Office

Lincoln Arranges More than 100,000 SF of Office Leases in Alpharetta

by John Nelson November 10, 2015

ALPHARETTA, GA. — Lincoln Property Co. Southeast has brokered office leases totaling more than 100,000 square feet in Alpharetta, a northern suburb of Atlanta. Michael Howell and Hunter Henritze of Lincoln represented the landlords in the transactions, which included SunTrust Mortgage’s 6,992-square-foot lease renewal at One Northwinds Center at 2475 Northwinds Parkway; Wells Fargo Advisors’ 17,046-square-foot lease renewal at Two Northwinds Center at 2520 Northwinds Parkway; CenturyLink Communications’ 20,197-square-foot lease renewal at Brookside One at 3625 Brookside Parkway; Guilford Insurance’s new 12,180-square-foot lease at Preston Ridge IV at 3440 Preston Ridge Road; Biota Pharmaceuticals’ 11,788-square-foot lease expansion at Three Northwinds Center at 2500 Northwinds Parkway; Thyssen Krupp’s 19,745-square-foot lease expansion and renewal at 400 Northwinds Parkway; Auto Vin’s new 8,656-square-foot lease at 800 N. Point Parkway; Veeam Software’s 6,959-square-foot lease expansion at 2520 Northwinds Parkway; McManamy McLeod Heller’s new 4,590-square-foot lease at 11525 Haynes Bridge Road; Windward Specialty Group’s new 3,126-square-foot lease at 2500 Northwinds Parkway; and Select Selling’s new 4,307-square-foot lease at 2520 Northwinds Parkway. Kirk Diamond and Dale Lewis of DTZ represented Wells Fargo, Dave Kilborn of Newmark Grubb Knight Frank represented CenturyLink, Allison Bittell of Cushman & Wakefield represented Guilford Insurance, Steve Farrar of Newburger Andes represented …

November 10, 2015

California Office Western

Private Investor Acquires Medical Office Building in Culver City for $6.5M

by Nellie Day November 9, 2015

LOS ANGELES — A private investor has purchased an 8,568-square-foot medical office building in the Los Angeles submarket of Culver City for $6.5 million. The building is located at 10801 Venice Blvd. It was built in 1979. Lloyd Bakan and Gary Berwick of Avison Young represented the seller, also a local private investor.

November 9, 2015

California Office Western

Regus Corp. Signs 11-Year Lease in Arcadia

by Nellie Day November 9, 2015

ARCADIA, CALIF. — Regus Corp. has signed an 11-year lease at Arcadia Gateway Centre. The center is located at 440 E. Huntington Drive. The company will occupy the entire third floor, totaling 16,400 square feet. Other notable tenants at the center include Oracle Corp. and Arroyo Insurance. Carl Anderson represented the landlord, Arcadia Gateway Centre Delaware Partners LLC.

November 9, 2015

Office Texas

CREA Investments Acquires Three Office Buildings in Metro Dallas

by Haisten Willis November 9, 2015

ADDISON, LAS COLINAS AND RICHARDSON, TEXAS — CREA Investments, a privately held real estate investment services firm, has acquired three office buildings in the Dallas area. The properties include The Belvedere,in Addison, The Meridian in Las Colinas and 2929 NCX in Richardson. Cushman & Wakefield will handle leasing and management services for all three properties. The Belvedere, which features 141,180 square feet of Class A office space, will undergo renovations to corridors, restrooms and the building lobby. The asset also offers 100 percent structured parking. The Meridian, which features 100,359 square feet of office space, will undergo renovations to all corridors, restrooms and a tenant lounge, as well as building systems. Capital improvements also include the addition of spec suites on two floors. 2929 NCX features 85,089 square feet of office space. Since the acquisition, renovations to the lobby, corridors, and restrooms have been completed. Spec suites ranging from 1,500 square feet to 2,000 square feet are also under construction. In addition, the building has been repainted.

November 9, 2015

Massachusetts Northeast Office

The Davis Companies Taps Margulies Perruzzi Architects to Revitalize Two Office Buildings

by Amy Works November 9, 2015

MEDFORD AND BURLINGTON, MASS. — The Davis Companies has selected Margulies Perruzzi Architects to revitalize and reposition two office building properties. The architectural and interior design firm will upgrade the main entrance, lobby and common areas of One Cabot Road in Medford and One Burlington Business Center in Burlington. Constructed in 1989, One Cabot Road is a 400,000-square-foot office building featuring a full-service cafeteria, fitness facility, abundant power and emergency systems and a generous parking ratio, including 170 executive spaces inside the building. The property is currently 94 percent leased, with approximately 30,000 square feet available and 130,000 square feet becoming available in 2017. One Burlington Business Center is a four-story, 176,000-square-foot office building located adjacent to the Lahey Hospital and Medical Center. The building is occupied by Lahey Hospital and Medical Center and Silverink Communications, among others.

