Office

SL Green Taps AECOM’s Tishman Construction to Manage Construction of $1B Office Project in Manhattan

by Jeff Shaw June 21, 2016

NEW YORK CITY — SL Green Realty Corp. has chosen AECOM’s Tishman Construction unit to manage the construction of One Vanderbilt, a 58-story office development located adjacent to Grand Central Terminal in New York City’s East Midtown business district. The total value of construction for the project is approximately $1 billion. The skyscraper will contain 1.6 million square feet of Class A commercial space, a public transit hall and a 14,000-square-foot public plaza. The development will also include $220 million worth of public transit improvements to the Grand Central transit hub. When One Vanderbilt is complete, the building is expected to be the second tallest office tower in New York City, reaching heights of 1,401 square feet, according to Tishman. The tower will be second only to One World Trade Center, which Tishman also built. Kohn Pedersen Fox (KPF) designed the building to pay homage to the Grand Central Terminal and fit into the skyline alongside the Chrysler Building, located one block away from the development site. The developers plan to achieve LEED v4 Gold certification for the project. Primary construction is scheduled to begin in 2016, with completion expected in 2020. — Katie Sloan

June 21, 2016

first-choice-emergency-room-rowlett-texas

Healthcare Loans Office Texas

Metropolitan Capital Advisors Arranges $5.1M Construction Loan for Emergency Room in Metro Dallas

by Haisten Willis June 20, 2016

ROWLETT, TEXAS — Metropolitan Capital Advisors has arranged a $5.1 million construction loan for First Choice Emergency Room, located in Rowlett. The 0.8-acre tract is located off the northwest corner of Rowlett Road and Highway 66. The three-year loan, funded by Happy State Bank, includes one year of interest-only payments, a 4.75 percent fixed interest rate and a 25-year amortization schedule. The nearest hospital is the Lake Pointe Medical Center 3.5 miles east of downtown Rowlett across Lake Ray Hubbard.

June 20, 2016

Office Texas

Dow Chemical Leases 75,920 SF in Deerwood Glen III Office Building

by Haisten Willis June 20, 2016

DEER PARK, TEXAS — The Dow Chemical Co. has leased 75,920 square feet in Deerwood Office III, an office building under construction at 4460 State Highway 225 in Deer Park. Completion of the 98,230-square-foot, two-story building is scheduled for August 2016. Clay Development and Construction, is the developer of Deerwood Office III, the third building in the office park section of Deerwood Glen Business Park, a 150-acre site acquired by Clay in 2008. Deerwood Glen III is now 77 percent leased. A fourth office building is planned in the park. Craig Beyer, Jeff Cutler and Kristian Nielsen of CBRE represented Dow in the transaction, and Charlie Christ of Clay Development & Construction represented the landlord in lease negotiations. Deerwood Office III is located on 8.6 acres and features 50,293-square-foot floorplates. The property has a parking ratio of four spots per 1,000 square feet.

June 20, 2016

Florida Office Southeast

Greenstreet, CREC Sell Office Building in Coral Gables for $57.5M

by John Nelson June 20, 2016

CORAL GABLES, FLA. — A joint venture between Greenstreet Partners and CREC has sold 2121 Ponce, a 164,848-square-foot office building in Coral Gables. A member company of Zurich North America purchased 2121 Ponce for $57.5 million. The property was more than 95 percent occupied at the time of sale to tenants such as Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. In addition to office space, 2121 Ponce features a five-story, 586-space parking garage and ground-level retail space including restaurant POC. Warren Weiser, Harry Blyden and Andrew Remick of CREC co-brokered the sale with the CBRE team of Christian Lee, Jose Lobon and Andrew Chilgren. Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management LLC advised the buyer.

June 20, 2016

Georgia Office Southeast

HD Supply Breaks Ground on 222,500 SF Office Building in Atlanta

by John Nelson June 20, 2016

ATLANTA — HD Supply has broken ground on its Leadership Development Center, an eight-story, 222,500-square-foot office building located at 3400 Cumberland Blvd. in the Atlanta portion of Cobb County. Set to open in early 2018, the property will house 900 HD Supply employees and feature a leadership training and customer support center. The project team includes Atlanta-based developer Greenstone Properties, broker Colliers International and architects HLG Studio and Wakefield Beasley & Associates. HD Supply is an industrial distribution company with 13,000 associates operating in 500 locations across 48 states and six Canadian provinces.

