TROY, MICH. — Hayman Co. has acquired the Troy Officentre in Troy for $55 million. The 732,000-square-foot, five-building office property is located along East Big Beaver Road about 22 miles north of Detroit. Hayman Co. will manage and lease the building, as well as serve as construction manager for the nearly $10 million building enhancements, signage improvements and exterior property upgrades. Planned improvements to the property include new elevators, roof replacements, upgrades to the..
LOS ANGELES — Square Mile Capital Management has originated a $70.5 million loan that is secured by a 415,000-square-foot office building in the Koreatown neighborhood of Los Angeles. The 22-story building is located at 3600 Wilshire Blvd. The property spans a full city block from Wilshire to 7th Street. It also includes an 825-space parking deck behind the office building. Jamison Services acquired the building in 1999 and is refinancing the existing debt. Square Mile’s loan also..
INDIANAPOLIS — Colliers International has brokered the sale of Corporate Center North Buildings 4 and 6 in Indianapolis for an undisclosed price. Totaling 101,727 square feet, the two office buildings are located at 6026–6036 Lakeside Blvd. and 5915–5935 Lakeside Blvd. The buildings are 100 percent leased to four tenants, including Stericycle. Alex Cantu of Colliers marketed the property on behalf of the sellers, Building 4 LLC and Building 6 LLC. Tower Investments, an investment manager..
BETHESDA, MD. — Government Properties Income Trust (NASDAQ: GOV) has agreed to purchase all of the outstanding shares of First Potomac Realty Trust (NYSE: FPO) in a deal that is valued at $1.4 billion. The all-cash transaction, which includes the assumption of debt, is expected to close before the end of 2017. First Potomac shareholders will receive $11.15 in cash per share, or about $683 million in aggregate, at the close of the transaction. This represents a premium of about 9.3 percent..
DESOTO, TEXAS — Tailored clothing manufacturer Trybus Group has opened its new 145,106-square-foot headquarters in the Dallas metro of DeSoto. The property features 7,783 square feet of office space and about 137,000 square feet of warehouse space. The warehouse includes 32-foot clear heights, 22 truck bays and more than eight miles of custom-designed railways. Bob Moore Construction served as general contractor on the project.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 23,000-square-foot lease at the Offices at Wells Branch, a 41,000-square-foot flex property located at 13801 Burnet Road in Austin. Tom Pagel and Patrick Ley of ECR represented the landlord in the transaction. Brian Haas of KW North Austin Commercial represented the tenant, Responsive Education Solutions Inc., a charter school based in the Dallas area.
BERLIN, CONN. — O,R&L Commercial has facilitated the lease of 18,000 square feet of warehouse distribution and office space at 24 New Park Drive in Berlin. FSB leased the space from The Cariati Family LP. The tenant plans to use the space for its U.S. headquarters. Frank Hird of O,R&L represented the tenant, while James Neckerman of Commercial Real Estate Group represented the landlord in the lease transaction.
CHICAGO — ESD, a global engineering firm, has signed a 46,884-square-foot office lease at Willis Tower in Chicago. The firm plans to move its Chicago operations from 175 W. Jackson Blvd. to the tower in June 2018. ESD will occupy the entire 53rd floor and half of the 54th floor. Blackstone acquired Willis Tower in 2015, and unveiled plans for a $500 million renovation to the building earlier this year in conjunction with Equity Office, the U.S. office portfolio company wholly owned by..
TIER REIT Acquires Office Tower in Metro Dallas for $123.3M, Exits Louisville Market with $71.5M Portfolio Sale
PLANO, TEXAS — TIER REIT Inc. (NYSE: TIER) has acquired 5851 Legacy Circle, a 12-story office tower in the Legacy Town Center area of Plano, for $123.3 million. The sale includes the assumption of a $66 million mortgage loan. The seller was not disclosed. The property, also known as Tower One, is master leased to Encana Corp., which has subleased 88 percent of the property to tenants such as LegacyTexas Bank, U.S. Renal Care and Aimbridge Hospitality. The Class A, 319,000-square-foot..
CHICAGO — In its most recent study on the workplace, JLL has found that helping people feel good on the job is more than a 'box-ticking” exercise in trying to achieve work-life balance. A place of work is far more than a property. It is a living environment that helps individuals and businesses craft and experience a better fusion of life and work. One of the key findings from the report, entitled “Workplace Powered by Human Experience,” is that workplaces must provide a broader..