Office

Transwestern Negotiates Office Lease in San Antonio

by Haisten Willis June 8, 2016

SAN ANTONIO — Transwestern’s San Antonio office has secured a lease with Sorenson Communications Inc. at Fountainhead Business Park in San Antonio. Sorenson Communications, a provider of communications products and services for the deaf and hard-of-hearing, has leased over 25,000 square feet of office space. Transwestern’s Larry Mendez and Kelly Ralston represented the owner, Shorecliffs Investments, and CBRE’s Mike Sawtelle and Sherri Fesperman represented the tenant. Fountainhead Business Park consists of two, Class A office buildings in San Antonio’s northwest submarket at 3846 Medical Drive and 4511 Horizon Hill Blvd.

June 8, 2016

Hines, Cousins Sign Microsoft to Lease Office Space in Avalon Development

by John Nelson June 8, 2016

ALPHARETTA, GA. — Hines and Cousins Properties have signed Microsoft Corp. to a 43,000-square-foot office lease at 8000 Avalon, a 224,000-square-foot, Class A office development under construction in Alpharetta. With the Microsoft lease, 8000 Avalon is now 19 percent pre-leased with initial occupancy slated for the second quarter of 2017. Hines and Cousins are co-developing the $72 million project, which is the only office building in Phase II of Avalon. Pete Shelton and Drew Levine of Colliers International’s Atlanta office represented Microsoft in the lease transaction.

June 8, 2016

New Jersey Northeast Office

Bergman Real Estate Group Buys 120,000 SF Office Building in New Jersey

by Amy Works June 8, 2016

LYNDHURST, N.J. — Bergman Real Estate Group has acquired 1099 Wall Street West, an office building located in Lyndhurst’s Meadowlands submarket. A private equity fund sold the property for an undisclosed price. Situated on 7.5 acres, the three-story building comprises 120,000 square feet of office space. At the time of sale, the property was 50 percent leased to more than 30 companies. M&T Bank provided a flexible acquisition loan for the purchase. Rick Steel and Mark Zurlini with M&T Bank arranged the loan. Patrick Arangio and Christopher McGlone of CBRE’s National Loan & Portfolio Advisory Group, in collaboration with Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE Institutional Properties, represented the seller in the deal.

June 8, 2016

New York Northeast Office

1776 Expands to New York City with Campus at Brooklyn Navy Yard

by Amy Works June 8, 2016

NEW YORK CITY — 1776, a public benefit corporation that scouts and funds high-growth startups, plans to open its first New York City campus on the top floor of Building 77 at Brooklyn Navy Yard. The company will become the anchor tenant of the 1 million-square-foot building that is currently undergoing a $185 million renovation. Slated to open in 2017, Building 77 will feature a 60,000-square-foot food manufacturing hub on the ground floor. Additionally, the project will support 3,000 new jobs. 1776 New York City will convene institutions, policymakers and startups to revitalize critical industries like education, energy, food, health, smart cities, transportation and financial services.

June 8, 2016

Arizona Office Western

VenSure Employer Services Leases Space at Chandler Freeway Crossing

by Nellie Day June 8, 2016

CHANDLER, ARIZ. — VenSure Employer Services has leased 25,000 square feet at Chandler Freeway Crossing. The Class A office space is located in Building One at the intersection of the Loop 101 and Loop 202 freeways in Chandler. All three buildings at Chandler Freeway Crossing are now fully occupied. VenSure will relocate from Mesa to the new space this September. Hani Aldulaimi of KW Commercial represented the firm. JLL’s Dave Seeger, Karsten Peterson, Mark Gustin and Elizabeth Collins are the exclusive leasing brokers for Chandler Freeway Crossing and represented Mark IV Capital in the lease transaction.

