Office

Lee & Associates Brokers $4M Sale of Royale Oak Office Park in Covina, California

by Jeff Shaw June 21, 2023

COVINA, CALIF. — Lee & Associates-Pasadena has arranged the sale of the Royale Oak Office Park in the San Gabriel Valley city of Covina. An international investor acquired the asset for $4 million in an all-cash transaction. The 19,300-square-foot property, located at 1272-1274 Center Court Drive in the Village Oaks Business Park, comprises two multi-tenant office buildings. The property offers updated interior suites, private restrooms, exterior entrances and significant upside potential in rental rates. The seller recently implemented renovations, including new exterior staircases, paint and landscaping. Lee’s Jamie Harrison and Christopher Larimore represented the seller.

June 21, 2023

Development Georgia Mixed-Use Office Retail Southeast

Jamestown Tops Out Mass Timber Mixed-Use Building at Ponce City Market in Atlanta

by John Nelson June 21, 2023

ATLANTA — Jamestown has topped out 619 Ponce, a mass-timber mixed-use building on the Ponce City Market campus in Atlanta’s Old Fourth Ward district. The four-story property will comprise 87,000 square feet of loft offices and 27,000 square feet of retail space upon completion. Business tech firm Sage and retailer Pottery Barn have committed to 57,000 square feet of office space and 18,000 square feet of retail space at 619 Ponce, respectively. Amenities will include onsite daycare and medical facilities, direct access to the Atlanta BeltLine, bike storage and complimentary access to The Roof entertainment venue at Ponce City Market. The building will feature outdoor space on every level, natural wood columns and ceilings and floor-to-ceiling windows with operable panels. Jamestown is targeting LEED and Fitwel certification and is using Georgia-grown timber for the façade at 619 Ponce, as well as a regional supply chain, according to Jamestown. The design-build team includes Handel Architects, JE Dunn and StructureCraft. Atlanta-based Jamestown owns and manages more than 100,000 acres of timberlands across Georgia, Alabama, South Carolina, New York, Pennsylvania and Indiana.

June 21, 2023

Loans Office Retail Texas

CBRE Arranges $67.1M Acquisition Loan for Office, Retail Portfolio in Austin

by Taylor Williams June 21, 2023

AUSTIN, TEXAS — CBRE has arranged a $67.1 million acquisition loan for a portfolio of 12 office buildings and one retail building totaling 547,395 square feet in Austin. The buildings are situated on a combined 42 acres within Braker Business Park. Bill Chiles, Scott Peterson, Colby Matzke and Brian Cruz of CBRE arranged the five-year, nonrecourse loan on behalf of the borrower, California-based M.I.G. Capital. The direct lender was not disclosed. The buyer previously purchased three other buildings within Braker Business Park in 2016.

June 21, 2023

Acquisitions Midwest Office Wisconsin

Marcus & Millichap Negotiates $3.4M Sale of Office Building in Racine, Wisconsin

by Kristin Harlow June 21, 2023

RACINE, WIS. — Marcus & Millichap has negotiated the $3.4 million sale of Warwick Business Court in Racine, about 30 miles south of Milwaukee. The 24,500-square-foot office building is situated on Warwick Way. At the time of sale, the property was 89 percent occupied and anchored by three medical tenants. The building was constructed in 2000 and renovated within the last three years. Brett Rodgers, Frank Roti and Alex Sacks of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, a private investor.

June 21, 2023

Leasing Activity New York Northeast Office

Clayton Dubilier & Rice Signs 144,000 SF Office Lease in Midtown Manhattan

by Taylor Williams June 21, 2023

NEW YORK CITY — Private equity firm Clayton Dubilier & Rice has signed a 144,000-square-foot office lease at 550 Madison Avenue in Midtown Manhattan. The firm is relocating and expanding from the Seagram Building and taking six floors at the 41-story, 800,000-square-foot building. The Olayan Group owns the building, which recently underwent a repositioning and now houses an amenity garden, fitness center and other wellness-based amenities and features. Olayan has also engaged restaurateur Simon Kim to bring a new 15,000-square-foot restaurant concept to the building.

