PALO ALTO, CALIF. — San Francisco-based Shorenstein Properties has acquired 601 California Avenue, a 111,653-square-foot office building located within Stanford Research Park in Palo Alto. Built in 1998, the two-story, Class A property is currently 100 percent leased to Wilson, Sonsini, Goodrich and Rosati. The property also includes parking for 385 vehicles. Terms of the transaction were not disclosed.
Office
SAN FRANCISCO — An affiliate of San Francisco-based The Swig Company has acquired a 105,225-square-foot data and telecommunications building, which is located at 274 Brannan St. in San Francisco’s Transbay Terminal/South of Market area. Built in the 1920s, the nine-story property originally served as a maintenance facility for Pacific Railroad. The building was later converted into an office property and then to its current state as a state-of-the-art, fiber-rich telecommunications facility. Tony Crossley and David Brandwein of Colliers’ San Francisco office represented the seller, an affiliate of Yale Properties USA Inc. Mitch Thurston and Andy Ahlers of Capmark Finance Inc.’s San Francisco office arranged acquisition financing for the transaction. The acquisition price was not disclosed.
FORT LAUDERDALE, FLA. — New Boston Fund has acquired AtlanTech Tower, a 12-story, Class A office building located at 6451 N. Federal Hwy. in Fort Lauderdale, for an undisclosed price. Developed in 1973, the 413,390-square-foot property is currently 89 percent leased to tenants such as AT&T, CompHealth, Matria Healthcare, Holy Cross Home Health, Wachovia Mortgage Corp., Conseco Services, Whole Foods Market Regional headquarters and Tropical Financial Credit Union. The property recently underwent a $15 million renovation, which included an upgrade to the lobby and elevators, the installation of a new cooling tower and retrofitting HVAC units, and the addition of a five-story parking structure. Rick Egitto and Bill Balkovatz of Crimson Services LLC represented the seller, an entity controlled by Grosvenor Investment Management on behalf of a large pension fund client.
HUMBLE, TEXAS — Marcus & Millichap has finalized the sale of Atascosita Professional Plaza, a 43,471-square-foot office building located at 7810 FM 1960 Rd. East in Humble, Texas. Ross Cannizaro of Marcus & Millichap represented both the buyer and the seller in the undisclosed transaction.
CARLSBAD, CALIF. — RF Darwin LP has purchased Darwin Court, a 52,260-square-foot office building located at 5935 Darwin Ct. in Carlsbad, for $15.25 million. The recently renovated property serves as the global headquarters for Reef, a leading surf brand. Dennis Visser and Mark Emerick of Grubb & Ellis|BRE Commercial represented the seller, Cruzan|Monroe, dba 5935 Darwin Court LLC, in the transaction; Greg Lewis, Bill Barnett and Doug Hogan of Cushman & Wakefield represented the buyer.
ORLANDO, FLA. — A partnership between Orlando-based Tower Realty Partners and New York-based DRA Realty Advisors has acquired the Ocwen Building for $24.5 million. The 125,000-square-foot office building is located within the Central Florida Research Park in Orlando, and is fully leased on a long-term basis to Ocwen Financial Corp., which originally developed the building in 1999.
ROSEMONT, ILL. — Boston-based NewStar Financial has provided $34.15 million in non-recourse, first-mortgage financing for Northwest Plaza, a 328,000-square-foot office property located in Rosemont. The property consists of two eight-story buildings with a retail concourse. The loan will refinance existing debt on the property, as well as provide additional capital to continue the property’s leasing strategy and complete the addition of a TGI Friday’s restaurant on a pad site. The loan carries a 3-year term with two 1-year extension options. Draper and Kramer served as financial advisor to the borrower, Fulcrum NWP, a single-asset entity managed by Fulcrum Asset Advisors.
NEW YORK CITY — The Hakimian Organization and its partners, Peykar Brothers Realty and Gorjian Properties, have leased 636 Eleventh Avenue in Manhattan, New York City, to Ogilvy & Mather. The international advertising company will use the 564,800-square-foot building as its new worldwide headquarters. Genslar Architects has been hired to aid in converting the 11-story, Class B office building into Class A space. Mitchell Konsker, Paul Glickman and Jack Cohen of Cushman & Wakefield represented the owners, and Gregory Tosko and Casey Hirschhorn of CB Richard Ellis represented Ogilvy & Mather in the lease transaction.
HOUSTON — Chicago-based Wrightwood Capital has provided $42.1 million in financing to Cameron Management, a real estate services group, in the acquisition of a Houston office building. The property, located at 1001 McKinney St., is a historically designated building with over 372,000 square feet of office space. The financing for the 36-month loan was sourced through Susan Hill of Holliday Fenoglio Fowler.
SAN DIEGO — Jamison Properties has acquired The Chamber Building, a 23-story, 177-725-square-foot office tower in downtown San Diego, from Barker Pacific Group and PNC Realty Advisors for $29.25 million. Located at 110 West C St. and built in 1963, the property is 86 percent leased by major tenants including Legal Reprographics, Alternate Public Defender, First Choice Executive Suites and law firm Stock Stephens. Louay Alsadek, Kevin Shannon, Ken White, Evan August and Scott Schumacher of CB Richard Ellis, along with Tim Cowden of Colliers International, represented both parties in the transaction.