Office

JLL Arranges $31M Loan for Refinancing of Northern New Jersey Office Building

by Taylor Williams August 24, 2022

UNION, N.J. — JLL has arranged a $31 million loan for the refinancing of Liberty Hall Center I, a 210,000-square-foot office building located in the Northern New Jersey community of Union. The five-story building was originally designed in 1988 to house the headquarters of regional energy provider Elizabethtown Gas and features amenities such as a cafeteria, conference center and outdoor lounge areas. Jon Mikula, Max Custer and Michael Lachs of JLL arranged the loan through Knighthead Funding. The borrower, an entity doing business as Liberty Hall Joint Venture LLC, will use a portion of the proceeds to fund capital improvements.

August 24, 2022

Development Georgia Leasing Activity Office Southeast

CP Group Rolls Out Flexible Office Concept Within Atlanta Portfolio

by John Nelson August 24, 2022

ATLANTA — CP Group, a Boca Raton, Fla.-based office real estate investment firm, has debuted its “worCPlaces” flexible office program within its Atlanta portfolio. The concept is now available for occupancy within Lakeside Office Park and One and Two Ravinia, office properties that are located in the city’s Central Perimeter office submarket. Eric Ross, Sabrina Gibson and Stewart Thrash of CBRE will serve as leasing agents for the new worCPlaces on behalf of CP Group, which is the second-largest office landlord in the state of Georgia. Designed by Gensler and ASD|Sky, worCPlaces are amenitized workspaces that are move-in ready for office tenants. Within the Atlanta portfolio, the new spaces that have come on line include 12 individual spec suites ranging from 1,800 to 9,700 square feet on the fifth, ninth and 11th floors at One and Two Ravinia. Several of the suites include new furniture while others can be furnished by worCPlaces. Additionally, 10 spec suites ranging from 1,400 square feet to 4,600 square feet and a newly completed coworking space are all contained within a standalone, two-story building at Lakeside Office Park, a five-building, 406,000-square foot office development. The coworking spaces at Lakeside also include available furnishings; in-building, digitally …

August 24, 2022

Leasing Activity New York Northeast Office Top Stories

KPMG to Relocate Headquarters to Two Manhattan West in 2025

by Kristin Harlow August 24, 2022

NEW YORK CITY — U.S. audit, tax and advisory firm KPMG has unveiled plans to relocate its headquarters to Two Manhattan West, a new office building under construction in Midtown Manhattan’s West Side neighborhood. The 58-story tower is part of Brookfield Properties’ 7 million-square-foot Manhattan West mixed-use development. KPMG’s new space at Two Manhattan West is slated for completion in late 2025. The firm will relocate its roughly 5,500 New York-based employees and lease approximately 450,000 square feet. The new lease signing represents a more than 40 percent decrease in KPMG’s existing New York office space, according to The Wall Street Journal. The newspaper reports that KPMG is pursuing a hybrid work strategy where employees are expected to gather at company or client offices on some days. The firm is following suit of a number of companies that have downsized office footprints in exchange for nicer space following the pandemic. KPMG currently occupies space at 345 Park Ave., its headquarters, as well as 560 Lexington Ave. and 1350 Sixth Ave. The firm has been based in New York City since its inception in 1897. “As we celebrate our 125th anniversary and think about our firm’s future, this is an incredible …

August 24, 2022

District of Columbia Loans Mixed-Use Office Retail Southeast

Grosvenor Obtains $82.1M Refinancing Loan for Mixed-Use Building in D.C.

by John Nelson August 23, 2022

WASHINGTON, D.C. — Grosvenor has obtained an $82.1 million loan to refinance 1500 K Street, a 262,190-square-foot mixed-use building in Washington, D.C. Eastdil Secured arranged the loan through Helaba on behalf of Grosvenor. Built in 1928, 1500 K Street comprises offices and retail space. The property is situated near the McPherson Square Metro station and the White House, as well as Washington, D.C.’s downtown and East End districts. Grosvenor recently invested $20 million to renovate the property, including updates to the lobby, fitness center, tenant lounge, HVAC system, roof and rooftop lounge.

