Office

Developers in Downtown Milwaukee Play With Hot Hand Due to Strong Demand

by Kristin Harlow March 9, 2017

Ben Franklin, one of our nation’s Founding Fathers, famously said, “Well done is better than well said.” Milwaukee has a long history of ideas that are well said. There is no shortage of opinions and sound ideas on how to attract companies to the city, how to improve the public transportation system and how to get more people to live in the city. But these well-intentioned ideas, more often than not, don’t get implemented. Finally, after a decade of virtually no new development, things are happening. In the August 2015 issue of this magazine, I wrote a column focusing on development in downtown Milwaukee titled “Proposed New Arena for Milwaukee Bucks Could Lead to a Development Run.” Indeed, that’s what is happening. After much debate, the arena is finally under construction. It will span 715,000 square feet and hold 17,500 people. Just as impressive is the ancillary development surrounding the arena, including the Froedtert & the Medical College of Wisconsin Sports Science Center that will serve as the new practice and training facility for the Milwaukee Bucks as well as a health center. The new Arena District will also be home to a “live block” comprised of four to five …

March 9, 2017

Office Texas

Colliers Arranges Sale of Two-Building Office Property in North Dallas

by Taylor Williams March 8, 2017

DALLAS — Colliers International Group Inc. has brokered the sale of Banner Place, a two-building office property located at 12660 and 12770 Coit Road in north Dallas. Built in 1985, the property, which consists of a 12-story, 258,493-square-foot tower and a three-story, 27,018-square foot mid-rise and medical office building, was 70 percent leased at the time of sale. Creighton Stark and Chris Boyd of Colliers represented Gaedeke Group, which sold the property to Mark Jordan of JP Realty Partners for an undisclosed amount.

March 8, 2017

New York Northeast Office

Rauxa Expands, Relocates New York Office to Brookfield Place in Lower Manhattan

by Haisten Willis March 8, 2017

NEW YORK CITY — Brookfield Property Partners and JLL today announced that Rauxa, an independent advertising agency, will expand and relocate its New York operations with a move to 225 Liberty St. at Brookfield Place New York in Lower Manhattan. The company has signed a 50,000-square-foot, 11-year lease at the Class A, 2.7 million-square-foot office tower. The agency will relocate its New York office from SoHo. JLL’s Paul Glickman, John Wheeler, Michael Berman and Clayton Kline represented Brookfield Properties in the transaction. JLL’s Steven Rotter, Justin Haber and Richard Miller represented Rauxa. Rauxa will occupy part of the 43rd floor and the entire 44th floor at 225 Liberty St., which is located at the intersection of Liberty and West streets. The 44-story building was constructed in 1987.

March 8, 2017

Massachusetts Northeast Office

Colliers Arranges 33,000 SF Lease for CuraHealth Hospital in Stoughton, Mass.

by Haisten Willis March 8, 2017

STOUGHTON, MASS. — Colliers International – Boston, the exclusive agent for CuraHealth Hospital at 909 Sumner St. in Stoughton, has arranged a 26,000-square-foot lease with Bay Cove Human Services, headquartered on Canal Street in Boston. Bay Cove will immediately occupy the space and will relocate its addiction services program, which was previously located on Boston’s Long Island. The program was uprooted in 2014 when the bridge connecting to Boston collapsed. David Ellis of Conway Commercial represented the tenant. The campus consists of a medical office building and a hospital building, connected by a recently renovated lobby. In addition to a full-service cafeteria, the building boasts a new HVAC system, piped oxygen, medical gas, steam sterilization and emergency generators.

March 8, 2017

Connecticut Northeast Office

Avison Young Secures Lease for Western Connecticut Medical Group in Wilton, Conn.

by Haisten Willis March 8, 2017

WILTON, CONN. — Avison Young’s Fairfield/Westchester office has secured a long-term, 15,000-square-foot office lease with Western Connecticut Medical Group Inc., an affiliate of the Western Connecticut Health Network. The health network company will serve as anchor tenant for the new Wilton Wellness Center under construction at 249 Danbury Road in Wilton. Avison Young Fairfield/Westchester’s Sean McDonnell and Lori Baker represented the owner, Cambridge Hanover, a New Canaan, Conn.-based real estate investment firm, in the transaction. Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the tenant. Western Connecticut Medical Group will provide primary care services at the new location including internal medicine, family care, women’s services and urgent care.

March 8, 2017

California Office Western

DivcoWest Buys The Telephone Building in Santa Monica for $52.5M

by Nellie Day March 8, 2017

SANTA MONICA, CALIF. — DivcoWest has acquired The Telephone Building in Santa Monica for $52.5 million. The six-story creative office building is located at 1314 7th St. As part of the deal, DivcoWest also acquired 58,538 square feet of office condominiums in the building. The remaining 33,254 square feet of office condominiums houses a telephone switching hub owned by Frontier Communications and was not included in the sale. The building is 86 percent leased. HFF’s Doug Bond and Andrew Harper represented the seller, a joint venture between Alcion Ventures and Pacshore Partners, in this transaction.

March 8, 2017

Loans Office Oregon Western

LPC Realty Advisors Receives $98.5M Loan for Acquisition of Pacwest Center in Portland

by Nellie Day March 8, 2017

PORTLAND, ORE. — LPC Realty Advisors has received a $98.5 million acquisition loan for the 30-story Pacwest Center in Portland. The 525,000-square-foot office tower is located at 1211 SW 5th Ave. LPC intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities. PacWest Center is 76 percent leased to tenants like Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co. HFF’s Tom Wilson and Erica Christensen arranged the five-year, fixed-rate acquisition loan. A national insurance company provided the capital. LPC worked on behalf of a pension fund client. HFF also handled the property’s $170 million sale on behalf of the sellers, Ashforth Co. and an institutional investor.

March 8, 2017

California Office Western

WeWork Leases 60,576 SF of Office Space in San Francisco

by Nellie Day March 7, 2017

SAN FRANCISCO — WeWork has leased 60,576 square feet of office space at 650 California St. The 33-story building in the Financial District underwent a major renovation in 2013. WeWork will occupy the fourth floor through the seventh floor. The landlord, Columbia Property Trust, has now completed four leases totaling 91,562 square feet at the 477,000-square-foot property over the past nine months.

March 7, 2017

Office Texas

TREK Investment Group Closes Sale of 89,545 SF Office Property in Abilene

by Taylor Williams March 7, 2017

ABILENE, TEXAS — TREK Investment Group, an Austin-based brokerage firm, has closed the sale of an 89,545-square-foot office property located at the corner of State Highway 277 and South First Street in Abilene, a city about 180 miles west of Dallas. The property, which is situated on 8.8 acres, was 100 percent leased at the time of sale to the Texas Departments of Public Safety, Human Services and Health. Ethan Offenbecher and Parker Carroll of TREK represented the seller and procured the buyer, both of which requested anonymity.

March 7, 2017

Illinois Midwest Office

Entre Commercial Brokers Sale of 30,745 SF Office Building in Mount Prospect, Illinois

by Kristin Harlow March 7, 2017

MOUNT PROSPECT, ILL. — Entre Commercial Realty LLC has brokered the sale of a 30,745-square-foot office building in Mount Prospect, about 22 miles northwest of Chicago. The sales price was not disclosed. Nicholas & Associates, a construction management company based in Mount Prospect, acquired the building along with 5.2 acres of land. The property is located at 1401 Feehanville Drive within Mount Prospect’s Kensington Business Center. Dan Benassi and Mike DeSerto of Entre Commercial represented the buyer in the transaction. Michael Magliano of Cushman & Wakefield represented the undisclosed seller.

March 7, 2017

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