June 8, 2016

Market Reports Office South Carolina Southeast Southeast Market Reports

Greenville’s Booming Office Market Drives Interest from New Investors

by John Nelson June 8, 2016

Greenville is undergoing significant growth and capturing the attention of national investors and tenants. Historically high rental rates, increased occupancy and strong construction activity for the first time in recent years collectively indicate a healthy market. Additionally, tight market conditions provide an ideal investment sales environment encouraging landlords to market their office assets for sale, something they couldn’t justify doing a few years ago. The market’s occupancy rate was up to 85.2 percent at year-end 2015 from 83.7 percent the previous year. As demand grows and space is absorbed, the market is shifting in favor of landlords, who are pushing up rental rates to levels never before seen in the market. Asking rental rates for Class A office space in the market averaged $22.41 per square foot at year-end 2015, increasing 9 percent in a one-year span. Class A space in the central business district (CBD) is even more costly with asking rental rates averaging $25 per square foot. With office users showing a strong desire to locate in the market and willingness to pay higher rental rates for quality space, developers are turning to new construction and adaptive reuse projects to meet the heightened demand for space. Several projects …

June 8, 2016

Office Washington Western

Ascentis Real Estate Partners Buys Redmond Technology Center

by Nellie Day June 7, 2016

REDMOND, WASH. — Ascentis Real Estate Partners has acquired the Redmond Technology Center, a 101,855-square-foot creative office building in Redmond, for an undisclosed sum. The Class A building is located at 18300 Redmond Way, 15 miles east of downtown Seattle. Redmond Technology Center is situated within walking distance of Whole Foods, Peet’s Coffee, Jimmy John’s and Chipotle Mexican Grill. It was built in 2008. The transaction was completed through the company’s equity fund, Diversified International Partners.

June 7, 2016

Connecticut Loans Mixed-Use Northeast Office Retail

Cornerstone Realty Negotiates $2.9M Acquisition Loan for Mixed-Use Property in Connecticut

by Amy Works June 7, 2016

MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.

June 7, 2016

Transwestern-3400-cityline-richardson-texas

Office Texas

Transwestern to Build 310,000 SF Office Building Near CityLine in Richardson

by Haisten Willis June 7, 2016

RICHARDSON, TEXAS — Transwestern Development Co. will break ground this month on 3400 @ CityLine, a 310,000-square-foot speculative office building. Located at 3400 N. Central Expressway, the Class A building is adjacent to the 183-acre CityLine campus in Richardson. The five-story project will be developed by a joint venture including a fund advised by the real estate business of UBS Asset Management, Transwestern Development Co. and Malouf Interests. Slated for delivery in mid-2017, the building will feature design elements including floor-to-ceiling glass and 10-foot ceilings. The property will offer five parking spaces per 1,000 square feet in a parking structure. On-site amenities will include a deli and lounge area, fitness center and a 40,000-square-foot exterior courtyard. Transwestern’s Duane Henley and Nathan Durham are providing leasing services. Construction financing is being provided by a consortium led by Amegy Bank N.A., a division of Zions Bank N.A., and includes American National Bank of Texas and Commerce Bank, a Missouri bank and trust company. The consultant team includes architect BOKA Powell, structural consultant Cardno Haynes Whaley, mechanical, electrical and plumbing engineer DBR, civil engineer Halff & Associates and landscape architect Pacheco Koch.

June 7, 2016

Office Texas

Health Wildcatters Plans to Move to Pacific Place Tower in Dallas

by Haisten Willis June 7, 2016

DALLAS — Health Wildcatters, a Dallas-based seed accelerator program, is relocating to 1910 Pacific Ave. in downtown Dallas. Health Wildcatters will occupy the entire top floor of the 20-story building, which is owned by Boxer Property. The 16,620-square-foot space will provide the company with the ability to host functions and events, create collaborative workspace for partners and house recent graduates of the accelerator program by offering temporary office space. Health Wildcatters has partnered with Page to design the interior space. Health Wildcatters will move into the Pacific Place tower alongside local startups including Zerologic, Deep Rapid Design Studio, Twentynine Thirty Creative and Launch DFW.

June 7, 2016

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