Office

KBS Inks 22,578 SF in Leases at Tollway North Office Park in Plano

by Haisten Willis March 3, 2016

PLANO, TEXAS — KBS Realty Advisors has signed two new leases totaling 22,578 square feet at Tollway North Office Park in Plano. SomnoMed, a treatment facility providing solutions for sleep-related breathing disorders, signed a lease for 17,254 square feet, and Eikon Consulting Group, a full-service design and consulting firm, signed a 5,324-square-foot lease. Tollway North Office Park consists of seven Class A office buildings located within Legacy Business Park. The one-story buildings range in size from 29,023 square feet to 64,137 square feet. The property covers 27 acres and has 1,400 parking spaces. Construction at the property was completed in 2001. Johnathan Hill and Carlie Wilmes of Morrow Hill represented SomnoMed and Al Paniagua of Swearingen represented Eikon. Justin Miller of Transwestern represented KBS Realty Advisors in the lease transactions.

March 3, 2016

Douglas Emmett, Qatar Buy Los Angeles Office Portfolio for $1.3B

by Nellie Day March 3, 2016

LOS ANGELES — A joint venture between Douglas Emmett and the Qatar Investment Authority has purchased a 1.7-million-square-foot office portfolio in the Los Angeles submarket of Westwood for $1.3 billion. The portfolio contains four Class A office buildings within the Westwood Wilshire office corridor. Douglas Emmett plans to retain 20 percent to 30 percent of the joint venture equity. The remaining interest will be held by institutional partners. The JV obtained a $580 million, non-recourse, interest-only loan with a seven-year term. This acquisition will allow Douglas Emmett to control 74 percent of the Westwood Wilshire office corridor. The firm’s portfolio now contains a total of 66 office properties with 17.2 million square feet of space.

March 3, 2016

Illinois Midwest Office

J.C. Anderson to Complete 20,000 SF Office Expansion, Renovation in Chicago

by Christina Cannon March 2, 2016

CHICAGO — J.C. Anderson will construct a 20,000-square-foot office expansion and renovation of a property in Chicago. West Monroe Partners occupies space at The Franklin, a two-building office property in Chicago’s West Loop. The business and technology consulting firm is set to move into the new space once it is completed this June. The Franklin, located at 222 W. Adams St. and 227 W. Monroe St., was designed by Skidmore, Owing & Merrill. The office building that houses West Monroe Partners, 227 W. Monroe St., was constructed in 1989 and is 60 stories. The building has 2.5 million square feet of rentable space. Amenities at The Franklin include an atrium lounge and a 10,000-square-foot fitness center. Garnett is providing architectural services for the expansion and renovation.

March 2, 2016

Mixed-Use Multifamily New York Northeast Office

Cushman & Wakefield Brokers $18.5M Sale of Development Site in Brooklyn

by Amy Works March 2, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 123 Linden Blvd. in Brooklyn. New York Congregational Center for Community Life sold the property for $18.5 million, or $558 per square foot. The site currently consists of a four-story, 33,145-square-foot institutional building, which most recently served as office space for several community-based organizations. The site allows for approximately 248,949 residential buildable square feet or about 316,159 buildable square feet of community facility space, along with additional development rights that were transferred from 135 Linden Boulevard. James Nelson and Matt Nickerson of Cushman & Wakefield handled the transaction.

March 2, 2016

Industrial New York Northeast Office

Colliers Brokers $4.7M Sale of Flex Office Building in New York

by Amy Works March 2, 2016

ARDSLEY, N.Y. — Colliers International has arranged the sale of a flex office building located at 466 Saw Mill River Road in Ardsley. G&G Instrument Corp. sold the 59,000-square-foot building to Avon Development Enterprises Corp. for $4.7 million. Developed in 1968, the three-story building was built slab-on-grade into the side of a hill and features dock access for all three levels. Ian Ceppos, Alex Jinishian, Al Gutierrez and Cameron Paktinat of Colliers represented the seller, while Alan Weisman of Lee & Associates represented the buyer in the transaction.

March 2, 2016

Mixed-Use Multifamily New Jersey Northeast Office Retail

Redwood Realty Negotiates $2.3M Sale of New Jersey Mixed-Use Property

by Amy Works March 2, 2016

PASSAIC, N.J. — Redwood Realty Advisors has arranged the sale of a mixed-use property located at 102 Main St. in Passaic. The asset sold for $2.3 million. The building features 25 apartments and five commercial spaces. Thomas McConnell, Kevin McCrann, Jeremy Wernick and Marco Capozzoli of Redwood Realty brokered the transaction. The names of the seller and buyer were not released.

