Office

Office Properties Income Trust Acquires Google’s Midwest Headquarters in Chicago for $355M

by Kristin Harlow June 28, 2021

CHICAGO — Office Properties Income Trust (NASDAQ: OPI) has acquired 1K Fulton in Chicago’s Fulton Market district for $355 million. The 531,190-square-foot office property serves as the Midwest headquarters for Google, which leases 73 percent of the building. The property was 99 percent leased at the time of sale, with a weighted average lease term of six years. Built in 1923 and redeveloped in 2015, the building features amenities such as two fitness centers, multiple roof decks, a steak house restaurant, ground-floor retail space and 157 subterranean parking spaces. Stephen Livaditis, Matthew Graham and Bryan Rosenberg of Eastdil Secured brokered the sale. American Realty Advisors was the seller, according to local media reports. Office Properties Income Trust is managed by The RMR Group and is based in Newton, Mass.

June 28, 2021

Development Midwest Office Ohio Retail

Washington Prime Group, Synergy to Redevelop Former Department Store in Ohio into Office Space

by Kristin Harlow June 28, 2021

BEAVERCREEK, OHIO — Washington Prime Group Inc. (NYSE: WPG) and Synergy & Mills Development have unveiled plans to redevelop a former department store building at The Mall at Fairfield Commons in Beavercreek into office space. The store spans two stories and 150,000 square feet in suburban Dayton. The project will be called The Meridian at Fairfield Commons. Synergy plans to begin construction to redevelop the existing building into office, laboratory and research and development space starting in late 2021. The project is an example of WPG’s efforts to diversify its tenancy and transform its assets into town centers with a mix of retail, dining, entertainment and mixed-use space.

June 28, 2021

Acquisitions Office Texas

Newmark Negotiates Sale of 241,378 SF Granite Tower in North Dallas

by Taylor Williams June 28, 2021

DALLAS — Newmark has negotiated the sale of Granite Tower, a 241,378-square-foot office building in North Dallas. The 10-story, recently renovated building offers amenities such as a tenant lounge, conference center and fitness center. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was also not disclosed. Granite Tower was 92 percent leased at the time of sale.

June 28, 2021

Loans Office Texas

Bank of America Provides $95M Loan for Refinancing of Irving Office Complex

by Taylor Williams June 28, 2021

IRVING, TEXAS — Bank of America has provided a $95 million loan for the refinancing of Urban Towers, an 850,000-square-foot office complex located on 11.2 acres in Irving. Built in 1982 and 1984, the property consists of a 22-story tower and a 17-story building with five- and seven-story parking structures, respectively. David Milestone of Newmark arranged the five-year loan on behalf of the borrower, San Diego-based Parallel Capital Partners Inc. At the time of the loan closing, Urban Towers was 82 percent leased to tenants such as The Pasha Group, Celanese, MultiPlan Inc. and Hyundai Merchant Marine.

June 28, 2021

Development Office Texas

Adolfson & Peterson Begins Work on 180,000 SF VariSpace Coppell Near Fort Worth

by Taylor Williams June 28, 2021

COPPELL, TEXAS — General contractor Adolfson & Peterson has begun construction on VariSpace Coppell, a 180,000-square-foot office building near Fort Worth that will serve as the global headquarters for flexible workspace provider Vari. Designed by BOKA Powell with interior design by Corgan, the building includes 120,000 square feet of flexible office space with balconies. Amenities include a fitness center and grab-and-go food services. Completion is slated for summer 2022. Vari, formerly known as VariDesk, is known for incorporating standing desks into its workspaces.

June 28, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

CBRE Negotiates Sale of 140,913 SF Life Sciences Building in Philadelphia

by Taylor Williams June 28, 2021

PHILADELPHIA — CBRE has negotiated the sale of a 140,913-square-foot life sciences building located at 3701 Market St. in Philadelphia. Built in 2000, the property was leased to Penn Medicine and Drexel University at the time of sale. Robert Fahey, Jerry Kranzel, Bruer Kershner, Erin Hannan and Jack Corcoran of CBRE represented the seller, University City Science Center, in the transaction. Steven Doherty and Nick Harris of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, San Francisco-based GI Partners, which purchased the eight-story building for an undisclosed price.

