JERSEY CITY, N.J. — AXA Equitable Life Insurance has leased 244,000 square feet of office space in the Newport Tower in Jersey City. Located at 525 Washington Blvd., the 36-story tower is owned by Brookfield Properties. Raymond Sanseverino and Dana Rosenthal of Loeb & Loeb represented Brookfield in the negotiations, and AXA was represented by Stroock & Stroock & Lavan.
Office
BOSTON — Cushman & Wakefield has brokered the $4.85 million sale of 50 Redfield St. in Boston. The 43,380-square-foot office building is located in the Neponset section of Boston. Robert Griffin, Jr., Richard Putprush, David Pergola, Christopher Griffin and Brian Doherty of Cushman & Wakefield represented the seller, Eastport Harbor, and procured the buyer, Mayo Group, in the transaction.
SANTA ANA, CALIF. — Equitable Orange County Office Building LLC has purchased a 58,566-square-foot office building in Santa Ana for $7.8 million. Located at 900 N. Broadway, the building is occupied by the Orange County District Attorney and local attorneys and real estate firms. At the time of acquisition, the property was 90 percent leased. Gil Marrero, Alan Pekarcik, Dan Vittone and Jeff Williams of Voit Commercial Brokerage’s Irvine, Calif., office represented the buyer and the seller, 900 North Broadway LLC, in the transaction.
TUSTIN, CALIF. — PI Properties No. 19 LP has acquired Tustin Business Center, a 44,948-square-foot office complex located at 17802-17842 Irvine Blvd. in Tustin, for $7 million. Built in 1972, the two-building, two-office complex is situated on two legal parcels totaling more than 2 acres. Michael Lawrence of Marcus & Millichap represented the seller, Tustin Business Center LP, in the transaction; Gregory Harris and Andrew Hodac, also of Marcus & Millichap, represented the buyer.
HAMILTON, N.J. — Opus East is set to begin construction on the first two speculative office buildings at the Mercer Corporate Center in Hamilton. The identical, three-story office buildings will feature 60,000 square feet each of Class A office space situated on 52 acres with a waterfront view. Located along Klockner Road just south of the intersection of Interstate 195 and Route 130, the facilities will be within close proximity to Exit 7A of the New Jersey Turnpike. Amenities will include walking trails, ponds and a new access road. Completion is slated for December 2008.
SOUTH NORWALK, CONN. — CB Richard Ellis (CBRE) has completed the $24.75 million sale of a retail/office portfolio in South Norwalk. The portfolio consisted of 61,146 square feet of retail property and 24,916 square feet of office space. The portfolio was 78 percent leased at the time of the transaction. Jeffrey Dunne, Dean Matus and Matthew Innes of CBRE represented the seller, Madison Tower Main Street LLC, an entity controlled by a partnership between BlackRock and Madison Marquette, in the sale. In addition, this same team from CBRE procured the buyer, TR SONO Partners, an entity controlled by F.D. Rich Co.
NEW YORK CITY — Robert Knakal of Massey Knakal Realty Services has completed the $24 million disposition of a 75-foot wide development site in the Hudson Yards area of Manhattan, New York City. The property allows for approximately 96,281 buildable square feet as well as the opportunity to purchase roughly 22,219 square feet of air rights from the city. Knakal represented the seller, Saxa Inc., which sold the property to an undisclosed Long Island hotelier.
NAPERVILLE, ILL. — The Staubach Company has represented Hallmark Services Corp. in the long-term leasing of 256,766 square feet within Naperville Woods Office Center at 1000-1100 E. Warrenville Rd. in Naperville. Hallmark will utilize the space as its headquarters and for call center operations. It expects to occupy the new space by the end of the year, vacating approximately 150,000 square feet of office space in Aurora, Ill. Andrea Van Gelder Diana Rieske, Michael Sessa and Jock Howland of Staubach represented Hallmark in the transaction. Brian Whiting of JF McKinney & Associates represented the landlord, M&J Wilkow.
WOBURN, MASS. — Cumming Properties recently completed TradeCenter 128, a Class A, seven-story office facility in Woburn. The 400,000-square-foot facility was granted Gold Level LEED Certification and contains several other energy efficient features. Located along Route 128/95, the building is adjacent to the new Middlesex County Superior Court.
MESA, ARIZ. — Hudson Realty Capital has partnered with Biltmore Holdings to acquire a 96,000-square-foot office building in Mesa. Hudson Realty invested more than $2.4 million in joint-venture equity for acquisition. Located at 827 W. Grove Ave., the property is situated within Kent Commercial Park within walking distance of retail, restaurants and other services. The seller and the acquisition price were not disclosed.