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.
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.
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.
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.
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.
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.
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.
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.