HOUSTON, AUSTIN AND SAN ANTONIO — NAI Hiffman and NAI Partners will be working together to bring a combined operations platform to the Houston, Austin and San Antonio markets. Operating as NAI Partners Investor Services, the joint venture combines the brokerage and management platforms of both firms to bring service to more institutional clients. Houston-based NAI Partners provides clients brokerage experience in the Central Texas market; Chicago-based NAI Hiffman operates a property management platform.
AUSTIN, TEXAS — Fashion Forms, a producer of specialty bras and accessories in the U.S., Canada and Europe, is relocating to northwest Austin from Ventura, Calif., in August. Founded by Ann Deal in 1993, Fashion Forms produces products that aim to help women wear any look with comfort, confidence and style. The company holds 14 patents and 18 trademarks for designs and Fashion Forms products are sold in more than 9,000 stores worldwide. The firm will move into a mix of office and warehouse space totaling 90,000 square feet at McNeil 1, located at 12317 Technology Blvd. Mark Emerick, John Barksdale and Darryl Dadon of CBRE’s Austin office represented the landlord, PS Business Parks. Fashion Forms represented itself in lease negotiations. McNeil 1 is now 79 percent leased.
CHICAGO — Owner and developer GlenStar Properties has begun construction on a new rooftop terrace on the 23rd floor of the Chicago Board of Trade Building complex. The 4,300-square-foot deck will be located on the east side of the south building. It will accommodate up to 150 guests and feature a 20-foot illuminated water wall with bubblers, a 10-foot illuminated planter with bubbler, Cozumel curver sofas and sectionals, leather benches and wood deck tiling. The project is slated for completion later this year. Since acquiring the building, GlenStar has embarked on a significant capital campaign aimed at breathing new life into the landmark property and attracting a more diverse tenant base.
WASHINGTON, D.C. — Skanska USA plans to break ground on a new 11-story, Class A office building in Washington, D.C.’s Capitol Riverfront submarket. Skanska will build and develop the 236,806-square-foot property, as well as invest $116 million into the project. The property will include ground-floor retail space and four levels of below-grade parking. Construction manager Skanska USA Building is aiming for LEED Gold certification for the project. Construction will begin later this summer and is scheduled to be completed in the fourth quarter of 2017.
NEW YORK CITY — Besen & Associates has brokered the sale of a commercial property located 124-22 Queens Blvd. in the Kew Gardens district of Queens. The property sold for $6.5 million, or $664 per existing square foot and $154 per buildable square foot. Built in 1948, the two-story building consists of two ground-floor retail spaces and two office spaces on the upper floor. The buyer plans to demolish the existing structure and construct a mixed-use development, including residential, retail and office space, on the site. Amit Doshi of Besen & Associates represented the seller, while Ronnie Shaban, also of Besen & Associates, represented the buyer in the transaction. The names of the seller and buyer were not released.
IRVINE, CALIF. – Property Investment Co. has purchased the Landmark Building, an 89,041-square-foot office property in Irvine, for $27.4 million. The Class A space is located at 2100 Main Street, within the master-planned Irvine Concourse office park. The building was about 60 percent occupied at the time of closing. Property Investment Co. was represented by North American Commercial and Industrial Properties. The sellers, 2100 Main L.P. and Bethel Holdings LLC, were represented by Alan Pekarcik and Dan Vittone of Avison Young.
GREENWOOD VILLAGE, COLO. – Dayton Office Park, a 90,300-square-foot office park in the Denver submarket of Greenwood Village, has sold to an unnamed buyer for $6.6 million. The three-building complex is located at 6535-6565-6595 S. Dayton Street. The buildings were constructed between 1983 and 1985. The local seller was represented by Brandon Gouker of Pinnacle Real Estate Advisors.
Cincinnati’s central business district (CBD) is humming with activity, particularly in the office sector with nearly 13 million square feet of office space spread across 54 buildings. Class A office space has been in high demand in the past year as approximately 245,000 square feet was absorbed by area businesses, according to DTZ. During that time, the vacancy rate declined 380 basis points and now sits at 16.4 percent. The Banks, an 18-acre mixed-use development on the Ohio River between Great American Ball Park and Paul Brown Stadium, is driving much of the recent activity downtown. It links entertainment venues and connects the CBD to the waterfront via a riverfront park. A much-anticipated 340,000-square-foot office building is currently under construction there. The Banks’ office building, developed for General Electric’s new U.S. Global Operations Center, will accommodate up to 2,000 employees. The riverfront development edged out bids from other areas in the region, including Oakley and Mason, to land GE’s new operations center. In June, GE announced that it is leasing 80,000 square feet in the Atrium Two building on a three-year temporary basis, allowing the company time to set up operations during construction. Cincinnati Bell recently leased 220,000 square feet …
CHICAGO — The University of Illinois has expanded its lease at 200 S. Wacker in Chicago from 42,000 square feet to 44,000 square feet under terms of a 10-year renewal with building owner John Hancock Real Estate. The university’s Illini Center includes programs for university development, career services, fundraising and the Executive MBA and Masters in Tax Programs. Geoff Euston and Matt Dobry of CBRE represented the university in the transaction. Daniel Shapiro of John Hancock Real Estate represented the owner.
CINCINNATI — Engineering consulting company Fosdick & Hilmer has inked a deal to lease 16,387 square feet of office space at Huntington Center, located at 525 Vine St. in downtown Cincinnati. Built in 1984 and renovated in 2006, Huntington Center totals 394,366 square feet. Fosdick & Hilmer is relocating due to the recent sale of the office building it occupied at 309 Vine St., which is being converted to residential space. Bill Schneller, vice president of CBRE’s Cincinnati office, represented Fosdick & Hilmer in the transaction. Scott Yards and Travis Likes of CBRE represented Huntington Center. Fosdick and Hilmer plan to relocate to Huntington Center October 1, 2015.