Office

CBRE Capital Markets Arranges $32M in Financing for Tollway Towers in Dallas

by Haisten Willis September 20, 2016

DALLAS — CBRE Capital Markets’ debt and structured finance team has arranged debt financing for Tollway Towers, a three-building office asset in Dallas. CBRE arranged the $32 million non-recourse loan on behalf of Champion Partners and CrossHarbor Capital Partners. Tollway Towers comprises two office towers and a garden office building totaling 341,836 square feet. Tollway Towers is located along the Dallas North Tollway, two miles north of I-635. The property was built in 1983 and renovated in 2007. The new ownership plans to invest several million dollars into the buildings for both capital upgrades and a speculative suite program tailored to attracting tenants seeking 750 to 5,000 square feet. Scott Lewis, Greg Greene and Matt Ballard of CBRE’s Dallas office originated and secured financing on behalf of the borrowers.

September 20, 2016

Office Texas

Trammell Crow Opens Park South YMCA Early Childhood Center in Dallas

by Haisten Willis September 20, 2016

DALLAS — Trammell Crow Co. (TCC), Alliance Architects and Fast-Track Construction have completed an early childhood center for Park South YMCA in Dallas. The project was built on behalf of In The City For Good, a charitable organization that develops food pantries and early childhood education programs for inner city youth. TCC, Alliance and Fast-Track converted an abandoned 2,000-square-foot laundromat into a preschool building that will serve 145 children. The one-story building, located at 3901 Latimer St., features three classrooms. The development team designed built-in shelves for storage, added windows to allow for natural light and painted all the rooms in bright colors to aid in learning.

September 20, 2016

Georgia Office Southeast Top Stories

Rubenstein Partners-Led JV Acquires 1.6 MSF Office Park in Metro Atlanta for $265M

by John Nelson September 20, 2016

ALPHARETTA, GA. — Rubenstein Partners LP, along with a minority equity partner, has purchased Sanctuary Park, a 1.6 million-square-foot office park complex located in the northern Atlanta suburb of Alpharetta, for $265 million. The joint venture purchased the asset from J.P. Morgan. (NYSE: JPM), according to the Atlanta Business Chronicle. Sanctuary Park has been institutionally owned, developed and maintained for nearly 20 years. The property comprises nine mid-rise buildings within a 152-acre, master-planned campus, which features three zoned development sites that can accommodate an additional 750,000 square feet of build-to-suit office space. Sanctuary Park is currently 96 percent leased to tenants that include Delta Dental Insurance, Coca-Cola, Ernst & Young, Ciena Corp., LeasePlan and Verizon Wireless. Verizon is expected to vacate its office space at the campus in the near future, which will lower Sanctuary Park’s occupancy to approximately 75 percent. “Sanctuary Park is exactly the kind of unique value-add opportunity Rubenstein Partners seeks out,” said Taylor Smith, regional director of the Southeast for Rubenstein Partners. “The Class A property is generally regarded as the top office park in North Fulton, and we are thrilled to complete the acquisition of this asset. We believe Verizon’s departure created an opportunity for …

September 20, 2016

Arizona Office Western

Crown Realty & Development Buys CVS Health Building in Phoenix for $40.4M

by Nellie Day September 19, 2016

PHOENIX — Crown Realty & Development has purchased a 138,240-square-foot office building in Phoenix that is occupied by CVS Health for $40.4 million. The space, known as Four Gateway, is located at 444 N. 44th St. State Farm occupied the building on a short-term lease while the company waited to consolidate operations at its new regional campus at Marina Heights on Tempe Town Lake. CVS, which signed its lease this past April, now occupies the entire building. CBRE’s Jim Fijan and Will Mast executed the transaction. The seller was VanTrust Real Estate.

