TIAA-CREF Sells Tysons Corner Office Building

National financial services organization TIAA-CREF has sold the Harrison Building in Tysons Corner, Virginia to Harrison Metro LLC, an investment affiliate of Cambridge Holdings LLC, a Virginia-based full-service operating company. Holliday Fenoglio Fowler, L.P. (HFF) marketed the property on behalf of TIAA-CREF, and represented them in the sale; the price and terms of the transaction were not disclosed. TIAA-CREF purchased the Harrison Building in December 2004 for approximately $27.4 million; Fairfax County tax records show the building was assessed at $23 million this year.

Located at 1760 Old Meadow Road in Tysons Corner — which is the 12th largest Central Business District in the nation and Virginia's largest employment center — the Harrison Building was completed in 1999 and is conveniently located blocks from the Silver Line's McLean Metrorail station, Tysons Corner Center and Tysons Galleria. The five-story, 101,440-square-foot, Class A office building features a two-story glass atrium lobby with three elevator cabs and covered parking adjacent to building. The building was fully leased to Project Performance Company (PPC) at the time of the sale, but the company, which has been at that location since at least 2006, will be leaving the property when its lease expires at the end of the year.

For more news and information visit Blumberg Partners.

Aligned Opens New $300M Data Center in Plano

Aligned Data Centers, a division of Aligned Energy, had a ribbon cutting ceremony this week at 2800 Summit Avenue, the company's new $300 million, 30-megawatt data center complex in Plano, Texas. The 300,000 square foot data center is one of the first company locations to come online in the United States, with the first phase officially now complete and offering 108,000-square feet of space with 12.5 megawatts of power. The facility is unique in the pay-for-use concept that Aligned has employed, with customers committing to power based on what they actually use instead of a more general commitment to a certain amount of megawatts for the life of their contract.

"Aligned Data Centers' entry into Plano is yet another powerful example of an innovative and emerging company that chooses to call our City of Excellence home," said Mayor Harry LaRosiliere at the groundbreaking ceremony. "The technology that Aligned has developed to 'green' a data center industry and reduce wasting huge amounts of water and energy cannot be understated. It is appropriate they chose Plano, a city known for leadership in sustainability efforts and we look forward to seeing them lead those same efforts in their industry."

Jakob Carnemark, CEO for Aligned Energy, explained that the consumption-based pricing for colocation will minimize the upfront commitment for power and space by up to 70% by not locking customers into a fixed ramp schedule and charging on a pay-for-use basis. "Our clients will now have the control and flexibility they have been asking for, while enjoying the peace of mind that their data center is operating at peak performance and efficiency," Carnemark said in a press release. In addition to the Plano facility, Aligned is building a larger data center in Phoenix and scouting for additional locations in California, Illinois, Virginia, and New Jersey.

Click here to take a virtual tour of the new Data Center. For more news and information visit Blumberg Partners.

Industrial Property Trust Buys York Industrial Building

In a deal arranged by JLL's Philadelphia Capital Markets Group, Industrial Property Trust Inc. has purchased the 312,769 square-foot industrial property at 515 Zarfoss Dr. in West Manchester Township, PA for $16.5 million. The building was sold by Endurance Real Estate Group and Thackeray Partners, who originally purchased the property for $8.075 million, or $25.80 per square foot, in 2012.

"515 Zarfoss Drive presented the opportunity for the buyer to acquire a 100 percent leased, highly-functional asset with a tenant who has an unmatched local presence and commitment to the market," said John Plower, senior vice president, JLL Philadelphia. "York County has continued to be a shining star within the Central Pennsylvania market, outperforming other locations in terms of high quality of labor, rental rates and limited vacancy." He also noted that the property was only on the market for about a month before it was sold.

515 Zarfoss Drive was originally developed in 1982 and features all the amenities required by contemporary distribution needs, including ceiling heights up to 31' clear, 28 loading doors, wet sprinkler system and approximately 6,500 square feet of office space. The property is located in the 27 million square foot Central Pennsylvania industrial market, which is widely considered one of the top performing in the United States.

For more news and information visit Blumberg Partners.

