NEW YORK CITY — HRC Partners has acquired 13,844 square feet of office condominium space at 125 Maiden Lane in Manhattan, New York City, from New York-based Time Equities for $6.3 million. The property features art exhibits in the lobby, a fitness center and a landscaped roof deck with water views. Time Equities was represented in-house by Michael Rudder, and Scott Scloves and George Chatzopoulos of CB Richard Ellis represented the buyer in the transaction.
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HOUSTON — INVESCO has leased a total of 472,601 square feet of space to Exel Inc. in Houston. The transaction comprised 217,836 square feet at 8711 City Park Loop and 254,765 square feet at 8833 City Park Loop. Edward Bane of Holt Lunsford Commercial represented INVESCO, and Sam Brown of Sam H. Brown Inc. represented Exel Inc. in the lease transactions.
ATLANTA — Atlanta-based Songy Partners is developing Vinings Overlook, a $25 million, 92,000-square-foot office building in Atlanta. The Class A, four-story property will be located in the Overlook Office Park at the intersection of Paces Ferry and Overlook Rd. in Atlanta’s Vinings district. Construction is slated for completion in the summer of 2009.
TOLEDO, OHIO — Signature Associates has brokered the sale of the former Fifth Third Center, a 271,356-square-foot office property located at 606 and 608 Madison Ave., and 319, 321 and 323 N. Huron St. in Toledo. Megan Malczewski and Sam Zyndorf of Signature represented the seller, Madison Assets. The buyer, as well as the acquisition price, was undisclosed.
ST. LOUIS — Norcross, Ga.-based Wells Real Estate Investment Trust II has acquired a five-story office building located in the St. Louis neighborhood of Earth City in a sale/leaseback transaction with United Healthcare Services. The building comprises 188,500 square feet of space, and was constructed 10 years ago as a build-to-suit for the company, which is a division of United Healthcare Group. The acquisition is Wells’ first in Missouri, and was purchased for an undisclosed amount.
BRANSON, MO. — Springfield, Mo.-based Sperry Van Ness/Rankin Co. (SVN) has brokered the sale of a controlling interest in Branson Financial Center, a 46,462-square-foot, Class A office building located in Branson, for $4.2 million. The building is the only “smart” building in Branson, and incorporates high-tech features such as multimedia presentation and conference rooms, and Internet-ready offices into the infrastructure of the building. Mike Fusek of SVN represented the Springfield-based buyer, of which he is also a managing member. The investment company purchased a 51 percent share of the property. Tom Roth, also of SVN, represented the undisclosed Branson-based developer.
FLORHAM PARK, MORRIS TOWNSHIP AND BRANCHBURG, N.J. — Advance Realty Group has sold three office properties to Normandy Real Estate Partners for an undisclosed price. Totaling more than 500,000 square feet of space, the properties include the Park Place campus in Florham Park, 310 Madison Avenue in Morris Township and Branchburg Centre in Branchburg.
PHOENIX — Parkway Properties, on behalf of Parkway Properties Office Fund L.P., has purchased Desert Ridge Corporate Center, a three-building corporate center located in Phoenix, for $81.6 million. Located on 14.8 acres in the North Central submarket of Phoenix, the property consists of two four-story Class A office buildings totaling 275,000 square feet and one 18,000-square-foot multi-tenant specialty retail building. At the time of acquisition, the property was 89.2 percent leased to 39 tenants. The company plans to invest an additional $2.25 million for closing costs, building improvements, leasing costs and tenant improvements during the first 2 years of ownership. Concurrent with the purchase, a $49.2 million first mortgage was funded through Babson Capital Management LLC with a fixed interest rate of 5.77 percent, an initial 36-month interest-only period and a maturity date of January 2016.
TUCSON, ARIZ. — Arbor Properties has acquired as 25,256-square-foot office building, which is located within the Swan Corporate Center at 4703 E. Camp Lowell in Tucson, for $6.37 million or $252 per square foot. Built in 2003, the property is 100 percent leased to Alliance Bank of Arizona and Research Corporation. Bob Kivel of Commercial Retail Advisors represented the buyer; PICOR Commercial Real Estate represented the undisclosed seller in the transaction.
ROYAL PALM BEACH, HIALEAH, KENDALL, MIAMI AND OAKLAND PARK, FLA. — Moss & Associates are constructing a $60 million, LEED-certified project for developer South Florida Federal Partners that is inclusive of a U.S. Citizenship and Immigration Services (USCIS) facility in Royal Palm Beach and four agency field offices in Hialeah, Kendall, Miami and Oakland Park, Fla. The 40,000-square-foot Royal Palm Beach facility, located at 9300 Belevedere Rd., includes a naturalization ceremony room and wireless Internet café; the Miami agency, located at NW 7th Ave. between Interstate 95 exits 7 and 8A, will feature 73,888 square feet of office space and a two-story lobby; the Hialeah agency, located at Miami Gardens Dr. and NW 59th Ave., will feature 46,000 square feet of office space; the Oakland Park agency, situated midway between I-95 and the Florida Turnpike will feature 43,500 square feet of space; and the Kendall office, located at SW 120th Street and 147th Avenue will feature 43,500 square feet of space. The Royal Palm Beach facility will open in November 2008, and the field offices are slated for completion in the summer of 2008.