Office

BioScience Properties, Harrison Street Acquire Office Property Near Palo Alto for $40.7M, Plan Life Science Conversion

by Amy Works March 2, 2021

MOUNTAIN VIEW, CAILF. — A joint venture between BioScience Properties and Harrison Street has acquired an office building, located at 303 Ravendale Drive in Mountain View, from 303 MVRP LLC for $40.7 million. The buyers plan to convert the 67,000-square-foot building into a speculative life science asset by upgrading the property with lab improvements suitable for biology and chemistry uses. The converted building will feature sinks, compressed air, vacuum, backup power, fume hoods and single-pass air in the laboratory areas. Built in 1978, the building offers a flexible plan suitable for a single tenant as well as divisibility options for partial building users. Erik Doyle and Alec Hanley of CBRE Capital Markets in Palo Alto represented the seller in the deal.

March 2, 2021

Acquisitions Colorado Office Western

Vista Investment Group Enters Denver Market with $30.4M Signature Centre Office Building Acquisition

by Amy Works March 2, 2021

DENVER — Los Angeles-based Vista Investment Group has purchased Signature Centre, a five-story, Class A office building located at 14143 Denver West Parkway in Denver. An undisclosed seller sold the asset for $30.4 million. The 185,743-square-foot building features a 2,400-square-foot fitness center with showers and lockers; balconies; an on-site deli; three-level underground parking garage; and a surface parking lot. Built in 2007, the property is one of seven LEED Platinum Core & Shell-certified buildings in Colorado. It features passive solar design and airflow systems, hydronic heating and cooling, and 100 percent raised flooring. At the time of sale, the property was fully occupied and serves as the global headquarters of CoorsTek, a manufacturer of technical ceramics. Tim Richney, Charley Will, Mike Winn, Chad Flynn and Jenny Knowlton of CBRE’s Denver office represented the seller in the transaction.

March 2, 2021

Leasing Activity Office Texas

CarOffer Signs 60,000 SF Office Sublease in Metro Dallas

by Taylor Williams March 1, 2021

ADDISON, TEXAS — CarOffer, an online automotive trade platform, has signed a 60,000-square-foot office sublease at 15601 Dallas Parkway in the northern suburb of Addison. CarOffer, which is subleasing the space from date center services provider Cyxtera Technologies, is relocating and expanding from a 27,000-square-foot space in Plano. Clay Vaughn and Preston Lynn of CBRE represented CarOffer in the lease negotiations. Brian Brooks and Brian Brtalik of Foundry Commercial represented Cyxtera. Chris Taylor with Cushman & Wakefield and Trey Smith with CBRE represented the undisclosed owner of the building.

March 1, 2021

California Market Reports Office Western Western Market Reports

Inland Empire Office Demand Stagnates, Medical Office Leasing Remains Strong

by Jeff Shaw March 1, 2021

By Drew Sanden, Senior Managing Director, Newmark The Inland Empire office market boasted very strong fundamentals heading into 2020. The vacancy rate across the 28.3 million-square-foot base was 9.5 percent, lease rates were reaching peak levels and developers were again exploring larger spec developments. Like many markets across the U.S., COVID-19 has greatly impacted the Inland Empire’s office market. Office usage, demand, absorption and leasing transactions are down year-over-year. Large back-office transaction volume has been the most impacted as companies struggle to manage the social distancing guidelines. With that said, the suburban nature of the Inland Empire has helped insulate the office market. The combination of affordable housing (relative to Southern California’s coastal communities) and remote work opportunities have strengthened the overall workforce. This pandemic has acted as an accelerator for the hub-and-spoke trend where companies have larger regional offices in CBDs like Los Angeles and Irvine, while maintaining smaller satellite offices in suburban markets. We’ve seen an influx of small satellite offices in Corona, Ontario, Rancho Cucamonga and Riverside. Demand for medical office building (MOB) leasing and sales has remained strong. This trend was highlighted with the pre-sale of two medical office buildings at the Rincon in Chino Hills, …

March 1, 2021

Development Mixed-Use Multifamily Office Retail Southeast Tennessee

SomeraRoad to Develop $200M Paseo South Gulch Towers in Nashville

by Julia Sanders February 25, 2021

NASHVILLE, TENN. — SomeraRoad, a commercial real estate investment and development company, is developing a mixed-use project known as Paseo South Gulch in Nashville. The $200 million property will be located at 620 Eighth Ave. S. The property’s 16-story tower 1 is expected to be finished by 2023, and the 20-story tower 2 is expected to be completed by 2024. The two towers will total 608 residential units. Between the high rises, there will be 18,000 square feet of office space and 14,000 square feet of new retail space. The base of the towers blends with the original Voorhees Building and former Antiques Mall. SomeraRoad plans to refurbish the original bow truss roof and brick façade of the Antiques Mall, which will open in March. The development company also plans to update the Voorhees Building with all new windows, elevators and building systems, as well as a glass rooftop addition. The building is expected to open in June. SomeraRoad partnered with ESa, Hawkins Partners, Manuel Zeitlin Architects and Kimley-Horn on the design front, as well as Cushman & Wakefield and Ojas Partners for office and retail leasing, respectively.

