Office

River Bank Plaza Office Building in Downtown Milwaukee Trades Hands

by Kristin Harlow May 14, 2021

MILWAUKEE — CBRE has arranged the sale of River Bank Plaza, an 81,865-square-foot office building in downtown Milwaukee. The sales price was undisclosed. The multi-tenant property is located at 740 N. Plankinton Ave. along the Milwaukee River. Originally constructed in 1912, the eight-story building features 61 parking spaces in an adjacent surface lot. The building’s ground floor is home to restaurant tenant Rock Bottom Brewery. Patrick Gallagher and Matson Holbrook of CBRE represented the seller, Riverbank Plaza LLC. The buyer, 740 Plankinton LLC, plans to redevelop the upper floors into multifamily units.

May 14, 2021

Development Office Washington Western

Skanska Invests $476M in The Eight Spec Office Development in Bellevue, Washington

by Amy Works May 13, 2021

BELLEVUE, WASH. — Skanska has announced a $476 million investment in The Eight, a previously announced, 25-story office tower at the intersection of Northeast 8th Street and 108th Avenue Northeast in Bellevue. The project is Skanska’s sixth development in the Greater Seattle area and its second project in Bellevue since starting operations in the region in 2011. Construction is slated to begin in June, with completion scheduled for fourth-quarter 2023. The investment includes a construction contract worth approximately $270 million. The 540,000-square-foot development will include a 3,190-square-foot private rooftop deck, seven alternating indoor/outdoor exterior balconies, 12,000 square feet of ground-floor retail space and four levels of below-grade parking with valet services and electric-car charging stations.

May 13, 2021

Acquisitions Office Oregon Western

ScanlanKemperBard, WHI Real Estate Partners Sell 43,151 SF Office Building in Portland

by Amy Works May 13, 2021

PORTLAND, ORE. — ScanlanKemperBard and WHI Real Estate Partners have completed the sale of 5550 Macadam, an office building located in Portland. The name of the buyer and acquisition price were not released. Renovated in 2019, the three-story, 43,151-square-foot building features updated common areas, locker rooms and restrooms; a modern, light-filled lobby; and lush landscaping. The property offers 14,000-square-foot floor plates and was 89 percent leased at the time of sale. Buzz Ellis, Logan Greer and Adam Taylor of JLL Capital Markets represented the seller in the transaction.

May 13, 2021

Acquisitions Florida Office Southeast

Forefront Collier Venture Purchases Office, Flex Property in Naples, Florida for $13.1M

by Julia Sanders May 13, 2021

NAPLES, FLA. — Forefront Collier Venture LLC has purchased an approximately 75,875-square-foot office, warehouse and flex property located at 1030, 1035 and 1040 Collier Center Way in Naples. The sellers were Star Investments Inc., Collier Center Way Development Inc. and Business Lane Development Inc. David Stevens of Investment Properties Corp. and Clay Winfield of WBDC Inc. represented the sellers in the transaction. Brock Rasmussen of Lee & Associates represented the buyer.

May 13, 2021

Acquisitions Massachusetts Northeast Office

MCRE, Taconic Capital Buy Downtown Boston Office Building for $23M

by Taylor Williams May 13, 2021

BOSTON — A joint venture between owner-operator MC Real Estate Partners LLC (MCRE) and an affiliate of New York City-based Taconic Capital Partners LP has acquired 11 Avenue de Lafayette, a 57,000-square-foot office building in downtown Boston. Scott Dragos and Tim Mulhall of CBRE represented the seller, nonprofit educational travel organization Elderhostel, in the transaction. As part of the deal, Elderhostel will now occupy a full floor of the five-story building via a sale-leaseback. The remaining 40,000 square feet of space is available for lease.

