Office

Schnitzer West Sells 291,000 SF Office Building in Seattle for $268.9M

by Jeff Shaw January 16, 2017

SEATTLE — Schnitzer West has sold Urban Union, a Class A office building in Seattle’s South Lake Union neighborhood, for $268.9 million, according to The Seattle Times. A joint venture between TriStar Capital and RFR Holding purchased the property. The building opened last year and recently underwent a $10.5 million alteration project for Amazon, the building’s main tenant, according to The Times. Totaling 12 stories and 291,000 square feet, Urban Union features a coffee shop, restaurant, rooftop conference deck, fitness center, locker rooms, bike lockers and concierge services. Seattle-based architecture firm CollinsWoerman designed the building. Just north of downtown, the South Lake Union neighborhood stretches from the Space Needle along the southern waterfront of Lake Union. The area is known for its restaurants, art galleries and museums. Schnitzer West is a real estate developer and manager of office properties, largely in the Seattle and Denver metros. TriStar and RFR are both New York City-based investment firms. — Jeff Shaw

January 16, 2017

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market Experiencing Positively Boring, Safe Growth

by John Nelson January 16, 2017

The Atlanta office market has continued down a path of steady recovery and absorption, although the pace remains somewhat muted from prior recovery cycles. As outside investors have warmed up to the city of Atlanta, they have been comforted by a safe and positively boring period of growth. For the last couple of years, investors have been committed strongly to value-add opportunities throughout metropolitan Atlanta, including areas that have historically been out of favor like Alpharetta and Peachtree Corners. The fundamental improvements in the market rents and occupancy continue to support bullish forecasts for office space in Atlanta with significantly low vacancy and steady rent growth. Atlanta’s office market sits at 12.1 percent vacancy, 6 percent rent growth and 3.6 million square feet of positive net absorption after several years of consistent absorption and falling vacancy. With value-add being a buzz word throughout the Southeast, many investment sales brokers have taken core assets and found ways to present them as opportunities for value-add in an effort to reach a larger pool of investors. Investor appetite continues to be measured and very focused on downside risk versus upside potential. This has inflated the return expectations for very solid real estate, making …

January 16, 2017

Office Washington Western

Equus Acquired Two Office Buildings in Redmond for $22.3M

by Nellie Day January 13, 2017

REDMOND, WASH. — Equus Capital Partners has purchased Quadrant Willows B and D, a two-building office portfolio in Redmond, for $22.3 million. The Class B buildings are situated along Willows Road at the west end of the Redmond Valley. Notable employers in the area include Microsoft’s world headquarters and Nintendo USA’s headquarters. Equus purchased Quadrant Willows C and E in March 2016. The firm plans to make significant upgrades to all four buildings. The acquisition was made on behalf of Equus Investment Partnership X L.P. CBRE’s Scott Davis, Tom Pehl and Lou Senini represented the seller, Menlo Equities, in this transaction.

January 13, 2017

Office Oregon Western

Second City Buys Office Building in Portland for $14.5M

by Nellie Day January 13, 2017

PORTLAND, ORE. — Second City Real Estate has acquired a 72,572-square-foot office building in Portland’s Lloyd District for $14.5 million. The building, known as 1500 Plaza, is located at 1500 N.E. Irving St. It was built in 1964 and designed by Skidmore, Owings and Merrill. The property is currently 95 percent leased. More than one quarter of the space has already been converted into modern, creative workspace. JLL’s Paige Morgan and Buzz Ellis executed the sale. The seller was Swift Real Estate Partners.

January 13, 2017

Georgia Office Southeast

Avison Young Brokers $57M Sale of Milton Park in Metro Atlanta

by John Nelson January 13, 2017

ALPHARETTA, GA. — Avison Young has brokered the $57 million sale of Milton Park, a two-building office campus spanning 320,000 square feet in Alpharetta. Matt Tritschler of Avison Young represented the buyer, Adventus Realty Trust, in the transaction. The seller and sales price were undisclosed, but the Atlanta Business Chronicle reports that a venture between Talcott Realty Investors LLC and Greenstone Properties were represented by CBRE and sold the assets for $57 million. Milton Park is situated off North Point Parkway near North Point Mall and Avalon. The two six-story buildings were 88 percent leased at the time of sale to tenants such as Landis+Gyr, Pegasystems and Schneider Electric.