August 23, 2022

Acquisitions Industrial Kentucky Office Southeast

MAG Capital Partners Acquires Flex Industrial Facility in Nicholasville, Kentucky in Sale-Leaseback Deal

by John Nelson August 23, 2022

NICHOLASVILLE, KY. — MAG Capital Partners has purchased a 112,400-square-foot flex industrial facility located on 40.9 acres at One Security Drive in Nicholasville, a suburb of Lexington. The Fort Worth, Texas-based firm acquired the property in a sale-leaseback deal with Los Angeles-based OpenGate Capital, parent company of the tenant, Sargent & Greenleaf. Founded in 1857, Sargent & Greenleaf is an electronic and mechanical lock manufacturer for the banking, residential, railroad and government sectors. Nick Foster of JLL’s Newport Beach, Calif., office represented MAG Capital in the transaction. The sales price was not disclosed. The property comprises 90,000 square feet of manufacturing space with 22-foot clear heights and 22,400 square feet of office space.

August 23, 2022

Leasing Activity New Jersey Northeast Office

LT Apparel Opens 13,086 SF Office at Bell Works in Holmdel, New Jersey

by Taylor Williams August 23, 2022

HOLMDEL, N.J. — LT Apparel, a manufacturer of children’s clothing, has opened a 13,086-square-foot office within Campus, a 72,000-square-foot flexible workspace located within the Bell Works mixed-use development in the Central New Jersey community of Holmdel. Jeff Garibaldi, Tara Keating and Lindsey Florio of The Garibaldi Group represented the landlord, Inspired by Somerset Development, in the lease negotiations. Global cloud communications firm Vonage has also committed to an undisclosed amount of space at Campus, which houses breakout rooms and conference facilities.

August 23, 2022

Acquisitions Office Southeast Tennessee

Cooper Commercial Negotiates $24.5M Sale of Parkside Plaza I Office Building in Knoxville

by John Nelson August 22, 2022

KNOXVILLE, TENN. — The Cooper Commercial Investment Group has negotiated the $24.5 million sale of Parkside Plaza I, an office building in Knoxville that was fully leased at the time of sale to tenants such as Raymond James and Waste Connections. Dan Cooper of Cooper Commercial represented the seller, a private investor and repeat client of Cooper Commercial, in the transaction. The buyer was an undisclosed, privately based investment group based in Louisville, Ky.

August 22, 2022

Acquisitions California Industrial Office Western

Adler Realty Divests of 118,864 SF Office/R&D Facility in Agoura Hills, California for $19.3M

by Amy Works August 22, 2022

AGOURA HILLS, CALIF. — Adler Realty has completed the sale of an office and R&D complex located at 30601 Agoura Road in Agoura Hills. Harbor Realty acquired the asset for $19.3 million. Jay Rubin and Jared Smits of Lee & Associates – LA North/Ventura represented the seller, while Mark Perry of CBRE represented the buyer in the deal. At the time of sale, the 118,864-square-foot building was 58 percent occupied. The facility includes a solar power plant.

August 22, 2022

Acquisitions Arizona Office Western

Cushman & Wakefield Negotiates $8.2M Sale of Office Building in Phoenix

by Amy Works August 22, 2022

PHOENIX — Cushman & Wakefield has arranged the sale of a multi-tenant office property in Phoenix. Jumping Cholla II LLC sold the asset to 4545 Investment Alliance LLC, a Washington company, for $8.2 million. Located at 4545 E. Shea Blvd., the two-story building features 46,574 square feet of space. At the time of sale, the property was 90 percent leased to a mix of tenants. Built in the mid-1980s and renovated in 2008, the garden-style building features a covered central courtyard and outdoor common area patio spaces on the second floor. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

August 22, 2022

Development New York Northeast Office

RFR Holding Debuts $25M Amenity Center at Seagram Building in Midtown Manhattan

by Taylor Williams August 19, 2022

NEW YORK CITY — Locally based firm RFR Holding has debuted The Playground + Conference Center, a $25 million amenity complex within The Seagram Building, located at 375 Park Ave. in Midtown Manhattan. The 35,000-square-foot space is a restructuring of the 38-story building’s underground parking garage and features a 3,500-square-foot fitness center, an open multi-sport court, climbing wall, boardroom and a training room. The sport court can support basketball, volleyball or soccer and can also be converted into a 150-person theater for town hall meetings or large-screen presentations. The Playground also houses locker rooms and a hydration lounge and has an onsite fitness director.

August 19, 2022

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