TROY, MICH. — Clear Rate Communications has entered into a 16,201-square-foot office lease in Troy. The telecommunication services provider will occupy the Class A space located at 2600 W. Big Beaver Road. Kevin Jappaya of KJ Commercial represented Clear Rate Communications in the lease transaction. Jeffrey Bell and Daniel Morse of CBRE represented the landlord, Sovereign Partners.
MADISON AND SHORT HILLS, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has acquired a 1.1 million-square-foot office portfolio that includes six Class A properties in northern New Jersey for $368 million. The sales price of the portfolio is one of the highest ever recorded statewide in the office sector, according to a news release. RXR Realty LLC sold the portfolio, which includes 1, 3 and 7 Giralda Farms in Madison and 51, 101 and 103 JFK Parkway in Short Hills. The portfolio is 91 percent leased to tenants such as KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential. All of the properties are located in the Route 24 corridor and benefit from a strong retail amenity base, including The Mall at Short Hills, the downtown areas of Morristown, Madison and Summit and the retail offerings along Route 10. “This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket — positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket,” said Michael J. DeMarco, president of Mack-Cali, in a press release. “This transaction exemplifies …
CARROLLTON, TEXAS — Cushman & Wakefield has arranged a 59,859-square-foot lease at Metroplex Tech Center, a 105,000-square-foot office property located at 3000 Kellway Drive in the north Dallas suburb of Carrollton. Dean Collins and Mark Collins of Cushman & Wakefield represented the subleasing tenant, mortgage loan servicing firm Fay Servicing, in the transaction. Bret Hefton and Greg Langston of Avison Young represented the original tenant, Securus Technologies, which leased the space from Hudson Advisors, the property owner.
NEW YORK CITY — New Project, a Brooklyn-based fabrication company specializing in museum, exhibition and commercial design/build projects, has purchased a 12,500-square-foot, two-story building in the Greenwood neighborhood of Brooklyn. With the purchase, the company will combine its administrative offices, metal and finish shop, and woodworking facilities into one location at 223 25th St. Since New Project’s founding in 2004, the company has grown from two employees to more than 30. Over the last five years, the firm has experienced a 376 percent growth in revenue. New Project will move to its new location in spring 2017.
NEW YORK CITY — Ricoh USA has signed a 10-year lease for a 30,469-square-foot office space at 711 Third Ave. in New York City. SL Green is the landlord. Ricoh USA will consolidate into 711 Third Ave. from three other Manhattan buildings. Located one block east of Grand Central Terminal, 711 Third Ave. features a mosaic mural designed by expressionist Hans Hofmann in the lobby. The building was recently renovated with new elevator cabs, windows, corridors and restrooms. Other tenants include McKinsey & Co., Goldberg Segalia and Ackman Ziff. CBRE’s Joseph Mangiacotti, Carolyn Sica and Kurt Burdack represented Ricoh USA, while Howard Tenenbaum and Gary Rosen represented the landlord in-house at SL Green.
By Gregory Schaffer Pennsylvania property owners and tenants, who pay some of the highest property taxes in the nation, are no doubt aware of the annual deadline to file a property tax appeal. After all, one look at a new tax bill is often enough to make even the most seasoned tax manager scramble to contact their local tax counsel. However, very few taxpayers are aware that the assessment they may have accepted as favorable could easily trigger a reverse appeal filed by the local school district. Assessment appeals filed by the taxing entities, often referred to as reverse appeals, are increasingly common as cash-strapped school districts seek to fill their coffers. Just as a tax manager might view an inflated assessment as a reason to appeal, more and more school districts see potentially under-assessed properties as a much-needed source of additional revenue. To the bane of many taxpayers, this tactic has now reached the city of Philadelphia. Despite undergoing a citywide property revaluation for the 2014 tax year, with another currently slated for 2018, the Philadelphia School District recently decided to begin filing reverse appeals against properties it feels are under-assessed. On Sept. 15, 2016, for the first time, …
GRESHAM, ORE. — Stockdale Capital Partners has purchased Gresham Station Medical Plaza, a 100,419-square-foot medical office complex in the Portland suburb of Gresham for $23.5 million. The four-building complex is located at 831 N.W. Council Drive, 862-894 N.W. Burnside Drive and 1851-1867 N.W. Civic Drive. The medical office complex is situated near the Adventist Medical Center. Adventist Health anchors Gresham Station Medical Plaza, which is 77 percent leased. Additional tenants include DaVita HealthCare Partners and Providence Health & Services. The facility provides surgery, imaging, dialysis, primary care, orthopedics, laboratory, physical therapy, dermatology, dentistry, women’s health and pediatrics services. HFF’s Nick Kucha, Evan Kovac, Andrew Milne and Trent Jemmett represented both the buyer and the seller, Westlake Realty Group, in this transaction. The firm also worked to secure an acquisition loan for Stockdale.
DENVER — A joint venture between Origin Investments and Hamilton-Titan Partners have completed the multi-million-dollar renovation and rebranding of Denver Corporate Center I. The 193,718-square-foot office building is now known as the Office @ dtc. It is located at 4700 S. Syracuse St. within the Denver Tech Center. The building was originally constructed in 1980. The JV renovated the lobby and added collaborative spaces, as well as upscale amenities, to the project. New amenities include a fitness center with country club-style locker rooms, secured bike storage, a Craft deli serving breakfast and lunch, a tenant social lounge, and a conference room and training center.
FORT WORTH, TEXAS — Henry S. Miller Brokerage Co. has closed the sale of a 64,292-square-foot, two-story building located at 15100 FAA Blvd. in Fort Worth. An AT&T call center most recently occupied the Class B office property, which is part of CentrePoint Business Park near Airport Freeway and the President George Bush Turnpike. Jim Turano and Lily Chang of HSM represented the seller, Lindy-Zell AT&T Texas LLC. The representative of the buyer, CCI-15100 FAA, and the sales price were not disclosed.
DALLAS — Younger Partners has negotiated three office leases totaling roughly 5,000 square feet at One Stratford Park, an office building located at 18383 Preston Road in north Dallas. Included among the new tenants is forensics consulting firm ProNet Group Inc., which leased 1,969 square feet, and Tilford Ltd, which leased 1,962 square feet. Sean Dalton and Byron McCoy of Younger Partners represented the landlord in all three deals. The three leases bring One Stratford Park to full occupancy.