Office

Tishman Speyer Sells 240,000 SF Foundry Office Complex in East Austin

by Taylor Williams August 29, 2022

AUSTIN, TEXAS — Tishman Speyer has sold The Foundry, a 240,000-square-foot office complex in East Austin. The New York City-based real estate giant acquired the first of The Foundry’s two buildings in January 2021 and the second in July 2021 from locally based developer Cielo Property Group. Mike McDonald and Jonathan Napper of Cushman & Wakefield represented Tishman Speyer in the latest sale. Beacon Capital Partners purchased the asset, which was 96 percent leased at the time of sale, for an undisclosed price.

August 29, 2022

Leasing Activity Office Texas

Accounting Firm Weaver Signs 35,948 SF Office Lease Renewal in Fort Worth

by Taylor Williams August 29, 2022

FORT WORTH, TEXAS — Texas-based accounting firm Weaver has signed a 35,948-square-foot office lease renewal in Fort Worth’s West Seventh district. Scott Morse, Scott Jessen, Andy Goldston, Daniel Mullen and Katherine Jessen of Citadel Partners represented Weaver in the lease negotiations. Matt Carthey and Jake Neal of Holt Lunsford Commercial represented the landlord, Macfarlan Capital Partners. Weaver, which also recently signed a new lease in Houston, is temporarily operating out of a smaller suite and plans to move into its newly renovated space in November.

August 29, 2022

Acquisitions Office Top Stories

Workspace Property Trust Buys Suburban Office Portfolio from Griffin Realty Trust for $1.1B

by Taylor Williams August 29, 2022

BOCA RATON, FLA. AND EL SEGUNDO, CALIF. — A consortium of investors led by South Florida-based Workspace Property Trust has purchased a majority interest in a national portfolio of suburban buildings for approximately $1.1 billion. The seller was Griffin Realty Trust, a nontraded REIT based in El Segundo, Calif., that will retain a minority stake in the portfolio. The percentage of the stake was not disclosed. The portfolio comprises 41 individual properties across eight states that house 53 buildings, the majority of which are single-tenant, net-leased properties. The assets span roughly 8 million square feet of leasable space. In discussing the decision to invest in suburban office properties, Roger Thomas, co-founder and COO of Workspace Property Trust, cited the demographic migratory patterns that emerged in recent years that favor suburban markets. “We know that in the last five years, millions of Americans have moved from the cities to the suburbs, and nearly one-third of all Americans today are considering moving away from cities,” says Thomas. “This important demographic shift is led by millennials, the largest workforce cohort in history, who appreciate the benefits of the suburbs and suburban offices.” Thomas identified several attributes — shorter commutes, lower crime, less need …

August 29, 2022

Acquisitions Massachusetts Northeast Office

Joint Venture Acquires 166,000 SF Office Building in Metro Boston, Plans Life Sciences Conversion

by Taylor Williams August 26, 2022

BEDFORD, MASS. — A joint venture between Redgate, Optimum Asset Management and AEW Capital Management has acquired a 166,000-square-foot office building in the northwestern Boston suburb of Bedford with plans to implement a life sciences conversion program. Tom Sullivan and Ross Fishman of Cushman & Wakefield arranged $82.2 million in acquisition and conversion financing through Ares on behalf of the joint venture. A construction timeline was not disclosed.

August 26, 2022

Acquisitions Industrial North Carolina Office Southeast

CBRE Negotiates $20.8M Sale of Airpark East Flex Office Park in Greensboro, North Carolina

by John Nelson August 26, 2022

GREENSBORO, N.C. — CBRE has negotiated the sale of Airpark East, a 229,184-square-foot flex/office park in Greensboro that comprises 13 buildings. A joint venture between Somerset Properties and Ten Capital Management purchased the park for $20.8 million. Patrick Gildea, Matt Smith, Grayson Hawkins and Reggie Beeson of CBRE represented the undisclosed seller in the transaction. Airpark East was 87.8 percent leased to 31 tenants at the time of the sale, according to CBRE.

