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.
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.
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.
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.
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.
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.
SCHAUMBURG, ILL. — First Western Properties Inc. has arranged the sale of a 15,000-square-foot industrial building in Schaumburg. The sales price was not disclosed. The property is located at 631-653 Morse Ave. The multi-tenant building was 92 percent leased at the time of sale. Bradford Dessy of First Western represented the out-of-state buyer in the transaction. Jeff Schultz of Kinzie Brokerage represented the undisclosed seller.
PEMBROKE PINES, FLA. — Related Development has sold the recently completed Town at Pembroke Pines, a 356-unit apartment community located at 10700 City Center Blvd. in Pembroke Pines, a city in South Florida’s Broward County. Rockpoint Group, a Boston-based real estate private equity firm, purchased the property from the Miami-based developer for $87 million. Built in 2016, Town at Pembroke Pines features 33 units per acre and community amenities such as a resort-style pool deck with personal cabanas and daybeds, outdoor dining area, demonstration kitchen, game room, private movie theater, eight courtyards, dog park, children’s playground and volleyball, tennis and racquetball courts. Over the past 18 months, Related Development has sold three completed multifamily projects totaling over $290 million, not including Town at Pembroke Pines.
NEW BERLIN, WIS. — Ogden & Co. Inc. has brokered the sale of Parc Vue Apartments in New Berlin, about 15 miles southwest of Milwaukee, for $2.5 million. The 30-unit property consists of two buildings and is located at 12415 W. Greenfield Ave. Dave Tighe and Sue Sardina of Ogden represented the seller, Greenfield-124-Needham LLC. Tighe, along with Mike Seramur, represented the buyer, Parc Vue LLC.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has negotiated a 9,709-square-foot office lease in Southfield. The building is located at 29777 Telegraph Road. Jordan Friedman, Greggory Kent and Robert Gagniuk of Friedman represented both the landlord, Onyx Southfield LLC, and the tenant, Gill Industries. Headquartered in Grand Rapids, Gill operates 20 manufacturing, development and strategic partner centers across the globe.