Office

Moderna Breaks Ground on 462,000 SF Research and Development Facility Outside Boston

by Katie Sloan September 30, 2021

CAMBRIDGE, MASS. — Moderna (NASDAQ: MRNA) has broken ground on the Moderna Science Center, a 462,000-square-foot research and development facility located at 325 Binney St., less than one mile from the company’s global headquarters in the Boston-area community of Cambridge. The biotechnology company is a pioneer in the usage of messenger RNA (mRNA) for therapeutics and vaccines, including one of the earliest and most effective vaccinations against the COVID-19 virus. Moderna plans to use this site to advance its pipeline of mRNA research, which includes 37 programs currently in development and 22 ongoing clinical studies. Alexandria Real Estate Equities Inc. is developing the property, which will include custom scientific spaces for research and development, as well as collaborative office space. JLL represented Moderna in the acquisition of the development site. The project is targeting LEED Platinum certification and is scheduled for completion in 2023. “We have been located in Massachusetts since our founding more than 10 years ago and are proud to be based here,” says Stéphane Bancel, CEO of Moderna. “As we advance our mRNA platform and science, our new science center will integrate digital-first scientific research and development labs along with space for innovation and co-creation with our …

September 30, 2021

Acquisitions California Development Office Western

Joint Venture Buys 63,100 SF Property in Los Angeles for $20M, Plans Adaptive Reuse Project

by Amy Works September 29, 2021

LOS ANGELES — A joint venture between New York-based LIVWRK and Daniel Kotzer of Los Angeles has purchased a historic 63,100-square-foot property in Los Angeles’ Art District for $20 million. The partnership will transform the two-building asset, located at 800-810 Traction Ave., into an office and lifestyle project called AtTraction. Construction on the renovations is slated to begin this week, with completed scheduled for early 2023. Upon completion, AtTraction will be a five-story building, plus a basement, totaling 53,400 square feet. Floors will range between 7,500 square feet to 10,700 square feet with ceilings ranging from 10 feet to 15 feet. The property at 810 Traction Ave. will be a two-story building, plus basement, totaling 9,700 square feet. Each building will also offer the potential for ground-level retail. The building at 800 Traction Ave. will feature a rooftop patio deck and the building at 810 Traction Ave. will offer a private gated patio space. Additionally, there is a private parking lot serving both buildings. The building originally housed the Joannes Brothers Co., a coffee, tea and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Co. Mike Condon Jr., McKenna Gaskill and Brittany Winn of …

September 29, 2021

Acquisitions New Jersey Northeast Office

Newmark Arranges $19M Sale of Two Office Buildings in Warren, New Jersey

by Taylor Williams September 29, 2021

WARREN, N.J. — Newmark has arranged the $19 million sale of two office buildings totaling 140,000 square feet in Warren, located about 30 miles outside New York City. At the time of sale, the properties were 81 percent leased to R&D, technology, product development, distribution, assembly and office users. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of Newmark represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the undisclosed buyer.

September 29, 2021

Acquisitions Arizona Industrial Office Western

Fullerton Properties Divests of 106,892 SF Chandler Business Center in Arizona

by Amy Works September 28, 2021

CHANDLER, ARIZ. — Fullerton Properties has completed the sale of Chandler Business Center, multi-tenant industrial/flex property in Chandler. Portland, Ore.-based ScanlanKemperBard acquired the asset for $19.1 million, or $178.68 per square foot. Situated on 10.6 acres at 6150 W. Chandler Blvd., the 106,892-square-foot property was fully leased at the time of sale. Commercial Properties/CORFAC International’s Leroy Breinholt, Cori Sposi and David Bean represented the seller and buyer in the transaction.

September 28, 2021

Leasing Activity Office Texas

MD7 Signs 25,000 SF Office Lease at One Bethany West in Allen, Texas

by Taylor Williams September 28, 2021

ALLEN, TEXAS — MD7, a provider of mobile infrastructure consulting services, has signed a 25,000-square-foot office lease in the northeastern Dallas suburb of Allen. The firm is relocating its headquarters from San Diego to One Bethany West, which is located on the 17-acre Watters Creek campus. The move is expected to bring about 200 new jobs and $6.8 million in capital investment to the regional economy.

