Office

Silverstein Properties, BIG Unveil 2 World Trade Center

by Amy Works June 11, 2015

NEW YORK CITY — Silverstein Properties Inc. and Bjarke Ingels Group (BIG) have unveiled 2 World Trade Center, located at 200 Greenwich St. in New York City. The 80-story, 2.8 million-square-foot office building will feature a 38,000-square-foot lobby and access to the World Trade Center Transit Hub. Designed by BIG, the tower will feature a stacked design, which allows for 38,000 square feet of outdoor terraces within the property. Upon completion, the property will be 50 percent occupied by 21st Century Fox and News Corp.

June 11, 2015

Midwest Office Ohio

NGKF Brokers Sale of 1.4M SF Office Building in Cleveland

by Amy Works June 11, 2015

CLEVELAND, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of the Huntington Building, located at 925 Euclid Ave. in Cleveland. Hudson Holdings LLC purchased the 1.4 million-square-foot office building for $22.5 million from Optima925 LLC. The buyer plans to redevelop the 22-story property. Terry Coybe and Richard Sheehan of NGKF represented the seller in the transaction. Additionally, NGKF will market the property, which is currently 8 percent occupied, for lease.

June 11, 2015

California Office Western

Temecula Office Property Sells for $3.3M

by Nellie Day June 11, 2015

TEMECULA, CALIF. – A 36,911-square-foot office property in Temecula has sold to the Stewart Group for $3.3 million. The two-building property is located at 28999 and 28991 Old Town Front Street. It is 75 percent occupied by 15 tenants. The space was built in 1986 and 1988. The Stewart Group was represented by Coldwell Banker Commercial. The seller, Plaza Del Rio LLC, was represented by Dan Vittone and Alan Pekarcik of Avison Young.

June 11, 2015

Arizona Office Western

Held Properties Buys Crossroads of Tempe for $17M

by Nellie Day June 11, 2015

TEMPE, ARIZ. – Held Properties has acquired Crossroads of Tempe, a 96,691-square-foot office complex, for $17.1 million. The Class A complex is located at 303 and 309 West Elliot Road in Tempe. Both buildings were constructed in 2008. Chris Tocci and Chad Littell of Cushman & Wakefield represented both the buyer and seller, Via West Properties and Southwest Value Partners, in this transaction.

June 11, 2015

California Office Western

MetLife Real Estate Advisors Buys The Campus in Silicon Valley for $96M

by Nellie Day June 10, 2015

SAN JOSE, CALIF. — MCP Trimble Campus LLC has purchased The Campus, a 250,000-square-foot office park in San Jose, for $96 million. The Campus is located at Trimble Road and Orchard Parkway. The four-building project received a significant redesign after it was purchased by a joint venture between Bixby Land Co. and Cornerstone in 2012. The building exteriors were reskinned and atrium entryways were installed. The property also received an outdoor living room and amenities area that included an outdoor gourmet kitchen, dining areas, fountains, plush couch seating around a fire table, eco-friendly landscaping and more. The property is occupied by Verizon and ASML US.

June 10, 2015

California Office Western

Lincoln Property Co. Buys Burbank Collection Office Buildings

by Nellie Day June 10, 2015

LOS ANGELES — Lincoln Property Co. has purchased the Burbank Collection, a three-building office campus in the Los Angeles submarket of Burbank, for an undisclosed sum. The property is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The Burbank Collection occupies an entire city block in the downtown district. The project represents roughly half of the city’s 740,000-square-foot, Class A office inventory, according to Lincoln. Notable tenants at the project include Cartoon Network and Nickelodeon. The company plans to convert the three-acre site into a cohesive, walkable campus that emphasizes the existing open space. An unfinished loading alley that bisects the site will be converted into a central pedestrian walkway that will connect new outdoor decks and terraced dining areas. Public art and significant landscaping will be featured throughout the property. The renovation is scheduled for completion early next year. Lincoln Property Company was represented by CBRE. The seller was Kennedy Wilson.

June 10, 2015

California Office Western

Montana Avenue Capital Partners Buys Redondo Beach Office Building

by Nellie Day June 10, 2015

REDONDO BEACH, CALIF. – Montana Avenue Capital Partners (MAC) has acquired a 50,000-square-foot office/industrial building in Redondo Beach for $9.5 million. The office building is located at 2400 Marine Ave. MAC plans to invest $2 million into the property, which will be rebranded as a collaborative workspace called “LINQ on Marine.” MAC was represented by JLL’s Steve Solomon, who will also handle the building’s leasing. The seller, Klein Family Partnership, was represented by JLL’s Luke Staubitz, Harvey Beesen and Andrew Dilfer.

June 10, 2015

Georgia Office Southeast

Fairlead Purchases Embassy Row Office Campus in Atlanta’s Central Perimeter Submarket

by John Nelson June 9, 2015

SANDY SPRINGS, GA. — Atlanta-based Fairlead Commercial Real Estate has purchased Embassy Row, a four-building office campus in Atlanta’s Central Perimeter office submarket, for an undisclosed price. Located on Peachtree Dunwoody Road in Sandy Springs, the 37-acre, 551,515-square-foot campus fronts GA 400 near Abernathy Road. Fairlead partnered with Bridge Investment Group Partners, manager of the ROC Funds, to purchase the office campus from ARES Management LLC. Embassy Row’s Building 100, which is occupied by the Art Institute of Atlanta, is not part of the transaction. Fairlead and Bridge Investment plan to invest $10 million to upgrade the buildings’ operating systems, common areas and tenant amenities. Will Yowell and Justin Parsonnet of CBRE represented ARES in the transaction.

June 9, 2015

Office Texas

TIG to Develop $31M Office Building in Sam Rayburn Tollway Corridor in Metro Dallas

by Haisten Willis June 9, 2015

ALLEN, TEXAS — TIG Real Estate Services Inc. plans to build Ridgeview Business Center, a $31 million, 154,000-square-foot, six-story office building in Allen. Located on eight acres along the Sam Rayburn Tollway between Stacy and North Watters roads, Ridgeview Business Center will be the first office building developed in the corridor, which includes 1,300 acres of developable land stretching six miles from U.S. 75 southwest to Custer Road between the Sam Rayburn Tollway south service road and Ridgeview Drive. Future land-use plans show office, entertainment and mixed-use development along the corridor. Construction will begin once 25 percent of the space has been pre-leased. International architectural firm Gensler has designed the exterior.

June 9, 2015

California Office Western

MicroVention Leases Space at the Summit Office Campus in Aliso Viejo

by Nellie Day June 9, 2015

ALISO VIEJO, CALIF. – MicroVention has leased a 205,000-square-foot office building within the Summit Office Campus in Aliso Viejo. Construction is scheduled to commence on the four-story building this summer. The global neurovascular company will relocate its world headquarters to the site in the first half of 2017. MicroVention will invest about $100 million into the new facility. This will include an innovation/research and development center for MicroVention, as well as for its subsidiary, Terumo. Parker Properties will develop the project on behalf of MicroVention. It will be designed by Ware Malcomb Architects. The company was represented by Jeff Cannon of Savills Studley. The landlord, Parker Properties, was represented by CBRE’s Carol Trapani. HFF acted as the capital markets advisor representing Parker Properties.

June 9, 2015

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