STAMFORD, CONN. — Colliers International has arranged two office leases in Stamford, for a total 15,320 square feet. Law firm McCarter & English LLP has renewed a long-term lease for 11,058 square feet in the Canterbury Green building. Spruce Investment Advisors has renewed a five-year lease for 4,262 square feet in the 1 Stamford Plaza building. Jeffrey Williams and Hollis Pugh of Colliers arranged both leases. RFR Realty owns both properties.
FRIENDSWOOD, TEXAS — Locally based developer Virgata Property Co. will build Virgata Commons, a 14-acre retail and office project in Friendswood, located south of Houston. Phase I will deliver 20,000 square feet of retail space that is currently 85 percent preleased to tenants such as Orangetheory Fitness, MOD Pizza, Chipotle Mexican Grill and Chick-fil-A. Construction of Phase II is scheduled to begin in early 2020 and will feature an additional 30,000 square feet of retail and office space.
PALO ALTO, CALIF. — Longfellow Real Estate Partners has purchased Palo Alto Technology Center (PATC), a life science and technology campus in Palo Alto. KBS sold the 10-building asset for $205 million. Located at 1800-1850 Embarcadero Road and 2445-2465 Faber Place, PATC offers a total of 259,586 square feet of life science and technology space. At the time of sale, the campus was 99 percent leased to a variety of tenants, including Stanford, Bill.com, Aurora Innovation and Eversight. Greg Cioth, Paul Nelson, Nate Jones and Kurt Chong of Eastdil Secured represented the seller, while Longfellow was self-represented in the transaction.
SAN JOSE, CALIF. — Federal Realty Investment Trust has started construction on One Santana West, the newest edition to Santana Row in San Jose. The project includes a 360,000-square-foot office building and 1,750 parking spaces spread across a five-story parking garage and two floors of below-grade parking areas. One Santana West is the first phase of the up to 1 million-square-foot Santana West development that will adjoin Santana Row, a mixed-use neighborhood. Located at corner of Winchester Boulevard and Olin Avenue, the eight-story One Santana West will feature floorplates up to 54,000 square feet, 13-foot clear heights, direct access to parking, a plaza and terraces on the second, seventh and eighth floors. Completion is slated for first-quarter 2021. The adjacent 360,000-square-foot Two Santana West is scheduled for delivery in the first quarter of 2022. San Francisco-based Studios Architecture is serving as architect and Devcon Construction is serving as general contractor. Newmark Knight Frank is the leasing agent for the project.
BELLEVUE, WASH. — Newmark Knight Frank has arranged the sale of Corporate Campus East III, an office complex in Bellevue. TA Realty sold the property to a joint venture between Steelwave and Ares Management for $55.2 million. Situated on 11.7 acres at 3001, 3005, 3009 and 3015 112th Ave NE, the four-building campus features 154,765 square feet of office space. Built in the mid-1980s, the asset underwent a major renovation in 2015. At the time of sale, the property was 90 percent occupied. On-site amenities include a cafeteria, plaza, canopies, outdoor benches and seating areas, and ample parking. Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll and Bill Delacy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.
LIMERICK, PA. — RedGo Development has broken ground on a 25,000-square-foot office property in Limerick, a city located northwest of Philadelphia. The property will serve as the new headquarters of Maillie LLP, an accounting firm operating in the northeast. Avison Young is the construction manager; Customers Bank is the lender; D2 Groups is the designer; and Fickler Construction is the general contractor. Construction is underway and slated for completion in the summer of 2020.
MIAMI — Cushman & Wakefield has negotiated the $7.7 million sale of Bank of America Center, a six-story, 68,174-square-foot office building in Miami. Bank of America Center is situated at 1313 N.W. 36th St. within an Opportunity Zone. The property was 88.8 percent leased at the time of sale to tenants including Bank of America and the Miami-Dade State Attorney’s office. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Tony Jones and Frank Begrowicz of Cushman & Wakefield represented the seller, an investment group affiliated with Golden Sands. This is the third property the investment group has sold within the same Opportunity Zone since last year. Scott Sime of Sime Realty Corp. represented the buyer, New York City-based Edenderry Properties LLC. In March 2018, Edenderry Properties acquired Centennial Express Building, which is located directly east of Bank of America Center.
PHOENIX — NAI Horizon has arranged the sale of an office building, located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the asset to Curran Properties for $4.6 million. The property features 28,312 square feet of office space. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal.
RALEIGH, N.C. — JPB Raleigh Holdings has acquired Northchase Executive Center, a two-building office campus in Raleigh, for $39.8 million. The property has a total of 176,620 square feet of office space. The two buildings were built in the mid-1980s and were 95.6 percent leased at the time of sale. The previous owners invested more than $14 million in renovations across the property, which is located at 6601 Six Forks Road. Jimmy Barnes of NAI Carolantic represented the buyer in the transaction. The seller was not disclosed.
SAN JOSE, CALIF. — Verizon will co-develop and lease-to-purchase a new ground-up campus for its Verizon Media workforce at the Coleman Highline campus in San Jose. Co-developed by Hunter Properties, the new campus will support 3,400 employees, including 2,400 from Verizon Media’s current Sunnyvale, Calif., location. Verizon signed a long-term lease for approximately 640,000 square feet in multiple buildings, including a welcome pavilion and workplace amenities such as a fitness center and cafeteria. Verizon’s new campus will be part of the larger Coleman Highline mixed-use development that includes a hotel and retail and residential space, as well as communal gathering and collaboration spaces. Groundbreaking for the Verizon asset is slated for this fall, with completion scheduled for 2021. At build-out, Coleman Highline will feature more than 7,500 square feet of on-site retail options; a public market; a diverse collection of cuisine, caterers and food trucks; two dedicated retail pavilions anchored by a main plaza and promenade; an on-site hotel; more than 2,500 new housing units; and 11 acres of urban parkland. The transit-oriented project will also offer access to the Santa Clara Caltrain and Santa Clara Valley Transportation Authority stations. Gensler, a global design and architecture firm, is designing the …