Office

HFF Secures $78M Construction Loan for Creative Office Building in Chicago

by Christina Cannon August 19, 2016

CHICAGO — HFF has secured a $78 million construction loan for the development of a 290,699-square-foot creative office building in Chicago’s West Loop neighborhood. The nine-story Fulton West Phase II is slated for completion in 2017 and will feature a 24,000-square-foot courtyard, a 5,750-square-foot rooftop deck, a shuttle service, 18,429 square feet of ground-floor retail space and a 610-stall parking structure. Floor plates will average 34,000 to 40,000 square feet, and Glassdoor, Skender Construction and Sterling Bay will occupy nearly half the building. A joint venture between J.P. Morgan Asset Management and Sterling Bay will develop the project. Michael Kavanau, Tim Joyce and Christopher Knight of HFF worked to place the financing with Bank of America on behalf of the borrower.

August 19, 2016

Hospitality Mixed-Use Multifamily Office Retail Texas

Hillwood, Howard Hughes Launch 130-Acre Mixed-Use Development Within AllianceTexas

by Haisten Willis August 18, 2016

WESTLAKE, TEXAS — Hillwood and The Howard Hughes Corp. (NYSE: HHC) have launched a 130-acre mixed-use development at Circle T Ranch, a 2,500-acre master planned community in Westlake that is part of the larger 18,000-acre AllianceTexas development. The project, which is situated at the junction of State Highways 114 and 170, will include more than 2 million square feet of office, retail and entertainment space and will be anchored by the 500,000-square-foot corporate campus for Charles Schwab Corp. The planned mixed-use development will include 1.2 million square feet of combined Class A mid-rise office space with retail and entertainment uses, as well as a 200-room hotel and residential options. The project will also include land for parks, open space and creeks. Nature trails and a fitness center in the retail district will offer individuals additional health and fitness options.

August 18, 2016

Healthcare Office Texas

KDC, Rubicon to Build Medical Office Development in Irving

by Haisten Willis August 18, 2016

IRVING, TEXAS — KDC and Rubicon Representation will develop a 155,000-square-foot, Class A medical office project in two phases at Gateway Drive and State Highway 161 in Irving’s Las Colinas district. Phase I will break ground this fall and will consist of 95,000 square feet anchored by Healthcare Associates. Phase II will break ground shortly thereafter and will consist of 60,000 square feet. The second phase will house an ambulatory surgery center and medical office. The anchor tenant space is currently available. The development is located near DFW International Airport and is within walking distance of the DART Beltline Station. Rubicon Representation assembled the real estate transaction.

August 18, 2016

Michigan Midwest Office

NAI Wisinski of West Michigan Brokers Sale of Two Office Buildings in Grand Rapids

by Christina Cannon August 18, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of two office buildings in Grand Rapids. The properties, 2504 Ardmore and 2505 Burton, are located near the Brenton Village Mall corridor. Mark Morrow Properties LLC sold the buildings to a local investor, Tony Pearson, who intends to make minor renovations and begin marketing the property for lease this September. Each building totals 5,835 square feet and was built in 1971. Hillary Woznick and Doug Taatjes of NAI Wisinski represented the seller in the transaction.

August 18, 2016

Loans New York Northeast Office

Meridian Capital Group Secures $60M in Refinancing for 131,358 SF Office Property in Manhattan

by Amy Works August 18, 2016

NEW YORK CITY — Meridian Capital Group has arranged $60 million in CMBS financing for the refinance of an office property located at 286 Madison Ave. in Midtown Manhattan. The borrower is APF Properties. Provided by Jeffries LoanCore, the 10-year loan features a fixed interest rate and full-term interest only-payments. The 23-story building features 131,358 square feet of office space. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction.

