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Beck Breaks Ground on New Aquatics Center at SMU

by Haisten Willis February 29, 2016

DALLAS — The Beck Group has broken ground on a 43,770-square-foot aquatics center at Southern Methodist University in Dallas. Designed by Brinkley Sargent Wiginton Architects, the new facility will be located on SMU’s East Campus next to a DART rail line. The aquatics center will provide facilities for practice, competition and community use. The two-story collegiate competition swimming and diving center will be designed to emulate the Georgian style of the main campus with an Olympic-sized, eight-lane indoor pool; diving platform well with four springboards and a 10-meter tower for training and competition; fixed bleacher seating for 800 spectators; men’s, women’s and visitor locker rooms; meeting space and classrooms; and coaches’ offices. Construction of the aquatics center is scheduled to begin in March and will be complete in August 2017.

February 29, 2016

District of Columbia Office Southeast

Investcorp Buys Office Building in D.C. for $180M

by John Nelson February 29, 2016

WASHINGTON, D.C. — Investcorp has purchased a 170,813-square-foot office building located at 733 10th St. in Washington, D.C.’s East End office submarket for $180 million. The Class A office building was fully leased at the time of sale. Investcorp purchased the property with its joint venture partner, ScanlanKemperBard. In the last 12 months, Investcorp’s total real estate acquisitions have exceeded $1.5 billion in gross asset value.

February 29, 2016

North Carolina Office Southeast

Dilweg Cos. Acquires Three Office Buildings in Charlotte for $43.9M

by John Nelson February 29, 2016

CHARLOTTE, N.C. — The Dilweg Cos. has purchased three Class A office buildings in Charlotte’s University/Northeast office submarket from two separate sellers. The sales price was undisclosed, but media outlets are reporting that the buildings sold for roughly $43.9 million. The properties, known as Resource Square I, II and V, total 335,593 square feet. Built between 1997 and 2000, the office buildings were 81 percent leased at the time of sale to tenants such as Brooks Equipment Co., FiServ, Huber Engineered Woods and Dassault Systems. Durham-based Dilweg Cos. has selected Charles Jonas and Karah Stumler of Foundry Commercial to lease the assets. Ryan Clutter of HFF represented the seller, a fund managed by DRA Advisors LLC, in the sale of Resource Square V.

February 29, 2016

New Jersey Northeast Office

Gramercy Property Trust Sells Two Hudson Street Properties in Jersey City for $299M

by Amy Works February 26, 2016

JERSEY CITY, N.J. — Gramercy Property Trust has completed the disposition of a 438,158-square-foot office building at 70 Hudson St. and a 418,000-square-foot office building at 90 Hudson St. in Jersey City for an aggregate gross sales price of $299 million, or $349 per square foot. Prior to closing, Gramercy prepaid the mortgage debt attributable to 70 Hudson and the undisclosed buyer assumed the outstanding loan of $101 million on 90 Hudson. At the time of sale, 70 Hudson was vacant and the exit cap rate was 6.6 percent on stabilized 2016 cash net operating income for 90 Hudson. Net proceeds to the seller equate to $184.8 million.

February 26, 2016

Office Washington Western

Oracle Leases Space at Century Square in Seattle

by Nellie Day February 26, 2016

SEATTLE — Oracle has leased 90,000 square feet of space at Century Square in downtown Seattle. The space is located at 1501 4th Ave. The Class A property is now 98 percent leased. It is situated between South Lake Union and the financial district. Laura Ford and David Abbott of Colliers International represented the landlord.

