Monday, November 25, 2024
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Epic-1-Dallas
LoansMultifamilyOfficeTexas

Westdale Receives $115M Loan for Refinancing of Texas Office, Multifamily Portfolio

by Taylor Williams

DALLAS — Dallas-based Westdale Real Estate Investment & Management has received a $115 million loan for the refinancing of a portfolio of three commercial properties in Texas. The portfolio comprises Epic I, a 282,873-square-foot office building located in the Deep Ellum district of Dallas; Colonnade, a 168,255-square-foot office building located on the north side of San Antonio; and Woodmeade, a 304-unit multifamily property in Irving. The five-year loan carried a fixed interest rate of 7.11 percent and a 70 percent loan-to-value ratio. Giryes Capital Group, an intermediary that connects American borrowers and Israeli lenders, sourced the debt through Pando Cos., a Dallas-based company that is also owned and managed by Giryes founder and CEO Amir Giryes.

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Market ReportsMichiganMidwestMidwest Market ReportsOffice

Back to Business? Detroit Office Market Shows Signs of a Burgeoning Recovery

by Kristin Harlow

By Andy Gutman, Farbman Group Until recently, the post-pandemic headlines and trend lines have been clear: the office market is struggling. Lower volumes and businesses closely evaluating their operational models and space needs in the wake of a COVID-altered world have prompted concerned conversations about what’s next for an evolving office sector.  Here’s the good news, however: the Detroit office landscape reflects a changing narrative around not only the commercial climate, but the entire city of Detroit.  To be clear, the office resurgence in Detroit has been modest, and is clearly still in its early stages. Whether you are entering a recession or starting a recovery, there is always a transitional period where sector activity is starting to change before the shift becomes impossible to deny.  Motown momentum While the understandable indecision and uncertainty of the last few years has led to some stagnation in the office space, many of the COVID-era lease expirations seem to have resolved and activity has been gradually, but steadily, picking up in the last six to 12 months. Decisions are being made and lease volume is trending up — but deals and leases are moving slower, are taking longer to get done and we …

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Company NewsIllinoisMidwestOfficeTop Stories

Equity Commonwealth to Wind Down Operations, Liquidate Four Remaining Office Assets

by John Nelson

CHICAGO — During a conference call held yesterday, executives of Equity Commonwealth (NYSE: EQC) announced that the Chicago-based office REIT is going to wind down its operations and liquidate its four remaining office assets. David Helfand, president and CEO of Equity Commonwealth, cited “uniquely challenging market conditions” as the impetus behind the move as the company was previously pursuing a major acquisition that ultimately wasn’t executed. “After working through our pipeline, we have been unable to consummate a compelling transaction,” said Helfand, who noted that the firm had also been trying to sell three of its remaining office properties as discussed in the first-quarter earnings call. “As a result, our board of trustees has determined that it’s advisable and in the best interest of our shareholders to proceed with the wind down of our operations and the liquidation of our assets in order to maximize value for shareholders.” Equity Commonwealth was founded in 1986 by Barry Portnoy under the name CommonWealth REIT. In 2014, the late REIT champion and billionaire investor Sam Zell took over operations of the company alongside a new board of directors, including Helfand. The REIT was rebranded to Equity Commonwealth and began trading on the New …

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AcquisitionsNorthmarqOfficeTexas

Colliers, Northmarq Broker Sale of 203,221 SF Office Complex in Austin

by Taylor Williams

AUSTIN, TEXAS — Colliers and Northmarq have brokered the sale of Twin Towers, a 203,221-square-foot office complex that sits on a 7.2-acre site in Austin’s Windsor Park neighborhood. The lobbies, restrooms and conference spaces at the two buildings were recently renovated, and the complex was 59 percent leased at the time of sale. Doug Rauls of Colliers, in conjunction with Scott Lamontagne and Chase Gardner of Northmarq, represented the seller, California-based Omninet Capital, in the transaction. Michael Bullard of Dovetail Commercial represented the buyer, Sock Club, which also plans to occupy the building.

