Office

Fortress Investment, Ocean West Capital Sell The Link Office Building in Burbank for $61.5M

by Amy Works June 1, 2021

BURBANK, CALIF. — A partnership between Fortress Investment Group and Ocean West Capital Partners has completed the disposition of The Link, a repositioned office building located at 2901 W. Alameda Ave. in Burbank. Pendulum Property Partners acquired the asset for $61.5 million. Totaling 124,785 square feet, the property features creative office space and post-production, broadcasting, screening and editing facilities. The property underwent extensive renovation in 2019 and now features an outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13- to 18-foot ceiling heights and a 2,500-square-foot outdoor patio on the seventh floor. At the time of sale, the property was 76 percent leased to five tenants. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction, while David Milestone, Brett Green and Henry Cassiday of Newmark arranged acquisition financing for the buyer.

June 1, 2021

Acquisitions Office Top Stories

Franklin Street Properties Corp. Sells Three Office Buildings Near Atlanta for $219.5M

by Julia Sanders May 28, 2021

CUMBERLAND AND DUNWOODY, GA. — Franklin Street Properties Corp. (NYSE American: FSP) has completed the sale of three office buildings in metro Atlanta, known as One Overton Park, One Ravinia Drive and Two Ravinia Drive, for $219.5 million. Built in 2002 by Hines, One Overton Park is a 387,267-square-foot office building with 15 floors. The office building is located within Overton Park, a 34-acre mixed-use community in Cumberland, just northwest of Atlanta. Tenants include CBIZ, Gas South and Randstad. One Overton Park’s amenities include a fitness center, dry cleaners, full-service auto salon, café and sundry shop, men’s and women’s locker rooms, conference center, H. Stockton’s clothing store, shoe care salon and a full-service financial center. The architects for the building were Pickard-Chilton Architects and Roy Ashley & Associates. One Ravinia Drive, totaling 386,603 square feet, and Two Ravinia Drive, totaling 442,130 square feet, both rise 17 floors in Dunwoody, a city just north of Atlanta. The two buildings are part of the 42-acre Ravinia development that features three office buildings with 1.6 million square feet of space, a 500-room hotel, conference center and 5,000 parking spots. Hines developed the two buildings in 1985 and 1987, respectively, with architects Kevin Roche …

May 28, 2021

Acquisitions Office Oregon Western

Norris & Stevens Brokers $2.4M Sale of Griffith Park Office Building in Beaverton, Oregon

by Amy Works May 28, 2021

BEAVERTON, ORE. — Norris & Stevens has arranged the sale of Griffith Park Office Building, a multi-tenant office property located at 5075 SW Griffith Drive in Beaverton. 5075 SW Griffith LLC acquired the asset from an undisclosed seller for $2.4 million. Constructed in 1979 and renovated in 1991, the two-story property features 20,474 square feet of office space with private offices, conference rooms, open office space and breakrooms. Todd VanDomelen, Duane Link and Doug Carter of Portland-based Norris & Stevens represented the buyer and seller in the deal.

May 28, 2021

Delaware Development Hospitality Northeast Office

Driftwood Capital Begins Conversion of Delaware Office Building to 134-Room Hotel

by Taylor Williams May 28, 2021

WILMINGTON, DEL. — Miami-based Driftwood Capital is underway on a $31 million project that will convert an 11-story office building in Wilmington, Del., into a 134-room hotel that will be operated under the Staybridge Suites brand. The new hotel, which is expected to open in the second quarter of next year, will offer a lobby lounge, fitness center, business center with meeting space and a convenience mart. First International Bank & Trust provided $14.9 million in construction and permanent financing for the project. Other partners include Whiting-Turner Contractor Co. and Dever Architects. Driftwood’s in-house hospitality management team will oversee operations of the property.

May 28, 2021

Development New Jersey Northeast Office

SJP Properties Completes Redevelopment of 270,000 SF Office Building in Iselin, New Jersey

by Taylor Williams May 28, 2021

ISELIN, N.J. — New York City-based SJP Properties has completed the redevelopment of a 270,000-square-foot office building located at 200 Wood Ave. S. in the Northern New Jersey community of Iselin. The project upgraded the lobby, fitness center and common areas and also enhanced the outdoor spaces to allow for additional amenities. In addition, global shipping firm DSV recently signed a 97,000-square-foot lease for its new U.S. headquarters at the building. SJP Properties acquired the transit-oriented asset in 2020.