September 19, 2016

Midwest Office Ohio

Forest City Sells Terminal Tower Office Building in Cleveland for $38.5M

by Haisten Willis September 19, 2016

CLEVELAND — Forest City Realty Trust Inc. has sold Terminal Tower, a 597,000-square-foot office building in downtown Cleveland, to an affiliate of K&D Group for $38.5 million. The sale corresponds with Forest City’s decision earlier this year to explore new options for the location of its corporate offices, which have been housed at the Terminal Tower since 1997. The company is engaged in a search process, though no change is expected before the end of 2017. Opened as Cleveland Union Terminal in 1930, the Terminal Tower was the tallest building outside of New York City until 1964. Forest City acquired the building in 1983. In 2010, the company completed a four-year interior and exterior renovation of the tower. Included in the project were a restoration of the building’s observation deck and the installation of an exterior LED lighting system.

September 19, 2016

Office Texas

Coldwell Banker Commercial Arranges Sale of Kool Smiles in San Angelo

by Haisten Willis September 19, 2016

SAN ANGELO, TEXAS — The Net Leased Investment Group for Coldwell Banker Commercial has arranged the sale of Kool Smiles, a dentist’s office, in San Angelo. The property is a net-leased investment with all maintenance and repairs handled by the tenant. Parker Carroll of Coldwell Banker Commercial represented the seller in the transaction.

September 19, 2016

Company News Office Texas

HDR Opens Regional Office in San Marcos

by Haisten Willis September 19, 2016

SAN MARCOS, TEXAS — HDR has opened an office in San Marcos to serve Hays County and nearby cities including San Marcos, Kyle, Buda and Dripping Springs. The employee-owned engineering firm has leased space in the Red Oaks shopping center, located at 1290 Wonder World Drive, near the Hays County Government Center. Allen Crozier has been named manager of HDR’s San Marcos office. Crozier has been with HDR since 2005 and previously worked with the Texas Department of Transportation.

September 19, 2016

New York Northeast Office

60 Guilders is Converting Three Manhattan Buildings to Office Condos totaling 300,000 SF

by Jaime Lackey September 19, 2016

NEW YORK CITY — 60 Guilders, a New York-based real estate investment and operating firm, has partnered with The Carlyle Group to convert three buildings in Midtown South to office condominiums. The three properties include The Corinthian, a 105,640-square-foot medical office building in Midtown South; 20 West 33rd Street, a 176,700-square-foot office building near the Empire State Building; and the adjacent 18 West 33rd Street, a 18,234-square-foot boutique office building. Rudder Property Group is marketing the units at the buildings. The conversions will add 300,000 square feet of available office condominium space to the Midtown South and Penn Plaza submarkets.

September 19, 2016

New Jersey Northeast Office

Somerset Development Appoints Structure Tone to Oversee Construction at Bell Works

by Jaime Lackey September 19, 2016

HOLMDEL, N.J. — Somerset Development has chosen Structure Tone Inc. to oversee construction plans, renovations and subcontractor management at Bell Works, the complete revitalization of the former Bell Labs campus in Holmdel. Structure Tone will assume management of all ongoing construction projects in the 2 million-square-foot property. Immediate renovations include the implementation of a new safety infrastructure along with a skylight replacement initiative, which will implement photovoltaic panels that will convert solar energy into electricity, reducing Bell Works’ environmental footprint while maximizing the building’s energy efficiency. Earlier this year, the Bell Works team executed a lease with anchor commercial tenant iCIMS, a leading provider of Software-as-a-Service (SaaS) talent acquisition solutions.

September 19, 2016

New York Northeast Office

Merrill Lynch Renews 28,522 SF at Feil’s Melville Square Corporate Center

by Jaime Lackey September 19, 2016

MELVILLE, N.Y. — Merrill Lynch Wealth Management has signed a five-year renewal for its 28,522-square-foot lease at the Melville Square Corporate Center at 1305 Walt Whitman Road in Melville. The Feil Organization owns the building, which is located in the heart of Long Island’s corporate headquarters corridor on the border of Nassau and Suffolk counties. Merrill Lynch has been a tenant in the building since the property’s renovation in 1999. Feil acquired the three-story, 165,310-square-foot building in September 2015 and plans major upgrades including the relocation and installation of a full-service café, creation of a high-tech conference center, and renovation of the fitness center. David Turino and Nicholas Forelli of Feil represented the landlord. Vince LaManna and Richard Freel of CBRE represented Merrill Lynch.

September 19, 2016

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