February 26, 2016

California Office Top Stories Western

NorthMarq Arranges $148M Refinancing of Two Office Buildings in Silicon Valley

by Christina Cannon February 26, 2016

CUPERTINO, CALIF. — NorthMarq Capital has arranged a $148 million refinancing loan for two office buildings at Cupertino City Center in Cupertino. Prometheus Real Estate Group was the borrower in the transaction. Prometheus developed and still manages the property. Cupertino City Center is a mixed-use development that consists of five office buildings, three residential projects and one hotel. The two eight-story office buildings, which total 354,770 square feet, are located at 20400 and 20450 Stevens Creek Blvd. The buildings were constructed in the late 1980s. “They remain the tallest buildings in the market and offer views and a central location no others can,” says Nathan Prouty, managing director with NorthMarq Capital’s San Francisco office. Community amenities at Cupertino City Center include a fitness facility, swimming pool and amphitheater. “This mixed-use amenity package is market-leading and rare in this location in Silicon Valley,” says Prouty. The transaction was structured with a 10-year term and 30-year amortization schedule. Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America provided the financing. Major tenants at Cupertino City Center include Apple, Seagate Technology and Morgan Stanley. “These buildings have been well occupied since they were built,” says Andrew Slaton, …

February 26, 2016

Office Texas

KDC, McCarthy Celebrate Topping Out of 1920 McKinney Office Tower in Uptown Dallas

by Haisten Willis February 25, 2016

DALLAS — KDC and McCarthy Building Cos. have celebrated the topping out of 1920 McKinney, a 12-story, 150,000-square-foot office building in Uptown Dallas. Located at 1920 McKinney Ave. at Harwood Street, the Class A office building features six stories of office space on top of a six-story parking structure with 8,500 square feet of ground-floor retail and restaurant space. Located one block from Klyde Warren Park, the tower will feature a ratio of three parking spots for every 1,000 square feet of office space. Construction on 1920 McKinney began in September 2014. BOKA Powell is the project architect, JLL is leasing the office space and The Retail Connection is responsible for ground-floor retail leasing. The project is scheduled for completion in April.

February 25, 2016

Illinois Midwest Office

Transwestern Arranges Eight Leases Totaling 88,990 SF in Chicago Office Tower

by Christina Cannon February 25, 2016

CHICAGO —Transwestern has arranged eight leases totaling 88,900 square feet at a 45-story office tower in Chicago’s West Loop. The new deals bring the 928,040-square-foot building, located at 200 W. Madison St., to 92 percent occupancy. The transactions include: Greensfelder, Hemker & Gale P.C., renewed and expanded its lease to 22,897 square feet Premier Business Centers leased 15,204 square feet Philadelphia Insurance Cos. leased 11,446 square feet VacayStay Connect LLC leased 6,500 square feet Beacon Hill Financial Corp. leased 5,262 square feet Transwerstern has managed the property since 2011 and is spearheading a $5 million renovation, which will include an updated lobby, 30-foot green wall, new lounge areas, a clubroom, updated elevators and an expanded fitness center with yoga room. Michael Lirtzman, Courtney Baratz, Jeff Dowdell and Katie Steele of Transwestern brokered the leases on behalf of the building owner, MEPT.

February 25, 2016

California Office Western

Huntington Orthopedics Institute Buys Medical Office Building in Pasadena for $9.2M

by Nellie Day February 25, 2016

PASADENA, CALIF. — Huntington Orthopedics Institute has acquired a 22,000-square-foot medical office building in Pasadena for $9.2 million. The space is located at 837 S. Fair Oaks Ave., one block from Huntington Hospital. The building was constructed in 1962. It was fully leased at the time of sale. Michael Dettling of Avison Young’s Healthcare Practice represented Huntington Orthopedics. Bill Ukropina of Coldwell Banker represented the seller, Hollis Cotton, in this off-market transaction.

February 25, 2016

Arizona Office Western

Carlisle Cos. Leases Space at Kierland One in Phoenix

by Nellie Day February 25, 2016

PHOENIX — Carlisle Cos. has leased 46,503 square feet at Kierland One, a 175,441-square-foot office building in Phoenix. The property is located at 16430 N. Scottsdale Road. The Fortune 1000 company is relocating its corporate headquarters from North Carolina to Arizona by year-end. CBRE’s Tom Adelson represented Carlisle. Jeff Hartland and Scott Boardman of Cushman & Wakefield represented the landlord, Hines, in this transaction.

February 25, 2016

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