NEW YORK CITY — TF Cornerstone has secured a $325 million refinancing for Carnegie Hall Tower, a 555,000-square-foot, trophy office property on Manhattan’s “Billionaire’s Row.” The 60-story building is located at 152 W. 57th Street. Carnegie Hall Tower opened in 1991 and was designed by Cesar Pelli. The building features a vaulted entrance and a through-block grand lobby adorned with Italian marble, brass and hardwood accents similar to its landmark neighbor, Carnegie Music Hall. Many floors offer 360-degree views of New York City, including Central Park, the skyline, the Hudson and East rivers and the Atlantic Ocean. “Delivered in 1991 during an economic recession, the property took time to lease up and stabilize,” says Jeremy Shell, executive vice president of TF Cornerstone. “The market was soft but the principals of our firm were persistent in waiting out the vacancies of the early 1990s. [Cornerstone] went to great lengths to keep the property solvent and to ultimately realize their vision for Carnegie Hall Tower.” Some of the tower’s current notable tenants include TR Winston & Company, Metacapital, Kingdon Capital, 13D Management, Grubman Indursky Shire & Meiselas law firm and Greystone & Company. Singer & Bassuk Organization (SBO) arranged the financing through …
LOS ANGELES — Quantum Capital Partners has secured secured $33.5 million in permanent and construction financing for a 60,000-square-foot medical office building and parking structure in downtown Los Angeles. DaVita Healthcare Partners will lease the new space. The facility is being built on a 2.9-acre site at 1120 W. Washington Blvd., near the US 10 and CA 110 interchange. The borrower is Robhana Group, which acquired the development site in 2012. The permanent loan portion of the financing is secured by the fully occupied, 50,000-square-foot building that sits adjacent to the new development.
GLENDALE, CALIF. — A joint venture between Lincoln Property Co. and Long Wharf Capital has purchased an eight-story office building in downtown Glendale for an undisclosed sum. The property is located at 520 N. Central Ave. The JV plans to renovate the 96,140-square-foot property in the next few months. This will include modernizing the outdoor amenity space, upgrading the lobby and common areas, and upgrades to four full-floor vacancies. The asset was originally built in 1985. Notable tenants include North American Title, Logic Mate International and H&R Block.
SAN ANTONIO — Port San Antonio has broken ground on Phase I of Project Tech, a $20 million project that will deliver a 90,000-square-foot facility that will be leased to various cybersecurity firms. The property, which is scheduled for 2018 completion, will anchor a larger office development that could span as much as 500,000 square feet across 17 acres. Suites in the building will start at 2,500 square feet per suite.
GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate, a Dallas-based brokerage and management firm, has negotiated the sale of Northridge Business Center, a 37,400-square-foot industrial flex building located at 2002-2006 State Highway 360 in the Dallas-Fort Worth metro of Grand Prairie. Michael Spain and Kevin Santaularia of Bradford Commercial represented the seller, Northridge LLC, in the transaction. Chapald-BC LLC, a New Mexico-based firm, purchased the property.
MINNEAPOLIS — Doran Cos. and CSM Corp. have joined forces to acquire the General Mills Riverside Technical Center in Minneapolis for $15.8 million. The 8.7-acre site is located at 330 University Ave. The partnership expects to begin developing concepts for a multifamily housing project this year and to break ground next year. The partnership also negotiated a lease with General Mills for continued use of the space in the Riverside Technical Center building. The construction and architecture companies of Doran will design and build the project.
CINCINNATI — Pro Football Focus (PFF) has signed a 6,000-square-foot office lease at 1208 Central Parkway in Cincinnati. Chris Collinsworth, a former Cincinnati Bengals wide receiver and sports broadcaster, owns PFF. The company will be moving to the new location this summer after renovations are completed. PFF provides football performance data and insights to help teams win their games. Stuffed Realty LLC purchased the 15,000-square-foot building last year with plans to redevelop the property. Travis Likes, Scott Yards and John Eckert of CBRE represented PFF in the lease transaction.
NASHVILLE, TENN. — The Dilweg Cos. has purchased Vantage Place, a five-story, Class B office building in Nashville’s MetroCenter submarket. The seller and sales price were not disclosed, but The Tennessean reports the sales price as $17.7 million. Built in 1981, the 167,818-square-foot property was 92 percent leased to tenants such as Centerstone Research Institute, CGS and Young Williams. The purchase of Vantage Place brings Dilweg’s Southeast holdings to nearly 6 million square feet.
TREVOSE, PA. — CBRE has arranged the sale of a Class A office building located at 1150 Northbrook Dr. in Trevose. Red River Asset Management, Advalurem Group and Lincoln Property acquired the four-story, 107,742-square-foot property. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Rubenstein Partners, during the transaction. Built in 2007, 1150 Northbrook features a two-story atrium lobby and a glass curtain wall. The property, which is located near Neshaminy Mall, is 85 percent leased to tenants including Gamesa, Office of the Comptroller (U.S. Department of the Treasury) and Bracket Global.
BABYLON, N.Y. — SVN | Realty Three Advisors has negotiated the $2.3 million purchase of the People’s United Bank Building located at 375 Deer Park Ave. in Babylon. An unnamed buyer purchased the net leased retail and office building from 375 Deer Park Avenue LLC. Patricia Posillico of Sperry Van Ness | Realty Three Advisors represented the buyer. Sabre Real Estate Group represented the seller.