WASHINGTON, D.C. — New York-based Louis Dreyfus Property Group and Fisher Brothers are developing 700 Second Street NE, a 10-story, 515,000-square-foot office building near Capitol Hill in Washington. The Class A, LEED-certified building is the third phase of Station Place, a state-of-the-art three-building office complex totaling 1.6 million square feet on a 5.5-acre site. CB Richard Ellis is the exclusive leasing agent for the project, expected to deliver in the fall of 2009.
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MINNETONKA, MINN. — Opus Northwest has received final approvals from the Minnetonka City Council for the construction of Crest Ridge Corporate Center, a 230,000-square-foot, Class A office development located at the interchange of Interstate 394 and County Road 73 in Minnetonka. The first phase of the project will consist of the three-story, 110,000-square-foot Syngenta Seeds headquarters, which will be leased by Switzerland-based Syngenta. The building, which is applying for LEED-Gold certification, will consolidate Syngenta employees from multiple sites in the Twin Cities area. Opus is overseeing the design and construction of the building, which is set to break ground this spring and be complete in mid-2009. Phase II of Crest Ridge Corporate Center will include a three-story, 120,000-square-foot office building, which will also seek LEED certification.
CHICAGO — The Chicago office of NorthMarq Capital has arranged $15.25 million in first-mortgage financing for Interpark Corporate Center, a 164,447-square-foot office building located in Chicago. Financing was based on a 7-year term with a 30-year amortization. Ian Russ of NorthMarq arranged the loan, which was provided by Aviva Capital Management, on behalf of JCF Real Estate.
NEW YORK CITY — In a joint venture, Paramount Group and Sherwood Equities have acquired 440 Ninth Avenue in Manhattan, New York City. The 18-story, 398,000-square-foot facility was purchased from SL Green Realty for an undisclosed price. Located between 34th and 35th streets, the facility is fully leased to tenants such as B & H Photo, Duane Reade and eEmerge. Paramount and Sherwood represented themselves in-house and the seller was represented by Cushman & Wakefield in the transaction.
ROBBINSVILLE, N.J. — Matrix Development Group recently completed the 148,000-square-foot expansion of Lifetime Brands lease at its Northeast Business Park facility in Robbinsville. Lifetime Brands, which is a designer, developer and marketer of many kitchen and home goods, now occupies 700,000 square feet of space. The Northeast Business Park a 10-building campus located at Exit 7A of the New Jersey Turnpike.
SANTA MONICA, CALIF. — Newmark Realty Capital Inc. has arranged financing for the first phase of The Water Garden, a 1.3 million-square-foot office complex located in Santa Monica. Mark Ritchie of Newmark secured the $230 million loan on behalf of The Water Garden Company, which is controlled by J.P. Morgan Asset Management. The company secured the fixed-rate loan through its correspondent Teachers Insurance and Annuity Association of America (TIAA-CREF). Terms of the loan were not disclosed.
VENTURA, CALIF. —BM Properties has purchased a two-building office portfolio, which is located at 4601 and 4245 Telephone Rd. in Ventura, for $10.47 million. The 60,842-square-foot multi-tenant property is more than 50 percent leased by the County of Ventura, with the remaining space occupied by private businesses. Robert Flink of Lee & Associates – LA North/Ventura Inc. represented the buyer; Doug Shaw of CB Richard Ellis represented the seller, VG7A LLC, in the transaction.
RALEIGH, N.C. — Duke Realty and Raleigh based-Kane Realty are developing CAPTRUST Tower at North Hills, a 17-story, 302,400-square-foot mixed-use office tower in Raleigh. The building will feature 274,000 square feet of Class A office space and 28,400 square feet of retail space. Lead tenant, CAPTRUST Financial Advisors, will occupy 51,000 square feet. Additional tenants include Ogletree, Deakins, Nash, Smoak & Stewart law firm and CB Richard Ellis. Executed leases total more than 100,000 square feet. The building will be located in North Hills, a 100-acre mixed-use district, at Six Forks Rd. and Interstate 440. Feature restaurants and retail shops will inhabit the first floor. Completion is scheduled for the first quarter of 2009.
ALEXANDRIA, VA. — Regent University sold a five-story, 28,045-square-foot office building to The American Academy of Otolaryngology Head and Neck Surgery Foundation (AAOHNSF) for $10.2 million in Alexandria. Manny Fitzgerald of CB Richard Ellis’ Washington, D.C. office represented the buyer. AAOHNSF will relocate from their headquarters in Old Town Alexandria to the property, located at 1650 Diagonal Road, in July 2008.
MIRAMAR, FLA. — Falcon Real Estate Investment Co. and their Kuwaiti-based partner sold a Class A, 49,650-square-foot office building for $14 million in Miramar to an undisclosed New York-based private investor. Sole tenant Royal Caribbean Cruise Lines recently signed a 10-year lease for the two-story, 8.2-acre property. The seller was represented by John Crotty and David Metalonia of Colliers Abood Wood-Fay in Coral Gables, Fla.