Office

CBRE Arranges Sale of Office Property in Metro Dallas

by Haisten Willis February 24, 2015

IRVING, TEXAS — CBRE’s Capital Markets Office Investment Group has arranged the sale of Canal Centre, a Class A office property located in Irving. Canal Centre is comprised of a recently redeveloped, 10-story office building with 238,051 rentable square feet and a six-story parking garage. Libitzky Property Companies purchased the asset from LaSalle Investment Management for an undisclosed price. CBRE’s Eric Mackey, Gary Carr, John Alvarado and Robert Hill represented the seller. Canal Centre is positioned at the heart of the Urban Center within the master-planned Las Colinas community. Las Colinas is home to 8,500 businesses, including 50 Fortune 500 companies, five Fortune 500 global headquarters and roughly 100 multi-national companies.

February 24, 2015

Lucror Resources Closes $11.2M Financing for Atlanta Flatiron Building Renovation

by John Nelson February 24, 2015

ATLANTA — Lucror Resources LLC, an Atlanta-based developer, has closed an $11.2 million new markets tax credit transaction with Invest Atlanta and JPMorgan Chase to finance the renovation of the Atlanta Flatiron Building. Upon completion of the renovation, the 11-story office building will house the Microsoft Innovation Center and Women’s Entrepreneur Initiative. Georgia Tech’s Enterprise Innovation Institute will assist in the management of the building. Phase I of the renovation is slated for a summer 2015 completion. Aaron Kowan, Jason Cordon and Matt Brodnan of The Private Client Law Group represented Lucror in the negotiations. Drew Marlar of Kutak Rock represented Invest Atlanta, and Andrea Burke and Benjamin Swartzendruber of Applegate & Thorne-Thomsen represented JPMorgan Chase.

February 24, 2015

Florida Office Southeast

Marcus & Millichap Brokers $5.1M Sale of Office Building in Miami

by John Nelson February 24, 2015

MIAMI — Marcus & Millichap has brokered the $5.1 million sale of a 30,000-square-foot office building located at 1850 S.W. 8th St. in Miami’s Calle Ocho neighborhood. Constructed in 1972, the five-story building features ground-level retail space and four stories of office suites. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, a limited liability company based in Miami, and the buyer, a limited liability company based in North Miami. Included in the purchase was two additional lots comprising 0.3 acres that are currently being used as parking for the nearby Praxis Institute.

February 24, 2015

Office Washington Western

Sound Physicians Leases Space at Umpqua Bank Building in Tacoma

by Nellie Day February 24, 2015

TACOMA, WASH. – Sound Physicians has signed an 11-year lease for space at the Umpqua Bank Building in downtown Tacoma. The building is located at 1498 Pacific Ave. The office serves as the central hub for the hospitalist and transitional care organization. The company manages hospitalist, critical care and skilled nursing care for nearly 190 hospitals and close to 100 skilled nursing facilities that work in conjunction with these hospitals in 34 states. The administrative support staff in Tacoma includes 150 colleagues.

February 24, 2015

Midwest Office Ohio

CBRE Brokers $26.5M Sale of 492,936 SF Office Park in Independence, Ohio

by Danielle Everson February 23, 2015

INDEPENDENCE, OHIO — CBRE has brokered the $26.5 million sale of Summit Office Park, a 492,936-square-foot office complex in Independence, a suburb southeast of Cleveland. The four-building office complex is located in the Rockside Road corridor just off I-77. Vicki Maeder and Mary Izant of CBRE’s Cleveland office and Andrew Banister and Daniel Richardson of CBRE’s Indianapolis office represented the seller, IWA Inc. A Canadian-based firm purchased the property, which was 69 percent occupied at the time of sale.

