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.
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.
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.
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.
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.
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.