Monday, November 25, 2024
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CaliforniaLoansOfficeWestern

Gantry Secures $21.4M Refinancing for Creative Office Property in Culver City, California

by Amy Works

CULVER CITY, CALIF. — Gantry has arranged a $21.4 million construction takeout loan for a two-building creative office project in Culver City, just west of Los Angeles. Located at 3520-3524 and 3512-3516 Schaefer St., the 30,000-square-foot Class A buildings feature 18-foot ceiling, open floor plans with modern interiors, and landscaped exteriors with gathering spaces. Tony Kaufmann and Andrew Ferguson of Gantry represented the borrower, a private real estate investment and development firm based in West Los Angeles. One of Gantry’s correspondent insurance company lenders provided the loan, which features a fixed rate with a three-year initial term and 30-year amortization.

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Leasing ActivityNew YorkNortheastOffice

PubMatic Signs 60,000 SF Office Lease in Manhattan’s Times Square Area

by Taylor Williams

NEW YORK CITY — PubMatic Inc., a software provider for the digital publishing and advertising industry, has signed a 60,000-square-foot office lease at 498 Seventh Ave. in Manhattan’s Times Square area. The company already subleases the entire 18th floor of the 960,000-square-foot building and will expand to the entire 19th floor early next year under the terms of the new deal. Greg Taubin of Savills represented PubMatic in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.

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CaliforniaHealthcareLoansOfficeWestern

JLL Arranges $35.8M in Financing for Two Medical Office Properties in Southern California

by Amy Works

COSTA MESA AND CHULA VISTA, CALIF. — JLL has secured $35.8 million in financing in two separate transactions for Turner Healthcare Facilities Fund, launched by Santa Monica-based Turner Impact Capital in 2017. John Chun and Matt DiCesare of JLL Capital Markets arranged the financing in both transactions. The JLL team arranged a three-year, $6.7 million loan through a regional bank for 1650 Adams Ave., a 12,436-square-foot medical property in Costa Mesa, and a seven-year, $29.1 million loan through a national healthcare lender for 480 4th Ave., a 64,231-square-foot medical building in Chula Vista.

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Leasing ActivityOfficeTexas

Coldwell Banker Negotiates 51,848 SF Office Lease in Downtown Amarillo

by Taylor Williams

AMARILLO, TEXAS — Coldwell Banker Commercial First Equity has negotiated a 51,848-square-foot office lease in Amarillo. The 237,204-square-foot building at 701 S. Taylor St. is located in the downtown area. Rachel Shreffler of Coldwell Banker represented the landlord, an entity doing business as 1908 Properties LLC, in the lease negotiations. The name and representative of the tenant were not disclosed, but the space can support more than 300 employees.

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Market ReportsOfficeSoutheastSoutheast Market ReportsVirginia

Richmond Posts Stable Office Performance Across Multiple Submarkets

by John Nelson

We are fortunate to live and work in a region that experiences steady growth and maintains a healthy economy. From a commercial real estate perspective, the Richmond market is a consistent performer due to its diversified economy and reliable and consistent business drivers. Industrial and multifamily construction activity has remained strong without being overbuilt, eliminating the pattern of “boom and bust” that some other areas experience. A submarket that has been red hot is Scott’s Addition, a 20-square-block neighborhood that has been transformed from warehouses and light industrial to a mixed-use mecca of multifamily, office and retail. Developers and tenants alike appreciate the proximity to the interstate, numerous amenities and abundant diversity within the community. Exceptional walkability scores, along with a thriving restaurant and brewery scene, seem to be driving tenants’ willingness to pay the highest rents in the area. The high cost of new construction also informs these rents and, ultimately, is passed through to end users. Scott’s Addition will likely continue to be a desirable location for many, although high rents and challenging parking will remain an issue for some. Another very desirable submarket and consistent performer is Glen Forest. Primarily office- and medical-focused, this area offers Class …

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Leasing ActivityOfficeTexas

Noble Corp. Signs 110,250 SF Office Lease at CityWestPlace in West Houston

by Taylor Williams

HOUSTON — Noble Corp. has signed a 110,250-square-foot office lease in West Houston. The global offshore drilling contractor is taking three floors at Building 1 at the 39-acre CityWestPlace, with occupancy slated for early 2025. Mark O’Donnell, Jim Bell and Jennifer Meehan of Savills represented the tenant in the lease negotiations. J.P. Hutcheson and Rima Soroka internally represented the owner, a partnership between Parkway and Midway.

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Leasing ActivityMidwestMinnesotaOffice

Burns & McDonnell Signs 67,000 SF Office Lease in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — Burns & McDonnell, an engineering, construction and architecture firm, has signed a 67,000-square-foot office lease at Norman Pointe II in Bloomington. Michael Gelfman and Nate Karrick of Colliers represented ownership. The lease marks one of the largest office leases in the Minneapolis market this year, according to Colliers. Burns & McDonnell previously occupied 45,000 square feet at 8201 Norman Center Drive in Bloomington. Built in 2007, Norman Pointe II is located at 5600 American Blvd. at the I-494 and Highway 100 interchange. The 10-story building totals 331,447 square feet and offers amenities such as a café, 100-person conference center, fitness center, daycare and covered parking. Doug Fulton and Rob Youngquist of Avison Young represented Burns & McDonnell, which secured building signage. Norman Pointe II is now 95 percent leased.

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Leasing ActivityNew YorkNortheastOffice

DCMA Signs 44,100 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Daiwa Capital Markets America Inc. (DCMA) has signed a 20-year, 44,100-square-foot office lease in Midtown Manhattan. The financial services firm will occupy the entire 49th floor at 1251 Avenue of the Americas. Erik Schmall and Scott Weiss of Savills represented DCMA in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America. A tenant-only conference facility is under construction at the building, and the lobby was recently renovated. Three new food-and-beverage concepts are also set to open at the building in the coming weeks.

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AcquisitionsData CentersDevelopmentIndustrialOfficeSoutheastVirginia

Finmarc Sells Land in Northern Virginia to Data Center Developer for $60M

by John Nelson

ASHBURN, VA. — Finmarc Management Inc. has sold a 25.3-acre site at 19886 Ashburn Road in Ashburn, a city in Loudoun County. The buyer, a data center developer doing business as JK Land Holdings LLC, purchased the site for $60 million. The new ownership plans to develop a new 360,000-square-foot data center on the site. The construction timeline for the project was not disclosed. Ryan Goeller of KLNB represented JK Land Holdings in the land acquisition, and Rob Faktorow, Josh Greenberg and Anna Faktorow of CBRE represented the seller. Finmarc acquired the site, which includes a 110,000 square foot office building and a nearly 80,000-square-foot industrial/R&D structure, in 2019. The two-building portfolio currently serves as the global headquarters for Telos Corp., a cybersecurity IT firm that has occupied the facility since 1988.

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Leasing ActivityNew YorkNortheastOffice

GrowthCurve Capital Signs 13,350 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — GrowthCurve Capital LP has signed a 13,350-square-foot office lease in Midtown Manhattan. The private equity firm is relocating from 1301 Avenue of the Americas to the 33rd floor of the 990,000-square-foot building at 250 W. 55th St. Peter Turchin, Caroline Merck, Arkady Smolyansky and Ali Gordon of CBRE represented the landlord, Boston Properties, in the lease negotiations. Jonathan Luttwak and James Cassidy of DHC Real Estate Services, along with Louis D’Avanzo of Cushman & Wakefield, represented the tenant.

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