August 18, 2016

New Jersey Northeast Office

Allergan Relocates Headquarters to 431,495 SF Property in Madison, New Jersey

by Amy Works August 18, 2016

MADISON, N.J. — Allergan plc, a global pharmaceutical giant, has leased the entire 431,495-square-foot property at 5 Giralda Farms in Madison for a 13-year term. The company will consolidate three of its existing New Jersey office facilities in Parsippany, Bridgewater and Jersey City, bringing 1,800 employees together at the state-of-the-art headquarters facility. Owned by Lincoln Equities Partnership, 5 Giralda Farms is a modern corporate headquarters facility located on 50 acres at the Giralda Farms office campus in Madison. The facility features a main building, an on-site daycare facility, carriage house, six large conference facilities, a 345-seat dining room and a 15,000-square-foot fitness center with full basketball court. Daniel Loughlin and Jodie Mathews of JLL represented Allergan, while David Simson of Newmark Grubb Knight Frank represented the landlord in the deal.

August 18, 2016

Market Reports Midwest Midwest Market Reports Office Uncategorized Wisconsin

Late to the Economic Recovery, Madison’s Office Sector is Now in a Growth Mode

by Christina Cannon August 18, 2016

The Madison office market finally emerged from its post-recession stupor in 2015 and chalked up its best performance since the early 2000s. The 430,000 square feet of positive net absorption recorded last year exceeded the combined total of the previous three years. This strong trend continues in 2016. Nearly 150,000 square feet of office space was leased during the first quarter, driving the vacancy rate down to 10.2 percent. The Madison office market was slow to recover from the Great Recession. As recently as 2014, office vacancies increased, and only 67,000 square feet of net positive absorption was tallied that year. As the state capital and home to the University of Wisconsin, the local economy depends on government and education as base industries — sectors where employment and spending had been retreating until recently. Insurance, financial services, medical services, research, information technology and software development are also important and growing sectors in Madison, accounting for a lot of new office leasing activity. Who’s taking space? Among the large lease deals in recent months: Arrowhead Research inked a deal to occupy 68,000 square feet in University Research Park; M3 Insurance completed and moved into its building at 828 John Nolen Drive; …

August 18, 2016

New Jersey Northeast Office

Onyx Equities, Garrison Investment Acquire 300,260 SF Office Campus in New Jersey

by Amy Works August 17, 2016

PARAMUS, N.J. — Onyx Equities, in partnership with Garrison Investment Group, has acquired Country Club Plaza, an office campus located at 115-117 W. Century Road in Paramus. Cornerstone Real Estate Advisers sold the property for undisclosed price. The two-building, 300,260-square-foot office complex features a full-service cafeteria, fitness center and conference facility. Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE represented the seller in the transaction.

August 17, 2016

Industrial Midwest Office Ohio

CBRE Brokers Sale of Two Industrial Buildings Totaling 142,259 SF Near Cincinnati

by Christina Cannon August 17, 2016

FAIRFIELD AND FOREST PARK, OHIO — CBRE Group Inc. has brokered the sale of two office and warehouse buildings near Cincinnati for an undisclosed price. Fairfield Business Center totals 44,011 square feet, and Kemper Woods Business Center totals 98,248 square feet. Chicago-based Brennan Investment Group purchased the buildings from two separate undisclosed sellers. Keith Yearout, Jim Vondran, Doug Whitten, Mike Lowe, Tim Schenke and Jeremy Kraus of CBRE represented the two sellers in the transaction. The team will also market the properties for lease.

August 17, 2016

Georgia Office Southeast

Dilweg Buys Wells Fargo Office Building in Downtown Decatur for $28.4M

by John Nelson August 17, 2016

DECATUR, GA. — The Dilweg Cos. has purchased 250 E. Ponce, a 141,582-square-foot office building located in downtown Decatur. The seller, Rialto Capital Management, sold the asset to Dilweg for $28.4 million. Built in 1962, the eight-story building features signage of Wells Fargo Bank, one of its major tenants. The property was 83.5 percent leased at the time of sale to tenants such as Utility and ELS Educational Services. Jay O’Meara and Paul Berry of CBRE brokered the transaction. Dilweg has selected Stream Realty to lease and manage 250 E. Ponce. Dilweg now owns more than 1.5 million square feet of office space in greater Atlanta, including Centennial Tower in downtown Atlanta, Royal Centre in Alpharetta and The Paddocks in Johns Creek.

August 17, 2016

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