NEW YORK CITY — ATCO Properties & Management has acquired an office building located at 240-246 W. 35th St. in Manhattan’s Garment District. RPW Group sold the 18-story building for $108 million. Newsday, Jason Wu, Thom Browne, Fidelus Technology, Spanish American Institute and Reem Bridal occupy the 165,000-square-foot building. MetLife provided a mortgage loan for the acquisition of the property. Richard Baxter (now with Colliers International) and Anthony Ledesma of JLL represented the seller in the deal. There were no outside brokers for the buyer.
ATLANTA — Sumitomo Corp. of Americas has closed its $222.5 million purchase of Atlanta Financial Center, a three-building, Class A office asset in Atlanta’s Buckhead district. The 914,774-square-foot property is located on Peachtree Road and sits directly atop the Buckhead MARTA station and has the GA 400 highway run directly underneath. Atlanta Financial Center was 85 percent leased at the time of sale to tenants such as SunTrust Bank and Morris, Manning and Martin. Situated blocks from Lenox Square mall and Phipps Plaza, the property includes a nine-level parking garage with 2,335 parking spaces. Sumitomo Corp. of Americas, a New York-based subsidiary of global Japanese investment firm Sumitomo Corp., plans to upgrade Atlanta Financial Center’s common areas, amenities and building systems and equipment, as well as re-landscape an on-site park. Eastdil Secured brokered the sale.
BROWN DEER, WIS. — Colliers International has brokered a 40,370-square-foot office lease renewal for BMO Harris Bank in Brown Deer, a suburb of Milwaukee. The building is located at 4701 W. Schroeder Drive. Lyle Landowski, Scott Welsh and Mike Fardy of Colliers International brokered the transaction.
LOS ANGELES — A joint venture between Angelo, Gordon & Co. and Lincoln Property Co. has purchased LNR Warner Center IV, a 510,105-square-foot office property in the Los Angeles submarket of Woodland Hills, for $147 million. The property includes two Class A office buildings, as well as a 0.88-acre land parcel that can accommodate a 7,500-square-foot retail building. LNR Warner Center IV is located at 21255 and 21215 Burbank Blvd. It is the newest phase in LNR Warner Center’s four-phase, master-planned office campus, which includes 1.3 million square feet in seven office buildings. Notable tenants include Activision, New York Life Insurance, Wells Fargo, United Online and Kaiser Permanente. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NGKF Capital Markets, along with JLL’s Dan Sanchez, represented both the buyer and seller in this transaction. David Milestone and Scott Selke of NGKF Capital Markets arranged acquisition financing on behalf of the buyers.
SAN FRANCISCO — A joint venture between Kennedy Wilson and the Takenaka Corp. has purchased a 247,000-square-foot office tower in San Francisco for $135 million The Class A building is located at 400 and 430 California St. The sale includes a 27,000-square-foot bank branch. MUFG Union Bank is both the seller and the sole occupant of the property. The company will lease the property and vacate the tower over the next two years on a staggered basis. It will vacate the bank branch after four years. The tower will also undergo a complete interior renovation. James Andrew International represented Takenaka in this transaction.
CARY, N.C. — Petrus Partners Ltd. has sold 400 Regency Forest, a 111,639-square-foot office building situated within Regency Park in Cary, a suburb of Raleigh-Durham. Epic Regency LLC purchased the Class A asset from Petrus Partners for $23 million. Built in 2000 on 8.5 acres, the office building was 96.4 percent leased at the time of sale to tenants such as Caterpillar Inc., Pentair Inc. and Mediant Communications Inc. Scot Humphrey, Ryan Clutter, Justin Good and Chris Norvell of HFF represented Petrus Partners in the sale.
MELVILLE, N.Y. — A joint venture between Treeline and The KABR Group has acquired a four-story office building located at 3 Huntington Quadrangle in Melville, roughly 40 miles outside New York City. Hines REIT sold the 408,000-square-foot property for $35.8 million. William Schroeder designed the building, which was built in 1971. Jose Cruz of HFF represented the seller in the transaction. Chris Peck, Geoff Goldstein, David Giancola, Alex Staikos and Jordan Avanzato of HFF secured financing on behalf of the buyer through Wells Fargo Bank.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 159-18 Northern Blvd. in the Flushing area of Queens in New York City. Flushing Bank sold the property to an undisclosed local buyer for $13.2 million. The 28,764-square-foot site has more than 112 square feet of frontage along Northern Boulevard and 55 square feet of frontage along 159th Street. The site includes a two-story, 9,213-square-foot commercial building and 38,831 square feet of air rights. Stephen Palmese and Stephen Preuss of Cushman & Wakefield handled the transaction.
ADDISON, TEXAS — Stream Realty Partners has arranged the sale of Midway Office Park, an office property located at 4275 Kellway Circle and 16160 Midway Road in Addison. PRE Management sold the 102,855-square-foot property for an undisclosed sum. Dallas Metrocare anchors the property. Jamie Jennings, James Mantzuranis, Caitlin Clinton and Chase Lopez of Stream Realty represented the seller in the transaction. The name of the buyer was not released.
SANTA MONICA, CALIF. — Palisades Capital Partners has acquired a mixed-use property located at 631 Wilshire Blvd. in downtown Santa Monica for $33 million. Originally built in 1958, the property has undergone $4 million in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 40,000-square-foot office and retail property features 11,000 square feet of retail space along Wilshire Boulevard. Mike Long of CBRE and Kevin Shannon, Rob Hannan and Ken White of Newmark Grubb Knight Frank represented the sellers, PacShore Partners and GreenOak Real Estate LP, in the deal.