NEW YORK CITY — ACORE Capital has provided a $127.5 million loan for the refinancing of 77 Water Street, a 26-story office building in Manhattan’s Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Sage Realty and Principal Real Estate Investors that will use a portion of the proceeds to fund capital improvements. William Kaufman Co., the parent company of Sage Realty, originally constructed the 614,000-square-foot building in 1970.
NASHVILLE, TENN. — Portman and Creed Investment Co. plan to top out the Moore Building, a 16-story office building in Midtown Nashville, on Thursday. Upon completion, which is set for February 2023, the Moore Building will feature 236,000 square feet of Class A offices and 8,500 square feet of ground-level retail space. Amenities will include an 11,000-square-foot sky lobby, outdoor deck, 35-person conference room, tenant lounge and a fitness center. The Moore Building is named after Scotty Moore, the former guitarist of Elvis Presley, and is located on the site of the former Music City Recorders studio where Elvis and Moore recorded music. The project team includes general contractor Hoar Construction and Nashville-based architect Greshman Smith. CBRE is handling leasing for the office space, and U.S. Bank provided construction financing for the project.
COPPELL, TEXAS — McLaren Automotive has opened a 31,000-square-foot office and showroom at 1405 S. Belt Line Road in the central metroplex city of Coppell. The space will house the North American operations of McLaren’s sports car division, which the British luxury auto manufacturer has relocated from New York. Dallas-based Merriman Anderson Architects designed the space, which also features a training center and workshop.
NASHVILLE, TENN. — JLL has opened a 26,000-square-foot flex office and coworking space on the top floor of Cummins Station, a mixed-use adaptive reuse development located at 209 10th Ave. S in downtown Nashville. Named prosprCS, the space features private offices, coworking space, meeting rooms, team suites and virtual offices. The space comes equipped with ergonomic furniture, Tier 1 fiber broadband internet access, interactive client portals to book meeting rooms digitally, an onsite hospitality team and in-place audio-visual equipment. JLL is leading the leasing and management operations of prosprCS. Developed and managed DZL Management, Cummins Station spans more than 400,000 square feet and features the Gibson Guitar U.S. headquarters, the Gibson Garage flagship retail store, Smart USA Co., Revive and Outback Presents.
TEANECK, N.J. — Minnesota Life Insurance Co. has provided a $32 million loan for the refinancing of Glenpointe Centre East and Atrium at Glenpointe, two office buildings totaling 320,000 square feet that are located in the Northern New Jersey community of Teaneck. Glenpointe Centre East totals 240,000 square feet, and Atrium at Glenpointe spans 80,000 square feet. Tenants at both buildings, which were built in 1982 and were 94 percent leased at the time of the loan closing, have access to a 26,000-square-foot health club and both structured and surface parking areas. Thomas Didio Sr., Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the loan on behalf of the borrower, New Jersey-based Alfred Sanzari Enterprises. The debt was structured with a 10-year term and a fixed interest rate.
WASHINGTON, D.C. — Mesirow, a financial services firm based in Chicago, has provided the $275 million refinancing for the National Aeronautics and Space Administration (NASA) headquarters offices in Washington, D.C. Located at 300 E St. SW, the nine-story office building spans more than 600,000 square feet and was built in 1991, according to LoopNet Inc. The borrower is a partnership between Hana Alternative Asset Management and Ocean West Capital Partners. Proceeds from the financing provided the partnership with fixed-rate debt that is interest-only for the full term. The loan has a 2028 maturity date, which is coterminous with NASA’s lease. With the funds, the Hana and Ocean West partnership is recapitalizing its equity interest at the property, which is subject to the sixth-largest lease by the General Services Administration (GSA), the federal government’s independent agency that oversees certain operations like office and research space. (The GSA is the leaseholder for NASA.) Mesirow served as placement agent and administrative agent on the financing. Cushman & Wakefield arranged the financing on behalf of the borrower and negotiated terms between the borrower and Mesirow. Mesirow was founded in 1937 and offers credit tenant lease and structured debt products to borrowers. The company’s services …
INDIANAPOLIS — Industrious, a flexible workspace provider, is opening a new location at 71060 N. Capitol Ave. in the former Stutz Motor Car Co. factory in Indianapolis. SomeraRoad is repositioning the property as retail, office, arts and event space. The new location marks the third for Industrious in the Indianapolis market and is slated to open in December. The workspace will feature 350 seats across 28,000 square feet and include a mix of private offices, shared workspaces, conference rooms and lounge areas.
CHICAGO — Wellington Management has signed a 24,000-square-foot office lease at 345 N. Morgan in Chicago’s Fulton Market. Sterling Bay broke ground on the office and retail development in August 2021 and expects to wrap up construction this September. Amenities include private outdoor terraces, a 5,000-square-foot roof deck, lounge, fitness center, coworking library and conference spaces. Eckenhoff Saunders Architects was the project architect. Russ Cora and Austin Lusson negotiated the lease transaction on an internal basis for Sterling Bay. Brendan Callahan, Gabrielle Harvey, Eddie Viliunas and Matt Carolan of JLL represented Wellington Management, which currently houses its Chicago operations in a 6,000-square-foot space in the Loop. The company is a private investment management firm.
ORLANDO, FLA. — Albany Road Real Estate Partners has purchased Challenger South I and II, a two-building office portfolio in Orlando totaling 147,000 square feet. Boston-based Taurus Investment Holdings LLC sold the buildings for an undisclosed price. Patterson Real Estate Advisory Group arranged an undisclosed amount of acquisition financing through Beach Bank for Boston-based Albany Road. Located on 15 acres within Central Florida Research Park, Challenger South I and II were 93 percent leased at the time of sale to eight tenants, including Vectrus, Microsemi Storage Solutions and Rockwell Collins. The buildings provide a real estate ratio of 80 percent offices and 20 percent high-bay warehouse space.
HOUSTON — International law firm Baker Botts has signed a 172,301-square-foot office lease extension at 910 Louisiana, a 50-story tower in downtown Houston. Originally developed in 1971, the 1.2 million-square-foot building has been renovated multiple times in subsequent years, most recently in 2020. Winfield Haggard Jr. and Chip Colvill of Cushman & Wakefield represented the landlord, Busycon Properties LLC, in the lease negotiations. Mark O’Donnell, Jennifer Meehan and Lizzie Prochazka of Savills represented Baker Botts.