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Leasing ActivityOfficeTexas

Agha Engineering Signs 9,744 SF Office Lease Renewal, Expansion in Metro Houston

by Taylor Williams

SUGAR LAND, TEXAS — Agha Engineering has signed a 9,744-square-foot office lease renewal and expansion in the southwestern Houston suburb of Sugar Land. According to LoopNet Inc., the 14-story, 349,190-square-foot building at 1080 Eldridge Parkway was constructed in 2009 and renovated in 2023. Nathan Buckhoff of locally based brokerage firm Oxford Partners represented the tenant in the lease negotiations. Matthew Asvestas of Stream Realty Partners represented the landlord, Broadshore Capital Partners.

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Leasing ActivityOfficeSoutheastVirginia

Bechtel Signs 289,000 SF Office Lease at Reston Town Center in Northern Virginia

by John Nelson

RESTON, VA. — Bechtel, a global engineering firm, has signed a 289,000-square-foot office lease at Reston Overlook, a 320,000-square-foot office building within the Reston Town Center mixed-use campus in Northern Virginia. BXP, formerly known as Boston Properties Inc., is the landlord at Reston Overlook. Erin Cotter and Jake Stroman of BXP represented the landlord internally in the lease negotiations, and Cathy Delcoco of CBRE represented Bechtel. The lease represents a renewal and expansion for Bechtel, increasing the company’s occupancy to span 11 floors at Reston Overlook. The company, which has had its headquarters in Reston since 2012, employs 18,000 people across 50 countries. Owned and operated by BXP, Reston Town Center offers 4 million square feet of office space, 50 retailers, 30 restaurants, more than 2,000 residences, outdoor recreation spaces and seasonal events programming.

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114-Crosby-Manhattan
LoansNew YorkNortheastOfficeRetail

IPA Arranges $50M Loan for Refinancing of Manhattan Office, Retail Property

by Taylor Williams

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $50 million loan for a 12-story, 144,000-square-foot office and retail property in Manhattan’s SoHo neighborhood. The newly renovated building spans a full city block from Broadway to Crosby Street in between Houston and Prince streets. Matthew Polci, Steven Buchwald and Rachael Krawiecki of IPA originated the loan through a partnership between Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar. The borrower was a partnership between London-based Chelsfield Group and RAM Holdings.

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AcquisitionsCaliforniaFloridaHealthcareOfficeOregonTexasWestern

IRA Capital, Oaktree Acquire 600,000 SF Medical Office Portfolio Across Four States

by Amy Works

IRVINE, CALIF. — Irvine-based IRA Capital, in partnership with funds managed by Oaktree Capital Management, has purchased 12 medical outpatient buildings totaling 600,000 square feet. The transaction includes two separate institutional sellers and features a mix of single and multi-tenant medical buildings in California, Texas, Florida and Oregon. Terms of the transaction were not released. The Class A portfolio is anchored by health systems and medical providers including UC Davis Health, Palomar Health, UCLA, CommonSpirit, Ascension, McKesson and SCA Health, which collectively occupy approximately 50 percent of the space.

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Leasing ActivityOfficeTexas

Bechtel Signs 108,724 SF Office Lease Expansion in West Houston

by Taylor Williams

HOUSTON — Bechtel has signed a 108,724-square-foot office lease expansion in West Houston. The engineering and construction management firm is taking an additional four floors of space at Building 4 at CityWestPlace, with occupancy slated for the third quarter. Kevin Kushner and William Padon of CBRE represented the tenant in the lease negotiations. J.P. Hutcheson and Rima Soroka represented the owner, a partnership between Parkway and Midway, on an internal basis.

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Leasing ActivityMassachusettsNortheastOffice

Commonwealth of Massachusetts Signs 106,000 SF Office Lease in Downtown Boston

by Taylor Williams

BOSTON — The Division of Capital Asset Management and Maintenance (DCAMM) for the Commonwealth of Massachusetts has signed a 10-year, 106,000-square-foot office lease in downtown Boston. The DCAMM handles facilities management and real estate services and is bringing together employees from six state agencies to two full floors at One Federal Street, a 1.1 million-square-foot building owned by Tishman Speyer. Occupancy is slated for early 2025. Jeffrey Moore and Victoria Robinson of Tishman Speyer negotiated the lease.

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