January 13, 2017

Maryland Office Southeast

Howard Hughes Corp. Acquires Two Office Buildings in Downtown Columbia for $38.8M

by John Nelson January 13, 2017

COLUMBIA, MD. — The Howard Hughes Corp. has acquired two office buildings in downtown Columbia for a combined $38.8 million. The firm purchased The American City Building, which is adjacent to a Whole Foods Market on Little Patuxent Parkway, for $16.5 million and One Mall North, a fully leased, four-story office building, for $22.3 million. Both purchases were underwritten in view of their future development potential. Howard Hughes plans to demolish the mostly vacant American City Building to make way for a mixed-use development with multifamily, retail and restaurant components. The company hasn’t unveiled plans for One Mall North, but the site is zoned for retail, office or multifamily use of up to nine stories. The redevelopment opportunity for these sites will aid in the city’s goal to revamp downtown Columbia. The Howard County government recently approved a $90 million tax increment financing (TIF) to fund public infrastructure improvements and a new parking garage in downtown Columbia’s Merriweather District, a 5 million-square-foot mixed-use development. Currently downtown Columbia has nearly 14 million square feet of vertical entitlements, including the Merriweather District.

January 13, 2017

Industrial Office Texas

Colliers Facilitates Sale of 41,170 SF Office, Warehouse Property in Houston

by Amy Works January 13, 2017

HOUSTON — Colliers International has arranged the sale of an office and warehouse building located within Park 10 at 16337 Park Row in Houston. Plano Vistas Ltd. sold the 41,170-square-foot property to 16337 Park Row LLC for an undisclosed price. Marshall Clinkscales of Colliers International represented the seller, while Marc Drumwright of Southwest Realty Advisors represented the buyer in the deal. Tom Hamilton of Alamo Title Co. handled the closing.

January 13, 2017

New Jersey Northeast Office

LNR Property Sells 450,000 SF Office Tower in Downtown Newark

by Amy Works January 13, 2017

NEWARK, N.J. — LNR Property, a subsidiary of Starwood Property Trust Inc., has completed the sale of 33 Washington Street, an iconic office tower located in downtown Newark. Berger Organization acquired the 450,000-square-foot property for an undisclosed price. Situated on 1.6 acres, the 18-story property features a fitness center, shared conference rooms, on-site parking, a lobby and views of the Manhattan skyline. Audible and DHL, among other tenants, occupy the multi-tenant building. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the deal.

January 13, 2017

Loans New Jersey Northeast Office

CBRE Secures $24M in Refinancing for 154,776 SF Office Building in Hanover, New Jersey

by Amy Works January 13, 2017

HANOVER, N.J. — CBRE Capital Markets has arranged a $24 million bridge loan for the refinancing of 10 Park Avenue, a vacant office building located in Hanover. The borrower was Ravine Development Co. Built in 2001, the 154,776-square-foot Class A office building features a 376-person full-service cafeteria, fitness center and multi-media room. The property housed Metropolitan Life’s international fixed-income investment division for 13.5 years until the tenant move to MetLife’s new global headquarters at the end of October 2016. James Gunning, Donna Falzarano and Stephen Joseph of CBRE secured the loan, which was provided by The Provident Bank of New Jersey.

January 13, 2017

New York Northeast Office

JV Completes $12M Modernization of 172,000 SF Office Building in the Bronx

by Amy Works January 13, 2017

NEW YORK CITY — Savanna, in a joint venture with Hornig Capital Partners, has completed a $12 million capital improvement project at The Bruckner Building in the South Bronx neighborhood of Mott Haven. Located at 2417 Third Ave., the eight-story property features 172,000 square feet of office and light industrial space. With completion of the improvements, the building now offers commercial space for tenants as small as 1,000 square feet to as large as 21,000 square feet. Additionally, the property offers three billboard signage opportunities.

January 13, 2017

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