Office

KIG Brokers $86M Portfolio Sale of Office Buildings, Land Sites in Downtown Chicago

by Kristin Harlow November 9, 2016

CHICAGO — KIG has brokered an $86 million portfolio sale of six vintage office buildings and three land sites in downtown Chicago. R2 Cos. purchased the properties, located throughout the West Loop, Greektown, River North and Printers Row. Built between 1883 and 1904, the properties are collectively 90.8 percent occupied, with an average of 3.9 years remaining on existing leases. The properties included the Pontiac Building; 118 S. Clinton St.; 130 S. Jefferson St.; 901 W. Jackson Blvd.; 641 W. Lake St. and 445 W. Erie St. The land sites included are Randolph/Desplaines, 708 W. Wayman St. and Peoria/Green. Susan Tjarksen of KIG represented the seller, Chicago-based Loft Development Corp.

November 9, 2016

Illinois Midwest Office

Bradford Allen Arranges 12,096 SF Office Lease Renewal for Precision Research in Des Plaines, Illinois

by Kristin Harlow November 9, 2016

DES PLAINES, ILL. — Bradford Allen Realty Services has arranged a 12,096-square-foot office lease renewal at 999 E. Touhy Ave. in Des Plaines, a suburb of Chicago. Precision Research, a data collection company, moved into the building in 2004 and will be occupying the space for three more years. 999 East Touhy is a 145,000-square-foot Class B building. Other tenants include Emergency24 and Sterno Group. Joel Berger of Bradford Allen represented Precision Research in renewing the lease. Janet Mrowka of Siete 7 LLC represented 999 East Touhy.

November 9, 2016

New Jersey Northeast Office

NAI Mertz Brokers Two Office Leases in Cherry Hill, New Jersey, Totaling 29,050 SF

by Amy Works November 9, 2016

CHERRY HILL, N.J. — NAI Mertz has arranged two office leases at the 102,591-square-foot Two Executive Campus in Cherry Hill totaling 29,050 square feet. In the first deal, Newspaper Media Group signed a lease for 15,127 square feet of space. The company recently acquired Greater Media Newspapers. In the second transaction, an undisclosed tenant leased 12,923 square feet at the building. Rebecca Ting and Julie Kronfeld of NAI Mertz represented the ownership, 1930 NMT Owner LLC, in the transactions.

November 9, 2016

2310-washington-st-newton-lower-falls-ma

Massachusetts Northeast Office

Margulies Perruzzi Architects Completes Design of 40,000 SF Office Headquarters in Massachusetts

by Amy Works November 9, 2016

NEWTON LOWER FALLS, MASS. — Margulies Perruzzi Architects (MPA) has completed the design and renovation of the headquarters for National Development in Newton Lower Falls. National Development and its construction affiliate, Cranshaw Construction, currently occupy all four floors of 2310 Washington St. MPA provided space planning and interior design services for the 40,000-square-foot property. The project included updating the office design and relocating amenities to create an open, modern and collaborative space for staff. Cranshaw Construction served as construction manager for the project.

November 9, 2016

Office Retail Texas

ECR Facilitates Four Office, Retail Leases in Austin

by Amy Works November 9, 2016

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has facilitated four office and retail leases in Austin. In the first transaction, Herbert J. Sims & Co. leased 966 square feet of office space at 815 Brazos. Patrick Ley and Rebecca Zigterman of ECR represented the undisclosed landlord, while Jon Wheless of Aquila Commercial represented the tenant. In the second deal, Timeless Interiors Inc. leased 9,683 of office square feet at 1110 S RR 620. Ley and Haley Smith of ECR represented the undisclosed landlord. In the third transaction, Berserk Games leased 775 square feet of retail space at 800 Brazos from an undisclosed landlord. Jason Steinberg and Matt Levin of ECR represented the landlord, while Steve Gillespie of Texas Office Advisors represented the tenant. In the final deal, Buildfax leased 3,414 square feet of office space at the Heierman Building, located at 115 E. 5th St. Steinberg and Haley Berry Smith of ECR represented the undisclosed landlord, while Gaines Bagby of CBRE represented the tenant.