May 28, 2021

Healthcare Leasing Activity Life Sciences Northeast Office Pennsylvania

UPenn Medical School Signs 150,000 SF Life Sciences Lease in Metro Philadelphia

by Taylor Williams May 28, 2021

KING OF PRUSSIA, PA. — The Perelman School of Medicine at the University of Pennsylvania has signed a 150,000-square-foot life sciences lease at Discovery Labs’ 1 million-square-foot campus on Swedeland Road in King of Prussia, a northern suburb of Philadelphia. The university will use the space for its gene therapy program, which centers on researching gene functionality and development of genetic medicines for rare diseases. The lease encompasses two buildings. Discovery Labs is an affiliate of MLP Ventures, which was represented internally by Joe Corcoran and Julian O’Neill in the lease negotiations. Joe Fetterman of Colliers International represented the university.

May 28, 2021

Acquisitions Midwest Office Ohio

Alterra Real Estate Sells Columbus-Area Office Building for $9.7M

by Kristin Harlow May 28, 2021

NEW ALBANY, OHIO — Alterra Real Estate Advisors has sold an 83,000-square-foot office building in New Albany to OhioHealth for $9.7 million. The property is located at 5150 E. Dublin Granville Road within suburban Columbus. The building was constructed in 1999 and renovated in 2007. OhioHealth, central Ohio’s largest hospital system, plans to redevelop the building into its New Albany Medical Campus at a project cost of roughly $36 million. The campus will enable the health system to expand its services and offer urgent care, primary care, various specialties, lab and imaging and an onsite retail pharmacy.

May 28, 2021

Development Illinois Midwest Office

LJC Completes Renovation of Horizon Therapeutics U.S. Headquarters Office in Deerfield, Illinois

by Kristin Harlow May 27, 2021

DEERFIELD, ILL. — Lamar Johnson Collaborative (LJC) has completed a full renovation of the office campus for Horizon Therapeutics in Deerfield, a northern suburb of Chicago. The U.S. headquarters for the Ireland-based biopharmaceutical company spans more than 650,000 square feet on 70 acres. Horizon purchased it in early 2020. LJC completed the renovation project in 10 months. Horizon tasked LJC with creating a space that reflected its refreshed brand. The company also sought out amenities for employee retention and recruiting, as well as flexible space for collaboration. New amenities include a coffee shop, full-service cafeteria, tech pub, multipurpose training center, fitness center, game lounge, outdoor terrace and pantries on each floor.

May 27, 2021

Development Office Texas

Joint Venture Opens 16-Story Office Building in Dallas’ Deep Ellum District

by Taylor Williams May 27, 2021

DALLAS — A joint venture between Westdale Real Estate Investment & Management, Ivanhoe Cambridge and Hines has opened The Stack, a 16-story office building in the Deep Ellum area of Dallas. Designed by 5G Studio Collaborative, the property consists of 200,000 square feet of office space and 15,000 square feet of retail space. Amenities include a terrace with views of the Dallas skyline, fitness center, coffee and cocktail lounge, electric car charging stations and private tenant balconies. Hines plans to relocate its Dallas office to an 11,000-square-foot space within The Stack later this year.

May 27, 2021

Acquisitions Office Washington Western

Brookfield Asset Management Buys Facebook-Occupied Block 24 Office Building in Bellevue for $200M

by Amy Works May 27, 2021

BELLEVUE, WASH. — Brookfield Asset Management real estate fund has purchased Block 24, a recently completed office property located at The Spring District in Bellevue. Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Global Alternatives sold the asset for $200 million. Facebook occupies the 197,959-square-foot building, which is the latest addition to The Spring District. The district currently consists of more than 1 million square feet of office space, neighborhood retail space and over 800 apartments centered on the future Spring District light rail station, which is slated to open in 2023. More than 350,000 square feet of additional office and retail space is under construction at the development, with over 1 million more square feet in the planning stages. This transaction marks Brookfield’s second at The Spring District. The company acquired the adjacent, 338,000-square-foot Block 16 office building, which is also fully leased to Facebook, in October 2020.

May 27, 2021

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