June 28, 2021

Acquisitions California Healthcare Office Western

Angelo Gordon & Co. Sells Medical Office Building in Northern California to Morgan Stanley for $64.4M

by Amy Works June 25, 2021

BURLINGAME, CALIF. — Angelo Gordon & Co. has completed the disposition of a medical office building located at 1720 El Camino Real in Burlingame. Morgan Stanley acquired the asset for $64.4 million. The 106,018-square-foot building is immediately adjacent to the 241-bed, acute-care Sutter Health Mills-Peninsula Medical Center. The medical office building is anchored by Sutter Health, Stanford Health Care and DaVita. The property features recently renovated common areas and extensive medical buildouts, including a 10,300-square-foot endoscopy center in the Sutter Health space. The property also includes a five-story, 396-stall parking garage that provides direct access into the building from each floor. Steven Golubchik, Seth McKinnon, Ben Appel and Darren Hollak of Newmark’s Northern California Capital Markets team represented the seller in the deal.

June 25, 2021

Acquisitions Office Southeast Virginia

Finmarc Management Acquires Office Project in Northern Virginia for $33.6M

by Julia Sanders June 25, 2021

CHANTILLY, VA. — Finmarc Management Inc. has acquired Park East I, II and III, a three-building business park in Chantilly comprising nearly 200,000 square feet of flex and office space, for $33.6 million. Eric Berkman of Cushman & Wakefield represented the seller, PS Business Parks, and Joe Hoffman of Kelley Drye & Warren provided legal services to Finmarc. The Park East buildings are located on 23 acres in Fairfax County and were collectively 96 percent leased at the time of the transaction. The properties include a nearly 6.5-acre parcel that is suitable for a future development opportunity. Contained within the Park East Corporate Center, Park East I is located at 14150 Parkeast Circle, Park East II is situated at 14048 Parkeast Circle and Park East III is positioned at 13990 Parkeast Circle. Each building features both drive-in and dock-high loading options and free onsite parking. The properties are located close to Va. Routes 28 and 50 and Interstate 66, and Washington Dulles International Airport is approximately 9.4 miles from the site. The project features a mix of tenants including American Systems Corp., the Fairfax County Board of Supervisors and United Bank. Two golf clubs are located less than one mile …

June 25, 2021

Development Office Texas

Jay Paul Co. to Develop 872,500 SF Springdale Green Office Complex in East Austin

by Taylor Williams June 25, 2021

AUSTIN, TEXAS — San Francisco-based development and investment firm Jay Paul Co. has announced plans to develop Springdale Green, an 872,500-square-foot office complex in East Austin. Designed by Gensler, the 30-acre property will comprise two six-story buildings and multiple outdoor areas, as well as an onsite parking garage. About two-thirds of the site (19 acres) has been preserved and restored with native meadows, woodlands and plantings, as well as an urban creek tributary. Amenities will include an 18,000-square-foot flexible conference space; 23,000-square-foot fitness and wellness center; jogging and nature trails; and basketball and volleyball courts. A firm construction timeline has not yet been established.

June 25, 2021

Development Healthcare Massachusetts Northeast Office

Quaker Lane, Turnbridge to Develop 160,000 SF Flex Building in Metro Boston

by Taylor Williams June 25, 2021

MALDEN, MASS. — A partnership between regional developer Quaker Lane Capital and Turnbridge Equities will develop a 160,000-square-foot building that can support traditional office or life sciences users in Malden, a northern suburb of Boston. Global architecture firm Gensler is designing the nine-story facility, which will be located within an Opportunity Zone. Construction is expected to begin in the first half of 2022 and to be complete some time in 2023.

June 25, 2021

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