Time Warner to add $35M building in Morrisville

Time Warner Cable plans to build a $35 million divisional headquarters building in Morrisville, the company confirmed Monday.

The four-story, 160,000-square-foot building will be located on Paramount Parkway in the Perimeter Park office park, where the company already has three buildings. The 17-acre site is directly across from computer maker Lenovo's headquarters, the company said.

Groundbreaking is expected to take place in 2008, and employees are scheduled to move into the headquarters in spring 2009. The building will be home to Time Warner Cable's eastern Carolina division, which serves customers from the Triangle to the coast.

"Consolidating more of our employees under one roof will make our business operate more efficiently," the company's eastern Carolina division president, Tom Adams, said in a written statement. "This is an example of Time Warner Cable's rapid growth and our commitment to the communities we serve and our employees who live in those areas."

Brad Phillips, a Time Warner spokesman, said the company doesn't plan on getting rid of its current headquarters building at Perimeter Park. Time Warner Cable, which has about 1,300 employees in the Triangle and 2,500 in the entire eastern Carolina division, is still working to figure out which departments will be hosted in the new building.

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source: bizjournals.com

McKnight Development closes on Robinson Plaza

McKnight Development Co. has closed on Robinson Plaza, a four-building property in Robinson Township, for $9 million, according to records filed with the Allegheny County Recorder of Deeds Office.

McKnight Principal Bill Rudolph declined to comment until his plan for the property is complete.

Plans for the complex, about 175,000 square feet of space in three office buildings and a small retail outparcel, could include the demolition of at least one of the office buildings to make way for more retail space, according to a source familiar with the property who declined to be identified because plans have not been finalized.

McKnight purchased the struggling property, which sits on Park Manor Drive and is assessed at about $11 million, from LaSalle Bank N.A.

Robinson Plaza's previous owner, the principal of O'Hara-based commercial contractor Massaro Corp., deeded the property back to the bank in August to avoid foreclosure.

Bayer AG moved out of 100,000 square feet of space in the last two years, leaving two of the complex's buildings mostly vacant.

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source: bizjournals.com

Real estate wrap: Litter box maker moving to Buccini/Pollin building

Petnovations Inc., maker of a self-cleaning cat box called "Cat Genie," leased 6,424 square feet at 705 General Washington Ave. in Norristown, Pa.

The building is owned by Buccini/Pollin Group Inc., a property owner and developer in Wilmington, Del. Petnovations plans to relocate in February to the space, which will be its new headquarters. It will move from 989 Old Eagle School Road in Wayne, Pa. Beacon Commercial Real Estate, a local commercial real estate brokerage, arranged the lease.

In other deals:

* Dolan Group, an investment affiliate of Westampton, N.J.-based Dolan Contractors Inc., began construction on a 184,000-square-foot speculative warehouse at 41 Phoenix Drive, Thorofare, N.J. The building, which will stand at Exit 19 of I-295, is expected to be completed in the first quarter of next year. Jackson Cross Partners is handling leasing of the building.
* Starbucks Coffee beefed up its local presence during the second half of this year, signing leases for 10 new stores across the region. The Seattle coffee company put shops in Center City, Manayunk and City Avenue in Philadelphia; three sites in New Jersey, in Cherry Hill, Washington Township and Gloucester Township; in Seaford, Del., along the Delmarva Peninsula; in West Chester, Pa.; and in Warrington, Pa. Colliers Lanard & Axilbund is the exclusive leasing agent for Starbucks and arranged all of the leases.
* Geico Insurance Co. leased 5,181 square feet at Two Greentree Center, 9000 Lincoln Drive, Marlton, N.J. Grubb & Ellis represented the tenant while the landlord, Brandywine Realty Trust, handled its side of the deal.
* Prudential Fox & Roach Realtors leased 6,000 square feet at Gwynedd Gate, a new 25,000-square-foot building at 1600 Bethlehem Pike in Lower Gwynedd, Pa. Mahoney Realty Group represented the tenant while American Equity Management Co. represented the landlord, an affiliate, American Equity Properties.
* Thomson Financial renewed its lease of 10,390 square feet at 1601 Market St., Philadelphia. Grubb & Ellis handled the deal.

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source: bizjournals.com

Anderson, Quam join Big G board

Brad Anderson and Lois Quam today were elected to the General Mills Inc. board of directors.

Anderson, the CEO and vice chairman of Richfield-based Best Buy Co. Inc. (NYSE: BBY).

Quam is director of alternative investments at Minneapolis-based Piper Jaffray Cos. (NYSE: PJC) and a former executive for UnitedHealth Group in Minnetonka.

Anderson joined Best Buy in 1973 as a salesman. He's was named president and chief operating officer in 1991 and became CEO in 2002. He has an associate degree from Waldorf College and a bachelor of arts degree from the University of Denver.

Before she joined Piper Jaffray earlier this year, Quam oversaw UnitedHealth Groups Public and Senior Markets group, a $30 billion division of UnitedHealth. She joined UnitedHealth in 1989 and has a bachelor's degree from Macalaster College and a Master's degree from Oxford University.

Golden Valley-based General Mills (NYSE: GIS) also today announced it had increased its annual dividend to $1.56 per share for fiscal 2008, up 8 percent from the $1.44 per share paid in fiscal 2007. Its the 109th year General Mills has paid a dividend at the same level or higher than the year before.

The appointments increase the size of the company's board to 15 members.

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source: bizjournals.com

Villa named president of commercial realtors group

Jim Villa, a former high-ranking member of the administrations of Wisconsin Gov. Tommy Thompson and Milwaukee County Executive Scott Walker, has been named president of the Commercial Association of Realtors Wisconsin.

Villa has also operated his own consulting business, where he specialized in organizational and business operations, campaign management and public relations/marketing for small businesses, associations, organizations and non-profits.

The Commercial Association of Realtors Wisconsin is a 500-member trade association that serves the commercial real estate industry throughout Wisconsin. The association recently relocated to the Greater Milwaukee Area Realtors building at 12300 West Center St. in Milwaukee.

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source: bizjournals.com