Office

Ivanhoé, Callahan Acquire PacMutual Office Property in Downtown LA

by Nellie Day September 11, 2015

LOS ANGELES — Ivanhoé Cambridge and its partner Callahan Capital Properties have acquired a full interest in the PacMutual office property in Downtown Los Angeles for $200 million. The property is located at 523 W. 6th St. The three buildings contain a total of 464,000 square feet. They are interconnected. PacMutual is situated near the 7th Street retail corridor, L.A. LIVE entertainment complex, Staples Center arena, Broadway Theater District, South Park neighborhood, and mixed-use developments like the Bloc and Wilshire Grand.

September 11, 2015

California Loans Office Western

Hines Receives $100M in Financing to Acquire, Redevelop Offices in Irvine

by Nellie Day September 11, 2015

IRVINE, CALIF. — The Quintana office campus, a 421,935-square-foot office campus in Irvine, has received $100 million in financing. The floating-rate debt package will finance the acquisition, redevelopment and re-tenanting of the Class A property, which Hines purchased in August. The four-building Quintana campus is situated at the intersection of Main Street and Von Karman Avenue in the Irvine Business Complex. One of the buildings is fully leased to StrataCare, a wholly owned subsidiary of Xerox Corporation. The remaining three are vacant. Quintana represents the largest block of contiguous office space currently available for a large user in Orange County. It is also the only remaining big block in the airport area, according to New York Life Real Estate Investors, which originated the funds on behalf of institutional investors. HFF’s Kevin MacKenzie worked on behalf of Hines. The floating rate debt package has a total available term of five years.

September 11, 2015

Office Texas

Cousins Signs Two New Tenants Totaling 64,000 SF at Greenway Plaza in Houston

by Katie Sloan September 11, 2015

HOUSTON — Cousins Properties Inc., a publicly traded office REIT based in Atlanta, has signed two new leases totaling 64,000 square feet at Greenway Plaza, a 10-building, 4.4 million-square-foot office complex in Houston. The first lease is a 10-year expansion and relocation that Cousins signed with an existing Greenway Plaza customer. This customer, a financial firm headquartered in Houston, is moving from 44,000 square feet in 3800 Buffalo Speedway to 48,000 square feet in Greenway Plaza Three, which was recently vacated by ExxonMobil. In the second transaction, a publishing firm new to Greenway Plaza signed a seven-and-a-half-year lease for 16,000 square feet at 3800 Buffalo Speedway.

September 11, 2015

California Life Sciences Office Western

LMU Debuts New $110M Life Sciences Building in Los Angeles

by Nellie Day September 11, 2015

LOS ANGELES — Loyola Marymount University (LMU) in Los Angeles has debuted its new $110 million Life Sciences building. Construction on the 100,000-square-foot project began in June 2013. The new Life Sciences building houses faculty and research staff from the biology, chemistry and biochemistry, health and human sciences, civil engineering, and environmental science departments under the Seaver College of Science and Engineering. It provides modernized laboratories and collaborative research space. The three-story facility contains 35 teaching labs, 40 faculty and staff offices, nine informal student study spaces, a green roof and outdoor laboratory, three conference rooms and a 273-seat auditorium with an adjoining 1,800-square-foot terrace. C.W. Driver constructed the new building, which CO Architects designed.

September 11, 2015

Midwest Missouri Office

Griffin-American Buys 210,409 SF Office Building for $36M in St. Louis Suburbs

by Amy Works September 11, 2015

CHESTERFIELD, MO. — Transwestern has brokered the sale of Corporate Plaza, a five-story office building located at 14528 S. Outer 40 Road in Chesterfield, a suburb of St. Louis. Griffin-American Healthcare REIT III Inc. acquired the 210,409-square-foot property for $36 million from an affiliate of Westport Capital Partners LLC. Completed in 1989, the building was 98 percent leased at the time of sale. The property serves as the executive and administrative headquarters of Mercy Health, a private, nonprofit healthcare provider that operates 35 hospitals and has $4.4 billion in revenue. Gary Nussbaum, Mike Donovan and David Matheis of Transwestern represented the seller in the transaction.