August 26, 2022

California Market Reports Office Western Western Market Reports

Orange County Office Tenants Seek Instagram-Worthy Environments to Collaborate

by Jeff Shaw August 26, 2022

By Mike Adams, Managing Director, Stream Realty Partners The state of office is transitioning to a desire for dynamic spaces. Tenants in the Orange County office market are gravitating toward assets that act and function like hotels. They are seeking out the newest buildings and the most unique office environments. This is evidenced through leasing activity being the strongest in the Irvine/Tustin Legacy and Irvine Spectrum submarkets. Employers are looking for a reason to bring their workforce back to the office and are recruiting high-caliber employees. One way to do this is through office space. Creative office space is still in high demand — and won’t likely change soon. Companies focused on employee retention want to create an “Instagram-worthy” type office environment. They are looking for office space that will create a buzz and function as a recruiting tool. Office buildings are unique assets that facilitate collaboration, culture and training. This interest in new development signifies a flight to quality of office assets — for landlords and tenants alike. Several trends related to the desire for quality include: Hotelization — office spaces that act and function as hotels Biophilic design — the concept of connecting a building with nature Proptech — using innovative technology and …

August 26, 2022

Development Office Texas

Adolfson & Peterson Completes 106,622 SF PGA of America Headquarters in Frisco

by Taylor Williams August 25, 2022

FRISCO, TEXAS — General contractor Adolfson & Peterson Construction has completed the 106,622-square-foot headquarters facility for the PGA of America in Frisco. The facility features enclosed offices, an executive boardroom, outdoor terraces, seminar rooms, indoor training facilities, a driving range simulator and a professional development center. Page designed the facility, with Cushman & Wakefield serving as the construction manager.

August 25, 2022

Affordable Housing Development Florida Mixed-Use Multifamily Office Retail Southeast

Coral Rock to Develop Mixed-Use Affordable Housing Project in North Miami

by John Nelson August 25, 2022

NORTH MIAMI, FLA. — Coral Rock Development Group, a real estate developer based in Coral Gables, Fla., plans to build Kayla at Library Place, a mixed-use affordable housing project located at 13100 W. Dixie Highway in North Miami. The 10-story property will comprise 138 affordable and workforce housing units ranging between 660 to 930 square feet, as well as amenities including a fitness center, rooftop patio, business center and a conference room. Fifty-five apartments will be reserved for households earning 60 percent of area median income (AMI) while 83 units will be designated affordable at 100 percent of AMI. Additionally, Kayla at Library Place will feature 10,000 square feet of retail space on the ground level, an adjacent parking garage and 8,000 square feet of office and conference space preleased to the Greater North Miami Chamber of Commerce. Behar Font designed Kayla at Library Place to achieve LEED Silver certification. Coral Rock expects to break ground in the second quarter of 2023 and deliver the project by the end of 2024.

August 25, 2022

Development Florida Office Southeast

LPC Southeast, Innovatus Capital Near Completion of Office Building Renovation in Orlando

by John Nelson August 25, 2022

ORLANDO, FLA. — Lincoln Property Co. Southeast (LPC Southeast) and Innovatus Capital Partners are putting the finishing touches on the $2.5 million overhaul of Westwood Corporate Center in Orlando. LPC Southeast manages the five-story, 125,000-square-foot office building on behalf of Innovatus Capital, which owns the property. Located at 6649 Westwood Blvd., Westwood Corporate Center now includes a two-story, all-glass lobby that features a coffee bar with an adjacent, tech-enabled training/conference center that is available to all tenants. Other upgrades include new touchless entry and purified HVAC system by Wynd Technologies, as well as new outdoor seating that surrounds a landscaped corridor to the neighboring tower that features ping pong tables and a life-size chess board. Additionally, a new private fitness center will offer exercise pods for those who don’t want to work out in groups, as well as instructors offering group classes for fitness programs including yoga and Zumba. The upgrades come on the heels of Marriott Vacation Club vacating its headquarters at Westwood Corporate Center after 20 years of tenancy.

August 25, 2022

Acquisitions Arizona Office Western

VIVO Development Partners Buys Camelwest Plaza Office Property in Phoenix for $14M

by Amy Works August 24, 2022

PHOENIX — VIVO Development Partners has purchased Camelwest Plaza, a two-building office asset in Phoenix. Hawaii-based BW Camelwest LLC sold the property for $14 million. Located at 1951 and 2011 W. Camelback Road, the four-story, multi-tenant office buildings offer a total of 175,308 square feet of office space. At the time of sale, the property was 71 percent leased to a mix of tenants across various industries, including financial, technology, insurance, marketing, medical, legal services and government. Geoffrey Turbow, Gary Cornish, Barry Gabel and Chris Marchildon of CBRE represented the seller in the deal.

August 24, 2022

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