Office

City Office REIT to Acquire Six Office Buildings in Florida for $76M

by John Nelson July 1, 2016

ST. PETERSBURG AND ORLANDO, FLA. — City Office REIT Inc. has purchased Carillon Point in St. Petersburg and the Research Park Collection in Orlando for a combined $76 million. Carillon Point is a 124,187-square-foot, Class A office building that was fully leased at the time of sale. The property has views of Lake Carillon and Tampa Bay. Research Park Collection is a five-building, Class A portfolio located within the Central Florida Research Park. The buildings total 272,192 square feet and were 93 percent leased at the time of sale.

July 1, 2016

Office Texas Top Stories

Hines REIT Sells Seven West Coast Office Properties to Blackstone for $1.1B as Part of Liquidation Plan

by Christina Cannon July 1, 2016

HOUSTON — Hines REIT Inc., one of three public non-listed REITs sponsored by investment firm Hines, has approved a liquidation plan in which Hines REIT will sell seven West Coast office assets to an affiliate of Blackstone Real Estate Partners VIII — a transaction valued at $1.1 billion. The portfolio totals approximately 3 million square feet, and includes Howard Hughes Center Los Angeles; Daytona Buildings in Redmond, Wash.; Laguna Buildings in Redmond, Wash.; 5th and Bell in Seattle; 2100 Powell in Emeryville, Calif.; 2851 Junction Ave. in San Jose, Calif.; and 1900 and 2000 Alameda in San Mateo, Calif. Hines REIT is currently in the process of liquidating the remaining assets that comprise its portfolio that includes the Chase Tower in Dallas and 321 North Clark in Chicago, along with a grocery-anchored retail portfolio located primarily in the Southeast. “When we first launched Hines REIT in 2003, it was structured as a perpetual life vehicle, much like many institutional funds,” says Sherri Schugart, president and CEO of Hines REIT. “Impacts from the Great Recession caused us to close the fund to new investors in 2009, so we began considering other options that could provide the best opportunities for enhancing stockholder …

July 1, 2016

Northeast Office Pennsylvania

Keystone Property Acquires 880,000 SF Office Building in Philadelphia for $114M

by Amy Works June 30, 2016

PHILADELPHIA — Keystone Property Group has acquired One Washington Square, also known as the Penn Mutual Tower, located at 510-530 Walnut St. in Philadelphia. An undisclosed seller sold the 880,000-square-foot commercial building for $114 million. The building is occupied by several corporate headquarters, including the American Board of Internal Medicine, Urban Engineers and BPD International. Keystone plans to convert the building’s ground floor and mezzanine office space located at 530 Walnut St. into retail space.

June 30, 2016

Midwest Office Ohio

CBRE Arranges Lease Renewal, Expansion for Office Property in Cincinnati

by Christina Cannon June 30, 2016

CINCINNATI — CBRE Group Inc. has arranged an office lease renewal and expansion for Blue & Co., an independent accounting and advisory firm. The company, which will continue to occupy space on the first floor of the Sawyer Point Building, signed a lease for 5,359 additional square feet on the second floor, doubling its space. The Sawyer Point Building is a four-story, 185,000-square-foot office building located at 720 E. Pete Rose Way. Chuck Male of CBRE represented the tenant in the transaction. John Eckert and Travis Likes of CBRE represented the landlord.

June 30, 2016

Market Reports Midwest Midwest Market Reports Missouri Office Uncategorized

New Headquarters Construction Drives Office Growth Along Highway 40

by Christina Cannon June 30, 2016

The office market in Chesterfield, a suburb of St. Louis, has undergone tremendous growth in the past two years. In particular, the I-64/Highway 40 corridor within the West St. Louis County submarket has experienced a flurry of activity highlighted by the construction of several corporate headquarters as well as expansions. The corridor, which stretches from Clayton to Chesterfield, boasts a highly visible central location, proximity to high-end housing that appeals to corporate executives, newer buildings that bode well for future resale or leasing, and convenient interstate access. With a Class A vacancy rate of only 7.6 percent, the West St. Louis County submarket is experiencing a shortage of available blocks of office space of 50,000 square feet or more. Corporations desiring to locate along the prestigious corridor are relocating from older Class B space to existing or build-to-suit Class A properties. In fact, new construction during the last two years added 774,000 square feet of office space to this submarket, of which all but 50,000 square feet was already committed upon delivery. Less than 50,000 square feet was considered speculative. Magnet for headquarters RaboAgrifinance will relocate its corporate headquarters from Creve Coeur Pointe to the new Delmar Gardens III at …

