Office

HFF Brokers Sale of 161,217 SF Office Building in Somerset, New Jersey

by Amy Works January 11, 2017

SOMERSET, N.J. — HFF has arranged the sale of an office building located at 220 Davidson Ave. in Somerset. A private buyer acquired the four-story, 161,217-square-foot property from an affiliate of NextBridge Group and Two Kings Real Estate Co. for an undisclosed price. Situated on 9.2. acres, the property was 85 percent occupied at the time of sale by a variety of tenants, including McKesson, Berkshire Hathaway and the American Arbitration Association. Renovated in 2007, the property features an atrium lobby with marble finishes, full-service café and fitness center with showers and lockers. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the transaction.

January 11, 2017

Industrial Loans Massachusetts Northeast Office

Colliers Closes $19.7M in Financing for Manufacturing, Office Property in Lowell, Massachusetts

by Amy Works January 11, 2017

LOWELL, MASS. — Colliers International Boston has arranged $19.7 million in financing for Calare Properties’ acquisition of MACOM Technology Solutions Inc.’s 150,000-square-foot headquarters, located in Lowell. The seller, MACOM Technology Solutions, has leased back the property for a 20-year term. Proceeds of the financing will be used to purchase the manufacturing facility at 100-144 Chelmsford St., as well as construct a connected 58,000-square-foot office addition to serve MACOM’s expanded headquarters. The financing consists of a first mortgage acquisition and construction loan from Boston Private Bank and Rockland Trust as well as subordinate debt from a community loan fund. Tom Welch, Adam Coppola and John Poole of Colliers secured the financing.

January 11, 2017

Industrial Loans New Jersey Northeast Office Pennsylvania

G.S. Wilcox & Co. Arranges $13.8M in Financing for Two Properties in New Jersey, Pennsylvania

by Amy Works January 11, 2017

TOTOWA, N.J., AND BETHLEHEM, PA. — G.S. Wilcox & Co. has arranged $13.8 million in financing for two separate properties in New Jersey and Pennsylvania. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing in both transactions. In the first transaction, the firm secured a $7 million loan for a 252,000-square-foot former manufacturing facility in Totowa. The borrower, The Hampshire Cos., will be convert the property into a 383,000-square-foot single-tenant warehouse distribution facility. Provident Bank provided the financing for the borrower. In the second loan, the company arranged $5.8 million in financing for an office call center in Bethlehem. Thrivent Financing provided the financing for the borrower, J.G. Petrucci Co.

January 11, 2017

California Office Retail Top Stories Western

Kilroy Realty Corp. Buys The Sunset Mixed-Use Project in West Hollywood for $210M

by Nellie Day January 11, 2017

LOS ANGELES — Kilroy Realty Corp. has purchased The Sunset, a 179,000-square-foot mixed-use development in the West Hollywood submarket of Los Angeles, for $210 million. The property is located at 8560-8590 Sunset Blvd. on the famous Sunset Strip. The seller, Broadreach Capital Partners, acquired the asset from Apollo Real Estate in 2006 for $105 million. The Sunset occupies 2.2 acres along Sunset Boulevard. It features a 72,000-square-foot office tower and a three-building retail plaza atop a 107,000-square-foot subterranean parking structure. The transaction also includes three billboards atop the retail buildings that were fully leased in December 2016. The complex is 88 percent leased with a large fashion and health/fitness presence, including Equinox, SoulCycle, H&M and Oliver Peoples. The site previously held the headquarters for Playboy Entertainment. The Sunset is adjacent to CIM’s $365 million Sunset La Cienega mixed-use project, which will include residential units, a hotel and ground-floor retail space. HFF’s Ryan Gallagher, Michael Leggett, Bryan Ley, Andrew Harper and Tim Geiman represented Broadreach in the transaction. — Nellie Day

January 11, 2017

Massachusetts Northeast Office

Normandy Real Estate Partners Sells Office Building in Concord, Massachusetts, for $63.5M

by Amy Works January 10, 2017

CONCORD, MASS. — Normandy Real Estate Partners has completed the sale of 300 Baker Avenue, an office building located in Concord. Novaya Real Estate Ventures acquired the property for $63.5 million. The 413,415-square-foot office building recently underwent significant renovations, including an updated lobby, common area, amenity and building system upgrades. Amenities at the building include a full-service cafeteria, fitness center, conference center and basketball and volleyball courts. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of NGKF Capital Markets represented the seller in the deal. Additionally, David Douvadjian and Brian Butler of Newmark Grubb Knight Frank arranged acquisition financing for the buyer.