February 25, 2021

Illinois Loans Midwest Office

JLL Arranges $153M Loan for Refinancing of Chicago Office Tower

by Kristin Harlow February 25, 2021

CHICAGO — JLL Capital Markets has arranged a $153 million loan for the refinancing of 123 North Wacker, a 33-story office tower in Chicago’s central business district. The 550,000-square-foot building is situated in the West Loop submarket. The property has undergone more than $33 million in capital improvements over the past few years, including a reimagined lobby, a new tenant lounge and barista bar. Additional amenities include a conference center, fitness center, bike room and private rooftop terrace. The occupancy rate was not disclosed, but the property is home to 36 tenants. Keith Largay and Lucas Borges of JLL arranged the five-year, floating-rate bridge loan on behalf of the borrower, LaSalle Investment Management’s Income & Growth Fund Series. Mesa West Capital provided a $37 million mezzanine loan. LaSalle has owned the building since early 2017.

February 25, 2021

Development Life Sciences North Carolina Office Southeast

Trinity Capital, SLI Capital Top Out 210,000 SF Office and Life Sciences Center in Downtown Durham

by Julia Sanders February 24, 2021

DURHAM, N.C. — Trinity Capital Advisors and SLI Capital have topped out a new Class A office project in downtown Durham called The Roxboro at Venable. The eight-story office and life sciences center is located within the mixed-use Venable Center at 380 East Pettigrew St. Duda|Paine Architects is the designer for the 210,000-square-foot project, which is expected to be opened by 2022. The Roxboro at Venable will feature tall floor-to-floor heights, built-in accommodation for lab infrastructure and dedicated back-up power. The property also will include touchless entry and elevator systems, air purification systems in elevators and open-air sky terraces on the two upper floors. The Roxboro previously was a warehouse for Venable Tobacco Co., a subsidiary of the Dibrell Brothers tobacco business of Danville, Va. Trinity Capital Advisors is a real estate development and investment firm with offices in Charlotte and Raleigh. SLI Capital is a Raleigh-based real estate investment firm.

February 24, 2021

Acquisitions Office Texas

JLL Arranges Sale of 20-Story Pier 1 Imports Tower to City of Fort Worth

by Taylor Williams February 24, 2021

FORT WORTH, TEXAS — JLL has arranged the sale of the 20-story, 409,997-square-foot Pier 1 Imports office tower to the City of Fort Worth. The city plans to occupy about 260,000 square feet of space by 2022 at the building, which is located at 100 Energy Way in the downtown area, including the relocation of Fort Worth City Hall. Amenities include a fitness center and a cafeteria. Todd Burnette, Pat McDowell, David Berzina and John Davidson of JLL brokered the deal. According to the Fort Worth Business Press, Pier 1 sold the building in 2008 to Chesapeake. Hines acquired the property in 2014 and sold it to Hertz Investment Group in 2018. Pier 1 Imports filed for Chapter 11 bankruptcy in February 2020 and subsequently announced a full liquidation plan in May.

February 24, 2021

Acquisitions Office Texas

Newmark Brokers Sale of 246,060 SF Office Building in Arlington

by Taylor Williams February 24, 2021

ARLINGTON, TEXAS — Newmark has brokered the sale of AmeriCredit Center I, a 246,060-square-foot office building in Arlington that is fully leased to automotive finance firm AmeriCredit. According to LoopNet Inc., the three-story property was built on 25.4 acres in 1998. Gary Carr, Ken Hedrick, Jerry Hopkins and Andrew Ragsdale of Newmark represented the undisclosed seller in the transaction. The buyer was CFT Developments LLC.

February 24, 2021

Development Iowa Midwest Office

Alston, Ware Malcomb Complete Customer Service Center for Medline Industries in Dubuque, Iowa

by Kristin Harlow February 24, 2021

DUBUQUE, IOWA — Alston Construction and Ware Malcomb have completed a new customer service center for Medline Industries Inc. in Dubuque. The 130,000-square-foot call center features more than 1,000 workstations. The project also features an outside patio as well as a 5,200-square-foot multipurpose room with a basketball court and fitness center. Medline, a manufacturer and distributor of healthcare supplies, has added more than 100 new jobs at the Dubuque facility. Alston served as general contractor and Ware Malcomb provided architecture and interior design services for the project.

February 24, 2021

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