FLORHAM PARK, N.J. — CBRE has negotiated two office leases totaling 6,200 square feet at 23 Vreeland Road in Florham Park, about 30 miles west of New York City. International export company Hockman-Lewis inked a 4,600-square-foot lease, while law firm Bakos & Kritzer committed to a 1,600-square-foot space. Jonathan Meisel, Dan Casey and Erin Wenzler of CBRE represented the landlord, Eastman Cos., in the lease negotiations. Dylan Tusinac and David DeMatteis of Cushman & Wakefield represented Hockman-Lewis, while Bakos & Kritzer was self-represented.
SCOTTSDALE, ARIZ. — Exeter Property Group has purchased 92 Mountain View, an office property located in north Scottsdale, a suburb of Phoenix. Equus Capital Partners sold the asset for $19.2 million. The transaction completes the seller’s disposition of its two-property, 223,249-square-foot office portfolio, including the previously announced sale of Scottsdale Gateway I. CVS Health occupies 89 percent of the 116,200-square-foot property, which shares fiber connectivity with the main CVS Caremark campus that is near the building. Additionally, the property is adjacent to HonorHealth Scottsdale Shea Medical Center, a 433-bed, full-service, acute-care hospital. Ben Geelan, Andrew Milne and Michael Legget of JLL represented the seller, while John DiVall provided in-house representation for the buyer in the deal. John Chun and Tim Brousse, also of JLL, advised from a debt and structured finance perspective.
EL SEGUNDO, CALIF. — Boston Properties has acquired a 50 percent interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in El Segundo. Continental Development, a developer and owner of Class A properties in the El Segundo and South Bay submarkets of Los Angeles, is another partner in the joint venture. The site is fully entitled to support the future development of approximately 275,000 square feet of Class A creative office space. The Media Campus is the western border of Continental Park, a 3 million-square-foot, 86-acre office and mixed-use campus.
LEWISVILLE, TEXAS —Bright Realty has completed Crown Centre at Castle Hills, a 109,000-square-foot office building in the northern Dallas suburb of Lewisville that represents Phase I of the locally based developer’s Crown Centre mixed-use project. The four-story, Class A property is the first of more that 35 buildings that will ultimately comprise Crown Centre. Upon completion, the development will consist of 35 buildings featuring 3 million square feet of office space, 2,000 apartments, 140,000 square feet of dining and retail space, and 500 hotel rooms interconnected by extensive walking trails lined. Hill & Wilkinson served as the general contractor for the office building.
OMAHA, NEB. — McCarthy Building Cos. has completed construction of the Omaha VA Ambulatory Care Center, an $86 million, 157,000-square-foot outpatient facility for veterans. The property includes seven primary-care units, an outpatient surgery suite and a specialty medicine unit allowing 400 additional patients to visit the clinic each day, as well as a dedicated women’s health clinic area. The new facility, which is connected to the existing 12-story VA Medical Campus, will open to patients this month. This is the first center in the country to take advantage of the C.H.I.P.I.N. for Vets Act passed through Congress in 2016, according to McCarthy. Under the law, the VA is permitted to accept private donations to complete construction projects. The VA entered a public-private partnership with nonprofit group Veterans Ambulatory Center Development Corp. (VACDC) to save taxpayers roughly $30 million. The law also requires the builder to use innovative delivery techniques that fall outside federally prescribed specifications and methods. Such initiatives include subsurface utility mapping, virtual design and construction, and using a design-assist subcontracting approach instead of a hard-bid approach. McCarthy claims it completed the project four months ahead of schedule. “Breaking from the traditional design-bid-build delivery format allowed for creative solutions, more …
BOSTON — Newmark Knight Frank (NKF) has negotiated the $42.4 million sale of 8 Newbury Street, a 17,023-square-foot office and retail building located in Boston’s Back Bay area. A Rolex flagship store occupies the ground- and second-floor retail spaces of the property, which was originally built in the 1920s. Robert Griffin, Geoffrey Millerd and Paul Penman of NKF represented the seller, a joint venture between UrbanMeritage and L&B Realty Advisors, in the transaction. The trio also procured the buyer, a partnership between Chile-based family office Corso and GLL Real Estate Partners, an international real estate fund manager based in Germany.
SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the disposition of Scottsdale Gateway I, a medical office building located on 8.5 acres in Scottsdale. An undisclosed buyer acquired the property for $27 million. Built in 1998, the 107,049-square-foot building features a two-story atrium lobby, 58,000-square-foot floor plates and a parking ratio of 5.8 cars per 1,000 square feet, as well as additional development potential. At the time of sale, the building was 96 percent occupied. Scottsdale Gateway I is located adjacent to Honor Health’s 427-bed Scottsdale Shea Medical facility. The property was originally part of a two-building office portfolio that Equus acquired in 2014 on behalf of BPG Investment Partnership IX, a discretionary fund managed by the firm. Benjamin Geelan and Andrew Milne of JLL represented the seller in the deal. Bryan Taute of CBRE served as leasing agent on the assignment.
LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has acquired Television Center, a creative office and production campus located on 6.4 acres in the Hollywood submarket of Los Angeles. Terms of the transaction, including seller and acquisition price, were not released. The 200,000-square-foot property was the original headquarters of Technicolor and the studio lot for Metro Pictures, a silent filmmaker and forerunner of Metro-Goldwyn-Mayer. The previous owner updated the property from its original uses and tailored the asset to the needs of traditional media, streaming media companies, television, film and digital production tenants, as well as innovative technology and design professionals. Brad McCoy, Dave Wilson and Aaron Wilder of Lee & Associates West LA represented BLT in the transaction. Bryan Kenny and Will James of Sunrise Mortgage arranged acquisition financing, while Mike Slinger, Patricia Shlageck and their teams at Chicago Title handled title and escrow. With the acquisition, BLT now owns more than 250,000 square feet of office, production and studio space in Hollywood. Last year, BLT purchased a four-stage studio lot adjacent to Television Center and established BLT Studios, serving production clients throughout the area. Earlier this year, the company also acquired two additional creative office projects within a half-mile …
NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …
HOUSTON — Locally based advertising agency Decode has signed a 13,000-square-foot office lease at M-K-T, a mixed-use development in The Heights neighborhood of Houston. Triten Real Estate Partners, Radom Capital and Long Wharf Capital are the co-developers of M-K-T. Bubba Harkins and Jenny Mueller of JLL represented the development team in the lease negotiations. Joe Rambin of Cushman & Wakefield represented the tenant. With the closing of this deal, the office component of the project is 50 percent preleased.