DENVER — Shorenstein Properties LLC has purchased Denver City Center, a pair of Class A office buildings totaling 1.3 million square feet in the city’s downtown region, for a reported $286 million. The center is located along17th Street in the city’s Financial District. The acquisition includes the office portion of 707 17th Street, which occupies floors 21 through 42 of the building. Marriott Denver City Center resides on the lower floors of the building, and was not included in this transaction. The acquisition did include the adjacent Johns Manville Plaza, a 29-story office building. Both buildings were renovated in 2013.Notable tenants include Jacobs Engineering, Forest Oil Corporation, Johns Manville, Baker Hughes and AECOM. This is Shorenstein’s first acquisition in Denver since the early 1990s. The company completed its most recent acquisition on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P. The seller, Crescent Real Estate Holdings LLC,a subsidiary of Barclays plc, was represented by HFF’s John Jugl and Mary Sullivan.
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EL CERRITO, CALIF., SEATTLE — Kennedy Wilson and its partners have acquired three apartment communities in Washington and California for a total of $167 million. The acquisition includes the 159-unit Village at Town Center in El Cerrito, Calif., near the University of California at Berkeley, and the 297-unit Big Trout Lodge in a suburb of Spokane, Wash. A 372-unit apartment community in a Seattle surburb is currently under contract and is expected to close in the first quarter of 2014. The seller was The Wolff Company.
SAN FRANCISCO — Intuit Inc. has signed a long-term lease for about 200,000 square feet of space in Downtown San Francisco. The building is located at 22 Fourth Street. Demandforce, a division of Intuit’s Small Business segment, will occupy the property’s entire office portion. The Container Store currently occupies 29,245 square feet of retail space on the building’s first two floors. Intuit was represented by Bart Lammersen, Paul Bryant and Chris Holland of Jones Lang LaSalle. The landlord, Jamestown, was represented by Wes Powell and Karen Wells from the same firm.
HOLLYWOOD, CALIF. — Todd-Soundelux, LLC has signed a 12-year lease renewal for a 40,315-square-foot office space in Hollywood. The property is located at 900 Seward Street in the city’s production corridor. The post-production sound company’s Todd AO Studios operates out of the facility. The company was represented by Arlene Sommer and Mark Robinson of Cushman & Wakefield. The landlord, Vista Investment Group, was represented by John Tronson and Steven Tronson of Avison Young.
LOS ANGELES – A nine-unit apartment building in West Los Angeles has sold to Tai On Investments, LLC for $3 million. The community is located at 11235 Richland Ave. It was built in 1987. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, KWP Investments, in this transaction.
SAN FRANCISCO — Intuit Inc. has signed a long-term lease for about 200,000 square feet of space in Downtown San Francisco. The building is located at 22 Fourth Street. Demandforce, a division of Intuit’s Small Business segment, will occupy the property’s entire office portion. The Container Store currently occupies 29,245 square feet of retail space on the building’s first two floors. Intuit was represented by Bart Lammersen, Paul Bryant and Chris Holland of Jones Lang LaSalle. The landlord, Jamestown, was represented by Wes Powell and Karen Wells from the same firm.
HOLLYWOOD, CALIF. — Todd-Soundelux, LLC has signed a 12-year lease renewal for a 40,315-square-foot office space in Hollywood. The property is located at 900 Seward Street in the city’s production corridor. The post-production sound company’s Todd AO Studios operates out of the facility. The company was represented by Arlene Sommer and Mark Robinson of Cushman & Wakefield. The landlord, Vista Investment Group, was represented by John Tronson and Steven Tronson of Avison Young.
LOS ANGELES – A nine-unit apartment building in West Los Angeles has sold to Tai On Investments, LLC for $3 million. The community is located at 11235 Richland Ave. It was built in 1987. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, KWP Investments, in this transaction.
SUNNYVALE, CALIF. — Lane Partners has acquired a 508,946-square-foot office portfolio in Sunnyvale for a reported $127 million. The 16-building office and R&D portfolio is primarily located in the Peery Park submarket. It was 94 percent leased at the time of sale. One-third of the portfolio was leased to Apple.The seller, a global investment manager, was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk and Brad Zampa.
LOS ANGELES – The 39-acre site of the future Pacific Business Center, an industrial development in the Los Angeles submarket of Bell, has received $73.8 million in financing. The funds will be used to acquire and develop the project. The site was acquired by Pacific Industrial for more than $44 million. It will be located at 5600 Rickenbacker next to the 710 Freeway. The land was the former World War II Cheli Air Force Base GSA site. It was entitled for 840,390 square feet of development. Pacific Industrial plans to develop a three-building, Class A industrial campus totaling about 550,000 square feet in the first phase of development. Construction will commence immediately and is scheduled for completion next October. The seller, the City of Bell, was represented by CBRE’s John Privett and Cameron Merrill. The non-recourse loan was arranged by HFF’s Brian Torp and Don Curtis through a global investment firm.