NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of a development site located at 1508 Herkimer St. in the Ocean Hill section of Brooklyn. Van Herk Realty sold the 20,000-square-foot site to 1508 Herkimer LLC for $12.8 million. The buyer plans to build a four-story office building on the site. Once completed, the property will be occupied by a city agency that was looking for more space. Robert Klein of KDA represented the seller, while Allison Chambers, also of KDA, represented the buyer in the transaction.
CHICAGO — RedShelf, a Chicago-based educational software company, has signed a 16,201-square-foot office lease at 500 N. Dearborn St. in Chicago. The firm had previously been subleasing 13,201 square feet on floors 12 and 13 at the same location. The new office space fosters a collaborative work environment for RedShelf. Christine Torres of Colliers International represented RedShelf in the lease transaction. Bob Zimmerman of Friedman Properties represented ownership.
NEW YORK CITY — Northwood Investors has acquired the 1180 Avenue of the Americas building in Midtown Manhattan from Chinese conglomerate HNA Group for $305 million. The 23-story, 386,921-square-foot office tower was built in 1963, and offers 13,679 square feet of ground-floor retail occupied by tenants including Chick-fil-A and T-Mobile. The fully occupied office component of the property is home to anchor tenant Scripps Networks, which occupies 126,000 square feet at the building. The company’s lease is through November 2021. Jordan Roeschlaub and Dustin Stolly of NKF Capital Markets secured $237 million in financing for the acquisition of the property. The lender was RBC Royal Bank. Founded in 2006, Northwood Investors is a privately held real estate investment advisor. The company invests alongside institutional and private clients in a broad range of real estate globally, with approximately $7 billion worth of assets under management as of Jan. 1, 2018. Haikou, China-based HNA Group is a conglomerate involved in a number of industries, including real estate, tourism, finance and logistics. The company has approximately $145 billion worth of assets, over $90 billion in annual revenues and an international workforce of 410,000 employees globally. HNA has undergone financial struggles in recent months. Following …
KINGWOOD, TEXAS — NAI Partners has secured an 8,297-square-foot office lease expansion at 900 Rockmead Drive in Kingwood, a master-planned community located about 30 miles northeast of Houston. Zach Leger and Jacob Aldridge of NAI Partners represented the landlord, C-III Asset Management, in the lease negotiations. The representative of the tenant, Humble ISD, was not disclosed.
PHILADELPHIA — HFF has arranged the $160 million sale and financing of 1600 Market Street, a 39-story office tower located in Philadelphia’s central business district. An affiliate of American Real Estate Partners acquired the 825,968-square-foot building from Equity Commonwealth for $160 million. Ryan Ade and Cary Abod of HFF secured a three-year, floating-rate loan for the buyer for the acquisition of the property. Doug Rodio and Brett Segal of HFF represented the seller and procured the buyer in the transaction.
VALENCIA, CALIF. — A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM) and Harbor Associates has purchased Commons at Valencia Gateway, a 157,000-square-foot office building in the Santa Clarita submarket of Valencia. The Class A asset is situated directly off the I-5 freeway. The price was not disclosed. The partnership intends to implement a capital improvement program to refresh vacant suites and upgrade the overall appeal of the property for tenants. It will also introduce environmental initiatives that can improve the property’s brand.
LOS ALTOS, CALIF. — Briggs Development Corp. has purchased a two-story office building in the Silicon Valley submarket of Los Altos. Though the price and square footage were not disclosed, Colliers, which executed the sale, notes the asset sold for nearly $600 per square foot. The building is located at 4410 El Camino Real, near companies like Facebook, Google, Netflix, Apple and Stanford University. Briggs plans to revitalize the Class A project and improve the building and lot. Jason Allen, Dan Bergen and Doug Marks of Colliers represented the seller, a large wealth management client.
LINCOLNSHIRE, ILL. — bswift, an Aetna company that provides healthcare technology and benefits administration outsourcing services, has signed a 3,470-square-foot office lease in Lincolnshire. The company is expanding its Chicago office and will occupy new space at 1 Overlook Point in Lincolnshire Corporate Center. bSwift chose the space because of the location, amenities and available workforce nearby, according to a news release. New amenities currently under construction at the office property include a deli, Wi-Fi lounge, conference facility, fitness center and bike room. Jonathan Metzl of Cushman & Wakefield represented bswift in the lease transaction, while Nicholas Panarese of Van Vlissingen and Co. represented ownership.
PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Plantation Corporate Center I & II, a two-building, 239,616-square-foot office portfolio in Plantation. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of Gramercy Property Trust sold the portfolio for $43.2 million. Douglas Mandel and Todd Everett of IPA arranged the transaction on behalf of the seller and procured the buyer, a joint venture between IP Capital Partners LLC and a fund managed by Westport Capital Partners LLC. Both buildings are leased to Crawford & Co. through 2021, and Centerfield and Aetna Life Insurance Co. are subleasing at the property. Plantation Corporate Center I & II is located at 1600 and 1601 S.W. 80th Terrace, within one mile of two shopping malls, retail plazas and five golf courses.
DRAPER, UTAH — Pluralsight has leased a 350,000-square-foot office property in Draper for its new worldwide headquarters. The space is located at 65 E. Highland Drive in an area known as Silicon Slopes. The enterprise technology learning company will break ground on its new office this summer. Pluralsight will lease the land from the Gardner Co./Staker Co., which owns the property and will develop Pluralsight’s new campus. Pluralsight will consolidate existing operations from Farmington and South Jordan to its new campus once it’s completed in late 2019. Newmark Grubb ACRES represented Pluralsight. Cushman & Wakefield represented the owner.