DALLAS — Knighthead Funding, a direct lender with offices in Connecticut and Florida, has provided a $26.9 million acquisition loan for a portfolio of industrial flex buildings in Dallas. The portfolio spans approximately 152,000 square feet across 12 obsolete buildings, all of which are located in the Dallas Design District. The borrower, locally based investment firm Quadrant Investment Properties, plans to convert the properties into single- and multi-tenant office buildings. A portion of the proceeds will be used to fund tenant improvements and leasing costs.
HOUSTON — Law firm Weycer, Kaplan, Pulaski & Zuber PC has signed a 16,768-square-foot office lease at Weslayan Tower, a 20-story building located at 24 Greenway Plaza in West Houston. Granite Properties owns the 509,077-square-foot, Class A building, which features a recently upgraded lobby, fitness center and outdoor workspace. Kevin Kushner of CBRE represented the tenant in the lease negotiations. Jon Dutton and Steve West represented Granite Properties internally.
BURLINGTON, N.J. — Wolf Commercial Real Estate (WCRE) has negotiated a 2,918-square-foot office lease for Vitality Hospice Care in Burlington, a southern suburb of Trenton. The space is located within a 63,400-square-foot office building at 460 Veterans Drive. The Class B office property was constructed in 1984 and offers convenient access to the New Jersey Turnpike, the New Jersey Transit River Line station and Interstate 295. Kevin Coleman and Victor DeJesus of WCRE represented Vitality Hospice Care in the lease negotiations. The team also represented the landlord, H & W Holding Group LLC.
HOUSTON — Google has leased office space at 3663 Washington Ave. in the Buffalo Heights mixed-use development in Houston, according to reports from several local media outlets, including The Houston Chronicle, which first reported the news. The office will be Google’s first in Houston and will serve the California-based tech giant’s cloud technology sales division. CultureMap Houston, a publication covering the city’s lifestyle and restaurant scene, reports that the office will open in early 2021. Buffalo Heights is a mixed-use development by BKR Memorial and Midway that features office and multifamily uses, as well as a retail component anchored by an H-E-B grocery store.
SAN FRANCISCO — Gantry has secured $33.3 million in permanent financing for adjacent office buildings in the East Bay region of San Francisco. The assets include a 70,000-square-foot, special-purpose office building and a 65,000-square-foot medical office building. The borrower, a local developer, built both assets under long-term ground leases. Andrew Mekjavich and Ben Johnson of Gantry’s San Francisco office worked with the owner to structure two 10-year, fixed-rate loans with two unique lenders, both on a non-recourse basis. The borrower used the financing to retire the existing debt and execute a business plan, details of which were not disclosed.
HOPEWELL, N.J. — A partnership between full-service real estate firm Lincoln Equities Group and New York City-based H.I.G. Realty Partners has acquired Princeton West Innovation Campus, a 1.2 million-square-foot life sciences property in Hopewell, New Jersey. The 433-acre development, which is located about seven miles from Princeton University, is the former campus of Bristol Myers Squibb (BMS). The New York City-based biopharmaceutical firm announced in late 2016 that it would gradually begin ceasing operations and shutting down the campus, according to centraljersey.com. The sales price was not disclosed, but the property flyer notes that BMS had invested more than $500 million in capital improvements to the campus prior to the sale. “Given the current public health crisis, we anticipate pharmaceutical and life sciences manufacturers to consider ‘reshoring’ and expanding operations in the United States,” says Joel Bergstein, president of Lincoln Equities. “This spacious, modern BMS campus — located in the center of ‘Einstein’s Alley’ in Central New Jersey — is a prime location for continued innovation and expansion.” Lance Bergstein, an acquisition and development officer at Lincoln Equities, pointed to the region’s skilled and qualified workforce as another key driving factor behind the acquisition. “New Jersey has one of the …
MARLBOROUGH, MASS. — Newmark Knight Frank (NKF) has brokered the $66 million sale of The Campus at Marlborough, a 531,916-square-foot office campus in Marlborough, about 30 miles west of Boston. Situated on 121 acres at 100 Campus Drive, the complex features four interconnected buildings, including three office buildings and one amenity building. Amenities include a full-service cafeteria, Starbucks coffee shop, fitness center, 300-person auditorium, conference facilities, outdoor seating areas, walking trails and basketball and volleyball courts. At the time of sale, the property was 76 percent leased to a five-tenant roster anchored by the global headquarters of medical technology company Hologic. Robert Griffin, Edward Maher and Matthew Pullen led an NKF team that represented the seller, Houston-based Hines, in the transaction. Greatland Realty Partners was the buyer. Lauren O’Neil, Andrew Gray and Henry Schaffer of JLL arranged acquisition financing through Brookline Bank on behalf of Greatland Realty.
NEW YORK CITY — Goodwill Industries has renewed its 30,800-square-foot office lease for its corporate headquarters in Brooklyn. The the nonprofit organization leases the entire third floor of an office building located at 25 Elm Place that previously served as a J.W. Mays department store building. Goodwill has leased the office space for five years and has renewed its lease for an additional 20 years. Goodwill provides training, placement, on-the-job coaching, and retention services from this office, which is located directly across the street from the flagship Goodwill store. Stephen Powers, Arthur Skelskie and Lindsay Ornstein of Transwestern represented Goodwill in the lease negotiations. George Silva and Michael Caruso internally represented the building owner, J.W. Mays Inc. along with Robert Hebron and Rob Hebron of Ingram & Hebron Realty.
HOUSTON — Occidental Petroleum has extended its 972,145-square-foot office lease at Greenway Plaza in Houston, a deal that will keep the Houston-based energy giant at the 52-acre campus through 2031. Rima Soroka and Eric Siegrist represented the landlord, Parkway, in the lease negotiations on an internal basis. The representative of Occidental, which has occupied space at Greenway Plaza since 2017, was not disclosed. The company also added about 92,000 square feet of space to its footprint earlier this year.
FARMERS BRANCH, TEXAS — Locally based developer Centurion American is underway on construction of Three Hickory Centre, a 103,000-square-foot office project that will be located within the 290-acre Mercer Crossing mixed-use development in Farmers Branch. The building will be situated on five acres, and the site offers direct access to Interstates 635 and 35, as well as the George Bush Turnpike. Completion is slated for December. Younger Partners is handling leasing of the property.