Office

Newmark Arranges $93M Sale of Netflix-Occupied Hollywood Media Campus in Los Angeles

by Amy Works February 28, 2022

LOS ANGELES — Newmark has arranged the sale of Hollywood Media Campus, a 3.5-acre site located at 1350 N. Western Ave. in the Hollywood neighborhood of Los Angeles. New York City-based The Georgetown Co. acquired the asset from Pasadena-based Gemdale USA for $93 million. The site features a fully leased, 75,593-square-foot office building and an adjacent development parcel. Netflix fully occupies the office building under a sublease from master lessee Zest Finance. The development parcel is a 1.7-acre site with the right to build in accordance with current zoning and the opportunity to increase density with a zoning change. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

February 28, 2022

Acquisitions Life Sciences Massachusetts Northeast Office

SVN | Parsons Arranges $8.8M Sale of Office/Flex Building in Burlington, Massachusetts

by Taylor Williams February 25, 2022

BURLINGTON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $8.8 million sale of a 40,000-square-foot office/flex building in Burlington, a northern suburb of Boston. The building sits on three acres just off Route 128 and across from the Burlington Mall. Marci Alvarado of SVN represented the seller, a partnership between two limited liability companies, in the transaction. Dean Blackey and Elizabeth Holmes of RW Holmes represented the buyer, ACCO Properties LLC.

February 25, 2022

Acquisitions Midwest Minnesota Office

JLL Brokers $23.5M Sale-Leaseback of Office Campus in Suburban Minneapolis

by Kristin Harlow February 25, 2022

EDEN PRAIRIE, MINN. — JLL Capital Markets has brokered the $23.5 million sale-leaseback of 11000 Viking Drive, a two-building office campus totaling 258,850 square feet in the Minneapolis suburb of Eden Prairie. Colin Ryan, David Berglund and Pat Williams of JLL represented the seller, photography company Shutterfly LLC, and the buyer, Tempus Real Estate Partners. Shutterfly will continue to occupy the east building, which rises five stories and was built in 2004. The City of Eden Prairie plans to tear down the vacant west building, which rises four stories and was constructed in 1997. The space will be utilized for native grasses, wildflowers and a paved trail.

February 25, 2022

Leasing Activity New York Northeast Office

CBRE Secures 20,293 SF Office Lease at 444 Madison Avenue in Midtown Manhattan

by Taylor Williams February 25, 2022

NEW YORK CITY — CBRE has negotiated a 20,293-square-foot office lease at 444 Madison Avenue in Midtown Manhattan. The tenant will occupy the entire 10th floor of the 42-story building, which was recently renovated. Paul Amrich, Meghan Allen, James Ackerson and Max Tarter of CBRE represented the landlord, Westbrook Partners, in the lease negotiations. The representative of the tenant, The Doris Duke Management Foundation, was not disclosed.

February 25, 2022

Development Healthcare Illinois Midwest Office

Hearn to Convert Portion of Iconic Chicago Office Tower into Medical Space

by Kristin Harlow February 24, 2022

CHICAGO — The Hearn Co. has unveiled plans to convert four floors of 875 North Michigan Avenue in Chicago into clinical and surgical space named the Mag Mile Medical Pavilion. Hearn has selected Cushman & Wakefield to lease the building-within-a-building concept. Hearn plans to invest more than $10 million into converting floors 28 through 30 and 33, totaling 130,000 square feet, into medical office space. There will be a dedicated valet entrance, patient drop-off and pickup on the north side and a dedicated elevator bank. Completion is slated for the second quarter of this year. The 100-story property was formerly known as the John Hancock Center. Karoline Eigel, Matt Sullivan, Lindsey Groom and Jack Seher of Cushman & Wakefield make up the leasing team.

