PITTSBURGH — A fund advised by CBRE Global Investors has acquired Liberty Center, a 27-story Class A office property located in Pittsburgh’s central business district, for an undisclosed price. The property features 529,289 square feet of office space. The buyer plans to enhance the property through implementation of its proprietary 5-Star worldwide service and amenity program.
NEW YORK CITY — IPsoft Inc. has renewed and expanded its lease at RFR Realty’s 17 State Street, a 42-story office tower located in Manhattan. The artificial intelligence company renewed its 97,955-square-foot lease and expanded to add 41,687 square feet of space on floors 16, 19 and 20. AJ Camhi of RFR Realty, along with Mitch Knosker of JLL, represented the landlord, while Rob Lowe of Cushman & Wakefield represented the tenant in deal.
HOUSTON — Columbia Property Trust has exited the Houston market with the $272 million sale of its three-property portfolio to Spear Street Capital. Totaling 1.2 million square feet, the assets include 5 Houston Center, a 581,000-square-foot office building at 1401 McKinney St.; Energy Center I, a 332,000-square-foot office building at 585 N. Dairy Ashford Road; and 515 Post Oak Boulevard, a 12-story, 274,000-square-foot office building located in Houston’s Galleria submarket. Atlanta-based Columbia Property Trust will use the proceeds to reinvest in its high-barrier target markets.
HOUSTON — Cypressbrook Co. has arranged two leases in Houston totaling 19,740 square feet. In the first lease, D&M Auto Leasing, a Dallas-Fort Worth-based auto leasing company, leased 14,420 square feet of office space at 4635 Southwest Freeway in Houston from EP Office Holding LP. John Hornbuckle of Cypressbrook Co. represented the landlord, while Kevin Saxe of CBRE represented the tenant in the deal. In the second lease, Houston Custom Metal Works, a prototyping and light production facility, renewed and expanded to 5,500 square feet of warehouse space at 1105-1111 Upland Drive in Houston. Greg Usher of Cypressbrook Co. represented the tenant, while Sandra Wolters of Whitestone REIT represented the landlord, Whitestone Industrial-Office LLC, in the transaction.
BROOKFIELD, WIS. — CBRE has brokered the sale of Corporate Woods in Brookfield, a suburb of Milwaukee, for $4.5 million. The 55,456-square-foot office building is located at 375 Bishops Way on a 4.1-acre site along Bluemound Road. The building, completed in 1987, features 19 underground climate-controlled parking spaces, a 164-stall surface lot and a two-story lobby. The building was 98 percent occupied at the time of sale. Eric Rapp, Patrick Gallagher and Judd Welliver of CBRE arranged the sale on behalf of the owner, Somerset Properties. Corporate Woods LLC, a Milwaukee-based investor, was the buyer. Somerset Properties will retain management of the building.
DALLAS AND IRVING, TEXAS — Bradford Commercial Real Estate Services has brokered two leases totaling 15,595 square feet of office space in the Dallas metro area. In the first lease, Kingdom Resources LLC, a provider of oil and gas services, leased 8,791 square feet of office space at Freeport Corporate Center, located at 8650 Freeport Parkway South in Irving, from Slate Freeport Holdings. Kevin Brookmole of Bradford Commercial represented the tenant, while Geoff Shelton and Marshall mays of Holt Lunsford Commercial represented the landlord. In the second lease, Keaton Interiors Inc., an interior design and architecture firm, leased 6,804 square feet of office and showroom space at 4444 Spring Valley Road in Dallas from SV Associates Partnership. Susan Singer and Brian Pafford of Bradford Commercial represented the landlord, while Cole Horowitz of NAI Robert Lynn represented the tenant.
NEW YORK CITY — RM Capital has arranged $57.5 million in first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall building at 44 Union Square in New York City. The borrower, Reading International, will use the financing to renovate and repurpose the six-story 73,322-square-foot retail and office building. Upon completion, the building will feature three contiguous lower levels of retail space and three floors of office space. The historic property is the former headquarters for the Tammany Hall political organization and required a variance and Landmarks Commission to move forward with the redevelopment. Tammany Hall was a New York City political organization founded in 1786 and planned a major role in controlling city and state politics and helping immigrants rise up in American politics. Bank of the Ozarks provided the $50 million senior construction loan, and an affiliate of Fisher Brothers provided the $7.5 million mezzanine loan. Marc Sznajderman, Romano Tio and Bo Diamond of RM Capital secured the financing for the borrower.
LYNDHURST, N.J. — Alexander Property Holdings has acquired CityView Corporate Center, an office building located at 160 Chubb Ave. in Lyndhurst. Rugby Realty Co. sold the 135,000-square-foot property for $20 million. Situated on 8 acres, the property was constructed in 1979 and renovated in 2006 and 2012. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Ryan Larkin and Curtis Foster of Cushman & Wakefield brokered the transaction.
CROMWELL, CONN. — O,R&L Commercial has arranged the sale of a two-property investment asset totaling 38,800 square feet at 50 Sebethe Drive in Cromwell. O&G Industries acquired the properties for $2.1 million. The sale includes a net-leased 28,800-square-foot warehouse and office building and an on-site 10,000-square-foot self-storage facility. Frank Hird and Luke Massirio of O,R&L Commercial represented the seller, Sebethe Drive Partners LLC, in the deal.
LOS ANGELES — Blue Bottle Coffee Co. has signed a 1o-year lease at 120 Robertson Blvd. within Robertson Plaza in Los Angeles. The coffee roaster will occupy 1,400 square feet of ground-level space at the 100,000-square-foot, mixed-use center. Matthew Fainchtein, Carter Magnin, Kazuko Morgan and Carine Mamann of Cushman & Wakefield, along with Jay Luchs and Genny Chang of NGKF, represented the landlord, Robertson Properties Group, in the deal.
