Office

Two Office Buildings in San Diego’s Golden Triangle Change Hands

by Nellie Day February 1, 2017

SAN DIEGO — A pair of Class A office buildings in the Golden Triangle area of San Diego have sold to an unnamed buyer for an undisclosed sum. The institutional-quality office campus buildings, Governor Executive Centre and Governor Park Plaza, are located at 6165, 6256, 6333 and 6363 Greenwich Drive. The properties are 90.9 percent leased to tenants like the University of California, San Diego. HFF’s Ryan Gallagher, Nick Psyllos, Nick Frasco and Michael Leggett represented the seller in this transaction.

February 1, 2017

New Jersey Northeast Office

Walker & Dunlop Acquires Deerwood Real Estate Capital in Northern New Jersey

by Amy Works February 1, 2017

NORTHERN NEW JERSEY — Walker & Dunlop has acquired the loan origination platform of Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm based in Northern New Jersey. The firm specializes in sourcing debt and equity for all commercial real estate asset classes. Sixteen commercial loan originators are expected to join Walker & Dunlop, including Deerwood co-founders, David Rosenberg and Abe Katz. The acquisition does not bring additional loan servicing to Walker & Dunlop. Terms of the cash transaction were not disclosed.

February 1, 2017

Office Texas

Talon Private Capital Sells 111,722 SF Office Building in Dallas

by Amy Works February 1, 2017

DALLAS — Talon Private Capital has completed the disposition of an office building located at 2525 McKinnon St. in Dallas’ Uptown submarket. City Office REIT Inc. acquired the 111,722-square-foot property for an undisclosed price. Completed in 2003, the property was 96 percent leased at the time of sale. The Retail Connection, Aramark Service, Staffelbach, Hunt and Berkeley Research are tenants at the property. HFF represented the seller and procured the buyer in the transaction.

February 1, 2017

Office Southeast Virginia

Paramount Group to Sell 24-Story Office Building in Metro D.C. for $460M

by John Nelson February 1, 2017

ARLINGTON, VA. — New York-based Paramount Group Inc., a publicly traded office REIT, has entered into an agreement to sell Waterview, a 24-story, 647,000-square-foot office building in Arlington’s Rosslyn neighborhood, for $460 million. Paramount Group sold the asset to Morgan Stanley Real Estate, according to Washington Business Journal. Situated along the Potomac River, Waterview’s office space is currently 99 percent leased to a single tenant, whose lease expires in January 2028. The transaction is expected to close in the second quarter of 2017.

February 1, 2017

North Carolina Office Southeast

JLL Arranges 215,450 SF Office Lease in Metro Raleigh

by John Nelson February 1, 2017

MORRISVILLE, N.C. — JLL has arranged INC Research Holdings Inc.’s office lease at Perimeter Five, a Class A office building under construction at 3032 Carrington Mill Blvd. in Morrisville, about 13 miles west of Raleigh. The global contract research firm leased the entire 215,450-square-foot building, which will be situated within the 3 million-square-foot Perimeter Park master-planned office development. The office building will feature lake views, green space, a café serving Starbucks Coffee and a fitness center. Erika Jean McNeil, Paul Glickman, Matthew Astrachan and Michael Morgan of JLL represented INC Research in the 12-year lease deal. William Allen of Trinity Partners represented the landlord. The office building will break ground in March for an expected delivery in July 2018.

February 1, 2017

Indiana Midwest Office

CBRE Arranges Sale of 591,387 SF Office Park in Carmel, Indiana

by Kristin Harlow February 1, 2017

CARMEL, IND. — CBRE Group Inc. has arranged the sale of Hamilton Crossing office park in Carmel, immediately north of Indianapolis. The sales price was not disclosed. The 44-acre office park is located along U.S. 31. The property consists of six buildings and 591,387 square feet. The Class A office space is 88 percent occupied. An affiliate of Group RMC purchased the buildings. Duke Realty owned five of the buildings, while Bankruptcy Estate of ITT Educational Services was the owner of the sixth building. Dan Richardson, David Funke and Paul Lundstedt of CBRE brokered the transaction.

February 1, 2017

Healthcare Midwest Office Wisconsin

Hammes Unveils Plans for Headquarters in Downtown Milwaukee

by Kristin Harlow February 1, 2017

MILWAUKEE — Brookfield, Wis.-based Hammes Co. has unveiled plans to move its headquarters to downtown Milwaukee in early 2018. Hammes will occupy the top two floors of a five-story office building the company is developing in the Park East corridor. The development is located at North Water and East Knapp streets. The first phase of construction will cost approximately $27 million, according to Milwaukee Business Journal. A second phase would add an additional office building.

February 1, 2017

Midwest Office Ohio Top Stories

Millennia Housing Development Buys Key Center, Marriott Hotel in Cleveland for $267.5M

by Nellie Day February 1, 2017

CLEVELAND — Millennia Housing Development has purchased the 1.3 million-square-foot Key Center office tower and adjacent 400-room Marriott Hotel in Cleveland for $267.5 million. The property is located at 127 Public Square and includes a parking structure. Key Center was built in 1991 and is 57 stories tall. The tower houses the headquarters of Key Bank and BakerHostetler law firm, among other tenants. The office tower was 82 percent leased at the time of sale. The seller, Columbia Property Trust (NYSE: CXP), had previously announced its plans to exit the Cleveland and Houston markets. Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012. The firm will use proceeds from these sales to reinvest in high-barrier-to-entry markets such as New York City and San Francisco. “Key Center is the most recognizable icon on the Cleveland skyline, and we were determined to take a patient approach in order to identify the right buyer for this significant asset,” says Nelson Mills, CXP’s president and CEO. “Our diligence has now been rewarded, allowing us to exit the Cleveland market at a price within our expectations and accelerate our focus on high-barrier markets.” Columbia Property Trust owns and …

February 1, 2017

Office Washington Western

Atlas Workbase Debuts New Coworking Space in Seattle Aimed at Executives

by Nellie Day January 31, 2017

SEATTLE — Atlas Workbase has opened a new 20,000-square-foot coworking space at the Lumen Building in Seattle’s Queen Anne neighborhood. The space will cater to mature companies, small businesses and executives, meaning managers and consultants rather than the traditional start-up crowd. The space is targeting professional industries like retail banking, insurance and law that seek a professional shared workspace. Atlas Workbase was designed in conjunction with Gensler and OpenSquare. It was created with partners including FedEx Office, Steelcase and Philips Lighting. Atlas previously announced a partnership with FedEx Office. The company has opened an in-house print and ship center inside its Mercer Street facility.

January 31, 2017

Loans Office Texas

HALL Group Receives $57.3M Construction Loan for 12-Story Office Project in Metro Dallas

by Amy Works January 31, 2017

FRISCO, TEXAS — HALL Group has received a $57.3 million construction loan for the development of an office property located at 3201 Dallas Parkway in Frisco. Situated within the 162-acre HALL Park, the 12-story building will feature 300,000 square feet of rentable office space. The office building is slated for completion in December. Amenities at HALL Park include a fitness center, conference center, bank, wine lounge, on-site restaurants, food truck court, courtesy patrols, full-time concierge, retail center and on-site childcare. Try Morsback and Michael Cosby of HFF secured the financing through a lending syndicate led by Commerce Bank on behalf of HALL Group.

January 31, 2017

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