PLANO, TEXAS — Philadelphia-based investment firm Rubenstein Partners has acquired a 250,000-square-foot office building located at 5600 Headquarters Drive in the northern Dallas suburb of Plano. Rubenstein plans to upgrade the lobby and the amenity spaces, including the new fitness center, tenant lounge, conference center and dining areas. Vicki Keenan, Adam Subber, Dan Sullivan, David Stringfield and Brant Bryan of Cresa represented the undisclosed seller in the transaction. Lincoln Property Co. will lease the building following completion of the renovation.
HOUSTON — Eleox, a joint venture between six energy trading companies, has signed a 4,300-square-foot office lease at Heights Clock Tower in Houston. The building was originally constructed in 1894 and is on the National Register of Historic Places. Bryant Lach of JLL represented the tenant in the lease negotiations. Russell Hodges and Jenny Mueller of CBRE represented the landlord, Radom Capital.
DivcoWest Acquires 143,383 SF Office Building in South San Francisco, Plans Life Sciences Conversion
SOUTH SAN FRANCISCO, CALIF. — DivcoWest has purchased 5000 Shoreline, a three-story, Class A office building located on 8.5 waterfront acres at 5000 Shoreline Court in South San Francisco. The buyer plans to convert the property, which is vacant, into a life sciences asset. The seller was not disclosed. DivcoWest plans to upgrade the base building improvements, utilities, electrical and mechanical components, and covert the existing structure to a warm shell condition to accommodate life sciences tenancy. Once base building modifications are complete, DivcoWest plans to complete market-ready upgrades to the interiors to be able to offer prospective tenants turn-key office and laboratory suites. Mike Walker and Brad Zampa of CBRE Capital Markets’ Debt & Structured Finance group arranged $124 million in acquisition and conversion financing for DivcoWest. The three-year, nonrecourse, floating-rate loan was secured through a European investment bank.
NEW YORK CITY — Sigma Computing Inc., a provider of data analytics software, has signed a 15,500-square-foot office lease at Zero Irving, a 21-story building in Midtown Manhattan. The tenant will occupy space on the ninth floor of the for five years. Jeff Rodgers, Stephen Cisarik and Brent Ozarowski of Newmark represented Sigma Computing in the lease negotiations. JLL represented the landlord, a partnership between RAL Development and Junius Real Estate Partners.
MCLEANSVILLE, N.C. — CN Investors LLC, an affiliate of Raleigh-based APG Capital, has purchased a 176,778-square-foot office building in McLeansville. The Class A property sold for $17 million. Patrick Gildea of CBRE represented the undisclosed seller. Daniel Walser and James Anthony III at APG were responsible for sourcing the deal and closing the acquisition. Originally built in 2004 to house Citibank, the three-story office building is situated on 21 acres. Today, the property’s tenant includes LabCorp, a Burlington, N.C.-based lab test provider. Located at 5450 Millstream Road, the property is situated 36.2 miles from Winston-Salem and 45 miles from Durham.
HOUSTON — Hewlett-Packard Enterprise (HPE) has sold its 2 million-square-foot former office and industrial campus in Houston. Built between 1984 and 1988, the campus comprises five office buildings, two manufacturing/distribution buildings and four structures that house maintenance and/or amenity space. Amenities include a cafeteria, fitness center, employee lounges, conference rooms, coffee/snack bars and an outdoor covered pavilion with a kitchen area for events. The property also features five parking garages, which along with surface lots total 5,229 spaces. Kevin McConn, Rick Goings, Ronnie Deyo, Beau Bellow and Ethan Goldberg of JLL represented HPE, which recently relocated to CityPlace at Springwoods Village. Boyd Commercial represented the buyer, an affiliate of Florida-based alcoholic beverage wholesaler Mexcor International that owns an adjacent building and will occupy a portion of the campus.
ADDISON, TEXAS — Colliers has arranged the sale of a 117,173-square-foot office building located at 3939 Belt Line Road in the northern Dallas suburb of Addison. The seven-story building was fully leased at the time of sale to tenants such as Truist Bank and A&O Enterprises. Cody Payne of Colliers brokered the off-market transaction. Both the locally based seller and the buyer, a private investor specializing in multifamily acquisitions, requested anonymity.
HOUSTON — Locally based development and investment firm David Z. Mafrige Interests (DZMI) has acquired North Loop Center, a 12-story office building in Houston’s Heights neighborhood. The firm plans to implement a capital improvement program that will include an upgrade of the lobby and installation of LED lighting throughout the premises. Stream Realty Partners is the leasing agent for the property and recently executed a long-term lease for the entire 12th floor with design-build firm ARCO/Murray.
SAN DIEGO — Newmark has arranged the sale of Governor Park Portfolio, an office campus with life sciences redevelopment potential located at 6200 and 6220 Greenwich Drive in San Diego. The buildings traded for $145 million. The portfolio comprises two office buildings situated on individual parcels. The building at 6200 Greenwich Drive offers 70,987 square feet and situated on 4.4 acres. The asset is 100 percent leased to University of California, San Diego (UCSD) through May 2026. The building at 6220 Greenwich Drive totals 141,214 square feet on a 6.2-acre parcel. The 6220 building is fully leased to Mitchell International through October 2025. The portfolio has been institutionally owned and operated since the buildings were originally developed. It is serviced by ample surface parking, as well as a five-story parking facility, providing an above-market-standard parking ratio. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the undisclosed seller in the deal.
SEATTLE — Swift Real Estate Partners has acquired 425 Pontius, a boutique office building in Seattle’s South Lake Union neighborhood, from a local private partnership for $39.5 million. Located at 425 Pontius Ave. North, the building features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 with a renovation in 2018 of the budling’s three-story lobby. The 75,267-square-foot 425 Pontius is 60 percent leased to tenants in the fields of biotech, healthcare and professional services, with Fred Hutch Cancer Research Center as the building’s largest tenant. Swift plans to reposition the property with a rebrand and full renovation, including an exterior modernization and cosmetic upgrades to the lobby, elevators and common areas. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller in the transaction. Brad Zampa and Mike Walker of CBRE’s Debt & Structured Finance group is advising Swift Real Estate Partners in securing new market-rate financing.