June 30, 2016

Healthcare Michigan Midwest Office

Griffin-American Healthcare REIT Agrees to Acquire 30,000 SF Medical Office Property Near Detroit

by Christina Cannon June 29, 2016

ROCHESTER HILLS, MICH. — American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Griffin-American Healthcare REIT IV Inc., have agreed to buy a medical office building in Rochester Hills for an undisclosed price. The 30,000-square-foot facility is approximately 93 percent leased to seven tenants, the largest of which is William Beaumont Hospital. An undisclosed seller disposed of the property located approximately 30 miles north of Detroit.

June 29, 2016

Market Reports New Jersey Northeast Northeast Market Reports Office

Pharmaceutical Sector Dominates Suburban New Jersey Relocation Activity

by Jaime Lackey June 29, 2016

By many measures, 2015 was Northern New Jersey’s best year for its office market in quite some time. Tenants leased 11.7 million square feet, the strongest annual activity since 2003. Business confidence improved and companies showed a growing willingness to invest in their workforce and workplace. The number of larger leases dropped off a bit in 2015, though, as many of the largest space searches were fulfilled and fewer quality space options remained in some of the most sought after areas. Tenants have no shortage of options in much of Morris County and Newark, but steady leasing in Metropark and Jersey City’s waterfront has pushed availability below 15 percent. Smaller and mid-sized tenants can still find space in these locations, but there are far fewer big blocks of quality space remaining. There were fewer larger leases in 2015, but tenants were very mobile: relocations outnumbered renewals by two to one with 12 firms opting to move and six renewing. An analysis of larger leases (deals over 40,000 square feet) signed since 2009 shows that larger tenants renewed slightly less than 50 percent of the time (81 firms moved and 75 renewed). From a supply perspective, market conditions have been ideal …

June 29, 2016

Office Texas

K2 Construction to Build Out Three Office Spaces for Prominent Tenants in Downtown Dallas

by Katie Sloan June 28, 2016

DALLAS — K2 Construction will serve as the general contractor for new downtown Dallas offices for Chubb Insurance, Compass Professional Healthcare Services (CPHS) and El Centro College. Chubb Insurance will relocate within its current building at Bryan Tower to accommodate the company’s recent acquisition by ACE Group. Chubb will shift its offices from the 33rd and 34th floors to the 3rd, 35th and 36th floors. Dallas-based K2 Construction will collaborate with Spire Realty and moran & murphy architects to build approximately 90,000 square feet of office space for the move. Sam Williamson with Spire Realty is the construction manager for this project. Meanwhile, CPHS has leased two floors in the Bank of America Plaza. The relocation of its operations from the Centrum on Oak Lawn Avenue will require 60,000 square feet on the 57th and 58th floors of the new location. Interior Architects designed the space. Darrell Payne with Peloton Commercial and Kris Hopson with CBRE are the construction managers for this project. El Centro College, a sector of Dallas County Community College District, has leased two floors in One Main Place tower located at 1201 Main St. The 10th and 11th floors will provide El Centro with approximately 57,000 …

June 28, 2016

Office Texas

Marcus & Millichap Brokers Sale of Flex Office Building in Dallas

by Katie Sloan June 27, 2016

DALLAS — Marcus & Millichap has brokered the sale of a 20,000-square-foot flex office property located at 14209-14223 Proton Road in Dallas. Built in 1973 and renovated in 2010, the single-story asset features an exterior loading dock with 14-foot ceilings. The property was 88 percent leased at the time of sale. Ron Hebert and Joe Santelli of Marcus & Millichap’s Dallas office represented the seller, an international limited liability company, in the transaction. The buyer, a limited liability company, purchased the property in a reverse 1031 exchange.

June 27, 2016

Office Texas

Investcorp Selects Transwestern to Lease One Westchase Center in Houston

by Katie Sloan June 27, 2016

HOUSTON — New York-based owner Investcorp has tapped Transwestern to lease One Westchase Center, a 466,000-square-foot office building located at 10777 Westheimer Road in Houston’s Westchase Business District. Doug Little, Louann Paereira and Amanda Lee App of Transwestern will lead the leasing efforts. The Class A office building features a fully furnished conference facility, fitness center with men’s and women’s showers, deli, 24-hour security and on-site property management.

June 27, 2016

Newer Posts

Older Posts