Office

Skanska USA Tops Out 121 Seaport Office Tower in Boston

by Haisten Willis March 15, 2017

BOSTON — Skanska USA has topped out 121 Seaport, a 17-story, 400,000-square-foot office building under construction in Boston. The construction milestone marks the completion of the building’s steel frame. Designed by CBT Architects, 121 Seaport is scheduled for completion in the first quarter of 2018. The property is located in Boston’s Seaport district across from District Hall and Seaport Square Green. Its three-story lobby will face Boston Harbor and open onto Harbor Way, a 70-foot-wide pedestrian street. A team of nearly 200 construction workers has put more than 35,000 hours into the project to date.

March 15, 2017

New York Northeast Office

Cushman & Wakefield Arranges $30M Sale of Office Building in Tarrytown, N.Y.

by Haisten Willis March 15, 2017

TARRYTOWN, N.Y. — Cushman & Wakefield has arranged the $30 million sale of 660 White Plains Road, an office building in Tarrytown. GHP Office Realty, a privately held real estate firm, acquired the property from RA 660 White Plains Road LLC, an entity controlled by RNY Property Trust. The six-story building totals 279,000 square feet and features on-site food service, 24-hour access and access to public bus service. It sits on 11 acres in the Tarrytown Corporate Center. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin brokered the transaction. The property is 87 percent leased to more than 40 tenants ranging in size from less than 1,000 square feet to nearly 60,000 square feet.

March 15, 2017

Loans New York Northeast Office

Singer & Bassuk Secures $15M Financing for Midtown NYC Office Property

by Haisten Willis March 15, 2017

NEW YORK CITY — The Singer & Bassuk Organization (SBO) has secured a $15 million permanent loan on 9 E. 38 St. for a joint venture between Juster Properties and ClearRock Properties. Lincoln Financial Group funded the 20-year loan, which includes a fixed rate of 3.86 percent. Craig Bjornsund of NorthMarq Capital advised Lincoln Financial Group. Scott Singer and Jeffrey Moroch of SBO worked with Howard Juster of Juster Properties and Steve Grant and Joshua Weiner of ClearRock in the transaction. The joint venture purchased the office property in 2013 along with the adjacent 14 E. 39 St. After the purchase, ClearRock subdivided 9 E. 38 St. and sold 14 E. 39 St. plus the northern portion of the 38th Street property as a development site to hotel developer Sam Chang. 9 E. 38 St. is located in Midtown within walking distance of both Grand Central Station and Penn Station.

March 15, 2017

California Office Western

Toshiba America Leases 96,000 SF at University Research Park in Irvine

by Nellie Day March 14, 2017

IRVINE, CALIF. — Toshiba America has leased 96,000 square feet of office space at University Research Park in Irvine. The park sits adjacent to UC Irvine, which features tech and innovation incubators including the 47,000-square-foot Cove and the Vine, where startups have generated more than $24 million in funding. The 185-acre office park is currently home to more than 75 companies and more than 8,000 employees. Toshiba America will move its electronics components, information systems and logistics companies to the campus, which is currently undergoing updates. JLL’s Louis Tomaselli and Steve Wagner represented Toshiba.

March 14, 2017

Industrial Office Texas

Bradford Commercial Secures Sport Supplier’s Headquarters in Grand Prairie

by Taylor Williams March 14, 2017

GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has secured a new office hub and industrial distribution center for FloorballPlanet, a supplier of equipment and accessories for floorball, an indoor sport similar to field hockey, in Grand Prairie, a city in the Dallas-Fort Worth metroplex. The company has selected Woodlands Business Center, located at 2005 108th St., as its operating base and has leased 12,818 square feet, including 3,700 square feet for office space. Michael Spain, Brock Wilson and Joe Santaularia of Bradford Commercial represented the landlord, Woodlands Business Center LLC, in the transaction. Bob Gibbons of REATA Commercial Realty LLC represented FloorballPlanet.

