CARMEL, IND. — Colliers International has arranged the sale of Midtown III, a recently completed office building in Carmel, a suburb of Indianapolis. The sales price was undisclosed. The three-story, Class A property is located at 571 Monon Blvd. It spans 77,793 square feet. Alex Cantu and Alex Davenport of Colliers represented the seller, Ambrose Property Group. Diamond Income Fund LP, a St. Louis-based investment fund, purchased the asset.
SAN FRANCISCO — A joint venture led by SHVO and Deutsche Finance America has acquired Transamerica Pyramid Center, a two-building, 750,000-square-foot office complex in San Francisco’s Financial District, for $650 million. The seller was Dutch insurance company Aegon Asset Management, which assumed ownership of the asset in 1999 when it acquired Transamerica Corp. Transamerica Corp. has occupied space in the iconic 48-story, pyramid-shaped anchor building since it was built in 1972. Originally designed by William L. Pereira & Associates, the 853-foot-high tower is currently the third tallest pyramid in the world. Floor plates at the tower range from 22,226 square feet on the sixth floor to 2,531 square feet on the 48th floor. Tenants at the complex include private equity, wealth management, consulting and law firms. The complex spans a city block and includes the main office tower, situated at 600 Montgomery St.; a 20-story, 191,142-square-foot office building at 505 Sansome St.; and a development site at 545 Sansome St. where a nine-story, 106,807-square-foot office building is planned. In the middle of the complex is Transamerica Redwood Park, a grove of mature redwood trees shading public open space. “We’re proud to take on ownership and management of the Transamerica Pyramid, …
RESTON, VA. — Boston Properties has signed Volkswagen Group of America Inc. to a 20-year, 196,000-square-foot lease within Reston Town Center. The space will serve as the German automaker’s U.S. headquarters, with the planned move-in to take place in 2023. Volkswagen Group of America has been headquartered in Fairfax County since 2008. Boston Properties is developing the project in two phases, with the 1.1 million-square-foot Phase I now 85 percent preleased. At full buildout, the development will span 4.4 million square feet. Reston Town Center will have in-building parking with provisions for 300 electric vehicle chargers, a conference center and direct access to the newly built Silver Line of Washington’s Metrorail.
LUBBOCK, TEXAS — Coldwell Banker Commercial has arranged the sale of a 68,124-square-foot office building in Lubbock. Built in 1997, the property formerly served as a call center for Convergys, a provider of information management software for corporate users. Coldwell Banker represented the seller, which sold the asset to Harmony Public Schools, a Houston-based organization of K-12 charter schools that focuses on science, technology, engineering and math (STEM). The sales price was undisclosed.
NEW YORK CITY — Fisher Bros. has completed the $20 million renovation of 299 Park Avenue in Manhattan. The company partnered with Rockwell Group for the design of the project, which included upgrades to the lobby, elevators and exterior façade, as well as the addition of a digital art display. Fisher Bros. owns the 1.2 million-square-foot building and houses its office headquarters within the property.
VERNON, CALIF. — MetroGroup has funded $15.5 million in bridge refinancing for the undisclosed owner of a 270,000-square-foot property in Vernon. The asset is fully occupied by the owner’s start-up company, which provides studio space to film and television production companies. The borrower is converting the property from a corporate headquarters building into a flex, office and industrial space. Ivan Kustic of MetroGroup arranged the cash-out refinancing that the borrower used to retire a higher-rate maturing loan and provide working capital.
NEW YORK CITY — Taconic Partners and Nuveen Real Estate have unveiled plans to redevelop 125 West End Avenue into a life sciences and research building. Broadcaster ABC has occupied the property as part of its New York City headquarters since 1985 but plans to vacate in January 2021. Chrysler originally constructed the eight-story, 400,000-square-foot property in 1929 as an automotive facility. The New York Times is also a former owner and tenant. The building features floorplates of more than 50,000 square feet, ceiling heights ranging from 13 to 16 feet, multiple access points and views of the Hudson River. Taconic and Nuveen purchased the property in late 2019 for $230 million. Plans call for a mechanical plant, purpose-built lab infrastructure, a new façade, roof terrace and conference center. The developers are still evaluating options for the remainder of the site, which includes a six-story, 131,000-square-foot television studio building and a 1.2-acre development parcel. Construction is slated for completion in 2023. The project team includes architect Perkins+Will and engineer JB&B. The development will feature several environmental sustainability features and is on track to achieve LEED Gold certification. Estimated development costs were not disclosed, though LoanCore Capital did provide a $181 …
COLUMBIA, MD. — Newmark Knight Frank (NKF) has arranged the sale of a six-building, 253,079-square-foot office portfolio in Columbia. At the time of the sale, the properties were leased to more than 20 tenants, including Liberty Mutual Insurance, AXA, Howard Chamber of Commerce and State Farm. The portfolio is located at 6200-6250 Old Dobbin Lane, 16 miles southwest of downtown Baltimore. Richmond, Va.-based real estate investment bank John B. Levy & Co. and an affiliate of Fernau LeBlanc Investment Partners acquired the portfolio for an undisclosed price. Cris Abramson, Nicholas Signor and Ben McCarty of NKF represented the undisclosed seller in the transaction.
FORT WAYNE, IND. —Marcus & Millichap has brokered the sale of a 7,631-square-foot office building in Fort Wayne for $1.1 million. The property is located at 1020 E. Dupont Road. It was fully occupied by two tenants at the time of sale. In 2018, the property underwent improvements such as new LED lighting, HVAC units, carpet and a roof replacement. Jordan Klink and Nick Weaver of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, a Fort Wayne-based limited liability corporation. Agents from Marcus & Millichap’s San Diego office represented the undisclosed buyer.
BOSTON — JLL has negotiated the $72 million sale of a 228,912-square-foot creative office building located at 20 Guest St. in Boston. Designed by architecture firm ADD Inc. and completed in 2000, the property is located near the Boston Landing mixed-use development and was fully leased to seven tenants at the time of sale. Coleman Benedict, Kerry Hawkins and Ben Sayles of JLL represented the seller, NB Development Group, in the transaction. The buyer was a partnership between Griffith Properties LLC and Artemis Real Estate Partners.
