Office

KKR Acquires Atlantic Yards Office Property Leased to Microsoft in Atlanta

by Kristin Harlow July 20, 2022

ATLANTA — KKR has acquired Atlantic Yards, a two-building office property located in Midtown Atlanta that is fully leased to Microsoft Corp. A joint venture between Hines and Invesco Real Estate sold the asset for an undisclosed price. Atlantic Yards spans 523,511 square feet across two Class A office buildings. The property, built in 2021, is located within Atlantic Station, a 12.5 million-square-foot mixed-use development. The Atlantic Station site was once the home of the Atlantic Steel Mill and rail yards. Designed for LEED Gold certification, Atlantic Yards features a number of outdoor areas, fitness facilities, bike storage and 861 parking spaces. Microsoft committed to Atlantic Yards in spring 2020 and its lease goes through 2035. The company expects to house roughly 1,500 to 2,000 employees at the facility. The Atlantic Yards office focuses on artificial intelligence and cloud-based services, and includes space for engaging directly with customers. “Atlanta is one of the fastest-growing technology hubs in the Sunbelt, thanks to its great academic institutions, diverse talent and long history of serving as home to leading Fortune 500 companies,” says Roger Morales, partner and head of real estate acquisitions in the Americas for KKR. “As one of the highest-quality properties …

July 20, 2022

Acquisitions Georgia Industrial Office Southeast

Avison Young Brokers $45M Sale of Office, Flex Campus in Metro Atlanta

by John Nelson July 19, 2022

DULUTH, GA. — Avison Young has brokered the $45 million sale of Chattahoochee Corners at River Green, an office/flex campus in the Atlanta suburb of Duluth. Built in 1997, the property spans 388,213 square feet across nine single-story buildings. Pennsylvania-based Somerset Properties purchased Chattahoochee Corners from Miami-based B Group Co. Capital Management. Casey Keitchen of Avison Young’s Atlanta office brokered the transaction. Situated off Peachtree Industrial Boulevard, the property features floor-to-glass windows across all nine buildings, as well as a fitness center. Somerset plans to invest in capital improvements at Chattahoochee Corners, including boosting the curb appeal and enhancing onsite amenities.

July 19, 2022

Leasing Activity Massachusetts Northeast Office

3Step Sports Signs 64,000 SF Office Lease in Andover, Massachusetts

by Taylor Williams July 19, 2022

ANDOVER, MASS. — 3Step Sports, which provides services and support to youth athletics programs, has signed a 64,000-square-foot office lease at Brickstone Square in the northern Boston suburb of Andover. The 1 million-square-foot, four-building campus was originally constructed about 100 years ago and recently underwent an extensive capital improvement program. Blake Baldwin, Shayne O’Neil and Petra Flynn of Cushman & Wakefield represented the landlord, KS Partners, in the lease negotiations. Matt Quinlan of SVN Parsons represented the tenant.

July 19, 2022

Development Illinois Midwest Office

J.C. Anderson Completes 59,000 SF Interior Office Buildout for Ipsos in Chicago

by Kristin Harlow July 19, 2022

CHICAGO — J.C. Anderson has completed a 59,000-square-foot interior office buildout for Ipsos at The Franklin in Chicago. Ipsos is a market research company headquartered in Paris. The firm relocated its Chicago office from 222 Riverside to the 11th floor of The Franklin. The buildout includes a “user experience” facility, collaboration spaces, offices, open seating and a game room. Ohio-based Champlin Architecture served as the architect. I-Lee Hwa and Nick Ferro of Cushman & Wakefield provided project management and consulting services.

July 19, 2022

Leasing Activity Office Texas

TAS Commercial Construction Signs 10,561 SF Office Lease in Metro Dallas

by Taylor Williams July 18, 2022

FARMERS BRANCH, TEXAS — TAS Commercial Construction has signed a 10,561-square-foot office lease in the northern Dallas suburb of Farmers Branch. The 191,900-square-foot building at 2727 LBJ Freeway offers a conference room, deli and a game room. Adam Toth internally represented the landlord, Boxer Property, in the lease negotiations. Ryan Buchanan of CBRE represented the tenant.