February 23, 2015

Illinois Midwest Office

Reed Construction Completes Office Build-Out for Raby Institute of Integrative Medicine

by Danielle Everson February 23, 2015

CHICAGO – Reed Construction has completed a two-phase, 10,500-square-foot build-out for the Raby Institute of Integrative Medicine at Northwestern. The property is located at 500 N. Michigan Ave. in Chicago. The project included the addition of open ceilings within the space as well as the build-out of the reception area, exam rooms, treatment rooms and medical imaging rooms. Reed Construction also built private offices and conference rooms. The finished space now features high-end finishes, new lighting fixtures, paint and carpeting throughout. Jack Hennessy oversaw the project on behalf of Reed Construction, and Marty McGriff was the project superintendent. Parachin Design Studios Inc. provided the architectural services. The Raby Institute for Integrative Medicine is a center for integrative healing that combines science-based Western medicine with holistic healing approaches.

February 23, 2015

New Jersey Northeast Office

Colliers International Expands New Jersey Headquarters, Relocates in Parsippany

by Amy Works February 23, 2015

PARSIPPANY, N.J. — Colliers International has expanded and relocated its New Jersey headquarters to Morris Corporate Center 1 in Parsippany. The firm signed a long-term lease for 10,414 square feet of office space at 300 Interpace Parkway. The headquarters are relocating from 119 Cherry Hill Road in Parsippany. Robert Martie of Collier International represented the firm in-house, while CBRE Group Inc. represented the landlord, an affiliate of Brookwood Financial Partners LLC, in the transaction. Terms of the lease were not released.

February 23, 2015

Office Texas

CBRE Brokers Sale of Office Property in Dallas

by Haisten Willis February 20, 2015

DALLAS — CBRE has brokered the sale of Citymark, a Class A office building in Dallas’ Uptown submarket. The asset is located at 3100 McKinnon St. on a 3.7-acre site and compromises an 11-story office tower, four-level parking garage and half-acre developable parcel with roughly 200 feet of frontage along McKinnon Street. The office asset offers a total of 218,926 rentable square feet and is 73.6 percent leased. Bradford Commercial Real Estate Services purchased the asset from Hines Real Estate Investment Trust Inc. for an undisclosed price. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill represented the seller. On-site amenities include a full-service deli with indoor and outdoor seating, a fitness center and a landscaped plaza with a half-court basketball court and jogging trail. Citymark houses the U.S. headquarters of its largest tenant, Balfour Beatty Construction.

February 20, 2015

Market Reports Office Texas Texas Market Reports

Office Construction in San Antonio Hits Highest Peak Since 2008

by Haisten Willis February 20, 2015

Everyone is buzzing about the significant amount of speculative construction all over Texas. For the first time since 2008, San Antonio’s office construction is picking up the pace with 928,395 square feet of speculative development underway. Local developers with conservative land positions are taking the lead on all of these developments as they respond to an increasing need for relevant office building options for corporate firms—something San Antonio has not had since 2009, when Concord Park II, Overlook at the Rim, Plaza Las Campanas and others were delivered. Both the Far North Central and Northwest submarkets have witnessed the bulk of recent absorption activity, offering newer, more efficient office options near the more modern residential subdivisions and retail developments. The Northwest submarket also accounts for one-third of San Antonio’s total rentable building area for office space. As of Q4 2014, the Northwest submarket absorbed 342,927 square feet, while the North Central submarket absorbed 312,856 square feet. Two great examples of success in these submarkets are WestRidge One at La Cantera (completed in Q4 2014) and Éilan Buildings I and II (completed in Q1 2011). These two projects are responsible for 253,976 square feet of absorption in the past two years …

February 20, 2015

District of Columbia Office Southeast

Oxford Properties Group Acquires Interest in Washington Center in D.C.

by John Nelson February 20, 2015

WASHINGTON, D.C. — Oxford Properties Group has purchased a 49.7 percent stake in Washington Center, a 335,000-square-foot office building located at 1001 G St. N.W. in Washington, D.C.’s East End submarket. Oxford Properties Group is the real estate arm of OMERS, the pension plan for municipal employees in Ontario. Oxford partnered with the 12-story building’s developer, Quadrangle Development Corp., in the transaction. QDC Property Management will continue to manage the asset on behalf of the joint venture and QuikPark, also a Quadrangle affiliate, will continue to manage the five-story, below-grade parking garage.

February 20, 2015

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