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ATLANTA — Charlotte, N.C.-based Crescent Resources, in a financial joint venture with Canadian-based Manulife Financial, is developing Phipps Tower, a $175 million, 486,000-square-foot office building in Atlanta’s Buckhead district. The LEED-certified, 20-story building will be located at the intersection of Lenox Road and Phipps Boulevard. The property will feature a five-level parking garage and a lobby-level restaurant, café and convenience shop. Construction is slated for completion in January 2010.
A new post office is going to be located at the old Jones center on Highway 1.
NEW YORK CITY — Muss Development has acquired 64 W. 48th St., a 17-story office building in the Rockefeller Center area of Manhattan, New York City. Muss plans to reposition the 130,000-square-foot facility into a first-class boutique office building. A multi-million capital improvement plan will include a newly restored lobby, as well as new elevator cabs, windows and bathrooms. The developer purchased the property for $54.5 million from an undisclosed buyer. Mark Lauzon of Cushman & Wakefield is the exclusive leasing agent for the office space, and Jedd Nero of CB Richard Ellis is representing 17,000 square feet of retail space on the first and below grade levels.
COLORADO SPRINGS, COLO. — Suwannee, Ga.-based SPCL Property Investments Inc. has acquired a 60,243-square-foot office building, which is located at 2862 Circle Drive South in Colorado Springs, for $2.2 million. Situated on a 3.28-acre site, the property is 100 percent occupied by the Colorado Department of Corrections on a short-term lease. Eric Kimose and Barry Higgins of Marcus & Millichap’s Denver office represented the seller, Broomfield, Colo.-based Colorado and Santa Fe Partners XII LLC, in the transaction.
FORT MYERS, FLA. Stevens Construction has begun construction on Phase I of Parker Commons located off Daniels Parkway in Fort Myers. The entire office condominium consists of one two-story and nine one-story office buildings, totaling 88,500 square feet. Phase I includes the first four buildings and is scheduled for completion in early 2006. Dave Van Loon of Stevens Construction is the project manager. Sheeley Architects designed the project.
BURR RIDGE, ILL. — Burr Ridge-based Mars Equities is developing a three-story, 90,000-square-foot speculative office building as the final phase of construction of Estancia Executive Center, located at 180 Harvester Dr. in Burr Ridge. This phase comes on the heels of NAI Hiffman fully leasing the other two speculative buildings in the development, which together total 160,000 square feet. NAI Hiffman will also handle leasing for the new building, which is slated for completion in first-quarter 2009.
CANTON, MASS. — Richards Barry Joyce (RBJ) has brokered the $5.1 million sale of 275 Dan Rd., a 99,869-square-foot office building in Canton. The building is currently fully occupied by Organogenesis, a regenerative medicine company. Richard Herlihy and Michael Frisoli of RBJ represented the seller CWCapital Asset Management, and Sean Teague of DTZ FHO Partners procured the buyer, Rugby Realty Co., in the transaction.
PRINCETON, N.J. — Novo Nordisk has signed a 167,000-square-foot lease at 1100 Campus Rd., a five-story Class A office building in the Princeton Corporate Campus in Princeton. The lease represents an expansion of Novo Nordisk’s U.S. headquarters. Steve Tolkach of Newmark Knight Frank represented the leasee in the transaction, and Crimson Services represented the building owners, a joint venture comprised of the Patrinely Group and USAA Real Estate Co.
TINTON FALLS, N.J. — Onyx Equities has completed renovations on two existing office buildings located at 766 Shrewsbury Ave. in Tinton Falls. One building consists of 45,000 square feet within four stories, and the second building contains 26,000 square feet within two stories. Interior renovations included the upgrades to the entry lobbies, elevators and common areas. Exterior renovations are slated for this spring. Current medical tenants include Atlantic Diagnostics. David Zimmel and Joel Natter of Zimmel Associates are marketing the facilities.