WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $12.5 million first mortgage for an office building located at 4 W. Red Oak Lane in White Plains. Christie Houlihan of Houlihan-Parnes secured the non-recourse loan, which features a fixed rate for seven years and a five-year extension option, for the undisclosed borrower. The 132,995-square-foot building was 99 percent leased at the time of financing.
ONTARIO, CALIF. — MGR Services has acquired Empire Towers I through IV, a four-building, 400,976-square-foot office campus in Ontario, for $78.5 million. The Class A campus is located at 3633 and 4141 Inland Empire Blvd. and 3800 and 4200 Concours St. The property is 88 percent leased to Liberty Mutual, Wells Fargo, City National Bank, Merrill Lynch and Allstate, among others. The property was built between 1991 and 2005. The common areas underwent a renovation between 2014 and 2016. David Milestone and Brett Green of NGKF Capital Markets secured acquisition financing on behalf of MGR Services, which represented itself in the transaction. The firm’s Kevin Shannon, Ken White, Michael Moore and Brunson Howard represented the seller, a joint venture between CIP Real Estate and Guggenheim Partners.
LISLE, ILL. — National Express has signed a new long-term lease for 54,000 square feet of office space at Navistar Headquarters Campus in Lisle, approximately 25 miles west of Chicago. The campus is located at 2601 Navistar Drive. National Express previously occupied office space at 4300 Weaver Parkway, and is expected to move into the new office in the second quarter of this year. Jon Springer and Gary Fazzio of CBRE represented the tenant in the transaction. John Musgjerd of Jones Lang LaSalle represented the landlord.
AURORA, ILL. — INEOS Styrolution has signed a long-term lease renewal for 22,000 square feet of office space at 4245 Meridian Parkway in Aurora. The global manufacturer of petrochemicals, specialty chemicals and oil products has occupied the first floor of the building since 2012. The Class A office property consists of 140,000 square feet and is owned by a private account advised by UBS Realty Investors LLC. Ryan Moen of Bradford Allen arranged the lease transaction on behalf of ownership. Hartford Fire Insurance Co. and Sedgwick Claims Management Service also maintain leases within the building.
ALEXANDRIA AND FAIRFAX, VA. — Bethesda, Md.-based First Potomac Realty Trust has sold Plaza 500, a 502,830-square-foot industrial property located at 6295 Edsall Road in Alexandria. Matan Cos. purchased the asset, which was 90.5 percent leased as of Sept. 30, 2016, for $75 million. First Potomac has also sold One Fair Oaks, a 214,214-square-foot office building located at 4114 Legato Road in Fairfax, for $13.7 million. CACI International, an information technology firm, fully occupied the property through the end of 2016. The buyer was an affiliate of Beacon Capital Partners, according to the Washington Business Journal.
FALLS CHURCH, VA. — Corporate Office Properties Trust (COPT), a publicly traded office REIT, has sold $53 million of suburban assets in Northern Virginia. The REIT sold a 190,500-square-foot office building located at 3120 Fairview Park Drive in Falls Church’s Merrifield submarket for $39 million. The asset was 87 percent leased as of Dec. 31, 2016. The company also sold 5.3 acres of land in northern Virginia for $14 million. COPT has an additional $10 million of asset sales under contract and between $37 million to $47 million in contract negotiations, all of which are expected to close during 2017.
SUNNYVALE, CALIF. — Natixis has provided a $232.5 million loan for the acquisition of Crossroads III, a 349,758-square-foot office property in Sunnyvale that is fully leased to Apple. The complex is located at 410, 420 and 430 N. Mary Ave. in the Silicon Valley submarket. Tristar Capital acquired the campus. The property was built between 1990 and 1992. Each building features two wings around one central core. There are also two courtyards with fountains between the buildings. The Santa Clara Light Rail station is situated approximately a half mile north of Crossroads III. The property also sits adjacent to the Technology Corners development along West Moffett Place Drive. Richard Horowitz of Cooper-Horowitz arranged the finance. David Edelstein heads Tristar Capital. — Nellie Day
Philadelphia’s diverse local economy, healthy hiring trends and area-employers’ ability to draw fresh talent from the metro’s deep college-graduate pool, continue to attract businesses to the area and support improvements in the office property segment. In 2016, Philadelphia firms increased payrolls by 1.9 percent with the creation of 54,000 new positions. Hiring was driven by office-using employment sectors which, over the four-quarter period ending with the second quarter of 2016, accounted for the addition of 21,700 jobs, or nearly 37 percent of all new hires. This year, it is expected that the local workforce will add 49,000 to its ranks, representing a 1.7 percent expansion. Hiring will continue to be strong among office-using companies, as well as in the healthcare and education segments. In the first half of 2016, developers sluggishly completed 178,000 square feet of new office space. In the second half of last year, the construction pipeline exploded, and by year-end 1.2 million square feet of office space had been delivered to the marketplace, with a significant amount of completions pre-leased, which helped mitigate any effects to vacancy levels. Office projects completed in 2016 were spread throughout the metro within the submarkets of Delaware County, Lehigh-Northampton, Harrisburg Area …
LOS ANGELES — Robhana Group and Inception Property Group have broken ground on the first phase of a new healthcare campus in downtown Los Angeles. Phase I will include a 60,000-square-foot outpatient medical office building situated at Washington Boulevard and Hoover Street at the I-110/I-10 freeway intersection. HealthCare Partners, a DaVita Medical Group has already leased the new building. It will be used for primary and urgent care services. This project marks the first of several phases of healthcare investment and development in the area, establishing the Pico-Union neighborhood as a new healthcare hub in the Downtown West Area. Oltmans Construction Co. is building the project, which Ware Malcomb designed. The next phase, City West Medical, will include a 48,000-square-foot, healthcare-related project and subterranean parking.
LOS ANGELES — Nativo has leased 25,051 square feet of office space at Pacific Corporate Towers (PCT) in the Los Angeles submarket of El Segundo. The building is located at 100, 200 and 222 N. Sepulveda Blvd. Nativo will relocate from 9,000 square feet in the 200 building to PCT’s 100 building for its new corporate headquarters. JLL’s Jason Fine represented Nativo in the lease. CBRE represented the landlord, GM Pension Fund / Blackrock.
