Office

Ryan Cos. Clearing Site for 11-Acre Office Complex in Metro Chicago

by Haisten Willis September 27, 2016

OAK BROOK, ILL. — Ryan Cos. has begun demolition work on an 11-acre parcel in the eastern portion of Oak Brook to make way for a multi-building office/medical campus. Construction will begin in 2017. In February 2016, Ryan acquired the parcel adjacent to I-88/I-294 with frontage along the western side of York Road. Site demolition will be completed in two phases. In the first phase, the existing 203,000-square-foot industrial building will be demolished. Ryan will resume demolition of the foundations and parking lots in spring 2017 as part of new building construction. The company is also providing development, design-build and real estate management services. NAI Hiffman is the broker and marketing representative for the project, and Wright Heerema Architects is providing architectural services.

September 27, 2016

Illinois Loans Midwest Office

R2 Cos., York Capital Management Provide $23.8M for 770 N. Halsted St. in Chicago

by Haisten Willis September 27, 2016

CHICAGO — R2 Cos. and York Capital Management have competed the $23.8 million recapitalization 770 N. Halsted St. in Chicago. The property consists of two eight-story office buildings in the River West neighborhood totaling 149,000 square feet. Major tenants include Radius, Inxpo and Northeastern Illinois University. R2 has completed a lease with Aire Ancient Baths, a spa with locations in Paris and New York, to open in 2017. The property is located on the border of the River West neighborhood and Goose Island, where R2 owns and operates 500,000 square feet of buildings and 12 acres of land.

September 27, 2016

North Carolina Office Southeast

Dominion, Prudential to Develop 103,000 SF Office Building in Raleigh

by John Nelson September 27, 2016

RALEIGH, N.C. — Dominion Realty Partners and Prudential Global Investment Management plan to develop Wade IV, a new 103,000-square-foot office building within Wade Office Park in Raleigh. The new four-story asset will be Dominion’s 27th project in the Triangle region. Designed to achieve LEED Gold certification, Wade IV will feature a glass, brick, pre‐cast and metal skin exterior, as well as green features and amenities. Dominion Realty will serve as both the developer and on-site property management team for Wade IV, and Regions Bank will provide construction financing for the project. Other key team members include architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young. Choate will break ground on the asset this week for an expected delivery in late summer 2017.

September 27, 2016

Features Florida Office Southeast Top Stories

Steps Every Landlord Should Take to Prevent Liens by its Tenant’s Contractors

by John Nelson September 27, 2016

Defending claims of lien recorded by tenant improvement contractors can be costly, time consuming and lead to protracted litigation. However, with a little planning and the right contract language, landlords can protect their properties from such liability. Below is a summary of various strategies a landlord can implement to avoid liens from its tenant’s improvements. Include No-Lien Language in all Leases and Record A Notice Thereof Under Florida law, when a lease between a landlord and a tenant requires the tenant to make improvements to the tenant’s premises, if the tenant ends up failing to pay its contractor for the tenant improvement work, then the contractor can file a claim of lien (and eventually foreclose) against both the tenant’s leasehold interest and the landlord’s fee simple interest in the property in an attempt to recover payment. However, under Section 713.10, Florida Statutes, the landlord can prevent such claims of lien and foreclosure actions, even if the improvements are the “pith of the lease,” by taking a few proactive steps. First, the landlord must include express “no-lien language” in its lease that states that the interest of the landlord shall not be subject to liens for improvements performed in the premises …

September 27, 2016

New York Northeast Office

Eastern Consolidated Arranges $9.38M Sale of Six-Story Office Building at 84 Bowery in NYC

by Jaime Lackey September 26, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a six-story elevator office building with ground-floor retail space at 84 Bowery for $9.38 million. The 14,250-square-foot building is encumbered by a long-term master lease at substantially below-market rent. Peter Carillo and Adelaide Polsinelli represented the seller, Richard Shongut Realty Corp., and Carillo procured the buyer, a private investor. Chris Matousek of Eastern Consolidated served as the analyst for the deal. “The deal was challenging because it required an extremely patient and knowledgeable investor willing to accept a minimal yield for an extended period of time,” Carillo said. “However, the new owner will be able to recognize substantial upside upon the expiration of the lease. Floors two through six consist of offices leased to medical professionals and additional office space is available on the lower level. The ground floor and mezzanine are occupied by a jewelry store. The property also enjoys 25 feet of frontage along the Bowery as well as 2,700 square feet of unused development rights.”

