NEWTON, MASS. — Boston Realty Advisors has arranged the $20.9 million sale of Paragon Towers in Newton. The 60,826-square-foot property at 233 Needham St. sold to Massachusetts Credit Union Share Insurance Corp. (MSIC), which purchased it from KS Partners. Boston Realty Advisors’ Jeremy Freid and Adam Meixner represented KS Partners in the transaction. Jason Weisman, Nick Herz, and Michael D’Hemecourt of Boston Realty Advisors were also involved in the sale process.
WAYNE, PA. — A joint venture between Keystone Property Group and Argosy Real Estate Partners has sold Devon Square in Wayne. The two-building, 140,000-square-foot office complex is located at 724-744 W. Lancaster Ave. and sold for $33.5 million. Doug Rodio and Ben Appel of HFF represented the sellers in the transaction. After acquiring the property in 2005, Keystone conducted a capital improvement campaign updating the interiors and exteriors and remodeling common areas. The office buildings are 95 percent occupied with tenants including Merrill Lynch, Penn Liberty Bank, Keller Williams and Main Line Surgery Center. Situated on Route 30, the property is located near I-76, I-476, Route 202 and SEPTA train lines. Across Lancaster Avenue from Devon Square is Devon Village, a Whole Foods-anchored shopping center.
DENVER — Union Investment has purchased the Triangle Building, a 21,000-square-foot office building in Denver, for $154 million. The building is situated directly opposite Union Station in the Lower Downtown district. The Triangle Building is 98 percent leased to tenants like media firm Liberty Global, WeWork and software company AutoDesk. The seller was a joint venture between an affiliate of Starwood Capital Group and East West Partners.
SANTA CLARA, CALIF. — Buchanan Street Partners has purchased the Bayland Building, a 116,000-square-foot office building in Santa Clara, for $32 million. The property is located at 2953 Bunker Hill Lane, near Levi’s Stadium. The Bayland Building is fully leased to four tenants, including Inphi Corp. Buchanan plans to modernize the building systems, update common areas and increase on-site amenities to attract and retain Silicon Valley’s innovative workforce. The firm represented itself, while Eastdil Secured represented the seller, Sleepy Hollow Investment Co., in the transaction.
LOS ANGELES — Ready Capital Structured Finance has closed a $3.6 million non-recourse loan for an 8,500-square-foot office asset in Los Angeles. The property is located at 2818 La Cienega Ave. in Culver City. The borrower plans to renovate the property, which features open floor plans and an outdoor courtyard on the second floor. The interest-only loan features a 24-month term with one extension option and flexible pre-payment options. It includes a facility to provide for capital expenditures, tenant improvements, leasing commissions, and interest and carry reserves.
FORT LAUDERDALE, FLA. — Ready Capital Structured Finance has closed an $11.9 million acquisition loan for Courthouse Place, a 66,260-square-foot, eight-story office building located at 12 S.E. 7th St. in Fort Lauderdale’s central business district. Built in 2007 near the 20-story Broward County Courthouse, the office building features three stories of office space atop a five-story parking garage. The asset was 88 percent leased at the time of financing to tenants such as Krupnick Campbell Malone Buser Slama Hancock Liberman, Legacy Bank of Florida and Apex Reporting Group. Jason Hochman of Cushman & Wakefield arranged the fixed-rate, three-year loan through Ready Capital Structured Finance. HRE/SEFIREA Courthouse Place LLC purchased the office building from an affiliate of West Palm Beach, Fla.-based Morning Calm Management LLC known as Courthouse Place Building Owner LLC for $13.7 million. Scott O’Donnell, Dominic Montazemi, Greg Miller, Deanna Lobinsky and Travis Herring of Cushman & Wakefield represented the seller in the transaction.
MIAMI — JLL has arranged a 17,000-square-foot lease on behalf of Banco do Brasil Americas, the U.S. branch of the Brasilia, Brazil-based bank, for its new corporate headquarters at 1221 Brickell Ave. in Miami’s Brickell district. The bank has leased the entire 22nd floor for its relocation from One Biscayne Tower in downtown Miami. Gavin Macphail and Randy Carballo of JLL represented Banco do Brasil Americas in the lease negotiations.
HOUSTON — Moody Rambin has negotiated a 15,856-square-foot lease renewal at Woodlake Office Park, a medical/office complex located at 2500 Tanglewilde St. in Houston. Terri Torregrossa of Moody Rambin represented the landlord, Woodlake Properties Ltd., in the lease negotiations. Tim Relyea of Cushman & Wakefield represented the tenant, Texas ENT Specialists.
CHICAGO — Law firm Barack Ferrazzano Kirschbaum & Nagelberg LLP has renewed its 99,756-square-foot office lease at 200 W. Madison in Chicago’s West Loop. The firm is the largest tenant within the 928,040-square-foot building and will occupy the space through 2032. Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corp. as the anchor tenant. Kyle Kamin, Cal Wessman and Mark Cassata of CBRE represented the tenant in the lease transaction. Jeff Dowdell, Katie Steele, Courtney Rosoff and Michael Lirtzman of Transwestern brokered the lease on behalf of the owner, Bentall Kennedy’s U.S. core fund. Transwestern has managed the property since 2011. A recent $5 million renovation included an updated lobby, modernized elevators, new tenant lounge and expanded fitness center with yoga room.
WEST ALLIS, WIS. — CBRE has negotiated the sale of Lincoln Center II and III in suburban Milwaukee for $8 million. The two office buildings total 121,388 square feet. Lincoln Center II is located on a three-acre site at 2514 S. 102nd St., while Lincoln Center III is located at 10150 W. National Ave. The buildings were more than 87 percent occupied at the time of sale with tenants including Verizon, Acuity, Cognex and Eye Care Specialists. Eric Rapp and Patrick Gallagher of CBRE represented the seller, Somerset Properties. Sara Investment Real Estate LLC purchased the properties.