May 13, 2021

Leasing Activity New York Northeast Office

Tishman Speyer Opens Two Coworking Spaces in Manhattan

by Taylor Williams May 13, 2021

NEW YORK CITY — Tishman Speyer has opened two new spaces for Studio, the locally based landlord’s coworking concept, at 11 W. 42nd St. and 175 Varick St. in Manhattan. The first location spans approximately 40,000 square feet, and the second one comprises three floors with the potential to grow to 80,000 square feet. The spaces feature private offices of various sizes, and members have access to an on-demand and onsite suite of amenities created by Tishman Speyer. Those amenities include in-person and virtual wellness and fitness programs, backup childcare, food delivery and onsite medical services.

May 13, 2021

Development Office Texas

United Development Completes Renovation of Office Building in Dallas

by Taylor Williams May 12, 2021

DALLAS — Locally based owner United Development Co. has completed renovations of Park Forest, an office building located at 3530 Forest Lane in Dallas. The project began in 2018 with the relocation of office tenants from two one-story buildings to a three-story, 66,299-square-foot building. The project also included upgrades to the new building’s common areas, amenity spaces and exteriors. The two one-story buildings were demolished, and a Lone Star Self Storage facility will open in their place in June.

May 12, 2021

California Company News Office Western

World-Renowned Commercial Real Estate Architect Art Gensler Passes Away at 85

by Amy Works May 11, 2021

SAN FRANCISCO — M. Art Gensler Jr., founder of San Francisco-based global design firm Gensler, passed away on Monday. At the age of 85, Gensler died at his Mill Creek, Calif., home following an 18-month battle with lung disease, according to the San Francisco Chronicle. In 1965, along with his wife Drucilla Cortell Gensler and James Follett, Gensler co-founded the design firm M. Arthur Gensler Jr. & Associates in San Francisco. Since its founding, the firm has grown from a three-person operation to more than 5,000 employees across 50 locations globally. “Art didn’t want to be a ‘starchitect,’” says Andy Cohen, Gensler co-CEO. “In fact, what he built was a constellation of stars by hiring smart people and getting out of their way. It’s why Gensler is a pioneer in our industry, and Art’s legacy will remain embedded in our firm’s unique culture.”

May 11, 2021

Acquisitions Florida Office Southeast

KBS Sells Office Campus in South Florida to Banyan Street Capital for $52.3M

by Julia Sanders May 11, 2021

WESTON, FLA. — KBS has sold a two-building, 149,103-square-foot office campus in Weston, a suburb of Fort Lauderdale in Broward County. The Class A property, Weston Corporate Center, was sold to an affiliate of Banyan Street Capital for $52.3 million. Christian Lee and José Lobón of CBRE represented KBS in the sale transaction. KBS acquired Weston Corporate Center in 2015 and implemented upgrades to the center, including updated atrium lobbies with new furniture and a coffee bar, as well as a full renovation of all the multi-tenant restrooms in both buildings. In addition, the KBS previously implemented significant structural enhancements, including a new roof section on Weston Corporate Center I, substantial HVAC and LED lighting upgrades, a resealed and restriped parking lot and an updated exterior sitting area. Weston Corporate Center is located at 2500 Weston Road and 2700 S. Commerce Parkway, and is located close to Interstates 75, 595 and 95 and the Florida Turnpike. Built in 1997 and 1998, Weston Corporate Center comprises two four-story buildings that were a combined 94 percent leased at the time of sale.

May 11, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Partnership Buys 52-Acre Commercial Campus Near Boston, Plans Life Sciences Conversion

by Taylor Williams May 11, 2021

BEDFORD, MASS. — A partnership between boutique investment manager Optimum Asset Management, Boston-based developer Redgate and AEW Capital Management LP has purchased a 52-acre commercial campus in Bedford, located northwest of Boston. The new ownership plans to convert the existing 288,000-square-foot anchor office building into a life sciences facility. The site also has the capacity to support another 300,000 square feet of office, lab and manufacturing space. The seller was not disclosed. Matt Sherry and Jon Schneider of JLL brokered the sale. JLL is also marketing the property for lease.

May 11, 2021

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