Office

J.C. Anderson Completes 32,576 SF Spec Office Buildout in Chicago

by Kristin Harlow September 3, 2021

CHICAGO — J.C. Anderson has completed construction of a 32,576-square-foot spec office suite buildout for owner GlenStar at the Chicago Board of Trade Building. Located in Chicago’s Loop at 141 W. Jackson Blvd., the property was originally built in 1930. The scope of the project included building out spec suites on the 13th floor that range in size from 2,300 to 7,500 square feet. The spaces feature conference rooms, private offices, huddle rooms, break rooms and open office areas. MRSA Architects & Planners served as architect. This is the third spec suite project that J.C. Anderson has completed for GlenStar at the building.

September 3, 2021

1-Van-de-Graaffe-Drive-Burlington-Massachusetts

Acquisitions Massachusetts Northeast Office

Newmark Arranges Sale of 157,229 SF Office Building in Burlington, Massachusetts

by Taylor Williams September 3, 2021

BURLINGTON, MASS. — Newmark has arranged the sale of a 157,229-square-foot office building located at 1 Van de Graaff Drive in Burlington, a northern suburb of Boston. The property offers proximity to Interstate 95/Route 128 and amenities such as a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer, commercial owner-operator FoxRock Properties, in the transaction.

September 3, 2021

Features Industrial Multifamily Office Retail

CBRE Survey: Cap Rates to Return to Pre-Pandemic Levels for Industrial, Office and Suburban Multifamily Properties

by Julia Sanders September 2, 2021

DALLAS — Industry professionals believe the commercial real estate values for industrial, office and suburban multifamily properties across the United States are expected to return to pre-pandemic levels or remain stable, hinting at a potential full recovery for the rest of 2021, according to a CBRE Group Inc. survey released on Aug. 31. CBRE’s survey looked at capitalization rates for stabilized assets and investment sentiment on market conditions. Capitalization rates measure a property’s value by dividing its net operating income by its sale price and a lower cap rate generally shows a higher value. In the survey, investors predicted cap rate movement will vary across different property types for the second half of 2021. For example, cap rates for industrial and multifamily properties are expected to compress in most markets, while the cap rates for office, retail and hotel properties are expected to stay steady. The survey also found that investors were willing to purchase industrial and multifamily properties at a premium or higher price than other property types. Additionally, investors looked mainly for small to moderate pricing discounts for office properties, and moderate to large discounts for retail properties and hotels. More than 75 percent of real estate investors …

September 2, 2021

Leasing Activity New York Northeast Office

Adyen Signs 30,415 SF Office Lease at 71 Fifth Avenue in Manhattan’s Union Square

by Taylor Williams September 2, 2021

NEW YORK CITY — Adyen, a Dutch provider of digital payment platforms, has signed a 30,415-square-foot office lease at 71 Fifth Avenue in Manhattan’s Union Square neighborhood. The tenant will occupy 15,177 square feet on the entire 10th floor and 15,238 square feet on the entire 11th floor of the building, which was originally constructed in 1907. Rory Murphy and Thomas Hines of Transwestern represented Adyen in the lease negotiations. Mitchell Konsker, Dan Turkewitz and Ben Bass of JLL, along with internal agents Joseph Jacobson, Jonathan Ratner and Cindy Chang, represented the landlord, Madison Capital.

September 2, 2021

Development Office Southeast Virginia

Skanska to Build $129M Office Development in Arlington, Virginia

by Julia Sanders September 1, 2021

ARLINGTON, VA. — Skanska USA will invest $129 million to build 3901 Fairfax, an office development in Arlington. Construction is expected to begin this month, and the project is slated for completion in 2023. 3901 Fairfax will be a nine-story, approximately 204,514-square-foot office building and will include a private rooftop deck, conference center, ground floor fitness center, 250-space parking garage with electric car charging stations, ground-floor retail space and a public plaza. Skanska USA received WELL Core Pre-certification for the project and will try to get LEED and WiredScore Gold certifications, as well as an Energy Star certification.

September 1, 2021

Loans Northmarq Office Texas

NorthMarq Arranges Acquisition Financing for 64,132 SF Office Building in Metro Houston

by Taylor Williams September 1, 2021

MISSOURI CITY, TEXAS — NorthMarq has arranged an undisclosed amount of acquisition financing for a 64,132-square-foot office building located in the southwestern Houston suburb of Missouri City. Matt Franke of NorthMarq arranged the nonrecourse loan, which carried a 10-year term and a 25-year amortization schedule, through Innovative Capital Advisors on behalf of the undisclosed borrower. The building was 91 percent leased at the time of the loan closing, with Wells Fargo serving as the anchor tenant.

September 1, 2021

Acquisitions Office Texas

Newmark Negotiates Sale of 512,269 SF Office Complex in Irving’s Las Colinas District

by Taylor Williams August 31, 2021

IRVING, TEXAS — Newmark has negotiated the sale of a 512,269-square-foot office complex located within Las Colinas Urban Center in Irving. The 22-story property overlooks Lake Carolyn and was 77 percent leased at the time of sale to a tenant roster that includes multifamily developer JPI. Onsite amenities include a deli, fitness center and a conference facility. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer, a partnership between Dominus Commercial Inc. and Convergent Capital Partners, plans toa invest about $20 million in capital improvements.

August 31, 2021

Acquisitions Office Texas

CenterSquare, Preferred Real Estate Buy 240,000 SF Office Property in Metro Dallas

by Taylor Williams August 31, 2021

LEWISVILLE, TEXAS — A joint venture between Metro Philadelphia-based CenterSquare Investment Management and Dallas-based Preferred Real Estate Investments Inc. has acquired Lake Vista 7, a 240,000-square-foot office property located in the northern Dallas suburb of Lewisville. An undisclosed Fortune 500 company is vacating the building, and the new ownership will implement a value-add program with enhanced amenities such as a fitness center, meeting rooms, outdoor collaboration spaces and multiple dining options.

August 31, 2021

Leasing Activity Michigan Midwest Office

Awecomm Technologies Signs 5,112 SF Office Lease in Troy, Michigan

by Kristin Harlow August 31, 2021

TROY, MICH. — Awecomm Technologies LLC has signed a 5,112-square-foot office lease at PNC Center in Troy. The IT company is currently located at 165 Kirts Blvd. in Troy. Built in 1974 and renovated in 2002, PNC Center rises 25 stories and spans 535,000 square feet. Steve Eisenshtadt and Robert Gagniuk of Friedman Real Estate represented the undisclosed landlord in the lease transaction.

August 31, 2021

Leasing Activity Northeast Office Pennsylvania

TriState Capital Bank Signs 22,000 SF Office Lease in Downtown Pittsburgh

by Taylor Williams August 31, 2021

PITTSBURGH — Regional lender TriState Capital Bank Inc. (NASDAQ: TSC) has signed a 22,000-square-foot lease to occupy the entire 16th floor at 11 Stanwix Street, an office building in downtown Pittsburgh. Jason Stewart and Jeff Adams of JLL represented the landlord, a partnership between M&J Wilkow and DRA Advisors, in the lease negotiations. Brendan McManus and Michael Connor of Hanna Langholz Wilson Ellis represented the tenant. The deal increases TriState’s total footprint in downtown Pittsburgh to roughly 68,000 square feet.

August 31, 2021

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