NEW YORK CITY — British apparel designer Paul Smith has signed a 12,617-square-foot lease for its new office and showroom at 257 Park Avenue South in Manhattan’s Flatiron District. The 20-story building was constructed in 1912 and spans 226,000 square feet. Will Grover and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Rob Fisher represented the landlord, The Feil Organization, on an internal basis.
GREENVILLE, S.C. — NAI Earle Furman has brokered the sale of the Landmark Building, a 25-story office tower located at 301 N. Main St. in downtown Greenville. Built in 1966, the property spans 331,000 square feet and is the tallest building in the city. A locally based investment group managed by CAPA Management purchased the tower from a Columbia, S.C.-based entity doing business as Tower on Main LLC. The sales price was not disclosed. Keith Jones, McNeil Epps, Jake Van Gieson and Gaston Albergotti of NAI Earle Furman represented the buyer in the transaction. The locally based brokerage and services firm has also been retained to manage and lease the building. First Reliance Bank provided an undisclosed amount of acquisition financing for the deal. The buyer plans to make immediate capital improvements to the tower.
MOUNT LAUREL, N.J. — Philadelphia-based investment firm Regal Ventures has sold a quintet of office buildings totaling 398,460 square feet in Mount Laurel, about 20 miles east of Philadelphia. California-based Top Terraces Inc. purchased the portfolio for $51 million. Each of the buildings totals 79,692 square feet, with four of the buildings currently occupied by affiliates of defense contractor Lockheed Martin and one currently vacant. Illinois-based brokerage firm The Boulder Group negotiated the deal. Regal Ventures originally purchased the properties in September 2021 for $35 million.
SCOTTSDALE, ARIZ. — North Dakota-based Edgewood Real Estate Investment Trust has purchased two office properties in Scottsdale from Wentworth Property Co. and Northwood Investors for $85 million. Barry Gabel and Chris Marchildon of CBRE represented the sellers in the transaction. Developed in 2008 and 2009, Terra Verde I and Tower at Scottsdale Landing, located at 16767 N. Perimeter Drive and 8660 E. Hartford Drive, total 269,064 square feet. The two Class A properties are 92 percent leased to a variety of tenants, including Pulte Homes, BOK Financial, Annexus Management, Sagicor Life Insurance and Pulice Construction. The office buildings offer recent capital improvements, high-end tenant finishes, garage parking, building storage and Loop 101 Freeway exposure. Both properties are located within the 260-acre, master-planned Perimeter Center Business Park.
BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of Normandale Lake Office Park, a 1.7 million-square-foot complex in the southern Minneapolis suburb of Bloomington. The price was not disclosed, but the property sold for $370 million when last it traded hands in 2014, according to the Star Tribune. David Knapp, Jeremiah Olsen, Tom O’Brien, Avery Ticer, Sam Maguire, Dan Phoel and Adam Spies of Cushman & Wakefield represented the seller, a partnership between insurance giants MetLife Investment Management and Allstate, in the transaction. The buyer was New York City-based Opal Holdings. Normandale Lake Office Park consists of five buildings that were developed between 1983 and 2009. The structures vary in height from 11 to 17 stories and range in size from 242,598 to 467,016 square feet. Amenities include a wellness center, fitness center with locker rooms, multiple conference rooms, heated executive parking structures and walking and biking trails. In addition, the development offers several services for tenants, such as a floral shop, childcare center, car wash and hair salon. Normandale Lake Office Park is also home to a fine dining restaurant, two casual dining concepts and a Caribou Coffee location. At the time of sale, the property was 91 …
OCEANSIDE, CALIF. — Sunrise Capital has completed the disposition of a vacant office campus situated on six acres at 1305-1320 Union Plaza Court in Oceanside. Partnering With Parents, doing business as The Classical Academies, acquired the asset for $11.8 million. The buyer, an organization of tuition-free California public charter schools in North San Diego County, plans to convert the four-building, 99,968-square-foot office park into a school campus. Peter Curry, Jason Kimmel and Tim Winslow of Cushman & Wakefield represented the seller, while Jon Walters and Jim Benson of Kidder Mathews represented the buyer in the deal.
HOUSTON — Colliers has brokered the sale of a 180,030-square-foot office building located at 450 Gears Road in North Houston. The eight-story building, which was originally constructed on 4.5 acres in 1984, includes a four-story parking garage and a conference center. David Carter, Doug Pack and Sam Hansen of Colliers represented the seller in the transaction. Evens Grandoit of Krueger Real Estate represented the buyer. Both parties requested anonymity.
FAIRFAX, VA. — KBS has sold Redwood Plaza I, II and III, a three-building office complex spanning 207,000 square feet in Fairfax. Arlington, Va.-based Network Realty Partners purchased the metro D.C. assets from KBS for $23 million. Jim Meisel, Matt Nicholson, Andrew Weir, Kevin Byrd and Dave Baker of JLL brokered the transaction. KBS has owned the Redwood Plaza buildings for more than 20 years and recently renovated the assets with new lobbies, a conference center, catering kitchen and community pantry and coffee. The campus also now includes a tenant lounge that offers arcade games, shuffleboard, free Wi-Fi, craft beer on tap and a 24-hour café.
HOUSTON — Cheniere Energy Inc. has signed a 151,490-square-foot office lease for its new global headquarters at Texas Tower, a 47-story building in downtown Houston. The space spans floors 12 through 16 and includes 16,000 square feet of private outdoor gardens and amenity areas. Chris Oliver, Trey Strake and David Guion of Cushman & Wakefield represented Cheniere in the lease negotiations. Michael Anderson, also with Cushman & Wakefield, represented the landlord, a joint venture between Hines and Ivanhoé Cambridge. The 1.2 million-square-foot tower is now 70 percent leased following deals with laws firms Vinson & Elkins, McGuireWoods and DLA Piper.
MIAMI BEACH, FLA. — SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building will be branded The Alton and will feature 300 feet of frontage on Alton Road, terraced outdoor rooms and large windows offering panoramic views. SHVO and Foster + Partners recently collaborated on Transamerica Pyramid Center, a luxury office redevelopment in San Francisco. The design team for The Alton also includes locally based Kobi Karp Architects. No construction timeline was disclosed.