IRVINE, CALIF. — Wilshire Capital Partners has sold a 70,964-square-foot office building in Irvine to an owner-user for an undisclosed sum. The vacant, Class A building is located at 17900 Von Karman in the Irvine Business District (IBD) submarket. The new owner plans to occupy the property after making renovations. Anthony DeLorenzo, Gary Stache, Bryan Johnson, David Dowd and Jennifer Whittington of CBRE represented the seller in the transaction.
NEW YORK CITY — Locally based social services organization Rising Ground has signed a 29,566-square-foot office headquarters lease at 1333 Broadway in Midtown Manhattan. Rising Ground will occupy the entire eighth floor of the 12-story, 295,530-square-foot building, which recently underwent a capital improvement program. Lindsay Ornstein, Stephen Powers, Arthur Skelskie, Alexander Smith and Kendall Elliott of OPEN Impact Real Estate represented Rising Ground, which will take occupancy next year, in the lease negotiations. Robert Lowe and Ron Lo Russo of Cushman & Wakefield, along with internal agent Shanae Ursini, represented the landlord, Empire State Realty Trust.
ATLANTA — Lincoln Property Co. Southeast has arranged two leases totaling 10,400 square feet at Park Central, a 213,165-square-foot office building in Atlanta. Telespecialist will occupy 9,000 square feet at the property, and Broadway Across America will occupy 1,400 square feet. Hunter Henritze, Matt Fergus and Seabie Hickson of Lincoln represented the landlord, TerraCap Management, in the leasing negotiations. David Pope of Lavista Associates represented Broadway Across America. Park Central underwent $3.4 million in renovations in 2018, including upgrades to building systems, common areas and amenities. The property features covered parking, an onsite café, fitness center, conference center and 24-hour security.
BURLINGTON, MASS. — Newmark has arranged a 7,397-square-foot office and life sciences lease in Burlington, a northwestern suburb of Boston. The tenant, medical imaging services provider UII America Inc., has committed to leasing space at Blue Sky Center, a 158-acre campus. Matt Malatesta, Tyler McGrail, Michael Frisoli and Margaret Fee of Newmark represented the owner, Nordblom Co., in the lease negotiations. Malatesta and Dave Townsend, also with Newmark, represented the tenant. Amenities at Blue Sky Center include a fitness center, café, basketball court, gaming area and a golf simulator.
THE WOODLANDS, TEXAS — JLL has negotiated the sale of two office buildings totaling 153,294 square feet in The Woodlands, about 30 miles north of Houston. The buildings sit on a combined 9.8 acres at 10200 Grogans Mill Road and 1610 Woodstead Court and had a collective occupancy rate of about 67 percent at the time of sale. Rick Goings, Marty Hogan and Kevin McConn of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
JENKINTOWN, PA. — Pennsylvania-based finance and advisory firm Prestige Group has arranged a $20 million loan for the refinancing of an 81,500-square-foot office and retail property in Jenkintown, a northern suburb of Philadelphia. The property comprises a 42,000-square-foot retail building occupied by LA Fitness, a 35,500-square-foot vacant office building and a 4,000-square-foot restaurant. Richard Natow of Prestige Group arranged the loan through an undisclosed regional bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
AURORA, ILL. — A U.S. division of global technology firm Thales has moved into its new office at 750 N. Commons Drive in Aurora. Stanton Road Capital owns the Class A office and industrial property, which totals 205,068 square feet and is fully leased. Thales moved from a previous location in Aurora and made the new space the home of its Visionix division, which develops helmet-mounted display and motion tracking technologies for aerospace and defense use. Using tenant improvement investments from Stanton Road Capital, Thales transformed its space to integrate office and meeting areas with advanced research and design features such as cockpit simulators. Francis Prock, David Florent and Brian Kling of Colliers are the exclusive leasing agents for the building. Kelleen Monti, Chris Bynum and Madelyn Farmer of JLL represented Thales.
BURLINGTON, MASS. — Newmark has arranged a 47,578-square-foot office and life sciences lease in Burlington, a northwestern suburb of Boston. The tenant, metals processor Nth Cycle Inc., has committed to leasing space at Blue Sky Center, a 158-acre campus. Matt Malatesta, Tyler McGrail, Michael Frisoli and Margaret Fee of Newmark represented the owner, Nordblom Co., in the lease negotiations. Nick Amarante and Mekae Hyde of Hughes Marino represented the tenant. Amenities at Blue Sky Center include a fitness center, café, basketball court, gaming area and a golf simulator.
CHARLOTTE, N.C. — Northridge Capital, an independent real estate management firm based in Washington, D.C., has sold a historic creative office building in Charlotte’s FreeMoreWest submarket. An undisclosed real estate investment firm based in Charlotte purchased Grinnell Water Works, located at 1435 W. Morehead St., for $19.2 million. Alex Olofson of Stream Realty Partners and Jared Londry of PointBlank Ventures represented Northridge Capital in the transaction. Grinnell Water Works was built in 1930 and offers approximately 52,000 square feet of rentable office space across two floors. The asset was 70 percent leased at the time of sale.
PLANO, TEXAS — Dallas-based developer Cawley Partners is underway on construction of Phase II of The Parkwood, a project in Plano that will add 120,000 square feet of office space to the local supply. Phase I of The Parkwood, which also comprises 120,000 square feet, was completed in late 2022 and is fully leased to First United Bank. Phase II is 43 percent preleased, with SFMG Wealth Advisors committed as the anchor tenant with a 22,000-square-foot lease. Amenities at The Parkwood include a fitness center, pickleball court, conference centers and rooftop terraces.
