. Gensler Architects provided architectural services for the project.
SAN DIEGO — Pite Duncan LLP has purchased Morena Vista Corporate Center, which his located at 4375 Jutland Dr. in San Diego, for $5.8 million. The two-story, multi-tenant office building offers 31,530 square feet of space and covered parking. Originally built in 1991, the property is situated on a 2.86-acre site. The buyer plans to relocate its law firm into the building, which will be 100 percent occupied by four tenants. Chris Hobson and Jack Kruger of Grubb & Ellis|BRE Commercial represented the buyer; Steve Rowland, Michael Roberts and Kruger represented the seller, Marling Group Inc., in the transaction.
SUWANEE, GA. — 3dh Communications has purchased a 21,762-square-foot, single-story office building in Suwanee, from BRJ Real Estate Management, for $2.7 million. The property is located at 800 Satellite Blvd. 3dh is a video technology company. Rob Binion and Bobby Mason of Lavista Associates represented the seller, and the buyer was represented by Bo Keatley at NAI Brannon Goddard.