Office

TCJ Realty Acquires 309,000 SF Office Building in Carle Place, New York, for $17.3M

by Amy Works January 5, 2017

CARLE PLACE, N.Y. — TCJ Realty has acquired One Old Country Road, an office building located in Carle Place, from a private investor for $17.3 million. The five-story, 309,000-square-foot property serves as the headquarters for 1-800-Flowers and is 63 percent occupied by 27 tenants. Jacklene Chesler, Jonathan Schlussel and Darren Leiderman of Colliers International advised the seller and secured the buyer in the deal. Additionally, TCJ Realty appointed Colliers as leasing and managing agent for the property.

January 5, 2017

Office Texas

Cypressbrook Negotiates Sale of 6,000 SF Office Building in Spring, Texas

by Amy Works January 5, 2017

SPRING, TEXAS — Cypressbrook Co. has arranged the sale of an office building located at 22315 Gosling Road in Spring. Primo Hot Tubs & Swim Spas Inc. acquired the 6,000-square-foot property from Coil Tubing Technology Inc. for an undisclosed price. Joyce Sterling of Cypressbrook Co. brokered the transaction.

January 5, 2017

Industrial Midwest Missouri Office

Knoebel Construction Moves Headquarters to Chesterfield, Missouri

by Kristin Harlow January 5, 2017

CHESTERFIELD, MO. — Knoebel Construction Inc. has moved its headquarters from Fenton, Mo. to Chesterfield in St. Louis County. The new location at 18333 Wings Corporate Drive more than doubles Knoebel Construction’s space to 9,688 square feet. The new headquarters features 18 offices organized into two wings for project management and accounting/administrative staff. The building also includes three conference rooms, a team engagement area, a full kitchen and 2,500 square feet of warehouse space. Daniel Hayes of NAI DESCO brokered the transaction. Knoebel Construction is a full-service general contractor specializing in retail development, restaurant, grocery and retail construction.

January 5, 2017

California Office Western

Coretrust Capital Partners Buys Citigroup Center in Downtown LA

by Nellie Day January 5, 2017

LOS ANGELES — Coretrust Capital Partners has purchased Citigroup Center, a 914,000-square-foot office tower in downtown Los Angeles, for an undisclosed sum. The 48-story tower is located at 444 S. Flower St. in the Central Business District. Notable tenants at Citigroup Center include Citigroup, Morgan Stanley, Wells Fargo and Arco. The building also includes Equinox, Starbucks, Mendocino Farms and a Citibank branch. Rockefeller Group developed the project in 1981. AC Martin Partners was the designer. Coretrust plans to upgrade the building’s common areas and outdoor space. The property was purchased through Coretrust Value Fund I. The seller was a partnership advised and led by Hines.

January 5, 2017

Office Washington Western

Alaska Electrical Pension Fund Purchases Alderwood Business Center in Lynnwood

by Nellie Day January 5, 2017

LYNNWOOD, WASH. — Alaska Electrical Pension Fund has purchased Alderwood Business Center, a 10-acre office campus in the Seattle suburb of Lynnwood, for an undisclosed sum. The two-building campus is located at 3400 and 3500 188th St. SW. The Class A campus provides tenants with access to Interstates 5 and 405. It is near to the Lynnwood Transit Center. The buildings offer mountain views from all sides, newly remodeled lobbies, conference rooms and training rooms. JLL’s Stuart Williams and Lori Hill represented the seller, Embarcadero Capital Partners, in this transaction.

January 5, 2017

California Office Western

Lincoln Property Co. Sells Research Center Plaza in Carlsbad for $15.3M

by Nellie Day January 4, 2017

CARLSBAD, CALIF. — An entity of Alvarez & Marsal Capital Real Estate has purchased Research Center Plaza, an 81,118-square-foot office/R&D campus in Carlsbad, from Lincoln Property Co. for $15.3 million. The center is located at 2232, 2234 and 2236 Rutherford Road. Research Center Plaza is 90 percent occupied. Lincoln Property upgraded interior and exterior spaces at the property and created office lofts with collaborative features, open ceilings and natural lighting. The buyer represented itself in the transaction, Rick Reeder and Aric Starck of Cushman & Wakefield represented Lincoln.

January 4, 2017

California Office Western

GPI Cos. Buys Media Center North in Burbank

by Nellie Day January 4, 2017

BURBANK, CALIF. — GPI Companies has purchased Media Center North, a 95,000-square-foot office building in Burbank, for an undisclosed sum. The Class A building is located at 2835 N. Naomi St. The building serves as Entertainment Partners’ corporate headquarters. This was one of the largest office building transactions in Burbank in 2016, according to Greg Barsamian of Coldwell Banker Commercial Advisors, who represented the seller.

January 4, 2017

California Office Western

CPT Group Buys Corporate Headquarters Building in Irvine for $5.3M

by Nellie Day January 4, 2017

IRVINE, CALIF. — CPT Group has purchased a 14,208-square-foot corporate headquarters building in Irvine for $5.3 million. The building is located at 50 Corporate Park. CPT Group was looking for a new headquarters with a significant amount of parking. The class-action settlement administration company will occupy the new space in the first quarter of 2017. Chuck Hardy of Lee & Associates represented CPT, while the firm’s John Collins represented the seller, North Tustin Investment Group LLC.

January 4, 2017

California Office Western

Fandango to Relocate Headquarters Within LA

by Nellie Day January 4, 2017

LOS ANGELES — Fandango has announced plans to relocate its headquarters within Los Angeles. The digital movie network has signed a lease for the top two floors of 407 Maple Drive in Beverly Hills. Its current office is located at 12200 W. Olympic Blvd. The relocation will occur in mid-2017. Fox Interactive Media previously occupied the space, which Tishman Speyer owns. David Toomey and Brian Davies of Cresa represented Fandango. Tishman Speyer was represented in-house by John Ollen and Patrick Nally.

January 4, 2017

Office Texas

The Dallas Morning News to Relocate Offices to The Statler Library in Dallas

by Amy Works January 4, 2017

DALLAS — The Dallas Morning News, owned by A. H. Belo Corp., has signed a 16-year lease to occupy The Statler Library a 90,000-square-foot office property formerly known as the Old Dallas Central Library in downtown Dallas. The media company will relocate from its current 325,000-square-foot headquarters space to the new facility between April and June. The Statler Library offers a more flexible space that will allow the company to build a contemporary digital newsroom with open floor plans, areas for employees to collaborate and a rooftop patio. Centurion American Development Group, owner and developer of The Statler, is revitalizing the long-vacant building. Slated for completion in mid-2017, the property will feature a boutique hotel, residences, restaurants and retail space, in addition to office and meeting spaces. Russ Johnson of Peloton CRE represented the landlord, Commerce Statler Development LLC, while Jeff Ellerman and Phil Puckett of CBRE represented The Dallas Morning News in the deal.

January 4, 2017

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