Office

Korean Investment Group Buys 95 Percent Stake in Downtown Boston Office Tower

by Taylor Williams January 6, 2022

BOSTON — A Korean investment group led by Hana Financial and KTB Asset Management has purchased a 95 percent stake in Congress Square, a 371,996-square-foot office tower located at 40 Water St. in downtown Boston. The group purchased the stake from Related Fund Management, which will retain the remaining 5 percent interest and continue to manage the property. Paul Gillen, Anthony Ledesma, Daniel Parker and Allie Boyan of Atlanta-based Hodges Ward Elliott (HWE) arranged the recapitalization of Congress Square, which included refinancing of existing debt. Lawrence Britvan and Jordan Kirkbride of HWE placed that loan through global asset management firm KKR.

January 6, 2022

Acquisitions California Office Western

Innovatus Capital Partners Buys 110,128 SF Office Building in San Diego

by Amy Works January 5, 2022

SAN DIEGO — Innovatus Capital Partners has purchased The Pinnacle, a five-story office building located in San Diego’s Rancho Bernardo neighborhood. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services. Located at 10920 Via Frontera, The Pinnacle features 110,128 square feet of Class A office space with 22,000-square-foot floor plates. At the time of sale, the property was fully occupied. Built in 2007, the building recently underwent a series of capital improvements, including lobby renovations, upgraded shower and locker rooms, new landscaping and electric vehicle charging stations. Terms of the transaction, including the seller and acquisition price, were not released.

January 5, 2022

Acquisitions North Carolina Office Southeast Top Stories

JLL Arranges $330M Sale of Bloc 83 Office Development in Raleigh

by Kristin Harlow January 5, 2022

RALEIGH, N.C. — JLL Capital Markets has arranged the $330 million sale of Bloc 83, a new office development totaling 495,121 square feet in Raleigh. The sale represents the largest single real estate transaction in downtown Raleigh’s history, according to JLL. Heritage Properties Inc. sold the asset to City Office REIT (NYSE: CIO). Bloc 83 consists of two Class A office towers that were built in 2019 and 2021. Known as One Glenwood and Tower II, the buildings are 79 percent leased and are anchored by Envestnet, First Horizon Bank and McAdams. Envestnet is a financial services and technology company, while McAdams is a civil engineering company. The development features street-level retail space and two onsite parking garages. Amenities include a fitness center, rooftop space, locker rooms with showers, tenant lounges and an interactive sports room with a golf simulator. The properties are positioned on a little over three acres in Glenwood South, a growing mixed-use district of Raleigh. The Origin Hotel is located onsite and is connected to the One Glenwood parking garage. “Glenwood South has rapidly transformed into the preeminent live-work-play destination in Raleigh,” says Ryan Clutter, senior managing director with JLL. “About half of the residents have …

January 5, 2022

Loans Office Southeast Virginia

CIM Group Provides $148M Loan for Office Campus in McLean, Virginia

by Julia Sanders January 4, 2022

MCLEAN, VA. — A fund managed by CIM Group has provided a $148 million loan to a joint venture between Westbrook Partners and American Real Estate Partners to refinance Highline at Greensboro, a Class A office campus in Tysons Corner. Highline at Greensboro features two 10-story buildings comprising approximately 461,000 square feet of office space, ground floor retail and amenity space and a 1,333-stall underground parking garage. The property recently underwent a renovation including upgrades to the façade, lobbies and common areas, as well as the addition of tenant amenities such as a health club, tenant lounge, outdoor plaza and a 60-person conference center. Located at 8401 and 8405 Greensboro Drive, Highline at Greensboro is situated close to the Metro Silver Line Spring Hill Station, Dulles Toll Road, Interstate 495 and Route 66, as well as downtown Washington, D.C., and Dulles International Airport. The property is also situated adjacent to The Boro, a 3.5 million-square-foot mixed-use development.

