CAMBRIDGE, MASS. — PGIM has provided a $58.5 million loan for the refinancing ofOne Brattle Square, an office and retail building located across the Charles River from Boston in Cambridge. The six-story building, which was 99 percent leased at the time of the loan closing, is located within the Harvard Square submarket and features 82,500 square feet of office space and 15,000 square feet of retail space. PGIM provided the floating-rate loan to the borrower, an affiliate of Beacon Capital Partners.
SHOREVIEW, MINN. — JLL Capital Markets has brokered the $18.5 million sale of The Lex, a 124,925-square-foot office building in the Twin Cities suburb of Shoreview. Renovated in 2023, The Lex rises four stories. Managed by Eagle Ridge Partners, the property is currently 95 percent leased to a variety of tenants in the financial services, healthcare and technology industries. The Lex is positioned within the Shoreview Corporate Center, a mixed-use redevelopment that is home to three luxury apartment communities and two additional office properties. Colin Ryan and David Berglund of JLL represented the seller, Shoreview Ridge Office LLC. The buyer was not disclosed.
O’FALLON, ILL. — LCG Capital Management LLC has acquired Colony Square and Williamsburg Center, a seven-building, 81,700-square-foot office campus in O’Fallon near Scott Air Force Base. The transaction marks LCG’s entry into a category it intends to grow — mission-critical office space serving the defense contractors and government services firms that support Scott, headquarters of U.S. Transportation Command and Air Mobility Command. LCG executed the transaction through JRN Investments LLC. The campus carries below-market rents and existing vacancy that the firm expects to lease up. LCG is a St. Louis-based commercial real estate firm founded in 2024 and backed by Alberici Corp.
OAK BROOK, ILL. — Lee & Associates of Illinois has brokered the sale of a 70,497-square-foot office property located at 915 Harger Road in Oak Brook. Tony Russo of Lee & Associates represented the seller, KMMRD Enterprises. The asset was 48 percent leased at the time of sale, with law firm Godoy occupying the largest space. The buyer, Urban Commercial Property Group, plans to invest significant capital into building renovations and deferred maintenance improvements.
NEW YORK CITY — Robin Hood, a philanthropic organization dedicated to fighting poverty in New York City, has signed a 30-year, 53,000-square-foot office lease at 841 Broadway in Manhattan’s Union Square area. The space spans the entire fifth through eighth floors of the 91,300-square-foot building, which is now fully leased. David Carlos and Andrew Dzenis of JLL represented Robin Hood in the lease negotiations. Andrew Wiener and Robert Fisher internally represented the landlord, The Feil Organization.
RICHARDSON, TEXAS — Celestica, a Canadian electronics manufacturer, has unveiled plans for the expansion of its Telecom Parkway campus in Richardson, a northeastern suburb of Dallas. The initiative represents a capital investment of approximately $300 million and is expected to account for the creation of roughly 2,300 new jobs over the next two years in addition to the retention of about 400 existing jobs. Celestica has renewed its office leases at both its existing buildings and has also begun construction on a new, 343,000-square-foot building. Celestica has also entered into a public-private partnership with the City of Richardson, which has approved a $3 million tenant improvement grant to support Celestica’s long-term commitment, capital investment and job creation.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $480 million in financing for an office-to-residential conversion project in Midtown Manhattan. The project will convert the 27-story, 523,051-square-foot building at 1740 Broadway, which spans nearly a full city block between 55th and 56th streets, into a 420-unit multifamily building with 238 apartments and 182 condos. The converted building will also feature 60,000 square feet of amenities, including a 22,000-square-foot sporting club, a spa with a lap pool, a concealed speakeasy bar in the building’s original bank vault and dedicated lounge and sun deck spaces for residents. Jason Krane, Russ Schildkraut and Simon Ziff of Ackman-Ziff arranged the financing on behalf of the owner, Yellowstone Real Estate Investments. Completion is slated for the third quarter of 2029.
WEST ORANGE, N.J. — Cushman & Wakefield has brokered the $17 million sale of a 129,298-square-foot office building in West Orange, about 20 miles west of New York City. The newly renovated building sits on an 8.7-acre site at 300 Executive Drive and was fully leased at the time of sale. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Triumvirate Realty, in the transaction and procured the buyer, an entity doing business as Executive Drive W Orange LLC. Brian Anderson and Eddie Miro, also with Cushman & Wakefield, arranged acquisition financing for the deal.
NEW YORK CITY — Law firm Sher Tremonte LLP has signed a 10-year, 26,405-square-foot office lease renewal in Lower Manhattan’s Financial District. The space spans the entire 22nd and 23rd floors of the 410,000-square-foot building at 90 Broad St. Seth Hecht of JLL represented the tenant in the lease negotiations. Jon Fein of Cushman & Wakefield, along with internal agent Josh Turman, represented the landlord, Princeton International Properties.
LOS ANGELES — Local fund manager Capital Group has purchased its corporate headquarters, an office tower located at 333 S. Hope St. in downtown Los Angeles, for $210 million. Capital Group has occupied a portion of the 55-story asset since 1978. The company plans to consolidate its three locations into a vertical campus across 19 floors in the building. The tower, which was built in 1974, will remain a multi-tenant building with Capital Group as the largest and anchor tenant. The purchase follows the company’s April announcement of a $70 million per year investment to expand Capital Group’s client-facing capabilities, including the addition of approximately 130 new sales and sales support roles over the next two years. Kevin Bender, Andrew Harper, Matt Astrachan and Joe Messina of JLL represented Capital Group in the deal, while Colliers represented the previous owner, Brookfield, and the special servicer, Mount Street.