CINCINNATI — NorthMarq has arranged a $3.4 million loan for the refinancing of Eastgate Professional Office in Cincinnati. The 36,000-square-foot office property is located on Ferguson Road. Susan Branscome of NorthMarq arranged the seven-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan.
HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of 1225 North Loop, a 200,418-square-foot office building in Houston. The 11-story property is located near the city’s River Oaks, Tanglewood and Memorial Village neighborhoods. Michael Johnson, Jett Lucia and Robby Derrick of JLL placed the loan, which carried a 25-year term and a fixed interest rate, through CUNA Mutual Group. The borrower was 1225 North Loop Investments Inc.
HOUSTON — Burns & McDonnell, a Missouri-based, employee-owned engineering, architecture and construction firm, has extended and expanded its office lease at 1700 West Loop South in Houston. The company has grown its footprint at the building, which is owned by Virginia-based Lingerfelt CommonWealth Partners LLC, from 158,000 square feet to 218,000 square feet, and plans to hire an additional 300 employees by 2021. Scott Fikes and Jenny Mueller of JLL represented the landlord in the lease negotiations. Joe Peddie of Cushman & Wakefield represented Burns & McDonnell, which has about 7,000 employees across 50 offices worldwide.
RALEIGH, N.C. — KBS has sold CapTrust Tower, a 300,389-square-foot office tower in Midtown Raleigh, to Preferred Office Properties. KBS originally bought the tower in 2013 in a joint venture with Kane Realty Corp, which will stay on as a partner with Preferred Office Properties, a subsidiary of Atlanta-based Preferred Apartment Communities. Kane Realty built the tower, which was fully leased at the time of sale to tenants including CapTrust, Wells Fargo, PWC, Wasserman, Insight Global and Kilpatrick Townsend. CapTrust Tower offers nine floors of office space atop a six-story parking garage with a restaurant on the ground level. Patrick Gildea, Will Yowell, Ben Kilgore and Chandler Hawkins of CBRE represented the sellers in the transaction. The sales price was not disclosed.
FORT LAUDERDALE, FLA. — Harbor Group International has acquired 1340 Concord, a 100,710-square-foot, single-tenant office building in Fort Lauderdale, for $32.5 million. The buyer is planning for the property to undergo renovations, though details were not disclosed. The building, which technology firm Ultimate Software Group Inc. fully occupies, features three stories with flexible single-floor or whole-building floorplans. The seller was not disclosed.
HERNDON, VA. — Griffin Capital has signed a 270,000-square-foot office lease with a Fortune 100 company in Herndon. Griffin did not release the name of the tenant, though several media outlets report it is Amazon Web Services. The 12-year lease is expected to commence in April 2020 when Griffin completes renovations at 13820 Sunrise Valley, a 10-story office building. Situated about 25 miles west of downtown Washington, D.C., the office building has been undergoing renovations since 2018 when its previous tenant, Time Warner Communications, consolidated its space and broke its lease. Griffin was able to use the money from Time Warner’s buyout to immediately begin upgrading the building. Furthermore, the property is situated about 20 miles northwest of National Landing, where Amazon’s announced HQ2 will be located.
MILPITAS, CALIF. — Embarcadero Capital Partners and PCCP have purchased Park Point, a recently renamed office/R&D campus located at 115-155 N. McCarty Blvd. in Milpitas. Los Angeles-based Hudson Pacific Properties sold the asset for an undisclosed price. Situated on 30 acres, the campus features three buildings totaling approximately 472,000 square feet. The buyers retained HOK, a global design, architecture, engineering and planning firm, to revitalize the property into a contemporary, creative workplace. Jeff Arrillaga, Shawn Kellenberger and Michael Saign of Newmark Knight Frank’s Silicon Valley offices represented the seller in the transaction.
SYOSSET, NEW YORK — Locally based investment firm Milvado Property Group has acquired two office properties on the Long Island city of Syosset for $18.7 million. The properties, 6801 and 6901 Jericho Turnpike, total 220,000 square feet. The locations offer close access to the Long Island Railroad, as well as tJFK, LaGuardia and MacArthur Airports. Gary Gabriel, David Bernhaut and Andrew MacDonald of Cushman & Wakefield represented the seller, The Rosmarin Family, in the transaction.
PISCATAWAY, N.J. — Colliers International has arranged the $11.5 million sale of Washington Plaza, a Class A office property in Piscataway, located in northeast New Jersey. The 200,000-square-foot property is located at 1551 South Washington Ave. Eight tenants occupied less than 50 percent of the building at the time of sale. Jacklene Chesler, Matthew Brown, Frank Summers, Michael Tesser and Ryan Haggerty of Colliers represented the buyer and seller in the transaction. Both parties requested anonymity.
SOUTH BEND, IND. — KTGY Architecture + Planning has revealed the design of the Barnes & Thornburg Building, a new office development in downtown South Bend. Law firm Barnes & Thornburg LLP will anchor the project. Co-developed by Great Lakes Capital, Bald Mountain LLC and Norris Equity Partners, the five-story building will be situated at 201 S. Main St. It marks the first downtown Class A office project in nearly 20 years. The project, consisting of 35,531 square feet of office space and 6,537 square feet of street-level retail space, is slated for completion in summer 2021.