Korea Post Buys Midtown I & II in Atlanta

CBRE Global Investors' U.S. Managed Accounts Group announced that it has acquired Midtown I & II in Midtown Atlanta on behalf of Korea Post, the national postal service of South Korea. Terms of the deal were not disclosed, but the property did previously sell for $225 million in 2013 when Cole Real Estate Investments teamed with Macfarlan Capital Partners to acquire the complex from KanAm Grundinvest Fonds (who had purchased the complex at the market's peak in 2007 for $242 million).

"Our investors are increasingly looking for global diversification," said Peter DiCorpo, President, CBRE Global Investors' U.S. Managed Accounts Group. "We can offer the on-the-ground experts in their target investment markets as well as in their home country to provide a seamless solution for migrating capital across borders."

Midtown I & II is a 794,110 square foot, Class A, state-of-the-art corporate campus situated in the heart of the Midtown submarket of Atlanta, across I-85 from the campus of University of Georgia Tech. The 16-story and 8-story buildings are 100% leased to AT&T and were originally constructed at build-to-suits for Southwestern Bell in 2001 and 2002. The property also includes a nine-story 2,459-space parking garage, which is also home to 13,257 square feet of ground floor retail space, as well as AT&T's 5,000 square foot Drive Studio. The Drive Studio is a platform which allows automakers to add and test connected services, such as in-car entertainment systems, over-the-air diagnostic systems, and other innovative cellular-enabled features.

For more news and information visit Blumberg Partners.

Related, Oxford Secure $1.3B Financing on 15 Hudson Yards

Related Companies and Oxford Properties Group closed $1.3 billion in financing to fund the 15 Hudson Yards building under construction in the mixed-use development on Manhattan's West Side. The finance package includes equity provided by Related, Oxford and a sovereign wealth fund, tax-exempt bonds from New York State Housing Finance Agency and an $850 million construction loan provided by London-based The Children's Investment Fund, according to a Commercial Observer report.

The 960,000 square foot mixed use tower was designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, and is expected to be completed in 2018, with sales to begin next year. The 70-story tower will offer unobstructed views of the city and Hudson River, and immediate access to the greater Hudson Yards project, which includes 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel.

For more news and information visit Blumberg Partners.

Liberty Property Sells Orlando Industrial for $36M

Malvern, PA-based Liberty Property Trust announced that it has completed the sale of a 713,585 square foot industrial property at 8201 Chancellor Drive for $35.5 million, marking one of the largest deals in the Orlando-area market in five years. Liberty originally purchased the 713,585 square foot warehouse distribution facility for a total investment of $23.6 million in September 2010, when the drugstore chain CVS had the building 100% leased; Liberty completed a long-term renewal of the lease with the tenant last year. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction; the unnamed buyer was advised by Exan Capital LLC.

"Liberty remains very committed to the Orlando market and we continue to focus on growing our industrial portfolio," said Stephen Whitley, senior vice president and city manager for Liberty in Orlando. "We have just developed two new buildings and there are more in the planning stages." Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.

For more news and information visit Blumberg Partners.

Buchanan Street Buys Tollway Plaza

Newport Beach-based Buchanan Street Partners announced that it had purchased Tollway Plaza, a two-building, eight-story office complex in Dallas, Texas, for an undisclosed amount. Buchanan was self-represented in the deal, while HFF's Dallas investment sales team represented the seller, CBRE Global Investors. The buildings were expected to fetch almost $230 per square foot; CBRE originally acquired the property in 2012 from Equity Office Properties Trust, price also undisclosed.

"We are actively buying all types of office product in the Dallas region," said Matt Haugen, assistant vice president at Buchanan Street Partners, in a press release. "Given the sustainable job growth in the region and lack of available development pads, we anticipate an increase in rents in the area over the next few years as vacancies tighten."

Located at 15950 and 16000 North Dallas Parkway, Tollway Plaza consists of two, eight-story buildings totaling 370,073 square feet. Centrally located in the Dallas North Tollway submarket,Tollway Plaza was 95% leased at the time of sale, with major tenants including Travis Wolff, LLP, Axxess Technology Solutions, HQ Global and Stewart Title.

For more news and information visit Blumberg Partners.