January 10, 2017

New Jersey Northeast Office

HFF Arranges $44M Sale of 125,735 SF Office Property in Parsippany, New Jersey

by Amy Works January 10, 2017

PARSIPPANY, N.J. — HFF has brokered the sale of an office building located at 10 Sylvan Way in Parsippany. Griffin Capital Essential Asset REIT II acquired the property from Normandy Real Estate Partners and funds managed by Partners Groups for $44 million. Situated on 23.1 acres within the Mack-Cali Business Campus, the three-story, 125,735-square-foot property is fully leased to a pharmaceutical company. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller the transaction.

January 10, 2017

District of Columbia Office Southeast

Tishman Speyer Inks 97,000 SF Office Lease with Law Firm in D.C.

by John Nelson January 10, 2017

WASHINGTON, D.C. — Tishman Speyer has completed a 16-year lease with global law firm Paul Hastings LLP for 97,000 square feet of office space at 2050 M St. in Washington, D.C. The 11-story, 364,000-square-foot trophy office building is currently under construction with an expected delivery date of 2020. The law firm will occupy the top three floors plus additional space. Designed by Joshua Prince-Ramus of REX, the office building will feature floor-to-ceiling curved glass and offer amenities such as a fitness center, bicycle storage room with lockers, a rooftop terrace and four levels of parking. The office building will be located on the existing site of the Washington bureau for CBS and will feature new facilities for CBS with a separate entrance.

January 10, 2017

Kansas Midwest Office

SelectQuote Signs 85,000 SF Office Lease in Overland Park, Kansas

by Kristin Harlow January 10, 2017

OVERLAND PARK, KAN. — SelectQuote has signed an 85,000-square-foot office lease at Overland Park Xchange (OPx) in Overland Park. The San Francisco-based life insurance company will occupy the space beginning in September 2017. Occidental Management, the owner of the Class A office building, added a second floor in the former Expo Hall to create two 55,000-square-foot floor plates to accommodate SelectQuote’s needs. SelectQuote plans to transform the exterior area on the ground floor into a large outdoor recreational space as well as offer amenities such as a coffee bar, fitness center and video games to employees. With the SelectQuote lease, the building is now 83.5 percent leased. Other tenants include UnitedHealth Group and Black & Veatch. SelectQuote currently occupies a Midwest office in Kansas City, Mo. and will consolidate the locations.

January 10, 2017

California Loans Office Western

Ready Capital Closes $10M Loan for Acquisition, Renovation of Newport Beach Office Building

by Nellie Day January 10, 2017

NEWPORT BEACH, CALIF. — Ready Capital Structured Finance has closed a $10 million loan that will be used to acquire, renovate and stabilize a Class B office building in Newport Beach. The 44,434-square-foot building is located at 4440 Von Karman Ave., within the master-planned Koll Center in the John Wayne Airport submarket. The non-recourse, interest-only loan features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and reserves.

January 10, 2017

Loans Northeast Office Pennsylvania

Eastern Union Funding Arranges $19M Loan to Refinance Data Center in Philadelphia

by Amy Works January 9, 2017

PHILADELPHIA — Eastern Union Funding has arranged a $19 million loan for the refinancing of a data center, located at 2401 Locust St. in Philadelphia. Built in 1928 as a manufacturing facility, the four-story 44,015-square-foot property is now used as a mission-critical data facility. Meir Kessner of Eastern Union represented the borrower, CRCO Phil LP, in the transaction.

January 9, 2017

Newer Posts

Older Posts