Friday, April 26, 2024
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AcquisitionsOfficeSoutheastVirginia

Newmark Arranges $33.5M Sale of Office Campus in Richmond

by John Nelson

RICHMOND, VA. — Newmark has arranged the $33.5 million sale of Atlee Station Corporate Campus, an office headquarters campus located along the I-295 beltway in Richmond. Andrew Sandquist, Adam Faulk, J.C. Asensio, Adam Petrillo, Briggs Goldberg, Will Bradley and Mark Williford of Newmark represented the undisclosed seller in the transaction. Constructed in 2006, the property comprises a 165,000-square-foot building and an additional 50-acre land parcel. The property recently underwent extensive renovations that included delivery of fully renovated restrooms and common areas, an onsite cafeteria, outdoor patio seating and a fitness center.

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DevelopmentFloridaMixed-UseMultifamilyOfficeSoutheast

Grover Corlew to Add 360 Residential Units, Renovate Office Buildings at Hillsboro Center in Deerfield Beach, Florida

by John Nelson

DEERFIELD BEACH, FLA. — Grover Corlew has received final site plan approval for the addition of 360 residential units and renovations to existing office buildings within the Hillsboro Center master-planned development at 600 and 700 Hillsboro Blvd. in Deerfield Beach, a city in South Florida’s Broward County. The developer has also been approved for the demolition of 45,000 square feet of existing two-story office space at the site. The residential units will be Mayla-branded luxury apartments. Plans also include upgrades to nearby public streets, parks, traffic signals and intersections, as well as onsite public plazas and a new road through the development. Grover Corlew is scheduled to break ground on the project in late 2025. The developer has already invested more than $10 million in interior renovations at 600 and 700 Hillsboro Blvd. Office tenants including GardaWorld Security Corp., Tomberg, Morris & Poulin and The Craneware Group have signed leases for more than 20,000 square feet of space at the property.

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Leasing ActivityOfficeTexas

FUSE Workspace to Open 33,000 SF Coworking Space in East Austin

by Taylor Williams

AUSTIN, TEXAS — FUSE Workspace, a Texas-based provider of flexible workspace solutions, will open a 33,000-square-foot space at 2105 E. MLK Boulevard in East Austin. The space, which will be the company’s fourth in Austin, will offer an array of private offices, dedicated individual desks, enterprise suites and meeting rooms. CB Capital owns the building. The opening is slated for September.

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ConnecticutLeasing ActivityNortheastOffice

Centerbrook Partners Signs 3,825 SF Office Lease in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — Global alternative investment firm Centerbrook Partners has signed a 3,825-square-foot office lease at 55 Railroad Ave., a 139,000-square-foot building in the southern coastal Connecticut city of Greenwich. According to LoopNet Inc., the property was built in 1975 and renovated in 2006. Jay Hruska of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Hines, in the lease negotiations. Steve Banker of Newmark represented the tenant.

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410-Townsend-St-San-Francisco-CA
AcquisitionsCaliforniaOfficeWestern

NYLREI, Bridgeton Buy 78,000 SF Office Building in San Francisco for $22M

by Amy Works

SAN FRANCISCO — New York Life Real Estate Investors (NYLREI) and Bridgeton have acquired 410 Townsend Street, a four-story office building in San Francisco’s South of Market (SoMa) submarket. An undisclosed seller sold the 78,000-square-foot asset for $22 million. Mike Taquino and Kyle Kovac of CBRE represented the buyers in the deal. This transaction represents the first partnership between NYLREI and Bridgeton.

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HealthcareLoansOfficeSoutheastVirginia

Monday Properties Obtains $205.5M Refinancing for Office Tower, Medical Office Building in Metro D.C.

by John Nelson

ARLINGTON, VA. — Monday Properties has obtained two loans totaling $205.5 million for the refinancing for two commercial properties in Arlington, a suburb of Washington, D.C. The assets include a 540,000-square-foot office tower at 1812 N. Moore St. and Shirlington Gateway, a 12-story medical office building. Citi Real Estate Funding Inc. provided the $173 million loan for the office tower and $32.5 million loan for the medical office building, both of which were CMBS loans with five-year terms and fixed interest rates. Monday Properties leased 60,000 square feet of space at 1812 N. Moore over the past six months, bringing it to 90 percent leased. There are an additional 20,000 square feet of deals in the pipeline. Shirlington Gateway was 93 percent leased at the time of financing to healthcare tenants including Anderson Orthopedic Clinic, INOVA and Virginia Hospital Center, which has signage on the building’s exterior.

