CAMPBELL, CALIF. — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has purchased 267,000 square feet of office and R&D space within Vasona Technology Park in Campbell. An undisclosed seller sold the assets for $147.2 million. The transaction includes 220 E. Hacienda Ave., occupied by Kaiser Permanente for medical offices; 240 East Hacienda Ave., occupied by ChargePoint Inc. as its corporate headquarters; and 1359 Dell Ave., occupied by Imperative Care as its corporate headquarters. Stephen Etheredge, Max Shapiro, Keith Pollock, Marc Young and Max Rawn of Allen Matkins represented Kennedy Wilson Fund VI in the acquisition.
BOCA RATON, FLA. — CBRE has arranged the $99.5 million sale of One Town Center, a 191,294-square-foot office tower located in Boca Raton. Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Royce Rose of CBRE represented the seller, a joint venture between CP Group (formerly Crocker Partners) and Siguler Guff & Co. Michael Erickson from Tower Commercial Real Estate is the leasing broker for the property. The buyer is Singapore-based Prime US REIT. KBS serves as the U.S.-based asset manager for Prime’s portfolio, which included identifying and sourcing One Town Center on Prime’s behalf. Additionally, CP Group will continue to manage the tower. One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces. Located on Lennox Drive, the property is situated in Boca Raton’s Midtown district near Interstate 95 and Boca Raton Airport. Originally developed in 1991 as the worldwide headquarters for WR Grace, One Town Center was developed by Tom Crocker. WR Grace vacated the property in 2001 and the space was reabsorbed by Tyco, a national security systems company. MetLife purchased the building in 2007 and Tyco vacated it in 2012. The property was sold to Crocker Partners (now …
WHITE PLAINS, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million CMBS permanent loan for a 160,000-square-foot office building in White Plains, located north of New York City. Morgan Stanley provided the loan, which featured a fixed interest rate of 3.85 percent for 10 years with full-term, interest-only payments. The borrower, Caspi Development, has invested almost $3 million in capital improvements to the building over the last three years. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing.
LOS ANGELES — Ready Capital has closed $23.5 million in refinancing for the renovation and lease-up of a nine-property retail and office portfolio located in the Frogtown, Echo Park and Glassell Park neighborhoods of Los Angeles. The undisclosed sponsor plans to complete capital improvements on each of the nine properties, increasing the rentable square footage and leasing up each asset. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and facilities to provide funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.
ATLANTA — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square and Edge on the Beltline. Kelley will be in charge of commercial development, while Munger will oversee residential development. Lastly, Boyce, who first started working with Toro in 2001, will serve as chief financial officer for the new company. Toro Development Co.’s investment partners include Four Stones Real Estate, an Andrew Cathy Enterprise that was founded by Cathy in January 2020, and Lubert-Adler Real Estate Funds.
TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …
SPRING, TEXAS — Common Desk, a Dallas-based provider of coworking and flexible workspace solutions, has opened a 26,750-square-foot space at City Place, a mixed-use development located in the northern Houston suburb of Spring. Chrissy Wilson and Matt Pruitt of JLL, along with internal agents Phillip Moore and Dennis Tarro of Patrinely Group, represented the landlord in the lease negotiations. Patrinely Group owns the building in partnership with USAA Real Estate. Common Desk also recently opened a 25,000-square-foot space at HALL Park in Frisco.
BOSTON — The HYM Investment Group, a locally based developer, has topped off One Congress, a 1 million-square-foot office project in downtown Boston. The 600-foot tower is part of the Bulfinch Crossing redevelopment, which is owned by Carr Properties and National Real Estate Advisors LLC. One Congress will house the future headquarters of financial services firm State Street Corp., which has committed to 510,000 square feet as the anchor tenant. Amenities will include a 30,000-square-foot outdoor garden on the 11th floor and more than 30,000 square feet of fitness and wellness-based amenity space, as well as multiple food and beverage offerings. Pelli Clarke Pelli and CBT Architects handled design of the building. Gachot Studio is serving as the interior design firm, and John Moriarty & Associates is the construction manager. Construction began in June 2019 and is expected to be complete in January 2023.
NATICK, MASS. — Kula Bio, a provider of fertilizer for the agriculture industry, will open a 7,500-square-foot headquarters facility in the western Boston suburb of Natick. The company has tapped Massachusetts-based Dacon Corp. to lead the retrofit of an existing 14,350-square-foot building, with plans to immediately occupy 7,500 square feet and leave 6,850 square feet for future expansion. Completion of the retrofit is scheduled for October. About 30 people will work in the new facility.
FAYETTEVILLE, GA. — Roam, a coworking operator, will open a new location in September inside the Two-Ten office building within Town at Trillith in Fayetteville. The mixed-use project is located adjacent to Trilith Studios, a 1,000-acre movie studio formerly known as Pinewood Atlanta Studios that has produced movies such as Avengers: Endgame and Ant-Man. The Town at Trilith space will be Roam’s seventh and newest location, and it will include offices and desks for rent, as well as meeting spaces designed to accommodate varying group sizes. The space will also include a boardroom with seating for up to 16 individuals, four large training rooms that can accommodate groups of up to 60, a screening room and a podcast room. Roam offers a variety of membership options, including two and three-month terms, flexible month-to-month agreements and daily passes. Tenants at Town at Trillith that have already opened include Amici Italian Café, The Piedmont Wellness Center, Honeysuckle Gelato, Green p.s., Amici Café, Barleygarden Kitchen and Craft Bar and Hop City. Trilith has announced other retailers including Leyland Blue, Trilith Food Hall, Native Collective, The Skin Society, Sugarcoat, Premiere Hair Studio, Woodstone Bakery & Café, Braise, Archer Paper Goods, The Funky Shack and …