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.
EL PASO, TEXAS — Global insurance brokerage firm HUB International has leased 13,000 square feet at WestStar Tower, a 20-story, Class A office building under construction in downtown El Paso. Other tenants committed to the project include Corralito restaurant as well as WestStar Bank and Hunt Cos. Will Brown and Adin Brown with Sonny Brown Associates are leading the leasing effort for office and retail users, as well as sales efforts for the project’s office condominiums. HUB has more than 475 offices worldwide employing 12,000 people.
BELLEVUE, WASH. — Skanska has unveiled plans for The Eight, an office tower located at the intersection of NE Eighth Street and 108th Avenue NE in downtown Bellevue. Totaling 540,000 square feet, the 25-story office building will offer large, flexible floor plates, seven alternating indoor/outdoor balconies, 7,000 square feet of open public space and 12,000 square feet of ground-floor retail space, as well as a 1,200-square-foot retail pavilion. Tenant amenities at The Eight will include a dedicated floor for tenant event spaces; a health and wellness center with an outdoor patio; an outdoor deck with seating; bicycle commuter facilities; and electric car and bike charging. Skanska acquired the land for The Eight in July 2018 and currently is finalizing design for final administrative design review and approval from the City of Bellevue.
WASHINGTON, D.C. — JLL has arranged a $68.5 million refinancing loan for 1750 K St., a 165,604-square-foot office building in Washington, D.C. Bridge Investment Group provided the floating-rate loan to the borrower, Mirae Asset Global Investments. The 12-story property is fully leased to five tenants and is located within D.C.’s Golden Triangle neighborhood. Cary Abod, Rob Carey and Andrew Weir of JLL arranged the loan on behalf of the borrower.
CHICAGO — Summit Design + Build LLC has completed the construction of 1040 W. Fulton, a five-story, 42,000-square-foot office building in Chicago’s Fulton Market district. Floors four and five will serve as the new headquarters for Summit. The project also features ground-floor retail space, a green roof and basement parking. Summit used heavy timber construction for the project. The building is the first multi-story mass timber building in the city of Chicago in 50 years, according to Summit. The project team included Hartshorne Plunkard Architecture, Eastlake Studio, Carr Realty Advisors, IMEG Corp., Weaver Consultants Group and WT Engineering. Chad Schroedl, Scott Maesel and Drew Dillon of SVN Chicago Commercial are the building’s leasing agents. First Bank of Highland Park provided construction financing.