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PHOENIX — The groundbreaking has occurred for the Federal Bureau of Investigation's new Phoenix regional headquarters. The 210,202-square-foot building will be located at the intersection of 7th Street and Deer Valley Road in the city's Deer Valley submarket. Completion is slated for March 2012. The General Services Administration (GSA), which handles leasing for the U.S. government, signed a build-to-suit agreement with the project's owner and developer, Minneapolis-based Ryan Cos. The government agency will occupy the building for a 20-year term. Local reports indicate the lease is valued at $154 million. The Jones Lang LaSalle team of Jessica Kokish, Suzanne Drake, Chris Roth and Dan Reidy represented the GSA in lease negotiations. In a statement Kokish said, “Utilizing all aspects of the firm's expertise, we were able to guide the GSA through a comprehensive process than began with securing the land site and selecting a developer. Given current capital markets conditions, were determined to find a developer who could successfully construct a building for the FBI — one that will serve the agency for decades to come.” Since 2005, Jones Lang LaSalle has assisted the GSA with more than 750 leases and is currently working on 600 additional leases. — Coleman …

NEW YORK CITY — Plaza Construction and Schiavone Construction will be providing general contracting services for the new Fulton Street Transit Center. The $176 million project is part of a larger modernization of the subway system in Lower Manhattan. The Fulton Street Transit Center will be a 180,000-square-foot facility built at the corner of Fulton Street and Broadway. The new building will provide a higher profile entrance to the subway station. The new project will feature a glass and steel oculus ceiling, which will serve as the building's main architectural feature. The building will open in 2014. In addition, the scope of the project will include the restoration of the historic Corbin Building, which is located at the corner of Broadway and John Street, as well as its integration into the new transit center. The new transit center will also improve connections to the 1 Line Cortlandt Street Station, which is being constructed at the World Trade Center (WTC) site. The Lower Manhattan area already sees heavy traffic daily from office workers, and this will only increase in the future from tourists visiting projects under construction at the WTC site, including the 9/11 Memorial. The project to improve Lower Manhattan's …

BIRMINGHAM, ALA. — Atlanta-based Carter has taken control of the City Federal building, a 27-story residential building located in Birmingham and the tallest residential structure in Alabama. The firm purchased the note on the property while taking control of it from Atlanta-based Synergy through an acceptance of a deed in lieu of foreclosure. The City Federal building was constructed in the early 1900s and added to the National Register of Historic Places in 1984. The building's namesake tenant vacated the building in 1995, and it stayed empty until Synergy launched a condominium conversion in 2005. The company invested $20 million to create 84 luxury condominiums along with 14,842 square feet of ground-floor retail space. However, the collapse of the residential market stalled sales. Synergy tried several means to sell the remaining units including an auction and a price reduction. Currently, 28 units remain empty. Carter plans to complete several common area improvements to enhance the project's appeal. It also will soon re-launch a sales campaign with the help of Ingram & Associates. A new pricing structure will be part of the new marketing plan. According to local reports, when the project is sold out it will have a value of …

SOUTH BRUNSWICK, N.J. — Marcus & Millichap has brokered the sale of a 120-unit apartment community in South Brunswick for $15 million. Fresh Ponds is located on 24.25 acres at 356 Ridge Road, close to Route 1, the Garden State Parkway and the New Jersey Turnpike. The sale price represents a per unit price of $125,000. Fresh Ponds was first constructed in 1980. Since then, 85 percent of the units have received kitchen renovations. All of the apartments feature two bedrooms, one-and-a-half bathrooms and balconies or patios. Community amenities include a swimming pool, tennis courts, volleyball courts, walking trails and a clubhouse with a recreation room. Marcus & Millichap's Philadelphia team of Ridge MacLaren, Dean Zang, Mark Taylor, Andrew Townsend and Clark Talone represented the seller. Assistance was provided by Russ Richardson of Richardson Properties Corp. MacLaren, Zang, Taylor Townsend and Talone also represented the undisclosed buyer. Local assistance was provided by Michael Fasano of Marcus & Millichap's New Jersey office. “The property's infill location, the scarcity of comparable product and the presence of numerous large corporations in the area should allow the new owner to benefit from rent growth and high occupancy,” said MacLaren in a statement, adding, “This …

NORTH LAUDERDALE, FLA. — A joint venture between Behringer Harvard and Grand Peaks Property Management has acquired a South Florida apartment community from Principal Global Investors for $42 million. Parrot's Landing is located at 7900 Hampton Blvd. in North Lauderdale. Constructed in two phases, the community contains a total of 560 units in 24 residential buildings situated on more than 25 acres. Phase I of the community, comprising 17 of its buildings, was renovated between 2007 and 2010. Phase II was completed in 1997. Community amenities include two clubhouses, three pools, lighted tennis courts and a fitness center. George Vail and Jaret Turkell of the Miami office of Holliday Fenoglio Fowler represented the seller. The buyer acquired the property by way of Fannie Mae financing. “This was an outstanding opportunity for a buyer to come in and purchase an institutional, quality-owned product at a significant discount to the current owner's cost basis and replacement cost,” said Vail in a statement. — Coleman Wood

ALEXANDRIA, VA. — USAA Real Estate Co. has acquired a 621,774-square-foot office complex located in the Crystal City submarket of Alexandria, near Washington, D.C. Known as Potomac Yard, the property comprises two 12-story, Class A towers. One Potomac Yard contains 315,231 square feet, and Two Potomac Yard contains 306,543 square feet. The U.S. Environmental Protection Agency (EPA) is the main tenant, leasing all of One Potomac Yard and approximately half of Two Potomac Yard. Government agencies including the Army Corps of Engineers and Agency for International Development lease almost all of the remaining space. Private company Thales also leases space in the complex. With the EPA as the primary tenant, it is no surprise that both properties feature several sustainable components. The buildings put an emphasis on creating an ideal indoor habitat with high-efficiency ventilation systems, low-VOC interior materials and carbon dioxide monitors tp adjust the amount of fresh air entering the building. The buildings also feature abundant daylighting. Low-flow fixtures also provide water savings of more than 30 percent. Both buildings achieved LEED-Gold certification upon their completion in 2006. One Potomac Yard also received Energy Star certification in 2007 and 2008, and the LEED for Existing Buildings – Gold …

HOUSTON — Renowned land developer Coventry Development Corp. has announced plans to create a new master-planned community in the greater Houston metropolitan area. Known as Springwoods Village, the new community will be developed on approximately 1,800 acres located along Interstate 45 approximately 30 miles north of downtown Houston. While the community will be slowly developed along a 15- to 20-year timetable, initial plans call for 4,500 to 5,000 homes, 8.5 million square feet of commercial office space and 1.2 million square feet of retail space. The residences will comprise a mix of single-family homes starting at $200,000 as well as luxury rental units and urban-style condominiums priced between $100,000 and $400,000. According to a preliminary site plan, the single-family homes will be situated in a low-density area on the project's western end, while the apartments and condos will be situated in medium- and high-dentiy areas on the eastern side of the project. Farther east of the residential zones will be a mixed-use, town center-style area and an office/commercial zone that will front the interstate. As the community is built out, schools, libraries and emergency services will be constructed. One of the highlights of Springwoods Village is its commitment to sustainability, …