Grubb & Ellis Realty Investors Acquires Oak Park Office Center III in Houston

SANTA ANA, CA – Grubb & Ellis Realty Investors, LLC has acquired Oak Park Office Center III, (top right photo) a Class A office building in Houston, on behalf of tenant-in-common investors.

Oak Park Office Center III, an approximately 151,000-square-foot building, is located within Oak Park at Westchase, a 225-acre master-planned office park.

Situated on more than 11 acres, the building is adjacent Sam Houston Parkway (Beltway 8). Oak Park Office Center III features a two-story atrium complete with marble walls, wood accents, and both cove and pendant lighting. The building has open floor plans, card key access, two electric vehicle fueling stations and security cameras at all entries.

“Oak Park Office Center III is a brand new facility situated in a location that offers high visibility for its tenant,” said Jeff Hanson, (top left photo) president and chief investment officer of Grubb & Ellis Realty Investors. “The property is an excellent addition to Grubb & Ellis Realty Investors’ portfolio of assets under management.”

The property offers ample parking with 855 spaces, an overall ratio of 5.7 spaces per 1,000 rentable square feet. It is located 30 minutes from both of Houston’s major airports and 10 minutes from the Houston Galleria.

Jacobs Engineering Group Inc. is the sole occupant of Oak Park Office Center III and operates the building under a long-term triple net lease.

Grubb & Ellis Realty Investors purchased Oak Park Office Center III from Realty Associates Oak Park, L.P., represented by Robert Williamson and Jeff Hollinden of Holliday Fenoglio Fowler.

Contacts:
Julia McCartney, Phone: 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder 714.975.2659, damon.elder@grubb-ellis.com

Grubb & Ellis Company Represents Veatch Carlson in 24,115 SF Office Lease in Downtown Los Angeles

LOS ANGELES, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that its Tenant Advisory Group represented Veatch Carlson, Attorneys at Law in the renewal of its lease for 24,115 square feet of office space in Downtown Los Angeles.

The consideration of the seven-year lease was not disclosed.

Veatch Carlson’s offices are located at 700 S. Flower St. (middle right photo) The law firm has been a tenant in the building since 2002.

Maury Gentile, Sean O’Leary and Brian Denton of Grubb & Ellis’ Tenant Advisory Group represented the lessee in the transaction. Peter Paik represented the lessor, 700 S. Flower LLC.

“We were able to help Veatch reduce its overall square footage requirement by approximately 20 percent while restructuring a longer term lease extension,” said Gentile. “It was a win-win for the tenant and the landlord.”

Grubb & Ellis Company Represents Fisher & Phillips in 24,942 SF Office Lease in Irvine, CA

IRVINE, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Fisher & Phillips LLP, a national labor and employment law firm, in the lease of 24,942 square feet of office space for its Irvine location. The consideration of the 10-year lease was not disclosed.

Fisher & Phillips is slated to occupy its space in Opus Center Irvine (middle left photo), located at 2050 Main St., in March 2009. The firm will be relocating from Irvine Center Towers in Irvine.

Fisher & Phillips is one of the oldest and largest firms in the country representing employers in the areas of labor, employment, civil rights, employee benefits and immigration law.

Jack McNutt and Chon Kantikovit of Grubb & Ellis’ Newport Beach office and Kay Davis of the firm’s Atlanta office represented the lessee in the transaction. Dean Chandler and John Weiner of CB Richard Ellis represented the lessor, Opus West Corporation.

Contacts:

Sharon Abar, Phone: 714.975.2185, sharon.abar@grubb-ellis.com

Damon Elder, 714.975.2659, Email: damon.elder@grubb-ellis.com

Grubb & Ellis Represents NAVTEQ Corp. in 22,062-SF Expansion at 100 N. Riverside Plaza in Chicago

CHICAGO, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented NAVTEQ Corporation in the lease of 22,062 square feet of space at 100 N. Riverside Plaza (bottom right photo) located at 425 W. Randolph St.

Sven Sykes, director, senior vice president, Tenant Advisory Group and Tom Volini, senior vice president, Tenant Advisory Group, represented the lessee.

“NAVTEQ is truly a Chicago success story, and finding space that not only met its technological requirements but that could also support its growth was crucial,” said Sykes. “We’re proud to be involved with their growth.”

NAVTEQ relocated its headquarters from the Merchandise Mart to 425 W. Randolph in 2007, taking 227,000 square feet of space initially and another 44,000 square feet earlier this year before the current expansion.

It now occupies almost 300,000 square feet in the Class A building. Having once been occupied by SBC Communications, the space was equipped with substantial technological and operational infrastructure.

NAVTEQ Corporation is a leading global provider of digital map data, driving most in-vehicle navigation systems, the top routing web sites and the leading brands of top navigation devices.

Contact: Erin Mays, Phone: 312.698.6735. Email: erin.mays@grubb-ellis.com