November 9, 2015

Connecticut Northeast Office

Coastal Construction Group Buys 5,000 SF Building in Connecticut

by Amy Works November 9, 2015

WESTPORT, CONN. — Coastal Construction Group LLC has acquired a mixed-use property located at 785 Post Road East in Westport. Situated on 2.5 acres, the 5,000-square-foot property sold for $1.2 million. The buyer plans to use the building for additional office space. Jon Angel of Angel Commercial represented the seller, George Essenfeld Trustee and Lewis Meriwether, in the transaction.

November 9, 2015

North Carolina Office Southeast

Federal Capital Partners, Strategic Capital Partners to Develop Spec Office Building in Raleigh

by John Nelson November 9, 2015

RALEIGH, N.C. — Federal Capital Partners (FCP), along with joint venture partner Strategic Capital Partners (SCP), has acquired a development site near the I-40 and I-540 intersection in Raleigh. The joint venture partners have selected Brasfield & Gorrie to construct a new office building known as Forty540 at the development site, which is located in Raleigh’s RTP/I-40 office submarket. The five-story office building will span 198,481 square feet and will feature 41,000-square-foot floorplates for prospective tenants. FCP and SCP have retained Edward Pulliam, Brad Corsmeier and Lee Clyburn of CBRE|Raleigh to lease the office project. Brasfield & Gorrie expects to deliver Forty540 in the first quarter of 2017.

November 9, 2015

Illinois Midwest Office

GlenStar Properties Acquires 420,613 SF Office Complex in Bannockburn, Illinois

by Christina Cannon November 9, 2015

BANNOCKBURN, ILL. — GlenStar Properties has acquired a 420,613-square-foot office complex in Bannockburn, approximately 30 miles northwest of Chicago, for an undisclosed amount. Bannockburn Lakes is a Class A complex that is comprised of four buildings that are located at 2333, 2345, 2355 and 2201 Waukegan Road. The complex was previously owned by two different entities. Wells Fargo Bank sold buildings I, II and IV. Lonestar sold building III. GlenStar has plans for a $10 million capital improvement plan that includes renovating restrooms and common areas, repaving the parking lots, adding new signage and enhancing landscaping. GlenStar will also build a new amenity center that will feature food service, a tenant lounge, fitness center and conference center.

November 9, 2015

Industrial Midwest Office Wisconsin

Siegel-Gallagher Arranges Sales of Two Properties in Southern Wisconsin

by Christina Cannon November 9, 2015

MILWAUKEE AND OCONOMOWOC, WIS. — Siegel-Gallagher has completed the sale of two properties in separate transactions in Wisconsin. In the first transaction, Worthington Properties LLP purchased a 52,250-square-foot industrial property from Brandt/Quirk Realty Co. for an undisclosed price. The property is located at 1880 Executive Drive in Oconomowoc, approximately 35 miles west of Milwaukee. In the second deal, Andover Portland Avenue Associates LLC acquired the Riverfront Plaza, a 108,718-square-foot office building. RFP Office LLC sold the property located at 1110 N. Old World Third St. for an undisclosed price. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered both transactions.

November 9, 2015

Florida Market Reports Office Southeast Southeast Market Reports

Innovation Assists Orlando Office Market in Fighting its Way Back

by John Nelson November 9, 2015

After six painful years, vacancy is finally declining in the Orlando office market. Effects of the Great Recession on real estate markets have been thoroughly examined here before, but outside factors that have played such a prominent role in reshaping the office market are creating significant impact. These changes might appear to be negative, but they will ultimately prove positive. Quantum advances in communication and data storage, new attitudes regarding workplace culture, workspace sharing centers and virtual offices have stirred the submarkets that comprise the greater Orlando area. While they are affecting all sectors of commercial real estate, they are felt most acutely in the office markets, slowing employment growth and corporate expansion, which have always powered the rate of change in quarter-to-quarter vacancy declines. Cloud-based data storage and paperless transaction platforms have shrunk the size of private offices with file storage rooms. Text messaging, email and file sharing platforms such as Dropbox have reduced the need for face-to-face meetings and demand for conference rooms and private offices. Real estate closings that once involved several parties in a conference room are antiquated now. Over the past five years, staffed reception areas have given way to scaled down waiting salons with …

November 9, 2015

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