June 21, 2023

Development Life Sciences New York Northeast Office

New York Blood Center Enterprises to Open 187,000 SF Headquarters Campus in Rye, New York

by Taylor Williams June 20, 2023

RYE, N.Y. — New York Blood Center Enterprises will open a 187,000-square-foot headquarters campus in Rye, located in Westchester County. The facility will include space for life sciences research, blood collections, processing and cell therapy manufacturing and traditional office functions. G3 Architects is designing the project, and Consigli Construction Co. is serving as the general contractor. Construction is underway, and completion is slated for the second half of 2024.

June 20, 2023

California Leasing Activity Office Western

CBRE Brokers Office Leases at Ygnacio Center in Walnut Creek, California

by Jeff Shaw June 20, 2023

WALNUT CREEK, CALIF. — CBRE has brokered new office leases at Ygnacio Center in Walnut Creek. The leases, totaling 13,916 square feet, were secured for accounting firm BDO USA and law firm Pennington LLP. Ygnacio Center is a Class A office complex spanning 536,000 square feet and three buildings. The recently enhanced amenities include a state-of-the-art conference center, as well as bike parking and showers for tenants. Phil Damaschino, Jeff Birnbaum and Andy Schmitt from CBRE represented the landlord, Hines. Gabe Chao from Transwestern represented BDO and Mindy Bacharach from Commercial East Bay represented Pennington LLP.

June 20, 2023

Development Hospitality Mixed-Use Office Oregon Restaurant Retail Top Stories Western

BPM to Open $600M Ritz Carlton Mixed-Use Tower in Downtown Portland in August

by John Nelson June 20, 2023

PORTLAND, ORE. — BPM Real Estate Group, a locally based and privately owned development and investment company, plans to open the Block 216 mixed-use tower in downtown Portland in August. Located at 900 SW Washington St., the tower will house The Ritz-Carlton, Portland hotel, the brand’s first in the Pacific Northwest. In addition to the 251-room hotel, the high-rise will include The Ritz-Carlton Residences (132 condos and penthouses across 15 floors), shops and 134,000 square feet of office space, as well as a food hall on the ground level known as FLOCK. Development costs for Block 216 are reportedly $600 million. “As one of the tallest towers in Portland, this development is a monumental signifier of the renewal and transformation in store for this city,” says Walter Bowen, founder and CEO of BPM. “We are pleased to contribute to Portland’s continued recovery and resurgence as one of the country’s leading business centers and gateway to the Pacific Northwest travel destination locations.” The Ritz-Carlton hotel’s amenities will include a spa, signature restaurant on the 20th floor, infinity-edge pool and a 4,000-square-foot fitness center, according to the hotel website. FLOCK, which will house nine BIPOC-owned (black, indigenous and people of color) vendors, is …

June 20, 2023

Development Office Texas

MetroNational Completes $25M Renovation of Houston Office Complex

by Taylor Williams June 19, 2023

HOUSTON — MetroNational has completed the $25 million renovation of Memorial City Plazas, a 1 million-square-foot office development in Houston’s Memorial City district. Memorial City Plazas comprises three buildings that rise 12, 14 and 18 stories. The renovation delivered upgraded amenity spaces, including the campus’ fitness center and conference room, and the addition of a new outdoor dining and meeting space. MetroNational also upgraded the touchless technology features, security systems and skywalks that connect the three buildings. Ziegler Cooper served as the project architect. E.E. Reed Construction and O’Donnell/Snider Construction served as the general contractors.

June 19, 2023

Development New Jersey Northeast Office Retail

S. Hekemian Group Completes 52,000 SF Office, Retail Project in Montvale, New Jersey

by Taylor Williams June 19, 2023

MONTVALE, N.J. — The S. Hekemian Group, a locally based developer, has completed Workplace North Market, a 52,000-square-foot office and retail project in Montvale, located near the New York-New Jersey border. The four-story building houses 40,500 square feet of office space and 11,500 square feet of retail space and is located within North Market, a mixed-use redevelopment of the former Mercedes-Benz USA North America headquarters campus. Law firm Beattie Padovano has committed to leasing 20,000 square feet as the anchor tenant.

June 19, 2023

Newer Posts

Older Posts