MARINA DEL REY, CALIF. — Upload Inc. has leased 20,000 square feet of creative office space in Marina Del Rey. The property, situated within the Marina Business Center, is located at 4505 Glencoe Ave. Upload’s expansion into the greater Los Angeles area marks the company’s first workspace in the Southern California market. The virtual reality company opened its first location, the Upload SF Collective, in the Mission area of San Francisco. CBRE’s Garrett Ellis, Carter Haslam, Jeff Pion and Shay Bolton represented Upload. NGKF’s Christopher Strickfaden represented the landlord, Marina Business Center LLC, in this transaction.
PLEASANT PRAIRIE, WIS. — Zilber Property Group and MMM Real Estate LLC have purchased development sites in Lakeview Corporate Park near Kenosha. The sales prices were not disclosed. Zilber purchased a 22.8-acre site at the corner of 108th Avenue and Green Bay Road. Zach Graham, Ryan Bain and Tom Harmon of CBRE represented the seller, Nitto Americas Inc. MMM purchased a 12.2-acre site on 88th Avenue. Graham, Bain and Harmon represented MMM, while Sam Badger and Whit Heitman of CBRE represented the seller, CenterPoint Properties. Lakeview Corporate Park is a 2,400-acre business park with a mix of retail, office and industrial space.
WASHINGTON, D.C. — The Meridian Group, a Bethesda, Md.-based real estate investment and development firm, has purchased 1901 L Street, an eight-story office building located in downtown Washington, D.C.’s central business district. Meridian purchased the 132,372-square-foot property from New York Life in an off-market transaction for $75 million. At closing, the building will be 73 percent leased to two retail tenants — Staples and Sweetgreen — and a mix of 15 office tenants. Meridian is planning an extensive renovation of 1901 L that will add three new floors of trophy space to the top of the building. The renovation will also include a new lobby with high-end finishes, new façade and new HVAC and elevator systems, as well as a tenant-only indoor/outdoor penthouse space, fitness center and a conference center. The renovation will increase the size of the building to 206,000 square feet. Meridian selected Fox Architects to design the new building. The purchase is the fifth acquisition for an affiliate of Meridian — Meridian Realty Partners II LP, a $231.6 million discretionary fund.
SEATTLE — A joint venture between the Molasky Group and China-based Binjiang Group has secured $325 million in financing to build a 41-story mixed-use multifamily and hotel tower in the Belltown submarket of Seattle. Financing includes a $225 million joint venture partnership, as well as a $100 million construction-to-permanent loan. The project has not been named yet, but will be built on the site of the old Potala Tower. That project was put under the control of a court-appointed receiver, which suspended construction for about one year. The joint venture development partnership, arranged by Newmark, acquired the property from the court-appointed receiver in October 2016. Construction has resumed at the project. PCL will serve as the general contractor and Weber Thompson will act as the architect. The tower will feature 339 apartment units, 142 hotel rooms and 1,824 square feet of ground-floor retail space. It is scheduled for completion in August 2018. The $100 million construction-to-permanent loan was placed with two of Newmark’s correspondent life insurance company lenders, Guardian Life and Voya Investment, with each lender providing $50 million. The seven-year, construction-to-permanent loans will feature interest-only payments for a period of time, and later amortized over 30 years. Newmark will service the loans, …
SAN DIEGO — Murphy Development Co. (MDC) has reacquired a 542,197-square-foot campus at the San Diego Business Park for $28 million. The property, which will be rebranded as The Campus at San Diego Business Park, is located at 2001 and 2055 Sanyo Ave. Panasonic will lease about 70 percent of the 329,000-square-foot building after MDC completes 42,000 square feet of new office improvements, at a value of about $15 million. The remaining 94,000 square feet of Class A industrial space and 209,700 square feet of office space will be marketed for lease. MDC originally built the campus in 1986 for Sanyo, which Panasonic acquired in 2010. Brent Bohlken and Bryan Teel of Newmark Grubb Knight Frank represented Panasonic. MDC represented itself in the transaction.
SAN DIEGO — A pair of Class A office buildings in the Golden Triangle area of San Diego have sold to an unnamed buyer for an undisclosed sum. The institutional-quality office campus buildings, Governor Executive Centre and Governor Park Plaza, are located at 6165, 6256, 6333 and 6363 Greenwich Drive. The properties are 90.9 percent leased to tenants like the University of California, San Diego. HFF’s Ryan Gallagher, Nick Psyllos, Nick Frasco and Michael Leggett represented the seller in this transaction.
NORTHERN NEW JERSEY — Walker & Dunlop has acquired the loan origination platform of Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm based in Northern New Jersey. The firm specializes in sourcing debt and equity for all commercial real estate asset classes. Sixteen commercial loan originators are expected to join Walker & Dunlop, including Deerwood co-founders, David Rosenberg and Abe Katz. The acquisition does not bring additional loan servicing to Walker & Dunlop. Terms of the cash transaction were not disclosed.
DALLAS — Talon Private Capital has completed the disposition of an office building located at 2525 McKinnon St. in Dallas’ Uptown submarket. City Office REIT Inc. acquired the 111,722-square-foot property for an undisclosed price. Completed in 2003, the property was 96 percent leased at the time of sale. The Retail Connection, Aramark Service, Staffelbach, Hunt and Berkeley Research are tenants at the property. HFF represented the seller and procured the buyer in the transaction.
ARLINGTON, VA. — New York-based Paramount Group Inc., a publicly traded office REIT, has entered into an agreement to sell Waterview, a 24-story, 647,000-square-foot office building in Arlington’s Rosslyn neighborhood, for $460 million. Paramount Group sold the asset to Morgan Stanley Real Estate, according to Washington Business Journal. Situated along the Potomac River, Waterview’s office space is currently 99 percent leased to a single tenant, whose lease expires in January 2028. The transaction is expected to close in the second quarter of 2017.
MORRISVILLE, N.C. — JLL has arranged INC Research Holdings Inc.’s office lease at Perimeter Five, a Class A office building under construction at 3032 Carrington Mill Blvd. in Morrisville, about 13 miles west of Raleigh. The global contract research firm leased the entire 215,450-square-foot building, which will be situated within the 3 million-square-foot Perimeter Park master-planned office development. The office building will feature lake views, green space, a café serving Starbucks Coffee and a fitness center. Erika Jean McNeil, Paul Glickman, Matthew Astrachan and Michael Morgan of JLL represented INC Research in the 12-year lease deal. William Allen of Trinity Partners represented the landlord. The office building will break ground in March for an expected delivery in July 2018.