February 24, 2022

Development Michigan Midwest Office

HED Completes Design of New Office for Warner Law Firm in Detroit

by Kristin Harlow February 24, 2022

DETROIT — National design firm HED has completed the design of the new Detroit office for Warner Norcross + Judd law firm. The tenant occupies the third floor of 2715 Woodward, a Class A building. The law firm’s office features open workspaces as well as 50 private offices as well as a law library, media room, kitchen and reception area. Warner maintains eight other offices throughout Michigan.

February 24, 2022

Connecticut Leasing Activity Northeast Office

Colliers Secures 11,500 SF Office Lease in Stamford, Connecticut

by Taylor Williams February 24, 2022

STAMFORD, CONN. — Colliers has secured an 11,500-square-foot office lease at 1 Landmark Square in Stamford, located in the southern coastal part of the state. Jeffrey Williams and Hollis Pugh of Colliers represented the tenant, law firm Silver Golub & Teitell LLP, which will occupy the 15th floor of the 299,000-square-foot building, in the lease negotiations. Larry Kwiat of Reckson Associates Realty represented the landlord, SL Green.

February 24, 2022

6700-E-Pacific-Coast-Highway-Long-Beach-CA

Acquisitions California Development Multifamily Office Western

Holland Partners Buys Congressional Place Office Building in Long Beach, Plans Multifamily Conversion

by Amy Works February 24, 2022

LONG BEACH, CALIF. — Holland Partners has purchased Congressional Place, a two-story office building in Long Beach. ValueRock Partners sold the asset for $41 million. Situated on 2.5 acres at 6700 E. Pacific Coast Highway, the 73,769-square-foot will be redeveloped into a multifamily property. Chris Benton, Anthony Muhlstein, Kevin Shannon, Bill Bauman, Ken White and Seal Fulp of Newmark represented the seller in the deal.

February 24, 2022

Acquisitions Arizona Office Western

ViaWest Group, Taconic Capital Advisors Divest of 140,161 SF Concorde Commerce Center in Phoenix for $23M

by Amy Works February 24, 2022

PHOENIX — Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors have completed the disposition of Concorde Commerce Center, a three-story office building in Phoenix. Idaho-based Stafford Holdings acquired the asset for $23 million. Located at 2222 W. Dunlap Ave., the 140,161-square-foot property features a two-story atrium lobby. At the time of sale, the building was 84 percent leased to Ciox/Datavant, a health data provider, and Kiewit, a construction and engineering company. Barry Gabel, Chris Marchildon, Geoff Turbow, Matt Pourcho, Anthony DeLorenzo and Gary Cornish of CBRE represented the seller in the transaction.

February 24, 2022

Acquisitions Office Top Stories Washington Western

Deka Immobilien Acquires Google-Anchored Office Complex in Seattle’s South Lake Union for $802M

by Katie Sloan February 24, 2022

SEATTLE — German investment firm Deka Immobilien has acquired Lakefront Blocks, a 635,000-square-foot office complex in Seattle’s South Lake Union neighborhood, for $802 million. Tech giant Google is the anchor tenant. Completed in 2019 and designed by Graphite Design Group, the development spans two city blocks — Block 31 and Block 25 — offering four six-story office buildings. The property also includes two apartment towers, Helm and Mera, which were not included in the transaction. The office buildings on Block 31 are separated by a sky bridge and include retail space leased to Tapster, a self-serve beer and wine tasting bar, and 203 Degrees Fahrenheit coffeehouse. The buildings on Block 25 are separated by a public alley. Kevin Shannon, Alex Foshay, Nick Kucha, Ken White, Rob Hannan, Jesse Ottele and Michael Moll of Newmark brokered the transaction on behalf of the seller, Seattle-based Vulcan Real Estate. Kevin Smith, Gerry Casimir, Bill Burke, Nikki Lam and Tom Weber of Cushman & Wakefield advised the buyer in the transaction and will assist with ongoing management of the campus. “This project, in my opinion, was the best core office offering on the West Coast in 2021,” says Shannon. “The combination of credit, asset quality, ESG [environmental, social …

February 24, 2022

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