January 4, 2022

Acquisitions Florida Office Southeast

Benderson Development Purchases Office Building in Sarasota, Florida for $25M

by Julia Sanders January 4, 2022

SARASOTA, FLA. — Sarasota-based Benderson Development has purchased Sarasota County’s administration building in downtown Sarasota for $25 million. The deal allows the seller, Sarasota County, to lease back the space in the building for another four years. Sarasota County will be the only tenant at the building. Paul Carr, Todd Tolbert, Ken Krasnow and Brooke Berkowitz of Colliers arranged the sale of the 158,149-square-foot office property. Located at 1660 Ringling Blvd., the building is situated one mile from downtown Sarasota, 6.4 miles from Sarasota Beach and 57.6 miles from Tampa. The property is also close the Sarasota Art Museum, Whole Foods Market and Marie Selby Botanical Gardens Downtown Sarasota campus. Built in 1972, the property has been renovated several times over the years.

January 4, 2022

Illinois Leasing Activity Midwest Office

Spaulding Ridge Signs 25,779 SF Office Lease in Chicago

by Kristin Harlow January 4, 2022

CHICAGO — Spaulding Ridge has signed a 25,779-square-foot office lease at 203 N. LaSalle Drive within Chicago’s Central Loop. The cloud technology firm previously occupied space at 105 W. Madison St. Rising 27 stories, 203 N. LaSalle Drive spans 625,221 square feet. The office tower features a conference center, fitness center and tenant lounge. Jeff Mulder of Colliers represented Spaulding Ridge.

January 4, 2022

Acquisitions Indiana Midwest Office

NAS Investment Solutions Buys 82,064 Office Building in South Bend, Indiana

by Kristin Harlow January 3, 2022

SOUTH BEND, IND. — NAS Investment Solutions has purchased an 82,064-square-foot office building in South Bend for an undisclosed price. Constructed in 2021, the building serves as the national headquarters for Press Ganey, a provider of performance measurement and improvement services to U.S. healthcare providers. The property includes 408 surface parking spaces and a 4,800-square-foot rooftop lounge. National Asset Services will serve as property manager.

January 3, 2022

Loans Midwest Missouri Office Retail

Emerald Capital Arranges $6M in Financing for Development of Office, Retail Building in St. Louis

by Kristin Harlow January 3, 2022

ST. LOUIS — Emerald Capital Strategic Advisors, an affiliate of Green Street Real Estate Ventures, has arranged financing for Elevation, an office and retail development in St. Louis. Funding includes $6 million in New Market Tax Credits (NMTC) in addition to debt and Property Assessed Clean Energy (PACE) financing. Matt Drinen and Luke Pope of Emerald Capital sourced and closed debt financing with Chicago-based IFF as well as Elm Tree Unity Debt Fund. St. Louis Development Corp. provided a $6 million allocation in NMTC, and US Bank was the NMTC investor. Kingsway Development is the project developer. Elevation will be situated at 4731 Delmar Blvd. within the Fountain Park neighborhood. The project serves as the first development within the planned 207-acre Kingsway District. Elevation will include 5,000 square feet of street-level retail space for Jamba Juice, UPS and The Original Hot Dog Factory, as well as 12,500 square feet of second-floor office space for the Ethical Society of Police and Park Central Development Corp. Simms Building Group is the general contractor and CASCO is the architect. Construction is scheduled to begin this month, with completion slated for January 2023.

January 3, 2022

Acquisitions Office Utah Western

Yama Point Purchases Seven-Story Office Building in Lehi, Utah

by Amy Works January 3, 2022

LEHI, UTAH — Yama Point LLC has acquired 333 N. Digital Drive, an office building in Lehi, from Utah Community Credit Union. The price was not disclosed. Yama Point plans to rebrand the seven-story, 74,257-square-foot property as Drive Tower. Drive Wealth Advisers, which provides financial planning, will occupy 10,755 square feet on the building’s top floor. David Nixon of JLL represented the buyer, while Josh Martin of Colliers International represented the seller in the transaction.

January 3, 2022

California Life Sciences Loans Office Western

Square Mile Capital Arranges $73.9M Loan for Life Sciences, Office Campus in Fremont, California

by Amy Works December 23, 2021

FREMONT, CALIF. — Square Mile Capital Management has originated a $73.9 million loan secured by Ardenwood Life Science Park, a Class A life sciences and office campus in Fremont. Square Mile Capital provided the acquisition financing to a joint venture between Invesco Real Estate and Lincoln Property Company West. Eastdil Secured’s San Francisco office arranged the financing. Originally developed in 2001, the property underwent a comprehensive renovation for lab and office use in 2006. Affiliates of Tyco Electronics Corp. fully occupy the 186,000-square-foot, two-building campus.

December 23, 2021

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