March 14, 2017

Office Texas

Coldwell Banker, CBRE Arrange Sale of 35,917 SF Office Property in Arlington

by Taylor Williams March 14, 2017

ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has closed the sale of Commonwealth Center, a 35,917-square-foot, two-story office building located at 4200 S. Cooper St. in Arlington. Nathan Wood of CBRE represented the buyer, a Dallas-based developer, in the transaction. Judy Nitzinger of Coldwell Banker represented the seller, Hungs Enterprise LLC, which had owned the property for 25 years. At the time of sale, Commonwealth Center was 73 percent leased to tenants such as Comerica Bank and Farmers Insurance Co.

March 14, 2017

Florida Office Southeast

TIER REIT Sells Office Building in Tampa for $31.4M

by John Nelson March 14, 2017

TAMPA, FLA. — TIER REIT Inc., a Dallas-based REIT, has sold Eisenhower I, a 130,000-square-foot office building in Tampa’s Westshore district. An undisclosed buyer purchased the four-story property for $31.4 million. TIER REIT has been disposing assets in non-target markets, resulting in roughly $300 million in gross aggregate disposition proceeds this year. Recent transactions include the $52.5 million sale of Buena Vista Plaza in Burbank, Calif., as well as the $114 million sale of the majority interest in The Wanamaker Building and the $95 million sale of Three Parkway, both situated in Philadelphia’s Center City district. The sale of Eisenhower I includes an incentive to earn up to an additional $3 million for the buyer if certain criteria are met, according to TIER REIT.

March 14, 2017

Florida Healthcare Loans Office Southeast

Berkadia Arranges $22.5M Loan for Office Building Conversion in West Palm Beach

by John Nelson March 14, 2017

WEST PALM BEACH, FLA. — Berkadia has arranged a $22.5 million bridge loan for the repositioning of the former Bank of America office building located at 625 N. Flagler Drive in West Palm Beach. The borrowers, led by FRI Investors, purchased the 110,000-square-foot, 10-story asset last year in an all-cash transaction with the intent to convert the property into a medical office building. Bank of America vacated its 40,000-square-foot lease at the property late last year. The building is currently 50 percent leased to tenants including Mount Sinai Hospital and Jupiter Medical Center. Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the three-year loan with an adjustable interest rate through PCCP LLP.

March 14, 2017

Connecticut Northeast Office

CBRE Negotiates $5M Sale of Five-Building Office Portfolio in Windsor, Conn.

by Haisten Willis March 14, 2017

WINDSOR, CONN. — CBRE/New England has negotiated the $5 million sale of the Griffin Office Park Portfolio, a five-building office complex located in Windsor. Investors Warranty of America LLC sold the property to Griffin Park Realty VV LLC, a Brooklyn-based private equity partnership managed by Vasco Ventures. CBRE/NE’s John McCormick and Patrick Mulready represented the seller and procured the buyer in the transaction. Vasco Ventures is a real estate investment firm specializing in distressed real estate. The company owns and operates properties in New York City, upstate New York, Philadelphia and Galloway, N.J. The Griffin Office Park Portfolio is the company’s first acquisition in Greater Hartford. The purchase includes two four-story office buildings located at 1 and 2 Waterside Crossing, and three two-story office buildings located at 4, 6 and 8 Griffin Road N. The portfolio’s properties are located within Griffin Office Center, a 600-acre development featuring a full-service restaurant, open-air performance center and a network of walking trails and open space. Tenants include Cigna, Great American Insurance, SwissRe, RR Donnelley, Prochimie International and the United States Postal Service.

March 14, 2017

California Office Western

Kashani Family Purchases Scripps Collection Office Property in San Diego for $10M

by Nellie Day March 13, 2017

SAN DIEGO — The Kashani Family has purchased The Scripps Collection, a 47,302-square-foot office property in the San Diego submarket of Scripps Ranch, for $10 million. The property is located at 9775 Businesspark Ave. and 10021 Willow Creek Road. It was built in the mid- to late 1980s. The Scripps Collection is fully leased. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook, in this transaction.

March 13, 2017

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