November 9, 2016

Connecticut Industrial Northeast Office

O,R&L Commercial Brokers 8,000 SF R&D/Flex Space in Branford, Connecticut

by Amy Works November 9, 2016

BRANFORD, CONN. — O,R&L Commercial has completed a long-term lease for 8,000 square feet of R&D and flex space, located at 4 Pin Oak Drive in Branford. Saphlux LLC will expand its research and development operations in the newly constructed facility. Rich Lee of O,R&L Commercial represented the landlord, Plato Associates, while Rich Guralnick, also of O,R&L Commercial, represented the tenant in the lease.

November 9, 2016

Multifamily Northeast Office Pennsylvania

Coretrust Capital Partners Buys Controlling Interest of Office Portion of Two Liberty Place in Philadelphia

by Amy Works November 8, 2016

PHILADELPHIA — An affiliate of Coretrust Capital Partners has acquired controlling interests in Two Liberty Place, an office and residential tower located in Philadelphia’s Center City, for an undisclosed price. Coretrust Capital Partners will own the 940,000-square-foot office portion, floors one to 37, of the property. The 57-story tower features 1.2 million square feet of office and residential condominium space. The office space is currently 89 percent leased to Cigna, Buchanan Ingersoll & Rooney and Eckert Seamans. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets represented the undisclosed selling partnership in the deal.

November 8, 2016

Northeast Office Pennsylvania

CBRE Arranges $7.5M Sale of Office Property in Horsham, Pennsylvania

by Amy Works November 8, 2016

HORSHAM, PA. — CBRE has brokered the sale of a Citizens Bank property, located at 822 Welsh Road in Horsham. An undisclosed buyer acquired the 3,500-square-foot asset for $7.5 million. Marc Mandel, Matthew Gorman and Michael Shover of CBRE represented the undisclosed seller in the deal. Citizens Bank currently has 15 years remaining on its long-term ground lease of the property.

November 8, 2016

Office Oregon Western

CBRE Global Investors Purchases the Park Square Office Campus in Portland

by Nellie Day November 8, 2016

PORTLAND, ORE. — CBRE Global Investors has purchased the Park Square Campus, a 295,767-square-foot office campus in downtown Portland, for an undisclosed sum. The Class A campus is located at 100 S.W. Market St. The property is 97.5 percent leased to investment-grade tenants with a weighted average lease term of 8.7 years. Park Square contains an 8,000-square-foot great room connecting the two buildings, a patio, onsite restaurant, updated lobby and secure bicycle parking with lockers, as well as 24-hour security and card key access. CBRE purchased the asset on behalf of a European separate account client.

November 8, 2016

Loans Office Texas

HFF Secures $120M Refinancing for 1.35 MSF Cityplace Tower in Dallas

by Amy Works November 8, 2016

DALLAS — HFF has secured the $120 million refinancing for Cityplace Tower, a 1.35 million-square-foot office tower in Uptown Dallas. The borrowers were Parmenter and Angelo, Gordon & Co. Starwood Property Trust provided the loan, which is interest-only for the full term. Proceeds of the loan were used to refinance the existing debt and provide capital for future tenant improvements, leasing commissions and capital expenditures. Situated along North Haskell Avenue, the 42-story Cityplace Tower was built in 1988 and underwent a $15 million renovation and rebranding last year. The property features eight levels of subterranean parking, 51,434 square feet of conference facilities, a 300-seat amphitheater, a 34,000-square-foot spa and fitness center, six patio sunrooms, a carwash, concierge service, convenience store and cafeteria. Ed Coco, John Brownlee, Jim Curtain and Matt Casey of HFF arranged the loan.

November 8, 2016

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