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Leasing ActivityOfficeTexas

Perkins&Will Opens New Studio in San Antonio’s Pearl District

by Taylor Williams

SAN ANTONIO — Architecture firm Perkins&Will has opened a new studio in San Antonio’s Pearl District. The space, the square footage of which was not disclosed, is situated within The Lab Building, which is located at 303 Pearl Parkway and was originally constructed in 2012. Christi Griggs of CBRE represented the undisclosed landlord in the lease negotiations. Jeff Miller of JLL represented Perkins&Will.

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Natomas-Corporate-Center-Sacramento-CA
AcquisitionsCaliforniaOfficeWestern

Bannon Investments Sells Natomas Corporate Center in Sacramento for $44.5M

by Amy Works

SACRAMENTO — Bannon Investments Ltd. has completed the disposition of Natomas Corporate Center, an office property at 2020 W. El Camino Ave. and 2555 Natomas Park Drive in Sacramento. Chavez Management Group acquired the asset for $44.5 million. Situated on 21 acres, the property offers 419,000 square feet of office space spread across two buildings. Build in 2009, the 12-story, 319,325-square-foot building at 2020 W. El Camino Ave. is fully occupied by six tenants, including Department of Housing & Community Development, Lewis Brisbois Bisgaard & Smith LLP and the Department of Health Care Access and Information. The three-story, 86,872-square-foot building at 2555 Natomas Park Drive was built in 2020. Matt Havelock and Max Kelly of Avison Young represented the seller, while Michael J. Anthony of MJA Realty Investments represented the buyer in the transaction.

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Carr-Old-Town
DevelopmentMultifamilyOfficeSoutheastTop StoriesVirginia

Carr Properties Acquires Vacant Office Building for Multifamily Conversion in Alexandria, Virginia

by Katie Sloan

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt St. in the Old Town neighborhood of Alexandria with plans to convert the property into a 250,000-square-foot multifamily community.  The site, which will be cleared to make way for the new development, is located roughly seven miles south of Washington, D.C., and 1.5 miles south of the former development site for Potomac Yards, a recently cancelled 9 million-square-foot mixed-use project.  The community will rise eight stories and feature 234 units in a variety of configurations, ranging from studio apartments to three-bedroom units. An unspecified number of units will be dedicated to affordable housing. The development will also include below-grade parking, 15,800 square feet of outdoor space, a performing arts venue and 7,000 square feet of ground-floor retail space.  Shared amenities are set to include an outdoor swimming pool and a resident lounge and amenity center. Carr Properties plans to break ground on the development this fall with completion slated for late 2026. The community will target LEED Silver certification.  The development team for the project includes SK+I Architecture and interior design firm Edit Lab by Streetsense, which partnered with Carr on its previous Union …

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Parkside-Uptown-Dallas
LoansOfficeTexas

JLL Arranges $290M Construction Loan for Uptown Dallas Office Tower

by Taylor Williams

DALLAS — JLL has arranged a $290 million construction loan for Parkside Uptown, a 500,000-square-foot office tower that will be located at the corner of North Harwood Street and Woodall Rodgers Freeway in Dallas. Bank of America has preleased roughly half the space at the 30-story building, which is slated for a 2027 delivery. Trey Morsbach, Jim Curtin, Michael Cosby and Greg Napper of JLL arranged the four-year, floating-rate loan through Goldman Sachs Alternatives. The borrower is a partnership led by Pacific Elm Properties that also includes local developer KDC. New York-based architect Kohn Pedersen Fox designed Parkside Uptown.

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