REBusinessOnline

F&T, SCG America Open 85,000 SF Office Building in Queens

NEW YORK CITY — A partnership between New York-based developers F&T Group and SCG America has opened Tangram Tower, an 85,000-square-foot office building within the Tangram mixed-use development in Queens. The building is currently 80 percent sold to medical practitioners and other professionals. Tangram Tower offers access to the 1.2 million-square-foot Tangram development’s two residential towers and hotel, as well as an array of retail and culinary options. Margulies Hoelzli …

WeWork Leases 89,500 SF at Property Under Redevelopment in Chicago’s Fulton Market

CHICAGO — Coworking giant WeWork has leased 89,500 square feet at 1155 W. Fulton St. in Chicago’s Fulton Market. The lease represents all of the office space within the building, which was acquired earlier this year by Barnett Capital Ltd. and Domus Special Situations Group and is undergoing a redevelopment. As originally developed, 1133 and 1155 were separate three-story industrial buildings. Through the redevelopment process, the new ownership has combined the buildings to create larger …

Harvard Investments, Lincoln Property Co. Sell Waypoint Office Campus in Metro Phoenix for $107.6M

MESA, TEMPE AND SCOTTSDALE, ARIZ. — Harvard Investments and Lincoln Property Co. (LPC) have completed the sale of Waypoint, a suburban Class A office campus located in Mesa, Tempe and Scottsdale. New York City-based Innovatus Capital Partners acquired the four-building asset for $107.6 million. Harvard and LPC developed the first 108,956-square-foot building at Waypoint in 2014 as a build-to-suit that was fully pre-leased to Verrda Mobility, formerly American Traffic Solutions. In 2016, …

Intercontinental Real Estate, Harvest Properties Purchase 85,580 SF Office Building in San Francisco

SAN FRANCISCO — Intercontinental Real Estate Corp. and Harvest Properties have completed the acquisition and recapitalization of 400 Montgomery, a historic office building located in San Francisco’s Financial District. Located at the corner of California and Montgomery streets, 400 Montgomery features 85,580 square feet of office space. Constructed in 1901, the building has undergone a multi-million-dollar capital improvement program that included upgraded building systems and …

Gene Kansas Commercial Real Estate to Open 35,000 SF Coworking Space in Atlanta

ATLANTA — Gene Kansas Commercial Real Estate plans to open Indie Studios, a 35,000-square-foot coworking space in Atlanta, in spring 2020. Located at 190 Ottley Drive, Indie Studios will be fashioned for designers and creative companies with 12 spaces accommodating eight to 20 people. Indie Studios will also include “Studio X,” a technology-driven space for software developers creating programs, products and processes that center on design. Amenities at Indie Studios will include a …

Buchanan Street Partners Sells Quattro Office Building in Phoenix for $43.5M

PHOENIX — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of Quattro, an office building located at 4310-4350 E. Colton Center Blvd. in Phoenix. Boston-based Albany Road Real Estate Partners acquired the property for $43.5 million. Situated within Cotton Center business park, Quattro features 264,994 square feet of flex office space. Built in 2002, the asset was 92.5 percent leased at the time of sale. Current tenants include CVS Health, Freeport-McMoRan, …

NorthMarq Arranges $8M in Financing for Office Building in Newark

NEWARK, N.J. — NorthMarq has arranged $8 million in financing for 31 Clinton Street, a 12-story office building in Newark. The public defender’s office of the State of New Jersey occupies the property. The non-recourse loan carries a 15-year term and a fixed interest rate of 3.72 percent. The loan proceeds will be used for renovations including a new elevator, new roof, new HVAC control system and facade repairs. Charles Cotsalas of NorthMarq arranged the loan. The lender and borrower were …

Olympia Development to Build New Headquarters for Mercedes-Benz Financial Services in Michigan

FARMINGTON HILLS, MICH. — Mercedes-Benz Financial Services USA LLC and Olympia Development of Michigan have unveiled plans to develop a new build-to-suit office property in Farmington Hills. The Class A office space will serve as the headquarters for Mercedes-Benz Financial Services and the regional headquarters for Daimler Mobility Americas. The complex, pending permits and zoning approvals from the city, will be located on a 35-acre site on the southwest corner of Drake and 12 Mile roads. …

Cohen Financial Secures $22M Acquisition Loan for Loft Office Building in Chicago

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $22 million loan for the acquisition of Lacuna Lofts in Chicago’s Pilsen neighborhood. The 220,000-square-foot property includes office, retail and event space. The loft building once served as a macaroni factory. Michael Hart and Ryan Morris of Cohen arranged the bridge loan, which provides capital for enhancing the base building, tenant improvements and expanding the event space. The borrower was a partnership between …

WeWork Files for IPO, Reveals Revenue and Losses

NEW YORK CITY — WeWork’s parent company, The We Co., has filed for its initial public offering. The coworking giant has not yet provided details on the number of shares it will offer or the expected pricing. We’s public filing would enable the company to debut as early as September. We has been valued as high as $47 billion in the private markets, according to The Wall Street Journal. We’s total revenue increased $771.6 million in the first six months of 2019 to $1.5 billion, …

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