Friday, August 14, 2026
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MidwestOffice

DUKE REALTY ARRANGES OFFICE LEASES TOTALING 80,000 SQUARE FEET

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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.

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NortheastOffice

SHORENSTEIN ACQUIRES CONTROLLING INTEREST IN TWO OFFICE TOWERS

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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.

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OfficeWestern

JV ACQUIRES 159,000-SQUARE-FOOT OFFICE BUILDING FOR $65M

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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.

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OfficeSoutheast

CORAZON DEVELOPMENT PURCHASES $7.8 MILLION OFFICE BUILDING

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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.

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OfficeWestern

KENNEDY WILSON ACQUIRES 16-STORY OFFICE TOWER

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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.

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OfficeSoutheast

2020 PONCE OFFICE CONDOMINIUM REACHES 14 STORIES

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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.

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MidwestOffice

THE STAUBACH COMPANY ARRANGES 150,000-SQUARE-FOOT OFFICE LEASE

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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.

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NortheastOffice

SHORENSTEIN PROPERTIES ACQUIRES $250 MILLION MEZZANINE LOAN

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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.

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NortheastOffice

PREIT LEASES 224,000 SQUARE FEET TO STATE GOVERNMENT

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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.

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OfficeTexas

RED OAK REALTY COMPLETES CANTEY HANGAR PLAZA

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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.

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