September 11, 2015

Loans Michigan Midwest Office

Bernard Financial Arranges $3.3M Loan for Plymouth Commerce Center in Michigan

by Amy Works September 11, 2015

PLYMOUTH, MICH. — Bernard Financial Group has arranged a $3.3 million loan for Plymouth Commerce Center in Plymouth. The property features 76,500 square feet of office space. Neil Gorosh of Bernard Financial secured the financing for the borrower, Plymouth Commerce Center LP. The lender, Advantus, is an exclusive correspondent of Bernard Financial Group, and will fully service the loan.

September 11, 2015

Georgia Office Southeast

Pattillo, Parkside Partners to Develop Office Project at MARTA Site in Metro Atlanta

by John Nelson September 11, 2015

CHAMBLEE, GA. — Pattillo Industrial Real Estate and Parkside Partners Inc. have formed a joint venture, known as Trackside Partners LLC, to develop a Class A office project in Chamblee, a northeast suburb of Atlanta. The MARTA (Metropolitan Atlanta Rapid Transit Authority) board of directors selected the joint venture to develop the project, known as Trackside, on a 2.2-acre site located at Peachtree and Chamblee Tucker roads. MARTA owns the site, which is located across from the Chamblee MARTA station. Upon completion, the two-phase, 80,000-square-foot Trackside will be Chamblee’s first Class A office development. Trackside will serve as the new headquarters for Pattillo Industrial Real Estate, which will occupy 20,000 square feet of the four-story, 50,000-square-foot Trackside One building. Pattillo will relocate 35 employees in second-quarter 2017 from its current offices in Stone Mountain, Ga., where the firm has been headquartered since 1975. Pattillo’s office space will feature a rooftop deck and a two-level sky lobby with a walkway beneath a glass roof. Trackside Two will be a two-story, 30,000-square-foot office building that also features a single-level parking deck. Both phases will feature first-floor retail and restaurant space. Construction is scheduled to begin in second-quarter 2016 on Trackside One. Chad …

September 11, 2015

Loans Massachusetts New Jersey Northeast Office

HFF Arranges $83.4M Refinancing for 14-Building Office Portfolio

by Amy Works September 11, 2015

WARREN AND BRIDGEWATER, N.J., AND WESTBOROUGH AND MARLBOROUGH, MASS. — HFF has arranged $83.4 million in refinancing for a portfolio of office assets totaling 14 buildings and 946,374 square feet in New Jersey and Massachusetts. HFF secured the floating-rate loan through JP Morgan Chase & Co. and Rialto Capital for the borrower, Normandy Real Estate Partners. The properties are a two-building, 228,393-square-foot asset at 20 and 25 Independence Blvd. in Warren; a 40,565-square-foot building at 999 Frontier Road in Bridgewater; the four-building, 105,500-square-foot Flanders Business Park in Westborough; and the seven-building, 571,916-square-foot Marlborough Technology Park in Marlborough. Jon Mikula, Riaz Cassum and Porter Terry of HFF represented the borrower in the financing transaction.

September 11, 2015

Office Utah Western

Utah State Office of Rehabilitation Renews its Lease at Price Human Services Building

by Nellie Day September 10, 2015

PRICE, UTAH — Utah State Office of Rehabilitation has renewed its lease at the Price Human Services Building. The 38,129-square-foot building is located at 475 West Price River Drive in Price. It is fully occupied by the State of Utah and currently houses three different agencies, including the Department of Human Services, the Department of Workforce Services and the Department of Rehabilitation Services. The lease will extend the office’s lease by five years. The landlord is Fairbridge Properties.

September 10, 2015

Illinois Midwest Office

CPA:18 – Global Acquires 146,800 SF Office Building for $34.8M

by Amy Works September 10, 2015

WARRENVILLE, ILL. — CPA:18 – Global has acquired an office building in Warrenville for $34.8 million, excluding acquisition fees, from The Northwestern Mutual Life Insurance Co. Warrenville is 34 miles west of Chicago. Constructed as a build-to-suit in 2001, the five-story building offers 146,800 square feet of Class A office space. The property features flexible office space with exterior offices and interior conference rooms and cubicles, parking spaces, a conference center and a fitness center. Exelon Generation has triple-net leased the property on a long-term basis. CPA:18 – Global is one of W. P. Carey Inc.’s managed non-traded REITs.

September 10, 2015

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