Office

Akridge, Northwood Ravin to Develop 10-Story Office Tower in Downtown Durham

by John Nelson June 7, 2016

DURHAM, N.C. — Akridge and Northwood Ravin plan to develop 555 Mangum, a 10-story, 240,000-square-foot office tower in downtown Durham. The project will be situated on the site of the former Elkins Chrysler dealership on the corner of South Mangum Street and Jackie Robinson Drive. The property will include ground-floor retail space, a penthouse conference center, fitness center, rooftop lounge and terrace and a courtyard featuring artwork from local artists. Akridge and Northwood Ravin plan to deliver 555 Mangum in late 2018. The partnership has selected Mac Hammer and Doug Cook of Cushman & Wakefield to lease and market the project’s office component and Charlie Coyne of CBRE to lease and market the retail component.

June 7, 2016

California Office Top Stories Western

Hudson Pacific Agrees to Acquire Los Angeles Office Tower for $311M

by Christina Cannon June 7, 2016

WEST LOS ANGELES — Hudson Pacific Properties Inc. has agreed to acquire a 500,475-square-foot office tower in West Los Angeles for $311 million. A fund managed by Blackstone is selling the Class A property, known as the Brentwood Center or Wells Fargo Center, which is located at 11601 Willshire Blvd. The building, which is currently 83 percent occupied, has served as Hudson Pacific’s corporate headquarters since 2010. Hudson leases 20,000 square feet in the building, which also includes tenants First Pacific Advisors and Genter Capital, according to CoStar. The office tower was built in 1983 and features a travel agency, Trimana Café, on-site property management and full service gym, according to Loopnet. Hudson Pacific recently sold One Bay Plaza in Burlingame, Calif. for $53.4 million and plans to use the proceeds to help pay for the acquisition. The company also expects to be repaid on a $28.5 million note for the Broadway Trade Center. The company expects to fund the remaining balance with a combination of funds from its revolving credit facility, project financing and private placement proceeds. “Our team’s long history of occupancy and prior ownership of 11601 Wilshire Blvd. provided a competitive edge to understanding the value creation potential for …

June 7, 2016

Industrial New York Northeast Office

Kalmon Dolgin Arranges $12.1M Sale of Commercial Building in Brooklyn

by Amy Works June 6, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of commercial building located at 5718 Second Ave. in Brooklyn’s Sunset Park neighborhood. NYU/Lutheran Medical Center acquired the 32,000-square-foot property from S.I.B.R. Realty LLC for $12.1 million. The two-story building features 20-foot ceilings, a 7,000-square-foot mezzanine and 12,500-square-foot floor plates. Jeffrey Unger and Robert Klein of Kalmon Dolgin represented the buyer and seller in the deal.

June 6, 2016

New York Northeast Office

Fradkin & McAlpin Architects Selected to Redesign Czech Mission to UN in New York City

by Amy Works June 6, 2016

NEW YORK CITY — The Ministry of Foreign Affairs of the Czech Republic has selected Fradkin & McAlpin Architects, in collaboration with Czech firm A69 Architekti, to redesign the 35,000-square-foot Czech Mission to the United Nations, located at 1109 Madison Ave. in New York’s Carnegie Hill Historic District. The project will include a gut-renovation of the interior and the creation of new living spaces, offices and meeting space for the staff of the mission. Construction is slated to begin in the fall of 2017. The building was originally built in 1898 as luxury apartments and features a Beaux Arts exterior.

June 6, 2016

New York Northeast Office

Ameriprise Financial Signs Full-Floor Lease at One World Trade Center in Lower Manhattan

by Amy Works June 6, 2016

NEW YORK CITY — Ameriprise Financial Inc. has signed a full-floor lease for the 78th floor of One World Trade Center in Lower Manhattan. The company plans to move its New York-based executive office space from its current location to 37,704 square feet at One World Trade Center during the second quarter of 2017. Eric Engelhardt and Karen Kuznick provided in-house represented for the The Durst Organization, along with Tara Stacom, Justin Royce, Barry Zeller, Connor Daugstrup and Peter Trivelas of Cushman & Wakefield. Ameriprise was represented by Josh Kuriloff, Drew Braver and Frank Cento of Cushman & Wakefield. With this lease, the property is now 69 percent leased.

June 6, 2016

Office Texas

Transwestern Negotiates Land Sale in Sugar Land for Proposed School

by Haisten Willis June 6, 2016

SUGAR LAND, TEXAS — Transwestern has represented Thirteen Eldridge Ltd. in the sale of a six-acre tract in Sugar Land. The unnamed buyer plans to develop the land into a school. Transwestern’s Carlos Bujosa and David Schwarz brokered the transaction. The site is located on the east line of Eldridge Road, a half-mile south of West Airport Boulevard.

June 6, 2016

Office Texas

Davis Commercial Arranges Office Lease in Houston

by Haisten Willis June 6, 2016

HOUSTON — Mary Quinn Law Firm has leased a newly renovated office building located at 106 Avondale St. in Houston. Originally built in 1910, the property is located in the Montrose area of Houston and spans 4,880 square feet. Ron McWherter of CBRE represented the tenant, and Ryan Neyland of Davis Commercial Real Estate represented the landlord, Toomey-Guseman Ltd.

June 6, 2016

Office Southeast Virginia

Insite Properties to Develop 120,000 SF Office Building, Parking Structure in Charlottesville

by John Nelson June 6, 2016

CHARLOTTESVILLE, VA. — Charlotte-based Insite Properties plans to develop a 120,000-square-foot office building above a 200-space parking garage at 323 Second St. S.E. in historic Charlottesville. Charlotte-based BB+M Architecture designed the nine-story property, which will feature four levels of parking and five levels of office space. The asset will be located within two blocks of the Downtown Mall. Insite Properties has named John Pritzlaff of Cushman & Wakefield the leasing representative for the office building.

June 6, 2016

Illinois Midwest Office

Marcus & Millichap Brokers $5M Sale of Office Property in Suburban Chicago

by Christina Cannon June 3, 2016

OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 91,844-square-foot office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for over $5 million. Summit Oaks Office is located at 1S450 Summit Ave. John Abuja of Marcus & Millichap listed the property on behalf of the seller, a partnership. Abuja also secured and represented the buyer, a limited liability company.

June 3, 2016

New Jersey Northeast Office

Cushman & Wakefield Negotiates $82.3M Sale of Office Tower in New Jersey

by Amy Works June 3, 2016

ISELIN, N.J. — Cushman & Wakefield has arranged the sale of Metro 101, an office tower located at 101 Wood Ave. S. in Iselin. Mack-Cali Realty Corp. acquired the 10-story property from Spear Street Capital for $82.3 million. Developed in 1990, the 263,000-square-foot tower was redeveloped in 2008 for multi-tenant occupancy. At the time of sale, the building was 95 percent occupied. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield brokered the transaction.

June 3, 2016

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