Office

Crestone Group Renews Leases 70,531 SF of Commercial Space in Metro Dallas

by Amy Works January 17, 2017

GRAPEVINE, TEXAS — Crestone Group has decided to keep its Southwest regional commercial bakery and distribution center at Heritage Business Park in metro Dallas by leasing 70,531 square feet of commercial space at the property. The company signed a long-term lease for space at Heritage Building 6, located at 800 Industrial Blvd. in Grapevine. Michael Spain and Nick Talley of Bradford Commercial Real Estate Services represented the landlord, KTR DFW LLC, while Michael Stanzel of NAI Robert Lynn represented the tenant in the deal.

January 17, 2017

Illinois Midwest Office

FD Stonewater Acquires 164,845 SF Office Building in Evanston, Illinois

by Kristin Harlow January 17, 2017

EVANSTON, ILL. — FD Stonewater has acquired a multi-tenant office building in Evanston, 13 miles north of Chicago. The Class A, 164,845-square-foot building is located at 1007 Church St. Architect Helmut Jahn designed the building. The property was 79 percent leased upon acquisition to tenants in the education, healthcare and technology sectors. The building has been renamed Evanston MetroCenter. FD Stonewater, based in Arlington, Va., plans to make building improvements at Evanston MetroCenter and expand tenant services.

January 17, 2017

Massachusetts Mixed-Use Multifamily Northeast Office Restaurant Retail

Boylston Properties, The Wilder Cos. Receive Approval for Mixed-Use Development in Watertown, Massachusetts

by Amy Works January 16, 2017

WATERTOWN, MASS. — The Watertown Planning Board unanimously approved the development of Arsenal Yards, a mixed-use project at the former Arsenal Mall in Watertown. Developers Boylston Properties and The Wilder Cos. plan to add a mixed-use project featuring 350,000 square feet of retail and entertainment space and 500 residences to the existing 100,000 square feet of office space. Construction is slated to begin in six to eight months. The project will feature chef-driven restaurants, a specialty grocery, a wine superstore, a cinema, market-rate and affordable apartments, and a combination of boutiques and national retailers.

January 16, 2017

Northeast Office Pennsylvania

Gladstone Commercial Buys 103,334 SF Office Building in King of Prussia, Pennsylvania, for $25.5M

by Amy Works January 16, 2017

KING OF PRUSSIA, PA. — Gladstone Commercial has acquired an office building, located at 935 First Ave. in King of Prussia, in a sale-leaseback transaction for $25.5 million. Radial Inc. sold the property and will continue to lease the four-story, 103,334-square-foot facility, which serves as the company’s headquarters, for 15 years. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller in the deal.

January 16, 2017

Illinois Midwest Office

CBRE Arranges $12.7M Sale of Office Property in Schaumburg, Illinois

by Kristin Harlow January 16, 2017

SCHAUMBURG, ILL. — CBRE has arranged the sale of Parkway Corporate Place in Schaumburg for $12.7 million. Totaling 161,741 square feet, the three-building office property is located on 16.1 acres. The property is currently 88 percent leased. Sperry Equities LLC was the buyer. Bill Novelli, Derek Fohl, Robert Graham and Dan Bessey of CBRE represented the undisclosed seller in the transaction.

January 16, 2017

Maryland Office Southeast

Rubenstein, Trammell Crow Ink 33,000 SF of Leases at Maryland Trade Center in Metro D.C.

by John Nelson January 16, 2017

GREENBELT, MD. — Rubenstein Partners LP and partner Trammell Crow Co. (TCC) have closed nearly 33,000 square feet of leases at Maryland Trade Center III, a 192,000-square-foot office building in the Washington, D.C., suburb of Greenbelt. The Class A building is located at the intersection of the Capital Beltway and MD 295. The transactions include a 18,280-square-foot lease renewal with The Retina Group, a healthcare firm specializing in retinal and macular practices; a new 4,214-square-foot lease with Allstate Insurance Co.; and three additional leases totaling roughly 10,000 square feet. Since purchasing Maryland Trade Center III in 2012, Rubenstein and TCC have upgraded the building’s lobby, restrooms and mechanical systems and installed a new HVAC system. Niel Beggy of Avison Young, Bill Zonghetti of Newmark Grubb Knight Frank and Todd Bosley and Tim Jaeger of CBRE provided tenant representation for the transactions.

January 16, 2017

Office Top Stories Washington Western

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

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