Office

SHORENSTEIN PROPERTIES ACQUIRES $250 MILLION MEZZANINE LOAN

by admin June 30, 2008

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.

June 30, 2008

PREIT LEASES 224,000 SQUARE FEET TO STATE GOVERNMENT

by admin June 30, 2008

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.

June 30, 2008

Office Texas

RED OAK REALTY COMPLETES CANTEY HANGAR PLAZA

by admin June 30, 2008

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.

June 30, 2008

Office Western

DPR CONSTRUCTION TAKES GOVERNOR TECH CENTER FOR $6.85 MILLION

by admin June 30, 2008

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.

June 30, 2008

Office Southeast

STRATEGIC REAL ESTATE ADVISORS SELLS OFFICE FACILITY FOR $42.25 MILLION

by admin June 27, 2008

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.

June 27, 2008

Office Texas

BEHRINGER HARVARD ACQUIRES 31-STORY OFFICE TOWER

by admin June 27, 2008

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.

June 27, 2008

Office Western

HOMESTREET CAPITAL PROVIDES $10.2M LOAN FOR REDEVELOPMENT PROJECT

by admin June 27, 2008

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.

June 27, 2008

Office Southeast

FIRST CAPITAL LEASES 16,000 SQUARE FEET IN BOCA VILLAGE CORPORATE CENTRE

by admin June 26, 2008

BOCA RATON, FLA. — First Capital has signed a lease for 16,000 square feet of office space at the Boca Village Corporate Centre located south of the Congress Avenue and Yamato Road intersection in Boca Raton. Boca Village Corporate Centre is the city’s first LEED-certified office facility. Green features include water reduction fixtures, reflective roof material to minimize heat exposure and the use of recyclable materials during construction. First Capital, which will occupy most of the 5th floor at the facility, was represented by Alice Lucia of Jones Lang LaSalle; Thomas Holtz of Butters Realty & Management represented the landlord in the transaction.

June 26, 2008

Midwest Office

L. MASON CAPITANI BROKERS SALE OF 51,000-SQUARE-FOOT OFFICE

by admin June 26, 2008

ROCHESTER HILLS, MICH. — L. Mason Capitani has brokered the sale of the 51,000-square-foot Budd Office Building in Rochester Hills. The glass building, which was listed for $3.98 million, will be converted from a single-occupant general office facility to a multi-tenant medical building. Mason L. Capitani and Gary Grochowski represented both the seller, Budd Park LLC, and the buyer, Barclay of Rochester Investment Group LLC, in the transaction. The acquisition price was not disclosed.

June 26, 2008

Midwest Office

GUACAMOLE LLC ACQUIRES 17,800-SQUARE-FOOT OFFICE FACILITY

by admin June 26, 2008

PEWAUKEE, WIS. — James Young of Colliers Barry has represented Guacamole LLC in the acquisition of a 17,800-square-foot office facility within the Bluemound East Business Park located at W223N608 Saratoga Rd. in Pewaukee. S.E.D. Partners, which was represented by Scott Furmanski of CB Richard Ellis, has sold the building for an undisclosed amount. Guacamole will occupy a portion of the property, with 6,000 square feet of Class B office space available for additional tenants. Diversified Insurance, the former tenant in the property, will lease space in a nearby office building.

June 26, 2008

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