CHICAGO — In March 2009, AlixPartners will relocate its Chicago office to a 33,997-square-foot space located within 300 N. LaSalle in downtown Chicago. The 1.4 million-square-foot 300 N. LaSalle project, which is being developed by Hines, is slated for completion in the first quarter of 2009. With more than 200 feet of frontage along the Chicago River, the 775-foot tall, Class A office building’s outdoor plaza will feature a waterfront café with seating areas adjacent to the river. The facility is a pre-certified LEED-CS Gold structure. Todd Lippman and Brad Serot of CB Richard Ellis represented the tenant; J.F. McKinney & Associates represented the owner in the lease agreement. Terms of the deal were not disclosed.
WEST CARTERET, N.J. — A joint venture between Stamford, Conn.-based RiverOak Investment Corp. and Cofinance has acquired the former Pathmark headquarters building in West Carteret for $14.7 million. Situated on 12.24 acres at 200 Milik St., the property contains a two-story, 150,000-square-foot, Class B office building. Pathmark has vacated the property, but its lease runs until the end of 2011. In the meantime, Pathmark has signed an agreement with the new owners that permits them to sublease the space for the duration of Pathmark’s term. The buyers also plan to invest in a capital improvements program to lease up the property. The joint venture acquired the property from entities controlled by Lexington Property Investors. The acquisition of the former Pathmark building marks the fourth acquisition made on behalf of RiverOak Investment Fund IV, a $26 million, value-added real estate fund started by RiverOak in 2007.
WEST ORANGE, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of three office buildings for $2.62 million. The properties are located at 95-99 Northfield Ave. in West Orange and total 14,000 square feet. As of closing, the buildings were 91 percent occupied, with only one vacant space remaining. Joni Sweetwood of Kislak represented the seller, Chrisdon LLC, as well as the undisclosed buyer.
PLANO, TEXAS — Chicago-based Wrightwood Capital has provided a $13.53 million loan for the acquisition of Pitman Atrium Tower, a 10-story office building located at 1255 W. 15th St. in Plano. The building totals more than 183,000 square feet, and features a shared conference room, a delicatessen and glass-backed elevators that open to a central atrium. The borrower, Dallas-based Holt Lunsford Commercial, plans to undertake a capital improvements program, and lease the remaining space. Terms of the loan include a 36-month term.
DURHAM, N.C. — Charlotte, N.C.-based Bayrock Investment Company has sold a 40,725-square-foot office building to New York City-based D S Durham for $13.1 million. The property, which is triple net leased to Duke University Health Care Systems for 10 years, is located at the intersection of North Duke and Frasier streets. Benjamin Tapper of New York City-based Eastern Consolidated represented the seller, and the buyer was represented by Eastern’s Martin Ezratty.
GONZALES, LA. — Construction has begun on developer MIE Properties-LA’s 32-acre, 200,000-square-foot Pelican Point Commerce Center, a business community located on Interstate 10 and Louisiana Highway 44 in Gonzales. The first 37,000-square-foot building will deliver this fall with subsequent groundbreakings to follow.
PRINCETON, N.J. — RexCorp Realty has completed construction of University Square, a 313,000-square-foot office building located at the intersection of U.S. Highway 1 and Alexander Road in Princeton. The five-story building features a two-story atrium lobby, concierge service, a health club with locker rooms and saunas, a full-service cafeteria and reserved parking for hybrid vehicles. David Simson of GVA Williams is handling leasing for the property.
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.
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.
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.