Office

Construction Deliveries Increase Across Property Types, Says Reis

by Christina Cannon March 1, 2016

As 2015 came to an end, construction deliveries for the office, retail and apartment sectors were on the rise, according to Reis. That trend is expected to continue through 2016, the New York-based commercial real estate data firm says. For the fourth quarter of 2015, the apartment sector recorded its third consecutive quarter above 50,000 units delivered. Deliveries for office properties were above 9 million square feet for the third consecutive quarter. Retail deliveries increased for the second consecutive quarter. Apartment Sector Ramps Up “2015 was the highest year for apartment construction since 1999,” says Ryan Severino, senior economist and director of research at Reis. “With the pipeline continuing to swell, completion figures for 2016 are expected to exceed those from 2015.” Texas markets led deliveries for new apartment units, with Houston posting 4,330 new units and Dallas delivering 3,178 units in the fourth quarter of 2015. Behind the Lone Star State is Seattle, posting 2,806 newly constructed units. Los Angeles delivered 2,795 units, and Denver added 2,671 units to the multifamily landscape. Office Sector Stays Steady Office construction has slowly increased over the last few quarters. The fourth quarter of 2015 ended with just under 11 million square feet …

March 1, 2016

Massachusetts Northeast Office

Griffith Properties/Echo Bridge Partners Sell Office Building Massachusetts for $32.5M

by Amy Works February 29, 2016

CHELMSFORD, MASS. — Griffith Properties/Echo Bridge Partners has completed the disposition of an office building located at 5 Omni Way in Chelmsford. A private New York-based investment firm acquired the 131,430-square-foot asset for $32.5 million. The property recently underwent a $15 million redevelopment and renovation. The building will serve as a key regional call center and executive hub for Comcast with 24/7/365 operations and full call center backup redundancy. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction.

February 29, 2016

Connecticut Healthcare Northeast Office

Jacobson Properties, RE/MAX Right Choice Broker $6.1M Sale of Medical Center Property in Connecticut

by Amy Works February 29, 2016

WESTBROOK, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Lakebrook Medical Center in Westbrook. An institutional healthcare real estate investment firm acquired the Class A medical office building for $6.1 million. At the time of sale, the 24,500-square-foot property was leased by Yale Heart & Vascular and Middlesex Hospital. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice handled the transaction. The name of the seller was not released.

February 29, 2016

Massachusetts Northeast Office

Novaya Real Estate Arranges Two Leases Totaling 32,627 SF in Massachusetts

by Amy Works February 29, 2016

LOWELL, MASS. — Novaya Real Estate Ventures has secured two new leases totaling 32,627 square feet at 55 Technology Drive in Lowell. In the first transaction, Lowell General Hospital leased 24,116 square feet to house an expansion for the hospital administrative offices. In the second deal, Contract Logix LLC inked a lease for 8,516 square feet, which will be used for the company’s headquarters. The two-story office building is now 100 percent leased. Additional tenants include Boston Scientific, Borrego Solar and Lowell Five Center Savings Bank. Joel Kahn of Equity Alliance LLC represented Lowell General Hospital, Matt Adams of NGKF represented Contract Logix, and Mark Reardon of CBRE| New England represented Novaya in the transactions.

February 29, 2016

New York Northeast Office

RUI Credit Services Expands to 30,845 SF in Melville, New York

by Amy Works February 29, 2016

MELVILLE, N.Y. — RUI Credit Services has expanded its lease by 11,834 square feet at the Melville Square Corporate Center at 1305 Walt Whitman Road in Melville. The company will now occupy 30,845 square feet on the second floor of the 165,310-square-foot office building, which is owned by The Feil Organization. Richard Caputi of Cresa Long Island represented RUI, while Nicholas Forelli and David Turino provided in-house representation for landlord.

February 29, 2016

SMU-Aquatic-center-southern-methodist-university

Civic Office Texas

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

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