Office

Bridge Investment Group Purchases 508,590 SF Office Property in Hopkins, Minnesota

by Kristin Harlow February 8, 2022

HOPKINS, MINN. — Bridge Investment Group has purchased Excelsior Crossings in Hopkins near Minneapolis for an undisclosed price. The 508,590-square-foot office property, located on Excelsior Boulevard, consists of two Class A buildings that are each seven stories tall. Developed in 2008, Excelsior Crossings is 91 percent leased and recently underwent a $1.5 million amenity enhancement program. Bridge plans to invest an additional $6 million in capital and tenant improvements, including upgrades to the courtyard and common areas, kitchen, lobbies and elevator corridors. Current tenants include Element Fleet, Digi International and U.S. Bank’s Home Mortgage Division headquarters, which fully leases one of the buildings. Tom O’Brien of Cushman & Wakefield represented the seller, Colony Capital. Bridge Commercial Real Estate LLC, Bridge’s office operating company, will oversee capital improvements and management.

February 8, 2022

Acquisitions California Office Western

Prologis Acquires Pacific Vista Office Campus in Orange County for $96M

by Amy Works February 8, 2022

LAKE FOREST, CALIF. — Prologis has purchased Pacific Vista, a corporate office campus at 25500-25550 Commercentre Drive in Lake Forest. An undisclosed party sold the asset for $96 million. Situated on 24.4 acres, Pacific Vista consists of five two-story buildings featuring a 322,262 square feet of Class A office space. At the time of sale, the property was leased to seven long-term tenants. Jason Ward of Cushman & Wakefield represented the buyer, while John Harty, Jeffrey Cole, Nico Napolitano and Ed Hernandez of Cushman & Wakefield represented the seller in the transaction.

February 8, 2022

Development Healthcare Maryland Mixed-Use Multifamily Office Southeast Top Stories

Howard Hughes Corp. Plans to Invest $325M in Medical Office, Residential Projects in Columbia, Maryland

by John Nelson February 8, 2022

COLUMBIA, MD. — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to invest $325 million to densify Downtown Columbia, the REIT’s 391-acre mixed-use development within the master-planned community of Columbia. Founded by James Rouse in 1967, Columbia is situated within the Baltimore-Washington, D.C. corridor in Maryland and is one of the first master-planned communities in the United States. The first new HHC project within Downtown Columbia’s Lakefront District is a four-story, 86,000-square-foot medical office building representing about $45.8 million in investment. Studio Red Architects is designing the property to achieve LEED Platinum and Fitwel certifications. Orthopaedic Associates of Central Maryland (OACM), a division of The Centers for Advanced Orthopaedics, will move its Columbia office into the new building upon completion in 2024, occupying approximately 20 percent of the asset. The property will be situated near a Whole Foods Market and Lake Kittamaqundi. Several health and wellness tenants signed on at Downtown Columbia to capitalize on the halo effect from the nearby Howard County General Hospital, which is part of Johns Hopkins Medicine. Other tenants at the Lakefront District include The Pearl spa, medtech firm NuVasive, MedStar Health’s headquarters, Healthcare Management Solutions, Welldoc, Sharecare, Consortium Health Plans, Vaya Pharma, Medisolv …

February 8, 2022

Acquisitions California Office Western

Parallel Capital Sells Shoreline Square Office Tower in Long Beach for $85.5M

by Amy Works February 7, 2022

LONG BEACH, CALIF. — Parallel Capital Partners has completed the disposition of Shoreline Square, an office tower in downtown Long Beach. Shoreline Square Holdings LLC acquired the asset for $85.5 million. Located at 201 E. Ocean Blvd., the 20-story tower features 410,920 square feet of office space. At the time of sale, the property was 92 percent leased to a diverse tenant mix, with 52 percent of the rent roll including U.S. government and municipal tenants. Current tenants include U.S. Customs, California State Land Commission, Department of Defense, California Coastal Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Additional tenants include Jersey Mike’s Subs, Comeria Bank, Café 301 and Corporate Concierge. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction.