March 2, 2016

Mixed-Use New York Northeast Office Retail

Northeast Private Client Group Brokers $1.8M Sale of Mixed-Use Property in New York

by Amy Works March 2, 2016

MAHOPAC, N.Y. — Northeast Private Client Group has arranged the sale of a mixed-use property located at 890-908 S. Lake Blvd. in Mahopac. A Westchester, N.Y.-based investor acquired the asset from a Manhattan-based private investor for $1.8 million, or $109 per square foot and a capitalization rate of 9 percent. Comprised of two adjacent buildings, the 16,400-square-foot property features street-level retail space and second-floor office and residential space with off-street parking. Anthony Watkins of Northeast Private Client Group represented the seller and procured the buyer in the transaction, which closed in February.

March 2, 2016

Pipeline Workspaces One Financial Center Fort Lauderdale

Florida Office Southeast

Pipeline Workspaces Leases Full Floor at One Financial Plaza in Downtown Fort Lauderdale

by John Nelson March 2, 2016

FORT LAUDERDALE, FLA. — Pipeline Workspaces, a company providing shared workspace utilized by entrepreneurs and start-ups, has entered into a 20-year lease for an entire floor at One Financial Plaza, a 28-story office tower located at 100 S.E. Third Ave. in downtown Fort Lauderdale. Pipeline Lauderdale will become the company’s fourth location in South Florida, following the recent opening of Pipeline in Doral’s business district, as well as existing locations in Miami’s Brickell Financial District and Coral Gables’ Central Business District. Pipeline Workspaces will provide shared office space, conference rooms, phone booths, dedicated desks and private offices. The company will join One Financial Plaza’s existing tenants, including Regions Bank, AXA Advisors, Fowler White Burnett and Tower Club. Shay Pope of CBRE represented Pipeline Workspaces in the lease transaction. Jon Blunk, Laurel Oswald and Cristina Glaria of Cushman & Wakefield represented the owner, Crocker Partners. Robert Rausch of Hunton & Williams provided legal counsel to Pipeline.

March 2, 2016

California Office Western

Bosa Purchases Five Thirty B Office High Rise in Downtown San Diego for $53.2M

by Nellie Day March 2, 2016

SAN DIEGO — Bosa Development has acquired Five Thirty B, a 232,936-square-foot office building in downtown San Diego, for $53.2 million. The high-rise building is located at 530 B St. The property underwent a $15 million renovation in early 2014 that included new restrooms, a redesigned lobby, a refurbished conference center with new audio/visual equipment, and a 15,000-square-foot sky terrace that wraps around the building’s third floor. Five Thirty B also features a roof garden and collaborative outdoor meeting space with plants, walking paths and private seating areas. Five Thirty B is currently 78 percent leased to tenants like Lewis PR, NCRC Mediation, Nyhart and Smash Lab. CBRE’s Louay Alsadek, Andrew Taylor and Hunter Rowe represented both the buyer and seller, Kearny Real Estate Company, in this transaction.

March 2, 2016

Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast Top Stories

Construction Begins on $1.7B Miami Worldcenter Mixed-Use Development

by Haisten Willis March 2, 2016

MIAMI — Construction has begun on Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, Paramount Miami Worldcenter. This marks the start of the $1.7 billion, 27-acre development’s retail component. “You are literally going to see six blocks being developed all at the same time. This is basically step one of multiple steps in which you are going to see six buildings going vertical,” says Daniel Kodsi, developer and CEO of Paramount Miami Worldcenter. Miami Worldcenter will include Paramount and six other residential and office buildings, an 1,800-room Marriott Marquis and convention center, an intermodal hub and a retail and restaurant promenade. CoastalTishman, a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, is close to completing the installation of 400 pilings that will support the glass-clad tower designed by Elkus Manfredi Architects in collaboration with Paramount Miami Worldcenter’s in-house design team. Upon completion of the pilings, CoastalTishman will start building the tower’s foundation. The first phase of construction will focus on Paramount Miami Worldcenter, a 700-foot, 60-story residential skyscraper. The $500 million tower will feature one of the largest amenity decks in the country, spanning 90 feet above downtown …

March 2, 2016

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