June 20, 2016

Mixed-Use New York Northeast Office Retail

Marcus & Millichap Arranges $4M Sale of Mixed-Use Building in Brooklyn

by Amy Works June 20, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 524 Lorimer St. in Brooklyn. A limited liability company acquired the 3,384-square-foot building for $4 million. The purchaser was a 1031 exchange buyer from the Upper East Side. Shaun Riney, James Saros, Michael Salvatico and Matthew Steinberg of Marcus & Millichap’s Brooklyn office represented the seller and buyer in the transaction.

June 20, 2016

Colorado Office Western

Office/Flex Portfolio in Denver Sells for $78.5M

by Nellie Day June 17, 2016

DENVER — A partnership between Investcorp and Griffin Partners has purchased a 10-building office/flex portfolio in Denver for $78.5 million. The portfolio includes 345 Inverness Drive S. and Arapahoe Business Park, comprising a total of 484,737 square feet. The Inverness property is a three-building, 175,287-square-foot complex that was built in 2001. Arapahoe Business Park is a seven-building complex that was completed in two phases from 1998 to 2001. The park contains a total of 309,450 rentable square feet and is situated at the entrance to Centennial Airport Center. Both projects sit east of Interstate 25. The assets are 95 percent leased to 15 tenants. The tenant roster is composed of companies within the technological, research and development, laboratory testing, light manufacturing, distribution and automotive fields. NGKF’s Dave Tilton, David Lee and Jason Addlesperger represented the seller, Hines REIT, in this transaction. The NGKF team was retained to lease and manage the portfolio.

June 17, 2016

Healthcare New York Northeast Office

Delshah Capital Acquires Five-Building Medical Office Portfolio in Manhattan for $111.5M

by Amy Works June 17, 2016

NEW YORK CITY — Delshah Capital has acquired a portfolio of five buildings, totaling 205,000 square feet, from Mount Sinai St. Luke’s for $111.5 million, or $543 per square foot. Eastern Consolidated arranged a $60 million first mortgage bridge loan to finance the acquisition of the portfolio. Bank of the Ozarks provided the $60 million loan to the borrower, which also received a $17.5 million mezzanine loan from Square Mile Capital. The properties are located at 401 West and 411 W. 113th St. and 400 West and 408 W. 114th Street in Manhattan’s Morningside Heights. The buildings formerly housed numerous hospital services that are in the process of being relocated to alternate space within the remainder of the Mount Sinai St. Luke’s campus. Paul Massey, Hall Oster, Teddy Galligan and Andrew Berry of Cushman & Wakefield represented the seller in the transaction. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the bridge loan for the borrower.

June 17, 2016

Illinois Midwest Office

Opus to Build National Headquarters for American Academy of Pediatrics Near Chicago

by Christina Cannon June 17, 2016

ITASCA, ILL. — The Opus Group will build a 183,000-square-foot office building for the American Academy of Pediatrics (AAP). The national headquarters facility will be located within the Hamilton Lakes Business Park in Itasca, approximately 30 miles northwest of Chicago. The five-story building will feature 10-foot floor-to-ceiling windows and a two-story lobby, which will serve as the central hub for AAP’s conference center and visitor activity. The office will have areas dedicated to educational training, recording videos for procedures and demonstrations, conferences, outdoor meetings and a historical archival storage area. Construction is slated to start this July and be completed by the fall of 2017. Eric Kunkel and Scott Ohlander of JLL represented AAP in the transaction.

June 17, 2016

Office Texas

Kennedy Wilson Negotiates Medical Office Building Lease in San Antonio

by Haisten Willis June 17, 2016

SAN ANTONIO — Kennedy Wilson has represented Hartman Income REIT Management in a lease with Galen College of Nursing to expand to nearly 68,000 square feet at One Technology Center. The property is located at 7411 John Smith Drive in San Antonio. Suzanne Havekost of Kennedy Wilson represented the landlord and negotiated directly with the tenant on the transaction. Galen leased 24,000 square feet at One Technology Center in 2008 and gradually grew to 41,800 square feet. One Technology Center is a 14-story, 196,000-square-foot office building located on the west side of the South Texas Medical Center. In addition to Galen College of Nursing, tenants include the Veterans Administration, University of Texas Health Science Center South, BSG and Progressive Insurance.

June 17, 2016

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