September 26, 2016

Office Texas

Colliers International Arranges Sale of French Quarter Office Complex in Carrollton

by Haisten Willis September 26, 2016

CARROLLTON, TEXAS — Colliers International has arranged the sale of The French Quarter, an office complex in Carrollton. Greg Hoffman, Michael Carmichael, Chris Lipscomb and Lindsay Wolcott of Colliers represented the unnamed seller in the transaction, while Justin Owen of Dominus Commercial represented the buyer. The French Quarter totals 46,444 square feet and is located at 3610-3630 N. Josey Lane. The property consists of five single-story and two-story office buildings located near President George Bush Turnpike, I-35 and Highway 121.

September 26, 2016

California Office Western

Lowe Enterprises Acquires Office Building in Walnut Creek

by Nellie Day September 23, 2016

WALNUT CREEK, CALIF. — Lowe Enterprises Investors (LEI) has purchased a 105,495-square-foot office building in Walnut Creek for an undisclosed sum. The Class A building is located at 500 Ygnacio Valley Road. It is situated two blocks east of the downtown Walnut Creek BART station and less than a half mile from the Interstate 680/Highway 24 interchange regional transportation corridor. Manatt and Eisner Jaffe represented LEI. The seller was Pacific Eagle (US) Real Estate Fund.

September 23, 2016

Colorado Office Western

Big Brothers Big Sisters of Colorado Leases Headquarter Space in Denver

by Nellie Day September 23, 2016

DENVER — Big Brothers Big Sisters of Colorado has signed a seven-year lease for a new headquarters facility in Denver. The space is located at 750 West Hampden Ave. JLL’s Andy Cullen represented the organization. Jim Cortney of NAI Shames Makovsky represented the landlord.

September 23, 2016

berges-family-girl-scouts-program-center-maryland-heights-missouri

Midwest Missouri Office

McGrath Completes Expansion of Girl Scouts Science and Engineering Program Center in Missouri

by Haisten Willis September 23, 2016

MARYLAND HEIGHTS, MO. — McGrath & Associates has completed the expansion of the Girl Scouts of Eastern Missouri (GSEM) headquarters at 2306 Ball Drive in Maryland Heights. The new Berges Family Girl Scouts Program Center houses programs focused on science, technology, engineering and math (STEM) careers, health and money management. Oculus Inc. was the architect. Landmark Contract Management represented the owner. McGrath constructed the 6,500-square-foot facility in an existing space adjacent to the Girl Scouts of Eastern Missouri headquarters. The new program center includes a robotics lab, science area, demonstration kitchen and program studio. Design features include suspended lighting, acoustical ceiling and a glass feature wall. GSEM has more than 43,000 Girl Scout members and 15,000 adult members in the St. Louis area.

September 23, 2016

Industrial Loans Office Texas

Cushman & Wakefield Secures Refinancing of Former Blockbuster Headquarters

by Haisten Willis September 23, 2016

MCKINNEY, TEXAS — Cushman & Wakefield has secured bridge refinancing through Synovus Bank for Texas Crossing, which previously served as Blockbuster’s corporate headquarters and national distribution center. Cushman & Wakefield’s Beth Lambert and Diego Arroyave represented the owner, Saskaway Group. The 856,897-square-foot office and industrial facility sat vacant for two years until Saskaway Group purchased it in May 2014, making it the investment group’s fifth acquisition in metro Dallas. In 18 months, ownership leased 100 percent of the 697,149-square-foot warehouse portion to national credit tenants including UPS and International Paper. With the new loan in place, ownership is now focused on leasing the adjoining 160,000-square-foot, two-story office building. The property is located 20 miles north of Dallas at 3000 N. Redbud Blvd. in McKinney.

September 23, 2016

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