September 28, 2021

Arizona Life Sciences Market Reports Office Western Western Market Reports

Phoenix’s Life Sciences Market is on a Record Rise

by Jeff Shaw September 28, 2021

By Alexandra Loye, Senior Vice President, Healthcare & Life Sciences Services, Colliers Despite global and domestic market challenges from the pandemic, Phoenix continues to shine amongst its competitive Western cities. With Maricopa County being the fastest-growing county in the U.S., Phoenix offers employers a diverse, educated workforce, business-friendly environment and affordable housing options. Arizona’s economy is booming and experiencing record revenue growth, as well as personal income growth. From 2019 to 2020, Arizona led the nation (tied with Montana) in the category of highest personal income growth with a 7.1 percent increase. The state is also projected to add 325,000 jobs in the next 12 months. Phoenix’s life sciences industry has gained significant momentum during the past 12 months, with no slowdown in sight. The Phoenix Biomedical Campus (PBC) in downtown Phoenix is ground zero for life sciences development and tenant activity. The 30-acre campus is currently occupied by Arizona State University, the University of Arizona, Northern Arizona University, Translational Genomics Research Institute (TGen), OncoMyx Therapeutics, Calviri, Vidium Animal Health, and Exact Sciences, which recently acquired Paradigm Diagnostics and Ashion Analytics. The PBC is the ideal environment when it comes to collaboration and innovation for life sciences tenants. The 227,000-square-foot, …

September 28, 2021

Acquisitions Office Washington Western

Principal Real Estate Investors Sells 148,652 SF Lincoln Plaza Office Campus in Bellevue, Washington

by Amy Works September 27, 2021

BELLEVUE, WASH. — Des Moines, Iowa-based Principal Real Estate Investors has completed the disposition of Lincoln Plaza, an office campus located at 11225, 11235 and 11245 SE Sixth St. in Bellevue. New Rock Acquisition purchased the 148,652-square-foot asset for an undisclosed price. Situated on 9.1 acres, the three-building property was 90 percent occupied by 20 tenants at the time of sale. Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan and Chais Lowell of CBRE Capital Markets represented the seller in the deal. Brad Zampa and Mike Walker of CBRE arranged acquisition financing for the buyer. Scott Davis and Tim Owens, also of CBRE, will continue to handle leasing under the new ownership.

September 27, 2021

Acquisitions Office Texas

Colliers Brokers Sale of 161,182 SF Northpointe Centre Office Building in Dallas

by Taylor Williams September 27, 2021

DALLAS — Colliers International has brokered the sale of Northpointe Centre, a 161,182-square-foot office building in Dallas. The eight-story building is located on the city’s north side and offers amenities such as a fitness center, conference facility and a deli. Cody Payne, Wayne Bares, Austin Edelmon and Michael Tran of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Northpointe Centre was 75 percent leased at the time of sale.

September 27, 2021

Loans New York Northeast Office

Cottonwood Group Provides $105M Loan for Refinancing of Manhattan Office Building

by Taylor Williams September 27, 2021

NEW YORK CITY — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided a $105 million bridge loan for the refinancing of The Six, a newly constructed office building located at 106 W. 56th St. in Manhattan. The 79,214-square-foot building offers a tenant lounge, conference facility and views of Central Park. The borrower was locally based developer Savanna. The transaction is the seventh investment to date through the Cottonwood Real Estate Founders Fund that launched in May. Leo Leyva, Chris Caslin, Robyn Pellegrino, Jennifer Chung and Samantha Epstein of Cole Schotz P.C. represented Savanna in the deal.

September 27, 2021

Acquisitions Florida Office Southeast

TerraCap Management Sells 82,000 SF Office Building in Tampa

by Jeff Shaw September 27, 2021

TAMPA, FLA. — TerraCap Management LLC has sold Eastpointe, a three-story, Class B office building in Tampa that totals approximately 82,000 square feet. Rick Brugge, Mike Davis, Rick Colon, Ryan Jenkins and Zach Eicholtz of Cushman & Wakefield represented the seller, TerraCap, in the transaction. TriOut Advisory acquired the property for an undisclosed price. Built in 1987, the property has a two-story parking garage. TerraCap acquired Eastpointe in March 2014 as part of a two-property acquisition. TerraCap invested capital into the roof, HVAC, parking lot, parking garage, restrooms and signage. After signing Circle K to a 10-year deal for approximately 19,000 square feet and extending the approximately 36,000-square-foot anchor tenant Pharmerica through 2025, Eastpointe reached 96 percent occupancy, and TerraCap began moving the property towards a disposition.

September 27, 2021

Newer Posts

Older Posts