SUGAR LAND, TEXAS — Colliers International’s Houston office has finalized the sale of a 53,096-square-foot office building located at 13000 Executive Dr. in Sugar Land. The building, which was built in 1995, is entirely occupied by GE Energy Group. GSL Fund 21 Sub D purchased the 5.11-acre property. Christopher Winters, Robert Parsley and Jay Kyle of Colliers International’s Houston office represented the undisclosed seller. John Wilson of GSL Industrial management represented the buyer in the transaction.
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ALAMEDA, CALIF. — Titan Real Estate Investment Group Inc., in partnership with an institutional fund advised by Urdang Capital Management, has acquired a 121,216-square-foot office building in Alameda for an undisclosed price. Situated within the 2.9 million-square-foot Harbor Bay Business Park, the facility is 100 percent occupied by Abbott Laboratories and the Federal Aviation Administration. Michael Speers and Barry Cohn of NAI/BT Commercial represented both parties in the transaction.
SAN JOSE, CALIF. — Redback Networks, an Ericsson company, has signed a lease for 320,000 square feet of space at Corporate Technology Center in San Jose. The new lease doubles the company’s current holdings in San Jose and will be the R&D center for most of Ericsson’s fixed and mobile Internet infrastructure. Under the new lease, the company will occupy 100 Headquarters Way, 200 Holger Way, 250 Holger Way and 300 Holger Way. The buildings will primarily house Redback employees and a number of employees from Ericsson’s other acquisitions in Silicon Valley, including Entrisphere and Tandberg TV. Jeffrey Rodgers and Jeffrey Ramirez of Cornish & Carey’s Santa Clara, Calif., office represented Redback; The Staubach Company represented Ericsson; and the landlord, CarrAmerica, was self-represented in the transaction.
NEW YORK CITY — Monday Properties, along with joint venture partner Whitehall Street Real Estate Funds, has purchased 230 Park Avenue in Manhattan, New York City, from Istithmar. The 34-story building, which is located at E. 45th and E. 46th streets at the base of Park Avenue, is set to undergo an expansive multi-year capital improvement program. Current tenants include ING, Tokio Marine Fire & Insurance Co., Bear Stearns & Co. and HSH Nordbank. Anthony Westreich of Monday Properties represented the company in-house in the transaction. The sale price was undisclosed.
CARLSTADT, N.J. — CB Richard Ellis (CBRE) has secured $6 million in financing on behalf of 590 Commerce Boulevard LLC, the borrower, for 590 Commerce Blvd. in Carlstadt. The 78,721-square-foot office/warehouse building is situated in close proximity to routes 17 and 46, Interstate 80 and the New Jersey Turnpike. James Gunning and Donna Falzarano of CBRE arranged the financing, which was funded by Principal Real Estate Investors.
QUINCY, MASS. — Meredith & Grew has brokered the $3.2 million sale of a 21,000-square-foot office building located at 122 Quincy Shore Dr. in Quincy. The two-story building is situated 8 miles from downtown Boston and only 1 mile from Route 93. James Elcock, David Goodhue and Katherine Barry of Meredith & Grew represented the seller, Eastport Real Estate Services, and Dana Narlee of Pearson Associates represented the buyer, Lee Kennedy Co.
PHOENIX — Triple Net Properties LLC, on behalf of tenants-in-common, has purchased Townley Business Park, a nearly 176,000-square-foot business park located near the intersection of 23rd Avenue and Dunlap Road in Phoenix, for an undisclosed price. The garden-style park features three buildings and a 1.34-arce undeveloped parcel of land. The property is currently 80 percent leased to a variety of national and regional companies specializing in industries such as insurance, healthcare and real estate. The company purchased the park from ICP Real Estate, which was represented by Amr Ceran. Joseph Byers of Commercial Realty Capital arranged the financing, which was provided by PNC Bank.
RICHMOND, VA. — Rastek Construction & Development has purchased an approximately 38,000-square-foot office/warehouse property, which is located at 6290 Old Warwick Rd. in Richmond. RCS Holdings LLC sold the property for $1.75 million. R. Scott Douglas and Franklin Bell of Thalhimer, a member of Cushman & Wakefield Alliance, handled the transaction.
CINCINNATI — American Financial Group (AFG) has signed a long-term lease to occupy 22 floors of the Great American Insurance Building at Queen City Square, a 40-story office tower located at the intersection of Fourth and Sycamore streets in downtown Cincinnati. AFG will lease approximately 530,000 square feet of the 825,000-square-foot building, representing two-thirds of the building, and will serve as the anchor tenant. The first phase of Queen City Square, the 303 Broadway building, was developed as a public/private partnership between Western & Southern Financial Group, the city of Cincinnati and the Port of Greater Cincinnati Development Authority, and it is expected that the new building will be developed through a similar partnership. Construction is set to begin in mid-2008, with completion scheduled in 2011.
NEW YORK CITY — MMS USA Holdings has renewed its 350,000-square-foot lease at 1675 Broadway in Manhattan, New York City, for 10 years. The building, owned by the Rudin Family, is comprised of 35 stories and 800,000 square feet. MMS USA houses a number of its advertising and communications units at the facility, including MediaVest Worldwide, Publicis Healthcare Communications Group and Manning, Selvage & Lee. Robert Steinman of Rudin Management represented the building owner, and Joseph Thanhauser and Gordon Ogden of Byrnam Wood represented the tenant.