ROSELAND, N.J. — The law firm of Connell Foley is relocating its headquarters to 71,000 square feet of office space at 56 at Roseland, an office building located at 56 Livingston Ave. in Roseland. Mountain Development Corp. and Square Mile Capital Management own the property. Connell Foley is relocating its New Jersey headquarters from a nearby location in Roseland and will occupy space on the first and second floors starting in late spring 2017. Other tenants at the property include Lowenstein Sandler LLP and Brown & Brown. Newmark Grubb Knight Frank is the leasing agent for the building.
AUSTIN, TEXAS — Equus Capital Partners has completed the disposition of Pecan Park, an office property located at 10800 Pecan Park Blvd. in Austin. An affiliate of Mark IV Capital Properties acquired the office building for an undisclosed price. Built in 2009, the four-story, 136,444-square-foot property features a state-of-the-art fitness center and a conference center. Additionally, the building is LEED certified and offers a parking ratio of 4.65 spaces per 1,000 square feet.
HUMBLE, SPRING AND WALLER, TEXAS — Cypressbrook Co. has arranged three transactions totaling 69,604 square feet of office and warehouse space in Texas. In the first transaction, John Hornbuckle of Cypressbrook Co. represented the landlord, Cypressbrook Huntington Volta LP, in the lease of 56,404 square feet of warehouse distribution space, located at 8575 Volta Drive in Humble’s Kenswick Air Freight submarket, to MIQ Logistics. Barrett Gibson of Colliers International represented the tenant. In the second deal, Coil Tubing Technology Inc. sold a 6,000-square-foot office building located at 22305 Gosling Road in Spring. Southern Texas Section PGA acquired the property for an undisclosed price. Joyce Sterling of Cypressbrook Co. represented the seller, while Randy Wilhelm of NAI Partners represented the buyer. In the third transaction, V.J. Towry leased 7,200 square feet of office and warehouse space, located at 41254 Park 290 Drive in Waller, to Cannon Construction. Denis Ksiazek of Cypressbrook Co. represented the landlord, while Melissa Hegemeyer of Coldwell Banker Properties Unlimited represented the tenant.
NORTH CHELMSFORD, MASS. — NorthMarq Capital has arranged $8 million in refinancing for Chelmsford Mills, an office property located at 51 Middlesex St. in Chelmsford. The loan features a 10-year term and a 25-year amortization schedule. The property features 208,698 square feet of office space. Ed Reikstins of NorthMarq secured the refinancing for the undisclosed borrower.
OAKDALE AND BROOKHAVEN, N.Y. — Dowling College has filed for Chapter 11 bankruptcy protection, and has retained A&G Realty Partners and Madison Hawk to manage the sale of two campuses formerly occupied by the university in Oakdale and Brookhaven. Dowling plans to sell the campuses through two separate, sealed bids as part of its bankruptcy filing. The partnership is currently accepting bids for the university’s 25-acre, waterfront campus in Oakdale. The campus includes over 200,000 square feet of space in six educational, administrative and student housing buildings, including the former W.K. Vanderbilt Estate. The 101-acre Brookhaven campus will be offered for sale in the first quarter of 2017. The property was home to the college’s aviation program, and includes a state-of-the-art athletic complex, a two-story, 65,000-square-foot building and a 10,000-square-foot airplane hangar with runway access to Brookhaven Airport. RSR Consulting is managing the dissolution of the Dowling College estate.
LOS ANGELES — A joint venture between Lincoln Property and Rockwood Capital has purchased Gateway El Segundo, a 355,000-square-foot office campus, for $120 million. The campus is located at 300, 360, 390, 400 and 460 N. Sepulveda Blvd. in the Los Angeles submarket of El Segundo. The campus includes three Class B office buildings, two single-story retail buildings and outdoor meeting spaces. The office buildings are currently 52 percent leased, while the retail space is fully leased to six fast-casual and quick-service restaurants. The JV plans to undertake a multi-million-dollar renovation at Gateway El Segundo to transform it into a creative office campus. Upgrades will include an improved central courtyard, spec suites for smaller creative tenants seeking move-in-ready spaces, and modernized lobbies, restrooms and fitness center. Renovations are expected to be completed by fall 2017.
LOS ANGELES — Equity Office has announced plans to reposition Howard Hughes Center, a 1.3 million-square-foot office center in the West Los Angeles submarket of Playa Vista. The renovation will transform the project into a connected, creative campus. Initial upgrades will include enhanced, flexible outdoor entertainment areas, drought-tolerant landscaping with mature trees, upgraded “wired” lobbies, contemporary spec suites and customizable floor plans. The repositioning will also better connect the five-building campus. Equity Office is a U.S. office platform that is wholly owned by Blackstone’s real estate funds. Blackstone acquired Howard Hughes Center in November 2016.
KINGWOOD, TEXAS — Origin Investments has completed the disposition of Kingwood Medical Arts, a medical office building located at 300-350 Kingwood Medical Drive in Kingwood. A healthcare REIT acquired the property for an undisclosed price. The 90,000-square-foot property is anchored by a 30,000-square-foot surgical center operated by a venture between Memorial Hermann Health System and United Surgical Partners.
MUNSTER, IND. — Calmwater Capital has provided a $44 million bridge loan to Simborg Development to refinance existing debt, recapitalize the existing partnership and provide capital to lease up the remaining vacancies at Lake Business Center in Munster near Chicago. The 993,017-square-foot former Simmons Bedding Factory contains industrial and medical office space and was 83 percent leased at the time of the transaction. The building is located at 9100, 9120 and 9200 Calumet Ave. A significant portion of the credit facility will finance the payoff of the existing loan, investor buyout and tenant improvements. Ryan Malatesta of Calmwater Capital was the loan originator in the transaction.
OAK BROOK, ILL. — Bradford Allen has been named the exclusive leasing agent for 1900 Spring Road, a 107,000-square-foot Class A building in Oak Brook, about 20 miles west of Chicago. The building is also known as Citibank Office Plaza, as Citibank runs a branch on the first floor. Franklin Partners purchased the building from American Realty Advisors in September and plans to relocate its offices to the building as well as handle the property management. John Millner and Ryan Moen of Bradford Allen will handle the leasing management.