AUSTIN, TEXAS — New York Life Real Estate Investors has originated a $123.2 million mortgage loan for Frost Bank Tower, a 535,964-square-foot, Class A office building located at 401 Congress Ave. in Austin. Completed in 2003, the 33-story property is among the tallest buildings in Austin. Colby Mueck and Doug Opalka of HFF arranged the loan, which has a fixed interest rate and a seven-year term, on behalf of the borrower, Lionstone Investments.
KATY, TEXAS — PCL Industrial Construction will relocate its headquarters to a 36,596-square-foot office space within the Grandway West development in Katy. The company will occupy the second floor of Building 4, a 72,045-square-foot, Class A property, which is located at 2322 W. Grand Parkway. Eugene Terry and David Bale of JLL represented PCL in the lease negotiations. Parker Burkett of Transwestern represented the landlord, Insite Realty.
WOODBRIDGE, ILL. — Newmark Knight Frank has brokered the sale of a 103,241-square-foot office and warehouse property in Woodridge, a suburb of Chicago. The sales price was not disclosed. The Class A property is located at 2501 W. Davey Road. Built in 2000, the building is 65 percent office, 20 percent laboratory and 15 percent warehouse space, with 18-foot clear heights and two dock loading doors. Elevance Renewable Sciences Inc. occupies 75,273 square feet of space at the property. Corey Chase, Jeff Miller, Sean Fulp and Mark Schuessler of NKF represented the private seller in the transaction. The buyer was not disclosed.
SALT LAKE CITY — The University of Utah Health has signed a lease for one of the two office buildings at the new Sugar House development in Salt Lake City. The project is located at 2290 S. 1300 East. The university’s new Sugar House Clinic will focus on promoting community health, offering health services to patients, including primary and preventative care, oncology care and weight-loss services. Westport’s Sugar House development is set to include two office towers and a multifamily residential building. Demolition on the site is expected to begin in June, with the U of U Health building scheduled for completion in mid-2019.
BOSTON — L3 Capital and LaSalle Investment Management have purchased a vacant commercial building located at 399 Washington St. in Boston’s Downtown Crossing for an $63.2 million. The buyers will renovate and rebrand the 74,500-square-foot building as DTX 399. The building will offer six levels of retail and creative office space. Evan Papanastasiou of Eastern Consolidated represented the seller, Robert Posner, while Adelaide Polsinelli, also of Eastern, procured the buyer in the deal. The owners have retained Colliers International to market the property for lease.
CAMBRIDGE, MASS. — Roseview-PMRG Fund I, a discretionary fund managed by Boston-based Roseview Investment Advisors and Houston-based PMRG, has completed the disposition of 100 CambridgePark Drive, an office building located in Cambridge. An undisclosed buyer in conjunction with operating partner Longfellow Real Estate Partners acquired the 135,615-square-foot property for an undisclosed price. At the time of sale, the property was 96 percent occupied. The fund originally acquired the asset in 2014 for $41.5 million and renovated the property in 2016. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark Knight Frank oversaw the transaction.
FRISCO, TEXAS — Hall Group, Austin Commercial and HKS have completed construction of 3201 Dallas Parkway, a Class A office building in Frisco. The 12-story building will be the tallest office property in Frisco upon completion, which is scheduled for December. The property will feature 300,000 square feet of office space and outdoor spaces with a water feature and an event lawn.
MCKINNEY, TEXAS — Playful Corp., a Texas-based gaming studio whose CEO previously headed the company that developed Words with Friends, will build a 53,000-square-foot, Class A office headquarters in downtown McKinney. Columbus Realty Partners will develop the property, which will be located adjacent to a mixed-use development currently under construction at the corner of Davis and Chestnut streets. Project plans also include construction of 125 parking spaces that will be available to the public on nights and weekends.
MCLEAN, VA. — PCCP LLC has provided a $39.4 million senior loan to Westport Capital Partners LLC for the acquisition and renovation of 2000 Corporate Ridge, a 10-story, 288,000-square-foot office building in the Tysons Corner market of McLean, roughly 10 miles west of Washington, D.C. Westport plans to invest approximately $10 million in renovations, which will include modernizing the lobby, atrium, elevators and bathrooms, as well as adding spec suites. Constructed in 1985, 2000 Corporate Ridge includes a four-story parking garage with 915 spaces. Acquired out of receivership, the property was 4 percent occupied at the time of sale.
SOUTHFIELD, MICH. — Farbman Group has completed the renovation of Oakland Commons in Southfield that it owns and manages. A new fitness center and conference center were added to the two-building office property. The 24-hour fitness center includes elliptical machines, treadmills, weight machines, shower facilities and fitness classes for tenants. The conference center consists of mobile video screens, teleconferencing capabilities, a full kitchen for catered events and new office furniture. Other amenities at the property, located at 20700 and 20750 Civic Center Drive, include after-hours security with lobby attendant, a restaurant and onsite management.
