SACRAMENTO, CALIF. — A joint venture between Lowe Enterprises Investors (LEI) and The Family Office (TFO) has acquired Gateway Center, a four-building office portfolio in the South Natomas area of Sacramento, for an undisclosed sum. Gateway Center is located along Interstate 5 near the Interstate 80 interchange. The JV plans to update the properties, including lobby renovations, landscape and lighting improvements, and upgrades to conference rooms, common areas and outdoor gathering spaces. Peter Morgan led the LEI acquisition team. Los Angeles law firm Eisner Jaffe represented the joint venture. This is the first acquisition by the LEI/TFO joint venture, which plans to acquire several additional West Coast office properties in 2017.
GLENDALE, CALIF. — PSI Services has leased 23,589 square feet of office space in Glendale. The Class A space is located at 611 N. Brand Blvd. PSI committed to an 11-year lease. The company is relocating its corporate headquarters from 17,308 square feet at 2950 N. Hollywood Way in Burbank. Jacob Bobek of Avison Young represented PSI in the deal. Jones Lang LaSalle represented the landlord, LNR Partners.
NEW YORK CITY — Spotify, a digital music service, is relocating its U.S. headquarters to 4 World Trade Center in Lower Manhattan from its current location in Midtown South. The company will occupy 378,000 square feet at the office building, which is owned by Silverstein Properties. Spotify is expected to move in early 2018. The relocation and expansion will accommodate more than 1,000 new jobs as well as 832 existing jobs.
SEATTLE — PSRS has provided $54 million in acquisition financing for a 324,287-square-foot office campus in Seattle. The borrower was not disclosed. The loan features a three-year term and a 25-year amortization schedule. The loan was placed with a life insurance company. It was structured by PSRS’s Antonio Hachem.
SAN DIEGO — Renovate America has leased 160,000 square feet of office space at the Rancho Vista Corporate Center in the San Diego submarket of Rancho Bernardo. The center is located at 16409 W. Bernardo Drive. The seven-year lease was one of the largest signed in San Diego in 2016, according to CBRE. CBRE represented both the landlord, Swift Real Estate Partners, and Renovate America in the transaction.
CHARLOTTE, N.C. —Insite Properties plans to develop The Refinery, a five-story office development located at 1213 W. Morehead St. near Uptown Charlotte. Insite’s joint venture partner on the development is Washington, D.C.-based Northridge Capital LLC. Situated a half mile from Bank of America Stadium, The Refinery will span 105,000 square feet of office space and feature a connected parking structure, rooftop indoor/outdoor conference center, first floor showers and lockers, community meeting space, tenant café and an interior bike room. The project team includes civil engineer LandDesign, architect BB+M Architecture and leasing agents Barry Fabyan and Charley Leavitt of JLL. The design team is aiming for LEED certification. Insite and Northridge plan to deliver the project in the fall of 2018.
LEAWOOD, KAN. — AMC Theatres has expanded its headquarters within Park Place Village in Leawood by 36,315 square feet to a total of over 170,000 square feet. The expansion consists of newly constructed Class A office space completed this year. The new space will help accommodate the more than 125 new jobs AMC created after recently acquiring Georgia-based Carmike Cinemas. Approximately 600 associates will work in the Theatre Support Center in Park Place. The mixed-use office and retail property is comprised of 10 buildings that were developed in phases starting in 2007 and completed in 2013. The property, located at 1150 Ash St., is currently 99 percent leased. Bob Fagan and Matt Eckert of CBRE represented the landlord, KBS, in the transaction.
DALLAS — Cushman & Wakefield has arranged the sale of an office building located at 17120 Dallas Parkway in Dallas. The Dallas-based family office of Embrey Interests acquired the 47,423-square-foot property from owner-tenants Loomis Agency and Carbon Cos. The sellers will continue to occupy the building. Beth Lambert and Diego Arroyave of Cushman & Wakefield represented the sellers in the off-market transaction. Additionally, Lambert and Arroyave arranged a 10-year acquisition loan through a life insurance company for the buyer.
BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of One Grande Commons, an office building located at 400 Route 22 East in Bridgewater. American Equity Partners acquired the 200,000-square-foot property from Mack-Cali for an undisclosed price. The three-story building features a full-height atrium lobby with seating area and is home to pharmaceutical, engineering and law firms. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Andrew Schwartz and Frank DiTommaso of Cushman & Wakefield brokered the transaction.
MOORESTOWN, N.J. — Markeim Chalmers has arranged the sale of an office building located at 505 S. Lenola Road in Moorestown. The estate of Edna Ravikio sold the property to SFA 505 South Lenola Rd LLC for $2.3 million. The building features 48,000 square feet of office space and was 90 percent occupied at the time of sale. Fred Berlinsky, Kevin Burns and Adam Dembo of Markeim Chalmers represented the seller and buyer in the deal.