Office

Grandbridge Arranges $51M Refinancing for Office Building in Charleston

by John Nelson April 27, 2017

CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged the $51 million refinancing for Bank of America Place, a 144,000-square-foot, four-story office building along Meeting Street in Charleston. The office building features ground-floor retail space and an attached 355-space parking garage. Tenants include Bank of America, New York Life, Morgan Stanley, Wells Fargo Advisors, Parker Poe Law Firm and Resurgent Capital Services. Russ Balderson and Kevin French of Grandbridge arranged the loan through AIG Global Real Estate on behalf of Charleston Financial Center LLC, a subsidiary of Oceanside Resorts Inc., which purchased Bank of America Place in 2004.

April 27, 2017

Kentucky Office Southeast

In-Rel Purchases Office Tower in Downtown Louisville from Torchlight Investors for $32M

by John Nelson April 27, 2017

LOUISVILLE, KY. — In-Rel Properties has acquired Meidinger Tower, a 26-story, 331,172-square-foot office tower located at 462 S. 4th St. in downtown Louisville. In-Rel purchased the asset from New York City-based Torchlight Investors for $32 million. Ralph Smalley and John Merrill of HFF, along with Mark Wardlaw and Lenisa Alvey of NAI Fortis Group, represented Torchlight in the sale. Renovated in 2006, Meidinger Tower was 97 percent leased at the time of sale to tenants such as Computershare, Mountjoy Chilton Medley, Cotiviti, River Road Asset Management, Seiller Waterman, Northwestern Mutual and TQL.

April 27, 2017

Massachusetts Northeast Office

Groundbreaking Ceremony Planned for GE Innovation Point Office Project in Boston

by Haisten Willis April 27, 2017

BOSTON — GE will host a groundbreaking ceremony for its future campus, GE Innovation Point, at 15 Necco St. in Boston on May 8. When complete, the project will be home to 800 GE employees. GE Chairman and CEO Jeff Immelt will be on hand, along with Massachusetts Governor Charlie Baker and Boston Mayor Marty Walsh. Innovation Point will open in two phases in 2018.

April 27, 2017

California Office Western

Coldwell Banker Commercial SC Completes Office Expansion in San Diego’s UTC Area

by Nellie Day April 26, 2017

SAN DIEGO — Coldwell Banker Commercial SC (CBC-SC ) has completed its expansion into a 4,000-square-foot space at the newly revamped Executive Square Plaza in the University Towne Center (UTC) area of San Diego. CBC-SC’s president, Brandon Sudweeks, says this expansion is part of the firm’s larger strategy within the San Diego region. The firm has grown from three agents just a few years ago to more than 30 agents in three offices. CBC-SC plans to add a few more agents to its newly expanded UTC office.

April 26, 2017

Healthcare Loans New York Northeast Office

HFF Secures $81.5M Recapitalization for Long Island Medical Office Portfolio

by Haisten Willis April 26, 2017

EAST SETAUKET, N.Y. — HFF has secured an $81.5 million recapitalization for Stony Brook Technology Center, an eight-building medical office portfolio totaling 261,824 square feet in the Long Island community of East Setauket. HFF represented the borrower, TRITEC Real Estate, and procured the lender, a fund advised by UBS Real Estate & Private Markets. Completed between 1987 and 2007, the portfolio is located in a master-planned business park. Stony Brook University occupies more than 65 percent of the buildings. The HFF team representing TRITEC included Andrew Scandalios, Jose Cruz and Michael Gigliotti.

April 26, 2017

Loans Massachusetts Northeast Office

Colliers Negotiates $41M Sale, $26.7M Financing for Office Property in Boston

by Haisten Willis April 26, 2017

BOSTON — Colliers International has negotiated the $41 million sale of an office property located at 148 State St. in Boston. Colliers also arranged $26.7 million in acquisition financing for property, which is the corporate headquarters of Public Consulting Group (PCG), a public sector management and technology consulting firm. Colliers marketed the property on behalf of the seller, an entity controlled by principals of PCG, and procured the buyer, a joint venture controlled by Harbor Trading USA. Totaling 64,500 square feet, 148 State St. is a Class B office asset anchored by PCG, which occupies 87 percent of the building on floors two through 11. The Ginger Man, a craft beer bar, occupies the remaining 9,000 square feet. Colliers International’s Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines led the sales team. Colliers’ Jeff Black secured the 10-year, fixed-rate loan through Blue Hills Bank.

April 26, 2017

New Jersey Northeast Office

NAI Mertz Brokers Sale of Office Building in Woodbury, N.J.

by Haisten Willis April 26, 2017

WOODBURY, N.J. — NAI Mertz has brokered the sale of Lakeside Professional Campus, a 45,000-square-foot office building located at 190 N. Evergreen Ave. in Woodbury. The NAI Mertz team of Rebecca Ting and Julie Kronfeld represented the seller in the transaction. The buyer, First National Realty Partners LLC, will retain NAI Mertz as the leasing agent for the complex. Lakeside Professional Campus is located near Interstate 295 and the New Jersey Turnpike.

April 26, 2017

New York Northeast Office

Equity Office Signs Cyrus Capital to 23,000 SF Lease at Park Avenue Tower in NYC

by Haisten Willis April 26, 2017

NEW YORK CITY –– Equity Office has signed a lease with investment advisory firm Cyrus Capital Partners to move the Cyrus headquarters to a 23,356-square-foot space at the 36-story Park Avenue Tower in Manhattan. Cyrus Capital, an SEC-registered investment advisor, will occupy 15,048 square feet across the 34th floor and 8,308 square feet on the 35th floor. Equity Office will build out the space for the tenant, including construction of an internal staircase to connect the two floors, with completion slated for the fourth quarter of 2017. While the buildout of Cyrus Capital’s new space is occurring, the firm will occupy space on the sixth floor, relocating from 399 Park Ave. in May. Ben Friedland and Silvio Petriello of CBRE represented Cyrus Capital in the transaction. Zach Freeman and Scott Silverstein internally represented Equity Office, along with Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman of Newmark Grubb Knight Frank.

April 26, 2017

Connecticut Northeast Office

Angel Commercial Arranges 29,000 Office Lease Expansion in Milford, Conn.

by Haisten Willis April 26, 2017

MILFORD, CONN. — Jon Angel of Angel Commercial has arranged a 29,000-square-foot lease expansion for RoadWerx in Milford. RoadWerx, a marketing and promotions agency, has signed a long-term lease to add the space to its headquarters at 60 Research Drive. Angel represented both the tenant and landlord in the transaction.

April 26, 2017

Michigan Midwest Mixed-Use Office

Kraemer Design Group to Design Detroit Free Press Building Renovations

by Kristin Harlow April 26, 2017

DETROIT — Kraemer Design Group (KDG) will serve as architect and historic consultant on the Detroit Free Press building renovations. The former newspaper building, located at 321 W. Lafayette Boulevard, will require structural updates, complete masonry restoration, new energy-efficient windows and a fresh interior design. The 271,858-square-foot, 14-story building will be repurposed into a mixed-use property with retail, office and residential space. KDG will work to preserve historic elements and details of the building, while modernizing a structure left vacant for 19 years. KDG will collaborate with Bedrock, the new owners of the building and the real estate arm of Dan Gilbert’s companies, on construction and design initiatives. The new project is slated to open in 2020.

April 26, 2017

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