CLAYTON, MO. — The Sansone Group has arranged an office lease renewal of 10,094 square feet of space in Clayton. The property is located at 120 S. Central Ave. The Sansone Group represented the landlord, Clayton Central Investors LLC. Blitz, Bardgett & Deutsch LC is the tenant.
CHARLOTTE, N.C. — Portman Holdings has shared its design details and renderings of 615 South College, a 19-story office tower in Uptown Charlotte. Portman has begun the permitting process and expects to break ground in June 2015. Travis Garland of Portman will work with Trinity Partners to lease and market the 370,000-square-foot tower, which is slated for a fourth quarter 2016 completion. The property will feature an elevated green plaza, two-story corner balconies, floor-to-ceiling windows, signage opportunities fronting I-277, a fitness center and a conference facility. The tower will be situated atop an underground parking garage. Architect John Portman & Associates is designing 615 South College to achieve LEED Gold certification.
DALLAS — Hines and Cousins Properties Inc. have formed a joint venture to develop Victory Center in the Uptown Dallas submarket. The planned 23-story tower will include 466,000 square feet of office and retail space. Duda/Paine Architects will design the project, which will be built to LEED Gold standards. The 2.9-acre site is under contract and construction is expected to begin in mid-2015. Victory Center will be located just north of Hines’ One Victory Park office development, near the DART rail system, the Katy Trail, W Dallas Victory Hotel and American Airlines Arena.
VALPARAISO, IND. — Millennium Properties R/E has brokered the $4.4 million sale of a 30,000-square-foot medical center in Valparaiso. The Glendale Medical Center is located between Valparaiso University and the Porter Regional Hospital, which was built in 2012. The medical center consists of two separate buildings: a 21,443-square-foot office, that was built in 1985 and an 8,630-square-foot expansion that was completed in 2007. Much of the original building has been updated and the property was 85 percent occupied at the time of sale. Millennium Properties represented the seller, a Chicago-based investor group. Strawberry Fields, a national healthcare REIT with assets located throughout the Midwest, purchased the property.
ISELIN, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has arranged the sale of 99 Wood Avenue South in Iselin. TA Associates Realty purchased the 10-story, 272,000-square-foot office building for an undisclosed price. The building recently underwent $3 million in building renovations and system upgrades. At the time of sale, the property was 91 percent leased to a variety of tenants, including Ernst & Young, Citibank, M&T Bank, and Greenbaum, Rowe, Smith & Davis. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Ed Duenas of Cushman & Wakefield brokered the transaction.
RICHMOND, VA. — The Simpson Organization has acquired Westerre I and II, a Class A office portfolio in the Westerre Office Park in Richmond, for $22 million. The office assets total 163,290 square feet and are 92.1 percent leased to 26 tenants, including Tridium Inc., Interbake Foods LLC, Comcast and Batzli Stiles Butler Law Firm. Eric Robison of Cushman & Wakefield | Thalhimer’s Richmond office represented the undisclosed seller in the transaction. The Simpson Organization has hired Dean Meyer and Mac Wilson of Cushman & Wakefield | Thalhimer to lease the properties going forward.
San Francisco is a veritable boom town that has already surpassed the market roar of 1999. It can even conceivably be compared to 1849, when gold was discovered 100 miles east. In fact, this year is so utterly off the charts that most of us in the commercial real estate industry have never seen an upcycle like this in our entire careers. Witness the fact that through the first three quarters of 2014, San Francisco’s gross office absorption reached 7.6 million square feet. Net absorption in this same period was 2.4 million square feet. This compares with 1999, the record year, when gross absorption was 7.4 million square feet – and that was for the entire year! It is quite possible we’ll hit 10 million square feet of gross absorption by the time 2014 closes out. Incidentally, net absorption for 1999 was “only” 526,000 square feet. Not surprisingly, three out of the four biggest leases in the third quarter were completed by tech companies. The tech frenzy in San Francisco has been well documented. Most of the Silicon Valley companies want, or need, to have a presence in the city. The trend is employment-driven. Young techies don’t want to commute …
DALLAS — CBRE has arranged the lease of 125,000 square feet of office space to SoftLayer, an IBM Co. SoftLayer will occupy space within the Stanford Corporate Center located at 14001 N. Dallas Pkwy. The firm will relocate its Dallas corporate headquarters in February 2015 from its current location at 4849 Alpha Road. IBM acquired SoftLayer in July 2013. The new headquarters has capacity for more than 700 employees. Clay Vaughn, Steve Rigby and Mike Cleary of CBRE represented SoftLayer in the transaction. Brooke Scheurich and Fred Noblett of CBRE’s project management team are guiding the design service selection and construction process for SoftLayer’s new office. Jerry Averyt and Greg Trout of Henry S. Miller Cos. represented the landlord, TCI Stanford LLC.
MANHATTAN BEACH, CALIF. – True Religion Apparel has leased a 72,246-square-foot office building in Manhattan Beach. The new space is located at 1888 Rosecrans Ave. The jeans and apparel company will be relocating its corporate headquarters from nearby Vernon. The landlord is Continental Development Corporation. The transaction was executed by John Minervini, Erik Larson, Robin Dodson, Chris Tolles, Michael DeSantis and John Doyle of Cushman & Wakefield.
SAN FRANCISCO – A 600,000-square-foot office building in San Francisco has received a $150-million loan. The 48-story property is located at 345 California Center in the city’s Financial District. The loan was secured by JLL’s Keith Largay, John Manning, Alex Witt and Fiorentina Malko. It was provided to an affiliated entity of Metropolis Investment Holdings by Cornerstone Advisers, which acted on behalf of MassMutual.