AUSTIN, TEXAS — Shorenstein Properties, an investment firm headquartered in San Francisco and New York City, has sold the Alpha Building, a 210,000-square-foot office property located within the 750-acre Mueller District in Austin. The Teacher Retirement System of Texas (TRS) purchased the six-story building, which was designed by Page Sutherland Page, for an undisclosed price. Troy Holme and Peter Jansen of CBRE represented TRS in the transaction. Shorenstein is developing two more office buildings at Mueller that will contain approximately 350,000 square feet and are slated for a 2024 delivery.
NEW YORK CITY — Locally based firm ABS Partners Real Estate has completed the redevelopment of LX57, a 110,000-square-foot office building located at 695 Lexington Ave. in Manhattan’s Plaza District. The project included a lobby upgrade, renovated elevator cabs that feature touchless technology, a façade restoration and new furnishings of office suites. The 20-story building now also houses interior finishes that are designed for ease of cleaning and disinfection, and each floor now includes a dedicated air filtration system.
EWING, N.J. — CBRE has negotiated the sale of a 310,000-square-foot office and warehouse building in the Trenton suburb of Ewing for $18.7 million. The property was originally built in 1995 as a build-to-suit for the seller and occupant, Educational Testing Service (ETS). Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Alec Monaghan of CBRE represented ETS in the transaction. The team also procured the undisclosed buyer, which will temporarily lease the space back to ETS.
SAN ANTONIO — Northmarq has arranged a $12.3 million loan for the refinancing of Teralta Corporate Park, a two-building, 58,389-square-foot office property in San Antonio. The single-story property was built in 2017 and fronts Loop 1604 near the junction of Interstate 10. Aetna provided the three-year, interest-only loan to the borrower, San Antonio-based Sirell Properties. Bryan Leonard of Northmarq arranged the debt.
JERICHO, N.Y. — New Jersey-based investment firm The Birch Group has acquired 1 and 2 Jericho Plaza, a 665,592-square-foot office complex on Long Island, for $212 million. The property was 95 percent leased at the time of sale to tenants such as AIG, Deloitte, Morgan Stanley, Ernst & Young, Valley Bank, Sterling National Bank and UBS. The seller was a partnership between New York City-based private equity firm DRA Advisors and New Jersey-based Onyx Equities.
SAN FRANCISCO — PRP has completed the sale of 350 Rhode Island Street, an office property in San Francisco. PRP bifurcated the land and improvements, selling the fee simple position to Safehold (NYSE: SAFE) for $64.5 million and selling the leasehold to a venture of Lincoln Property Co. and Korea Asset Investment Management for $118 million, for a total consideration of $182.5 million, or $1,436 per square foot. The transactions occurred simultaneously. The City and County of San Francisco occupy the 127,100-square-foot building under a lease that goes through 2033. Originally built in 2002, the building was redeveloped in 2019 for the city’s tenancy. Adam Lasoff, Rob Hielscher, Michael Leggett, Miyeon Lee and Erik Hanson of JLL Capital Markets handled the transaction.
BOSTON — A Korean investment group led by Hana Financial and KTB Asset Management has purchased a 95 percent stake in Congress Square, a 371,996-square-foot office tower located at 40 Water St. in downtown Boston. The group purchased the stake from Related Fund Management, which will retain the remaining 5 percent interest and continue to manage the property. Paul Gillen, Anthony Ledesma, Daniel Parker and Allie Boyan of Atlanta-based Hodges Ward Elliott (HWE) arranged the recapitalization of Congress Square, which included refinancing of existing debt. Lawrence Britvan and Jordan Kirkbride of HWE placed that loan through global asset management firm KKR.
SAN DIEGO — Innovatus Capital Partners has purchased The Pinnacle, a five-story office building located in San Diego’s Rancho Bernardo neighborhood. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services. Located at 10920 Via Frontera, The Pinnacle features 110,128 square feet of Class A office space with 22,000-square-foot floor plates. At the time of sale, the property was fully occupied. Built in 2007, the building recently underwent a series of capital improvements, including lobby renovations, upgraded shower and locker rooms, new landscaping and electric vehicle charging stations. Terms of the transaction, including the seller and acquisition price, were not released.
RALEIGH, N.C. — JLL Capital Markets has arranged the $330 million sale of Bloc 83, a new office development totaling 495,121 square feet in Raleigh. The sale represents the largest single real estate transaction in downtown Raleigh’s history, according to JLL. Heritage Properties Inc. sold the asset to City Office REIT (NYSE: CIO). Bloc 83 consists of two Class A office towers that were built in 2019 and 2021. Known as One Glenwood and Tower II, the buildings are 79 percent leased and are anchored by Envestnet, First Horizon Bank and McAdams. Envestnet is a financial services and technology company, while McAdams is a civil engineering company. The development features street-level retail space and two onsite parking garages. Amenities include a fitness center, rooftop space, locker rooms with showers, tenant lounges and an interactive sports room with a golf simulator. The properties are positioned on a little over three acres in Glenwood South, a growing mixed-use district of Raleigh. The Origin Hotel is located onsite and is connected to the One Glenwood parking garage. “Glenwood South has rapidly transformed into the preeminent live-work-play destination in Raleigh,” says Ryan Clutter, senior managing director with JLL. “About half of the residents have …
MCLEAN, VA. — A fund managed by CIM Group has provided a $148 million loan to a joint venture between Westbrook Partners and American Real Estate Partners to refinance Highline at Greensboro, a Class A office campus in Tysons Corner. Highline at Greensboro features two 10-story buildings comprising approximately 461,000 square feet of office space, ground floor retail and amenity space and a 1,333-stall underground parking garage. The property recently underwent a renovation including upgrades to the façade, lobbies and common areas, as well as the addition of tenant amenities such as a health club, tenant lounge, outdoor plaza and a 60-person conference center. Located at 8401 and 8405 Greensboro Drive, Highline at Greensboro is situated close to the Metro Silver Line Spring Hill Station, Dulles Toll Road, Interstate 495 and Route 66, as well as downtown Washington, D.C., and Dulles International Airport. The property is also situated adjacent to The Boro, a 3.5 million-square-foot mixed-use development.