February 7, 2022

Illinois Leasing Activity Midwest Office

Thales Signs 24,673 SF Office Lease in Aurora, Illinois

by Kristin Harlow February 7, 2022

AURORA, ILL. — Thales Defense & Security Inc. has signed a 24,673-square-foot office lease at 750 Commons Drive in Aurora, located about 40 miles west of Chicago. Thales will move from 1444 N. Farnsworth Ave. in Aurora once tenant improvements are completed and the new lease commences in mid-2022. The 205,000-square-foot, two-building property, which supports both office and industrial users, is now fully leased. Stanton Road Capital purchased the asset in 2018 and added amenities such as a fitness center, tenant lounge, conference center and training center. Francis Prock and Dave Florent of Colliers are the leasing agents for the property. Kellen Monti and Chris Bynum of JLL represented Thales.

February 7, 2022

Development Illinois Leasing Activity Midwest Office

SPINS Preleases 47,883 SF at New Office Development in Chicago’s River North

by Kristin Harlow February 4, 2022

CHICAGO — SPINS, a data provider and advocate for the health and wellness industry, has preleased 47,883 square feet of space at 311 W. Huron, a new office development in Chicago’s River North. The developer, North Wells Capital, plans to break ground in April. SPINS will serve as the anchor tenant of the 15-story building upon completion in late 2023. The 153,611-square-foot building will be part of Verso, a three-phase development. Jeffrey Skender, Ari Klein, Scott Shelbourne and Marcus Berglund of Cushman & Wakefield represented SPINS. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership. SPINS currently occupies space at 222 W. Hubbard, which is also owned by North Wells Capital.

February 4, 2022

Leasing Activity Office Texas

Coterra Energy Signs 122,000 SF Office Headquarters Lease in Houston

by Taylor Williams February 4, 2022

HOUSTON — Coterra Energy Inc., a product of an October 2021 merger between Houston-based Cabot Oil & Gas and Denver-based Cimarex Energy, has signed a 122,000-square-foot office headquarters lease in Houston. The tenant will relocate to Memorial City Plazas, a 1 million-square-foot office campus in Houston. Owned by MetroNational, the three-building development is currently undergoing a $20 million renovation project that is slated for a fourth-quarter completion. Brad MacDougall and Warren Alexander represented MetroNational in the lease negotiations on an internal basis. Jim Bailey of Cushman & Wakefield and Lucian Bukowski of CBRE represented the tenant.

February 4, 2022

Acquisitions Office Texas

Skanska Sells Two Office Buildings in Houston’s Energy Corridor for $147M

by Taylor Williams February 3, 2022

HOUSTON — International developer Skanska has sold West Memorial Place I and II, two office buildings located in Houston’s Energy Corridor submarket, for $147 million. The two-building complex totals approximately 716,000 square feet. West Memorial Place I was completed in 2015, and the sister building was completed in 2016. Amenities include a fitness center, onsite dining options and a connected parking structure. The buyer was a joint venture led by Houston-based Fuller Realty Interests LLC.

February 3, 2022

Loans Office Texas

Thorofare Capital Provides $41.9M Loan for Refinancing of Dallas Office Portfolio

by Taylor Williams February 3, 2022

DALLAS — Los Angeles-based Thorofare Capital has provided a $41.9 million loan for the refinancing of a portfolio of 13 office buildings in the Dallas Design District. The buildings total 160,687 square feet. The undisclosed, locally based borrower will use a portion of the proceeds to fund capital improvements. The loan was structured with interest-only payments and a flexible prepayment schedule.

February 3, 2022

Market Reports Office Texas Texas Market Reports

Slow-But-Steady Recovery Ensures That Dallas Remains a Top Office Market

by Taylor Williams February 3, 2022

By Mike Otillio, research director, Colliers The Dallas office market and North Texas region as a whole continue to evolve as leading destinations for corporate relocations, led in part by a favorable business climate. This reputation as a top landing spot for regional workforce consolidations and outright relocations from other states has helped Dallas become a national leader in some key back-to-work metrics. According to research from security firm Kastle Systems, which monitors keycard, fob and app usage within thousands of office buildings across the country, the average occupancy rate in December across 10 of the country’s biggest markets was 40.6 percent. Dallas was one of the 10 markets tracked in the report, posting an above-average occupancy rate of 52.3 percent. The basic business-friendly climate and healthy pace of job and population growth, along with evidence that users are making stronger pushes to return to their workspaces, have accelerated the market’s office investment sales recovery for value-add, core-plus and stabilized product. Barring any unforeseen circumstances, such as a prolonged spike in cases from the Omicron variant, we expect this trend to continue through 2022. Dallas recorded several notable sales of iconic office assets in 2021, plus numerous deals for suburban …

February 3, 2022

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