Office

JMC Holdings Completes $48M Sale of Office Penthouse at 99 Hudson Street

by Amy Works July 15, 2015

NEW YORK CITY — JMC Holdings has completed the disposition of an office penthouse at 99 Hudson St. in Tribeca. LaSalle Investment Management acquired the three-story 34,724-square-foot property, which is fully leased to Unilever and New York City Regional Center, for $48 million. Renovated by JMC Holdings for $6.5 million, the property features efficient floor plates, 12-foor ceiling heights and unobstructed views of the Hudson River. Kevin Donner of Eastdil Secured represented the seller, while LaSalle Investment Management represented itself in the transaction.

July 15, 2015

Hospitality Loans Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $42M Acquisition Loan for Development Site in Queens

by Amy Works July 15, 2015

NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.

July 15, 2015

Market Reports Northeast Northeast Market Reports Office Rhode Island

Rhode Island Office Market Remains Steady

by Jaime Lackey July 15, 2015

In Providence, the Class A office market continues to maintain vacancy rates under 10 percent, with an overall office vacancy of about 14 percent. This trend should continue as there is not any new Class A office development on the horizon for the capital city. There have been a few larger market transactions in Providence over the past 12 months. Waldorf Capital Management, a local real estate investment firm, purchased the Turks Head Building (150,000 rentable square feet) in late 2014. In addition, 170 Westminster Street (65,000 rentable square feet) recently traded; according to local rumor, the property will be converted to residential apartments. If 170 Westminster comes out of circulation, this will have a positive impact on the Class B vacancy rate in the city. Just south of the city on the 195 redevelopment land — dubbed “The Link” by the 195 Commission — work is just about complete to make the 19 available acres “shovel ready.” The 195 Commission has been successful in fully negotiating two purchase and sale agreements. The first is for student housing and the second is mixed-use residential. However, both projects are contingent on an acceptable tax stabilization agreement from the city, which has …

July 15, 2015

Midwest Minnesota Office Retail

RJM Construction Completes Renovation of RBC Plaza at Nicollet Mall in Minneapolis

by Jonathan Mehall July 14, 2015

MINNEAPOLIS — RJM Construction has completed a multi-million dollar renovation of RBC Plaza at Nicollet Mall in downtown Minneapolis. The transformation of the 709,690-square-foot Class A office and retail property took nearly 18 months to finish. RJM Construction converted the former four-story retail and food court space on the 3rd and 4th floors of the Nicollet Mall into a two-story atrium within the 40-story office tower located at 60 S. 6th St. New amenities include a state-of-the art conference center, fitness center with locker room, bike storage area, and meeting areas on the lower level and main lobby. The property also features two levels of retail stores and cafés, including D’Amico & Sons, Sprout Salad Company, Caribou Coffee, The Fresh Market, Affinity Federal Credit Union and management consulting firm Joern Samaha & Associates. KBS owns RBC Plaza, which is operated by KBS Capital Advisors. Mark Stevens of Cushman & Wakefield | NorthMarq represents RBC Plaza.

July 14, 2015

Illinois Midwest Office

Bradford Allen Arranges 11,133 SF Office Lease in Downtown Chicago

by Jonathan Mehall July 14, 2015

CHICAGO — Bradford Allen Realty Services has arranged an 11,133-square-foot office lease for Synthesis Technology in downtown Chicago. The technology firm is relocating from 820 W. Jackson St., where it occupied 7,200 square feet, to the 20th floor of 135 S. LaSalle St., a Class A, 44-story office tower. Craig Nadborne of Bradford Allen represented Synthesis Technology in lease negotiations and Melissa Rubenstein and John Beason of JLL represented the landlord. This is the fifth transaction in 17 years that Nadborne has completed for Synthesis Technology.

July 14, 2015

California Office Western

JSB Development Breaks Ground on Vista Canyon

by Nellie Day July 14, 2015

SANTA CLARITA, CALIF. — JSB Development has broken ground on the first phase of Vista Canyon, a 185-acre mixed-use development comprising close to 1 million square feet of retail, office, residential and hospitality space in Santa Clarita, 30 miles from Los Angeles. Phase I of development will be centered around the main retail street, and will include a Gensler-designed 56,000-square-foot office/retail building, an 18,000-square-foot retail store, a 614-space parking structure and 480 studio, one- and two-bedroom apartment homes. Internal bike and pedestrian paths will connect the community and link to trails throughout Santa Clarita Valley.

July 14, 2015

Loans Mixed-Use Northeast Office Pennsylvania Retail

First Niagara Closes $40M Construction Loan for Mixed-use Property in Pittsburgh

by Amy Works July 14, 2015

PITTSBURGH — First Niagara’s Commercial Real Estate Group has closed a $40 million loan with PMC Property Group for a mixed-use property in downtown Pittsburgh. Proceeds of the loan will go to the continued redevelopment of the property, which will include 241 multifamily units, 133,000 square feet of office space and 6,200 square feet of retail space, including two restaurants and a coffee and juice bar. Located at 425 Sixth Ave., the 30-story skyscraper was originally built in 1953 as the headquarters of the Aluminum Company of America. Being developed by PMC Property Group, the property is slated for completion by March 2016. Strada is the architect of the project.

July 14, 2015

New York Northeast Office

Colliers Arranges 19,939 SF Lease for Marks Paneth Relocation in New York

by Amy Works July 14, 2015

PURCHASE, N.Y. — Colliers International has arranged a long-term relocation and expansion for Marks Paneth LLP. The accounting firm will occupy 19,939 square feet at 4 Manhattanville Road in Purchase starting in January 2016. The property is owned and operated by George Comfort & Sons. Al Gutierrez, Michael Cohen and Andy Roos of Colliers represented the tenant in the transaction. Dana Pike of George Comfort & Sons, along who Hilarie Siles and Stephens Banker of Newmark Grubb Knight Frank, represented the landlord in the transaction.

July 14, 2015

Florida Office Southeast

CPA:18-Global Acquires Office Building in Jacksonville for $17M

by John Nelson July 14, 2015

JACKSONVILLE, FLA. — CPA:18-Global, a non-traded REIT sponsored by W. P. Carey Inc., has purchased an 88,000-square-foot office building located in Jacksonville’s Southside submarket. The Class A property is triple-net leased to Acosta Inc., an affiliate of The Carlyle Group, for 12 years. Built in 2001 as a build-to-suit for Acosta, the property serves as Acosta’s corporate headquarters and houses 400 employees.

July 14, 2015

Industrial Office Texas

Colliers Arranges Sale of 17.4 Acres in Metro Houston

by Haisten Willis July 13, 2015

TOMBALL, TEXAS — Colliers International has arranged sale of a 17.4-acre tract of land at the southwest corner of Hufsmith-Kohrville and Spell roads in Tomball for the relocation and consolidation of Packers Plus Energy Services Inc.’s Houston-based operations to a single campus. The $21 million project, the first for the Tomball Business and Technology Park, will be constructed in phases and consist of a 50,000-square-foot research and development center, a 237,000-square-foot manufacturing building and a multi-story, 40,000-square-foot corporate office building. The seller was Tomball Economic Development Corp. Tom Condon Jr. of The Woodlands office of Colliers International represented the seller. Brandi McDonald of Newmark Grubb Knight Frank represented the buyer. Jane Matthews with Stewart Title Tomball coordinated the closing. Packers Plus is an international oil and gas service company. The new facility in Tomball is expected to create 353 new full-time jobs in Tomball, with 172 of the jobs being created in the first five years of operation.

July 13, 2015

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