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Office Market in Austin CBD Shows No Signs of Slowing Down

The story of the office market in Austin’s central business district (CBD) begins in 2008. With the national economic downturn just beginning, a new, 44-story high-rise residential building had  just been completed and the millennial generation was slowly starting to enter the workforce. At that time, the total inventory of office product in Austin’s CBD was approximately 8.44 million square feet. These properties posted a vacancy rate of about 12.9 percent. Several major factors would..

February 16, 2018

Intercontinental Real Estate Corp. Acquires 337,904 SF Office Campus in Burbank for $123.5M

BURBANK, CALIF. — Intercontinental Real Estate Corp. has acquired Connexion Burbank, a 337,904-square-foot office campus in downtown Burbank, for $123.5 million. The three-building urban campus is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The properties were built in 1983, 1978 and 1984, respectively, and recently underwent a major renovation. The renovation and rebranding, which totaled nearly $8 million, included upgrades to all three lobbies,..

February 15, 2018

Foremost Cos. Buys 100,000 SF Office Building in Pomona

POMONA, CALIF. — Foremost Cos. has purchased a 100,000-square-foot office building in Pomona for an undisclosed sum. The building is located at 901 Corporate Center Drive. The building’s interior is currently improved with classrooms and administrative offices. The asset is situated within the 50-acre University Corporate Center business park. Current owners and tenants at the business park include pharmaceutical, professional offices and businesses, educational, and state and county..

February 15, 2018

New York Life Real Estate Investors Originates $42M Loan for Office Building in Boston’s Seaport District

BOSTON — New York Life Real Estate Investors has originated a $42 million loan for Tower Point, a 157,000-square-foot office building located in Boston’s Seaport District. The property is owned by an institutional fund represented by Bayerische Versorgungskammer. The fund’s investment manager is a German company, Universal-Investment, as advised by Northwood Investors LLC. The loan has a 10-year term. Mark Young of New York Life Real Estate negotiated the loan.

February 15, 2018

Summit Completes Two Office Build-Outs in Chicago

CHICAGO — Summit Design + Build LLC has completed two office build-outs for Level Office, a company that rents private offices, co-working desks and meeting space. Summit renovated and expanded two of the company’s four Chicago locations. The 21,348-square-foot Level Office River North features private offices, office suites, co-working desks, reception, event space and conference rooms. This location also features a unique space off the first floor where a loading dock was converted to..

February 15, 2018

Gershman Brokers $8.9M Sale of Two Office Buildings Near St. Louis

CLAYTON AND MARYLAND HEIGHTS, MO. — Gershman Commercial Real Estate has brokered the sale of two office buildings near St. Louis. Tim Balk of Gershman represented the seller, CUNA Mutual Financial Group Inc., in both transactions. BMO-1 The Westport LLC purchased a 91,131-square-foot building located at 11960 Westline Industrial Drive in Maryland Heights for $6.2 million. The property was 78 percent leased at the time of sale to tenants such as Kantar Health, YOH Services and Lindenwood..

February 15, 2018

Lee & Associates Negotiates Sale of 30,375 SF Office Building in Indianapolis

INDIANAPOLIS — Lee & Associates has negotiated the sale of a 30,375-square-foot office building in Indianapolis for an undisclosed price. The property is located at 3530 S. Keystone Ave. Teresa Harwood and Matt Broderick of Lee & Associates represented the seller, Keystone Business Property LLC. Alex Cantu and Alex Davenport of Colliers International represented the undisclosed buyer.

February 15, 2018

Caddis Acquires Urban Medical Office Building Near Atlanta for $27.6M

BROOKHAVEN, GA. — Caddis has acquired Brookhaven Medical Center, a 48,588-square-foot medical office building located at 3925 Peachtree Road in Brookhaven, a city adjacent to Atlanta’s Buckhead district. The sales price was not disclosed, but CoStar reports the Dallas-based healthcare real estate firm acquired the asset for $27.6 million. Korey Prefontaine, Sonny Molloy, Bob Johnson and Jared Kaye of Marcus & Millichap represented the seller, a joint venture between G.H. Anderson &..

February 15, 2018

NorthMarq Arranges $15M Loan for Office, Retail Property in Tampa Bay Area

ST. PETERSBURG, FLA. — NorthMarq Capital has arranged a $15 million loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property located at 111 2nd Ave. N.E. and 201 1st St. N.E. in St. Petersburg. Bob Hernandez of NorthMarq arranged the seven-year loan with a 25-year amortization schedule on behalf of the undisclosed borrower. A local community bank provided the funding. The property is home to tenants such as Keller Williams Realty, LIG Marine and Gulfcoast..

February 15, 2018

Avison Young Brokers Sale of Vacant 79,880 SF Office Building in Metro D.C.

MCLEAN, VA. — Avison Young has brokered the sale of a 79,880-square-foot office building located at 1764 Old Meadow Lane in McLean, roughly 14 miles west of Washington, D.C. Rob Walters, Chip Ryan, John Kevill and Jim Kornick of Avison Young arranged the transaction. Young Group Inc. acquired the six-story building for an undisclosed price. The vacant building is situated on 1.9 acres of land. Young Group plans to convert the building into a self-storage facility. Butz-Wilbern is providing..

February 15, 2018