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.
NEW YORK CITY —Prime Clerk, a division of financial consulting firm Duff & Phelps, has signed a 52,000-square-foot office lease expansion at Liberty Bklyn, a 1.3 million-square-foot industrial and office waterfront redevelopment in Brooklyn. The tenant is expanding from its current 18,940-square-foot space on the fourth floor to an additional and adjacent 11,761-square-foot unit on the same floor and 21,000 square feet on the third floor. Madison Capital and Salmar Properties are the owners of Liberty Bklyn, which is located in Sunset Park and was formerly known as Liberty View Industrial Plaza.
HOUSTON — Vari, a Dallas-based provider of innovative office furniture like sit-stand desks, has opened a sales office and product showroom in Houston’s Memorial City District. Locally based developer Radom Capital LLC has also hired Vari to outfit 18,000 square feet of workspace in a historic 1930s landmark, the Star Engraving Building, located near River Oaks. Vari has also opened showrooms in Austin, Baltimore, Denver, Phoenix and Washington D.C., in the past year.
PHOENIX — Cypress West Partners has purchased two single-story medical office buildings located at 2264 and 26232 N. Tatum Blvd. in Phoenix for an undisclosed price. Known as Tatum Highlands Medical and Dental, the medical campus features a 27,204-square-foot medical office and a 5,667-square-foot dental office. The two properties were built in 1998 and 2000. At the time of sale, the property was 87 percent occupied. Tenants include HonorHealth Medical Group, Desert Sun Pediatrics and Jet Set Smiles Pediatric Dentistry. The Southern California-based healthcare investment, leasing and property management firm was self-represented in the joint venture transaction with private investors, while Aaron Kuhl represented the seller, a public REIT, in the deal. The transaction marks Cypress West’s 10th acquisition in the Arizona medical office market totaling 428,000 square feet.