Office

Mission Capital Secures $70M Loan for Manhattan Office Property

by Jaime Lackey October 27, 2015

NEW YORK CITY — Mission Capital Advisors has arranged $70 million in financing for 88 University Place, a 94,000-square-foot building in the heart of Midtown South/Greenwich Village. Mack Real Estate Credit Strategies provided the floating-rate loan on behalf of the sponsor, an investment group led by fashion designer Elie Tahari, which recently purchased the property in an off-market transaction for approximately $75 million. The property, which was constructed in 1906, consists of 11 stories of commercial loft space and ground-floor retail. A forward lease is in place with WeWork, the real estate co-sharing office space company. WeWork will occupy eight of the 10 floors, with the company expected to eventually occupy all 10 floors. Jonathan More, Ari Hirt and Jamie Matheny of the Mission Capital Debt & Equity Finance Group secured the loan. Ownership plans to invest significantly in capital improvements, including new lobby entranceways, new elevator cabs and mechanical upgrades, common area improvements, and HVAC upgrades.

October 27, 2015

New Jersey Northeast Office

NGKF Brokers Lease Expansion at Rockaway, N.J., Office Property

by Jaime Lackey October 27, 2015

ROCKAWAY, N.J. — Newmark Grubb Knight Frank (NGKF) has represented owner Lexington Realty Trust in the leasing of its property at 333 Mount Hope Ave. in Rockaway. The three-story, 92,000-square-foot building is now occupied entirely by Atlantic Health System. The 12-year lease was brokered by David Simson, Jamie Drummond and Tim Greiner of NGKF. Bryn Cinque of Colliers International represented the tenant. Atlantic Health System initially leased 64,000 square feet at the property but outgrew the space and chose to expand.

October 27, 2015

Office Texas

CBRE Arranges Office Relocation for Lennar Homes in San Antonio

by Haisten Willis October 26, 2015

SAN ANTONIO — CBRE has arranged a 15,409-square-foot office relocation lease for Lennar Homes of Texas Land and Construction. Lennar Homes will move from Parkway North Office Park, located at 1015 Central Parkway North, to RidgeWood Business Center II at 1922 Dry Creek Way. Both properties are in San Antonio. The move will take place in February 2016. The new office is a consolidation of San Antonio office space for Lennar Homes and two affiliated companies owned by Lennar Corp.: North American Title Co. and Universal American Mortgage Co., which are currently in separate offices. Jerry Freyo of CBRE’s Austin office, along with Carl Salvato of CBRE’s San Antonio office, represented the tenant in the lease transaction. Shawn Gulley of R. L. Worth Co. represented the landlord, RidgeWood Building Two. RidgeWood Business Center is a two-building flex project in the far north-central San Antonio submarket.

October 26, 2015

Office Texas

Moody Rambin Arranges Renewal of Office Space in Houston

by Haisten Willis October 26, 2015

HOUSTON — Apogee Consulting Group has renewed 3,018 square feet of office space at the Woodlake Park office building located at 2500 Tanglewilde St. in Houston. Terri Torregrossa of Moody Rambin represented the building owner, Woodlake Properties Ltd. Keith E. Lloyd of Marcus & Millichap represented the tenant in negotiations.

October 26, 2015

Office Texas

M&M Arranges Sale of 17,155 SF Medical Office Building in Midland

by Haisten Willis October 26, 2015

MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of DaVita Anchored Medical Office, a 17,155-square-foot, multi-tenant medical office property located in Midland. Geoff Ficke, Chris Adams and Neal Waldman of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. DaVita Anchored Medical Office is located at 705 Wadley Ave. in Midland, just west of North Pecos Street. Constructed in 1981, the asset is situated on approximately one acre. At the time of listing, the asset was 100 percent occupied with DaVita occupying nearly 60 percent of the rentable space. Additional tenants include Brock Oil, Core Labs and a nephrology practice.

October 26, 2015

California Office Western

Montana Avenue Capital Buys El Segundo Office Building for $33.5M

by Nellie Day October 26, 2015

EL SEGUNDO, CALIF. — Montana Avenue Capital has purchased a 119,484-square-foot office building in El Segundo for $33.5 million. The building is located at 1700 Walnut Ave. It is currently 99 percent leased to tenants like Fuhu and iSupply. CBRE’s Kevin Shannon, Ken White and Mike Moore represented the seller, USAA Real Estate.

October 26, 2015

Office Washington Western

Goodale & Barbieri, Dakota Pacific Acquire RLH Building in Spokane

by Nellie Day October 26, 2015

SPOKANE, WASH. — Goodale & Barbieri and Dakota Pacific have purchased the RLH office building in Spokane for an undisclosed sum. The building contains 100,000 square feet of office space and a 252-car parking garage. It is situated on the north bank of the Spokane River in downtown Spokane. Notable tenants at the building include Red Lion Hotels Corp., HomeStreet Bank, TransCanada Corp., Mutual of Enumclaw Insurance, Wipfli LLP and Farmers Insurance.

October 26, 2015

California Office Western

Securitas Security Services USA Renews Lease at Westlake Spectrum in Los Angeles

by Nellie Day October 26, 2015

LOS ANGELES — Securitas Security Services USA has renewed its lease for 72,610 square feet at Westlake Spectrum in the Los Angeles submarket of Westlake Village. The new 12-year lease is valued at more than $25 million. CBRE’s Michael Slater and Tom Dwyer represented the landlords, Barker Pacific Group and Rockwood Capital. Richard Bright and Ryan Bright of the same firm represented Securitas.

October 26, 2015

Midwest Office Retail Wisconsin

Siegel-Gallagher Arranges 7,037 SF of Lease Renewals in Southeast Wisconsin

by Christina Cannon October 26, 2015

RACINE AND OCONOMOWOC, WIS. — Brokerage firm Siegel-Gallagher has completed two lease renewals in separate transactions in Wisconsin. In the first transaction, Check Into Cash of Wisconsin LLC renewed its 1,200-square-foot retail lease at 5201-5409 Washington Ave. in Racine. The property is owned by Racine Shopping Centre LLC. Devin Tessmer of Siegel-Gallagher arranged the transaction. In the second deal, Froedtert Memorial Lutheran Hospital renewed its 5,837-square-foot office lease in Oconomowoc. Ohio National Life Insurance is the landlord of the property located at 1230 Corporate Center Drive. Shaun Dempsey of Siegel-Gallagher brokered the deal.

October 26, 2015

New York Northeast Office

Cushman & Wakefield Arranges $85M Sale of Brooklyn Office Property

by Haisten Willis October 23, 2015

NEW YORK CITY — Thor Properties has purchased a Class A office property at 180 Livingston Street, located between Smith and Hoyt streets in downtown Brooklyn, from Treeline Cos. Stephen Palmese of Cushman & Wakefield brokered the $85 million all-cash sale. The property is a 154,000-square-foot office condominium that occupies floors three through six of the building and features three office tenants, with the MTA serving as the anchor. The property also holds development potential with an additional approximately 142,525 buildable square feet as-of-right, which can be expanded to approximately 213,155 square feet with use of an inclusionary housing bonus. The sale price equates to approximately $552 per square foot.

October 23, 2015

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