DOWNERS GROVE, ILL. — Professional Wealth Advisors (PWA) has signed a 23,000-square-foot office lease renewal and expansion at 2655 Warrenville Road in Downers Grove. The lease comprises a 12,000-square-foot renewal and an 11,000-square-foot expansion. Transwestern Investment owns and manages the building. PWA was founded in 2015 and recently merged with HighPoint Planning Partners. Joel Berger of Bradford Allen represented PWA in the lease transaction.
LAS VEGAS — Barker Pacific Group, in a joint venture with Positive investment Group, has purchased Bank of America Tower, an office complex located at 300 S. 4th St. in Las Vegas. The acquisition marks Barker Pacific’s entry into the Las Vegas market. The joint venture will rebrand the 274,565-square-foot building as Tower 300 and implement an upgrade program to the common areas. Terms of the acquisition were not released. Mike Tabeek, Larry Singer and Christopher Crooks of Newmark will handle leasing for the building.
YONKERS, N.Y. — CBRE has negotiated the $37 million sale of 3 Executive Boulevard and 3 Odell Plaza, two office buildings totaling 130,607 square feet in Yonkers, located north of New York City. Both assets are leased on a long-term basis to a single tenant, Montefiore Health System. Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie of CBRE represented the seller, an entity managed by Robert Martin Co., in the transaction. The team also procured the buyer, a joint venture between Benedict Realty Group and Harbor Group International.
FORT WORTH, TEXAS — Vantage Bank Texas has signed a 15,000-square-foot office lease to be the anchor tenant at Triune Centre, a 30,000-square-foot office development at 3400 West Freeway in Fort Worth. Cullen Donohue, Seth Koschak, Chris Doggett and Vic Meyer of Stream Realty Partners represented the landlord, a partnership between Cornerstone Projects Group and Trident Structures, in the lease negotiations. Theron Bryant of Transwestern represented Vantage Bank Texas. Construction of the building is set to begin this quarter and to be complete next summer.
NEW YORK CITY — Meridian Capital has arranged a $107.7 million senior loan for the refinancing of 55 Broadway, a 32-story office building in Manhattan’s Financial District. The 356,059-square-foot building was 89 percent leased at the time of the loan closing to tenants such as The Kingdom of Morocco, Bank of Communications, Syscom and Assurant Inc. As part of the recapitalization, the borrower, Harbor Group International, also received a future funding component of up to $8.4 million for leasing costs. In addition, an undisclosed capital source invested new equity in the property to retire Paramount Group Inc.’s preferred equity and to fund costs associated with significant recent leasing activity at the building. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the financing through an undisclosed life insurance company.
NORWOOD, MASS. — Moderna Inc. will expand its Moderna Technology Center biomanufacturing campus in Norwood, a southern suburb of Boston, by about 350,000 square feet. The biotechnology and pharmaceutical giant plans to renovate and expand its existing production and lab space and has acquired a 240,000-square-foot building on the same campus, ultimately yielding a 50 percent expansion and a total footprint of 650,000 square feet. The expansion will support Moderna’s efforts to ramp up production of its COVID-19 vaccine in late 2021 and early 2022. Moderna originally opened this facility in 2018.
TEANECK, N.J. — Phibro Animal Health Corp. has signed a 49,577-square-foot office lease renewal at Glenpointe, a mixed-use development in the Northern New Jersey community of Teaneck that serves as the company’s global headquarters. Susan Mason and Tom Reilly of JLL represented the tenant in the lease negotiations. David Simson, Jeff Schotz, Peter Rossi, Dan Reider and Peter Kasparian of Newmark represented the landlord, Alfred Sanzari Enterprises. In addition to office uses, the Glenpointe campus houses three hotels totaling roughly 700 rooms, a 26,000-square-foot fitness center and multiple food and beverage options.
LOS ANGELES — Bain Capital Real Estate, the real estate investing business of Bain Capital, and BARDAS Investment Group, a boutique real estate development and investment firm, have submitted plans to the City of Los Angeles for the development of Echelon Studios. The five-acre site is located at 5601 Santa Monica Blvd. in Los Angeles’ Hollywood neighborhood. The $450 million urban studio campus will feature four 19,000-square-foot sound stages, a 15,000-square-foot flex stage and a 90,000-square-foot creative village of high-end bungalows. Additionally, the project will include 350,000 square feet of creative office space spread across two mid-rise office buildings. Campus amenities will include food and beverage, a central courtyard, shared specialized production space and collaboration areas, as well as outdoor decks, patios and other exterior common areas to maximize available square footage and create filming and event space. In conjunction with the development plans, the partnership announced the launch of Echelon, the real estate industry’s first dedicated content media real estate platform. The new platform will serve as the brand for the joint venture’s investments.
SANTA ANA, CALIF. — BH Properties has purchased Freeway Corporate Park, a multi-tenant office complex located within Orange County Greater Airport Area/Irvine Business Park in Santa Ana. Terms of the transaction were not released. Totaling 128,266 square feet, the two-building property is located at 2501 Pullman St. and 1700 E. Carnegie Ave. At the time of sale, the property was 56 percent leased to two tenants – Iteris and Orange County Head Start Inc. The two buildings are connected by a skywalk, and the property has undergone capital enhancements over the course of the previous owner’s tenure. Bob Caudill of Colliers International represented the buyer, while Kevin Shannon, Paul Jones, Brunson Howard and Brandon White of Newmark represented the undisclosed buyer in the deal.
BRISBANE, CALIF. — Phase 3 Real Estate Partners and Bain Capital Real Estate have received a more than $400 million construction loan for Genesis Marina, a waterfront life sciences campus in Brisbane. Located on 8.7 acres within South San Francisco’s life sciences cluster, Genesis Marina will offer 570,000 square feet of Class A life sciences space. Tim Wright, Todd Sugimoto and Daniel Pinkus of JLL Capital Market arranged the financing through Barings LLC for the borrower.