July 18, 2022

Acquisitions Arizona Office Western

BatchService Acquires Office Building in Tempe, Arizona for $8.8M

by Amy Works July 18, 2022

TEMPE, ARIZ. — BatchService has purchased an office property, located at 4625 S. Wendler Drive in Tempe, for $8.8 million. BatchService is a software company that provides an all-in-one prospecting platform for residential real estate investors, agents and brokers. Built in 1985 and renovated in 2016, the two-story building offers 44,000 square feet of useable office space. The property is currently undergoing tenant improvements for additional offices, new paint and new flooring. Eddie Gonzalez of SVN Desert Commercial Advisors represented the buyer in the transaction.

July 18, 2022

Market Reports North Carolina Office Southeast Southeast Market Reports

A Return to the Office Spurs More Real Estate Decisions in Raleigh-Durham

by John Nelson July 18, 2022

The Raleigh-Durham office market is poised for future growth as it exits the pandemic, however the question for us all is when. Re-occupancy of buildings by office users has been stubborn in the current post-pandemic environment. Despite the sluggish activity since the beginning of the year, there have been bright spots with companies becoming more strategic about their office space decisions as they return, especially in newer projects that offer best-in-class experiences. Moving forward, there will be economic and geopolitical headwinds that may interfere with the pace of recovery. However, investors and developers continue to the see the value in the market due to our highly educated workforce, favorable business climate and one of the fastest growing population centers in the country. The return of the workplace is the main driving factor for the activity in the office leasing market. As companies execute their re-occupancy plans, they are reevaluating their existing buildings, footprints and workspaces in a way that we have never seen before. Forward thinking organizations are making decisions to create unique spaces where their employees want to come to work, rather than a space where they have to come to work. We have quickly seen that one size …

July 18, 2022

Acquisitions California Mixed-Use Office Retail Western

Bolour Associates Acquires 32,500 SF Mixed-Use Building in Hollywood

by Amy Works July 15, 2022

LOS ANGELES — Bolour Associates has purchased a two-story, mixed-use building located at 6432 Santa Monica Blvd. in the Hollywood neighborhood of Los Angeles for $13.7 million, or $421 per square foot. Totaling 32,500 square feet, the property features 17,500 square feet of ground-floor retail space and 15,000 square feet of second-story office space. At the time of sale, the property was 100 percent occupied by tenants ranging from creative management and casting to production equipment rentals and photography studios. Brandon Michaels, Matthew Luchs and Andrew Leff of Marcush & Millichap represented the buyer and undisclosed seller in the deal.

July 15, 2022

Acquisitions Life Sciences Maryland Office Southeast

CBRE Negotiates $25.5M Sale of Office Complex in Rockville, Maryland

by John Nelson July 15, 2022

ROCKVILLE, MD. — CBRE has negotiated the $25.5 million sale of Research Square, a two-building office complex located at 1500 and 1550 Research Blvd. in Rockville, a suburb of Washington, D.C. The seller is Westat, an employee-owned research company based in Rockville. Tommy Cleaver, Dan Grimes and Stuart Kenny of CBRE represented Westat in the transaction. The buyer was not disclosed. CBRE says that the properties, which were fully vacated at the time of sale, represent a “premier life sciences conversion opportunity” as the Washington-Baltimore Corridor ranked No. 2 in CBRE’s Life Sciences Research Talent 2022 report.

July 15, 2022

Illinois Leasing Activity Midwest Office

Club Colors Signs 52,056 SF Office Lease at Bell Works Chicagoland

by Kristin Harlow July 15, 2022

HOFFMAN ESTATES, ILL. — Club Colors has signed a long-term lease for 52,056 square feet of office space at Bell Works Chicagoland in Hoffman Estates. The branding and marketing company will utilize the space for its national headquarters beginning in May 2023. Club Colors will occupy space on the third floor of the east building as well as a production facility on the first floor with access to a private outdoor patio. The tenant will bring its team of 125 employees from its current home in Schaumburg. Jon Springer of CBRE represented Club Colors, while Steve Kling of Colliers represented ownership, Inspired by Somerset Development. Bell Works Chicagoland is the redevelopment of the former AT&T campus. Club Colors is now the property’s largest tenant to date.

July 15, 2022

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