Office

ECKMAN COMPLETES $11.3 MILLION OFFICE RENOVATION

by admin October 22, 2008

CONCORD, N.H. — Bedford, N.H.-based Eckman Construction has completed the $11.3 million addition and renovation of the Medical & Surgical Building, located within Gallen State Office Park in Concord. Construction consisted primarily of a four-story addition built in the center of the formerly U-shaped building. In addition, the building’s interior was completely gutted and renovated; the brick façade was cleaned and restored; new windows were installed; and all new building systems were installed. The renovated building will serve as the new headquarters for the New Hampshire Department of Revenue Administration. The tenant space will contain offices, conference rooms, a hearing room with audio equipment, a secure mail room, and two connected training rooms equipped with smartboards and video conferencing. Assisting Eckman with the design/build process was locally based Barker Architects. The building will retain its original name, which comes from its previous operation as a building within the New Hampshire State Hospital campus.

October 22, 2008

10 CORPORATE DRIVE TOPS OUT CONSTRUCTION

by admin October 22, 2008

BURLINGTON, MASS. — Construction has topped out for 10 Corporate Drive, a three-story, 107,000-square-foot office building located in Burlington. The Class A property features average floor plates of 35,000 square feet and build-to-suit opportunities for tenants. An adjacent parcel is permitted for the construction of an additional 120,000-square-foot office building. The project is seeking LEED-Silver certification from the U.S. Green Building Council. Completion is scheduled for mid-2009. 10 Corporate Drive is owned by Multi-Employer Property Trust, which also owns Burlington Centre Office Park, the 78-acre office campus in which the office building is located. CB Richard Ellis is serving as exclusive leasing agent and property manager for the project.

October 22, 2008

Midwest Office

UGL EQUIS TO MANAGE ZURICH FINANCIAL SERVICES’ NORTH AMERICAN PORTFOLIO

by admin October 21, 2008

CHICAGO — Chicago-based UGL Equis has been selected to manage Switzerland-based Zurich Financial Services’ North American real estate holdings totaling approximately 8.4 million square feet. With approximately 400 locations, the portfolio includes approximately 5.2 million square feet of leased space, as well as 3.2 million square feet of owned property. The properties consist primarily of office space, with a small mix of warehouse facilities. In order to fulfill its multi-year responsibility, UGL Equis will provide services for Zurich including strategic portfolio planning, transaction work, lease administration, project management and legal services. Additionally, the company will examine Zurich’s real estate holdings to help identify improved space utilization and cost savings. CB Richard Ellis will handle Zurich’s European Requirement.

October 21, 2008

Midwest Office

NORTHMARQ BROKERS SALE OF 26-STORY RAND TOWER

by admin October 21, 2008

MINNEAPOLIS — Scott Pollock of Minneapolis-based NorthMarq has brokered the sale of Rand Tower, a 26-story office building located at 527 Marquette Ave. S. in Minneapolis. The tower was purchased by a joint venture between Alex Brown Realty of Baltimore and Hempel Properties of Maple Grove, Minn. NorthMarq served as broker of the sale and as an equity resource for the buyer. The cost of acquisition was not disclosed.

October 21, 2008

Office Western

43,000-SF CORPORATE OFFICE BUILDING COMPLETE

by admin October 20, 2008

SAN DIEGO — Johnson & Jennings General Contracting has completed the construction of a 43,000-square-foot corporate office building for National Pen Co. LLC. Located at 12121 Scripps Summit Dr. in San Diego, Johnson & Jennings was responsible for a build out comprising 1.5 floors for corporate offices, a marketing department, training rooms and meeting facilities. Marianne Berg of Carrier Johnson + Culture provided architectural and design services for the $2.4 million project. Transwestern is the building owner and property manager.

October 20, 2008

Office Southeast

CB RICHARD ELLIS BROKERS MARYLAND OFFICE SALE

by admin October 17, 2008

HOWARD COUNTY, MD. — Principal Real Estate Investors has sold the 215,345-square-foot Lakeview I & II office property, located in Howard County, to The Goldstar Group and Potomac Capital Advisors for an undisclosed price. Joe Donato, Maury Zanoff and Matt Williams of CB Richard Ellis’ debt and equity finance team represented the buyer. Principal Real Estate Investors was represented by Bruce Strasburg, Bill Prutting, Jr., and Marc Rampulla of CB Richard Ellis’ investment properties team. HSH Nordbank AG financed the acquisition.

October 17, 2008

Office Southeast

NORTH CAROLINA REIT ACQUIRES MEMPHIS OFFICE PROPERTY

by admin October 17, 2008

MEMPHIS, TENN. — Raleigh, N.C.-based Highwoods Properties has assumed $7.8 million of unsecured debt and issued 183,587 operating partnership units to purchase the 135,000-square-foot PennMarc office building from an undisclosed party. Highwoods will undertake $1.7 million in renovations to the six-story building, which is located on Poplar Avenue in Memphis. The building is 91 percent leased.

October 17, 2008

Midwest Office

FALCON REAL ESTATE INVESTMENT CLOSES $30 MILLION OFFICE DISPOSITION

by admin October 17, 2008

MINNETONKA, WIS. — New York-based Falcon Real Estate Investment Co. has represented an overseas institutional investor in the disposition of a 152,220-square-foot Class A office building located at 12700 Whitewater Dr. in Minnetonka. Situated on a 6.2-acre site within Minnetonka Corporate Center Business Park, the six-story facility is fully occupied by Cargill Inc. On behalf of its client, Falcon Real Estate Investment Co. sold the building to Hawaii-based James Campbell Co. for approximately $30.09 million. The property includes 4,000 square feet of storage space and a parking garage. Steven Buss, Tom Holtz and Ryan Watts of CB Richard Ellis’ Minneapolis Institutional Group represented Falcon Real Estate; Hart Realty Advisors represented the buyer in the transaction.

October 17, 2008

Midwest Office

NORTHERN TRUST RENEWS 100,357-SQUARE FOOT LEASE AT 10 SOUTH LASALLE

by admin October 17, 2008

CHICAGO — Chicago-based financial services firm Northern Trust has signed a 5-year lease extension for 100,357 square feet of office space located at 10 South LaSalle St. in Chicago. The 10 South LaSalle building is a 28-story office tower featuring 23,000-square-foot floor plates. Mike Watts and Carey King of J.F. McKinney & Associates represented the building owner, New York-based The Feil Organization, in negotiations. Craig McKesson, Michael Sessa and Dan Maslauski of Jones Lang LaSalle represented Northern Trust in the transaction.

October 17, 2008

Office Western

DEKABANK PROVIDES $175 MILLION ACQUISITION LOAN

by admin October 17, 2008

LOS ANGELES — Frankfurt, Germany-based DekaBank Deutsche Girozentrale recently closed a $175 million loan for Hines US Office Value Added Fund II LP for the acquisition of Citigroup Center, a 48-story office tower in downtown Los Angeles. Located at 444 Flower St., the 891,056-square-foot property was sold by Broadway Partners. The building was built in 1981 and designed by A.C. Martin & Associates. At the time of acquisition, the property was 93 percent leased.

October 17, 2008

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