CHANTILLY, VA. — KLNB’s capital markets team has brokered the $9.2 million sale of a 21,540-square-foot medical office building located at 24801 Pinebrook Road in Chantilly, about 34 miles west of Washington, D.C. Seattle-based Elliott Bay Capital Trust purchased the facility, which was fully leased to Inova Health System at the time of sale. Joe Friedman and Josh Norwitz of KLNB represented the seller in the transaction. Friedman also represented the previous owner when it purchased the property in 2008.
NEW YORK CITY — Marcus & Millichap has brokered the $16.1 million sale of a 106,642-square-foot office building in Midtown Manhattan. The 16-story building is located at 254-258 W. 35th St. and was originally constructed in 1924 as a garment manufacturing facility. Eric Anton and John Stewart of Marcus & Millichap represented the undisclosed seller in the transaction. The duo also procured the buyer, a local private investor that similarly requested anonymity,
LOS ANGELES — The Los Angeles City Council approved plans for the $1 billion redevelopment of Television City studios at 7800 Beverly Blvd. on Tuesday, according to reports by the Los Angeles Times. The landmark property was designed by architect William Pereira and developed in 1952. The studios have since been home to TV programs including “The Carol Burnett Show,” “The Ed Sullivan Show,” “Wheel of Fortune,” “Good Times” and “All in the Family.” The redevelopment project is headed by Hackman Capital Partners, which acquired the property from CBS in 2018 for $750 million. Multiple plans for the site have been submitted over the course of the past two years due to pushback from the local community, according to the LA Times. Owners of nearby establishments including A.F. Gilmore Co. of the Original Farmers Market and Grove LLC — which owns The Grove shopping center developed by Rick Caruso — have sided with neighborhood groups against the project claiming it was too big and would make local traffic significantly worse, according to the newspaper. In response to these requests, Hackman worked with the city council to produce the recently approved plans for the project, which include the removal of 15-story, 150,000-square-foot office tower …
WASHINGTON, D.C. — BXP, a publicly traded office REIT that was previously known as Boston Properties Inc., has closed on its purchase of 725 12th Street, a 12-story office building in Washington, D.C.’s East End. The Boston-based firm acquired the 300,000-square-foot property for $34 million. The seller was not disclosed. BXP plans to demolish the office building and redevelop the site to make way for a new 320,000-square-foot, Class A office property. The REIT recently signed law firm McDermott Will & Emery to occupy approximately 150,000 square feet across the top five levels of the new office development. Lou Christopher, Jordan Brainard, Rob Copito and Clay Hammerstein of CBRE represented McDermott Will & Emery in the lease negotiations. Evan Behr of JLL represented the landlord. BXP expects to deliver the new office building in late 2028.
NEW YORK CITY — Evergreen Trading has subleased 20,309 square feet of office space at One SoHo Square in Manhattan. The media investment agency will relocate from 99 Hudson St. in the first quarter, doubling its footprint for the ensuing seven-year lease term. Michael Berman of JLL represented Evergreen Trading in the sublease negotiations. Zev Holzman of Savills represented the undisclosed sublessor. Stellar Management owns the property.
YORBA LINDA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Home Ranch Commons, a mixed-use medical and retail property in Yorba Linda. Greenbridge Partners sold the asset to Optimus Properties LLC for $35.6 million. Tom Lagos, Mark DeGiorgio, Jose Carrazana and Patrick Toomey of IPA represented the seller in the transaction. Built in 1984 and renovated in 2018, the 60,737-square-foot Home Ranch Commons is co-anchored by UCI Health and Kiddie Academy. Additional tenants at the property include Blue Agave, YL Family Chiropractic, Bodhi Leaf Trading Co., Coder School and Torkian Aesthetic Center.
RESTON, VA. — CARFAX, an automobile history reporting platform based in Centreville, Va., has signed an 87,000-square-foot office lease at Reston Station, a mixed-use development about 20 miles west of Washington, D.C. CARFAX will occupy three floors of the office building at 1906 Reston Metro Plaza, which will serve as the company’s new corporate headquarters. The landlord, Comstock Holding Cos. Inc., says CARFAX plans to move into its new space by the end of the year. Reston Station spans 90 acres near the Wiehle-Reston East Station on Metro’s Silver Line features more than 500 residential units, shops, restaurants and offices for companies including Google, ICF International and Spotify.
PLANTATION, FLA. — CBRE has arranged a $30.2 million loan for Cornerstone One, a nearly 170,000-square-foot office building located at 1200 S. Pine Island Road in the Fort Lauderdale suburb of Plantation. Amy Julian and Andrew Chilgren of CBRE arranged the bank balance sheet loan. The names of the borrower and direct lender were not disclosed, but multiple media outlets report that The Brookdale Group purchased the property in 2023. Julian says that the owner has executed nearly 90,000 square feet of leasing activity at Cornerstone One over the past two years. The landlord also plans to overhaul the office building’s lobby, upgrade the patios and install move-in ready spec suites.
BETHESDA, MD. — CP Group has executed nearly 35,000 square feet of leasing activity at CapRock, a three-building office campus in Bethesda spanning 709,313 square feet. The deals include four new tenants relocating from their Maryland and Northern Virginia offices, including insurance firm NFP (18,074 square feet), Montgomery County Employee Retirement Plans (10,564 square feet), endocrinology practitioner Ryse Health (2,929 square feet) and nonprofit medical tenant Hydrocephalus Association (2,328 square feet). Bernie McCarthy, Amanda Davis, Danny Sheridan and Patrick Hall of JLL represented CP Group in all four lease transactions at CapRock, which was formerly known as Democracy Center. CP Group rebranded the complex in 2023 as part of an ongoing capital improvement program at the development.
NEW YORK CITY — Locally based investment firm Williams Equities has acquired 470 Park Avenue South, a 300,000-square-foot office complex in Midtown Manhattan, for $147.5 million. Known locally as The Silk Building, 470 Park Avenue South is located between 31st and 32nd streets and consists of two interconnected buildings that rise 12 and 18 stories. The property also features ground-floor retail space and amenity spaces that support collaborative work and outdoor congregation and socialization. Will Silverman of Eastdil Secured represented the seller in the transaction. Jessica Verdi and Mac Roos of Colliers, along with internal agents Michael Cohen, Andrew Roos, Robert Getreu and William Stempel, represented Williams Equities.