CHICAGO — SVN | Chicago Commercial has arranged the sale of an entire city block located at 400 N. May St. in Chicago’s Fulton Market. The block is comprised of a 75,000-square-foot timber and beam office building and 43,000 square feet of land currently being used as a parking lot. Stephen Cusano, Chad Schroedl, Drew Dillon and James Mead of SVN represented the seller, May St. Investments LLC, which owned the property for over 30 years. MCZ Development purchased the property.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a multi-tenanted commercial office and retail building located at 224 Fifth Avenue in Manhattan. An undisclosed buyer acquired the property for $21 million. Originally built in the mid-19th century and significantly altered in 1980, the six-story building features 15,949 square feet of office and retail space. The building has floor plates that range from 2,600 square feet to 2,827 square feet and is currently leased to three office tenants and one retail tenant, 7-Eleven. John Ciraulo and Craig Waggner of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEWTON, MASS. — Chatham Investment has completed the disposition of an office building located at 29 Crafts St. in Newton. Capasso Realty acquired the property for $13.9 million. Anchored by W.T. Rich Co., Steward Health Care System and Capital Advisors Group, the five-story property features 66,825 square feet of office space and 190 on-site parking spaces. Robert Griffin, Edward Maher, Matthew Pulled, Samantha Hallowell, Christian Brannelly and Drew Nelson of NKF represented the seller in the deal.
WEST CHESTER, PA. — CBRE has brokered the sale of West Chester Office Plaza, a five-building office portfolio located at 790 E. Market St. in West Chester. High Associates sold the complex to Maguire Hayden Real Estate Co. for $12.5 million. Situated on 8.3 acres, the 116,621-square-foot complex is currently 90 percent occupied by 48 tenants, including American Precision Industries, ESCFederal, Women’s Health Care Group of PA and BackOffice Thinking and Kinetic Prosthetics. Stephen Marzullo and Adam Silverman of CBRE represented the seller in the transaction.
ARCADIA, CALIF. — Positive Investments has acquired Towne Centre Office Building, an 83,250-square-foot office building in Arcadia, for $25.6 million. The eight-story building is located at 150 N. Santa Anita Ave. The asset is 97 percent leased. Bank of America anchors the property, which was built in 1972. Mark Evanoff and Andrew Berk of Avison Young represented the seller, a San Francisco-based family trust, in this transaction. The buyer represented itself.
SAN DIEGO — MedImpact has announced plans to expand in San Diego. The pharmacy benefit manager has started construction of its second corporate headquarters campus building in the Scripps Ranch submarket. The 158,000-square-foot building will be located at 10159 Scripps Gateway Court. It is an extension of MedImpact’s existing corporate headquarters building. Watermark Building 2 will include a large outdoor courtyard for casual meetings, social gatherings and exercise. A pedestrian bridge will connect the two buildings in the outdoor courtyard. Completion is scheduled for December 2018. Sudberry Properties is the development and construction manager for MedImpact.
CHICAGO and PHILADELPHIA — Equity Commonwealth (NYSE: EQC) has agreed to sell a two-property office portfolio for $670 million. The properties feature a total of 2.4 million square feet and are located in Chicago and Philadelphia. One of the properties included in the transaction is a 1.5 million-square-foot office building located at 600 W. Chicago Ave. in Chicago. Sterling Bay acquired the property for $510 million. The space serves as the headquarters for Groupon. It formerly served as a Montgomery Ward catalog warehouse. The sale marks a full departure from the Chicago office market for Sam Zell, chairman of Equity Commonwealth. Equity Commonwealth also sold an 826,000-square-foot property at 1600 Market St. in Philadelphia for $160 million. The 40-story building was built in 1983 just a block away from City Hall. The asset is 84 percent leased. The buyer was not disclosed. Equity Commonwealth sold off a bundle of assets in the last quarter of 2017. This included a two-property, 15-building office portfolio in Moon Township and Pittsburgh, Pa., for $71 million; a 131,000-square-foot office building at 789 E. Eisenhower Parkway in Ann Arbor, Mich., for $24.9 million; a 175,000-square-foot industrial property in North Haven, Conn., for $10.5 million; and a …
PLANO, TEXAS — General Dynamics Mission Systems Inc., a Virginia-based defense contractor, will relocate from Richardson to a 104,000-square-foot office space located at 1000 Klein Road in Plano. The City of Plano provided an economic grant for the move, which is expected to bring an additional 280 jobs to Plano, according to the agenda from the Plano City Council’s most recent meeting. The deal calls for 250 of those jobs to be operational by the end of May.
HOUSTON — Williams, a Tulsa-based natural gas infrastructure operator, has renewed its 353,944-square-foot office lease at its namesake tower in Houston’s Galleria neighborhood. The company currently has about 700 employees in the 1.5 million-square-foot building, which was developed by Hines in the early 1980s. Ronnie Deyo and Beau Bellow of JLL represented Williams in the lease negotiations. Dave Hanusa, Bonnie Kelley-Dienna and Jason Presley of CBRE represented the landlord, Invesco Real Estate. Following this renewal, the tower is 92 percent leased.
NEW YORK CITY — HFF has arranged $12.5 million in refinancing for 135 Bowery, a boutique creative office building in Manhattan’s Midtown South technology corridor. The borrower is a joint venture between Caspi Development and RWN Real Estate Partners. Steven Klein and Alex Staikos of HFF secured the five-year, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used to refinance a construction loan on the property. Originally built in 1900 and redeveloped in 2016, the eight-story, 21,308-square-foot building features a ground-floor retail space occupied by a high-end restaurant, and full-floor loft office units above. The office spaces feature collaborative open floor plates, 10-foot ceilings, reclaimed wood details, custom kitchenettes, conference rooms and two suites that offer private terraces with city views. The property is fully occupied by tenants, including lola/VFX, Bullish, Tradewind, breather, Martin Lui & Associates, Minds+Assembly and RTS Ventures.
