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6501 Weston Parkway
AcquisitionsNorth CarolinaOfficeSoutheast

JLL Brokers $24M Sale of Suburban Office Property in Metro Raleigh

by Julia Sanders

CARY, N.C. — JLL Capital Markets has brokered the $24 million sale of 6501 Weston Parkway, a 93,582-square-foot office property in Cary. Chris Lingerfelt, Ryan Clutter and Ryan Eklund of JLL represented the seller, Albany Road Real Estate Partners. NAI Tri Properties represented the buyer, an entity doing business as 6501 Weston LLC. 6501 Weston Parkway is a three-story office building that was fully leased at the time of sale to a diverse tenant roster including Time Warner Cable, Zift Solutions and Aerotek. The property is located on an 8.5-acre site close to Interstates 40 and 540 and about five miles south of Raleigh-Durham International Airport. Built in 1996, the property was renovated in 2016 with renovations to the the lobby, corridors and restroom with showers on the first floor.

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The-Star-Office-Building-Frisco
DevelopmentOfficeTexas

Blue Star Land, Lincoln Property to Develop 313,000 SF Office Building at The Star in Frisco

by Taylor Williams

FRISCO, TEXAS — A partnership between Blue Star Land Co. and Dallas-based Lincoln Property Co. will develop a 313,000-square-foot office building at The Star, the Dallas Cowboys’ headquarters facility in Frisco. Designed by HKS Partners, the 11-story building will feature an 8,000-square-foot amenity deck and a 100-seat conference room. Construction is scheduled to begin before the end of the month and to be complete in the first quarter of 2023. Accounting firm Cain Watters & Associates has signed a lease as the building’s first tenant. Lincoln Property Co. is also handling leasing of the building.

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2-N-Lake-Pasadena-CA
AcquisitionsCaliforniaOfficeWestern

Cushman & Wakefield Negotiates Sale of 242,012 SF Office Portfolio in Pasadena, California

by Amy Works

PASADENA, CALIF. — Cushman & Wakefield has arranged the sale of a three-building office portfolio, known as 2 N Lake, in downtown Pasadena. A Los Angeles-based private investor acquired the asset from 2 North Lake JV LLC, a private family ownership located in Hong Kong and Los Angeles, for $80 million. Totaling 242,012 square feet, the portfolio consists of an 11-story building, a three-story building, a single-story building and a six-story parking garage. The buildings were collectively 63 percent leased at the time of sale. The buyer plans to implement a Class A repositioning of the property, including renovating the lobbies, activating the outdoor areas and implementing other interior and exterior upgrades. Mike Condon Jr., Erica Finck, Bailey Dawson and Marc Renard of Cushman & Wakefield represented the seller, while the buyer was unrepresented in the deal. Cushman & Wakefield’s Shaun Stiles, Steven Marcussen and Katie Cowan also partnered in the sale and were retained for future leasing of the property.

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Life SciencesLoansMichiganMidwestOffice

Mag Mile Capital Arranges $7M Loan for Refinancing of Flex Office Property in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 128,000-square-foot flex office property located at 600 S. Wagner Road in Ann Arbor. An entrepreneurial community occupies the building. Members include professionals from startups and established companies across sectors such as life sciences, drug discovery, medical devices, alternative energy mobility, robotics and business development. The property includes wet labs, offices, production areas, collaborative spaces, warehouse storage, coworking areas and conference rooms. A regional credit union provided the recourse loan at an interest rate of 3.75 percent.

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AcquisitionsCompany NewsData CentersDistrict of ColumbiaIndustrialLife SciencesMarylandOfficeSoutheastTexasTop StoriesVirginia

PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions

by John Nelson

WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …

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DevelopmentNew YorkNortheastOffice

Omnibuild Begins Renovation of 300,000 SF Office Building in Manhattan

by Taylor Williams

NEW YORK CITY — Locally based general contractor Omnibuild has begun the gut renovation of 122 Fifth Avenue, a 300,000-square-foot office building in Manhattan’s Union Square neighborhood. Project partners include developer/owner Bromley Cos. and STUDIOS Architecture. The project will upgrade the existing building’s MEP systems and elevators and install a rooftop pavilion with green space and seating areas. In addition, the development team will add a new 10-story structure along 17th Street.

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DevelopmentIllinoisIndustrialMidwestOffice

Premier Design + Build Group Breaks Ground on New Corporate Headquarters in Suburban Chicago

by Kristin Harlow

BUFFALO GROVE, ILL. — Premier Design + Build Group LLC has broken ground on its new corporate headquarters in Buffalo Grove, a northwest suburb of Chicago. The 50,516-square-foot, two-story project is slated for completion in July 2022. Located at 1305 Busch Parkway, the development will include outdoor workspaces, breakout rooms, huddle spaces, two canopied entrances, two drive-in doors, four dock positions and a full indoor basketball court. Premier says the move is prompted by rapid growth at the design and construction firm. Premier recently sold its previous headquarters building that it’s occupied for seven years in Itasca. The project team includes architect Cornerstone Architects Ltd., structural engineer Swift Structural Design and civil engineer Spaceco Inc.

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1801 Peachtree St
AcquisitionsGeorgiaOfficeSoutheast

Skyline Seven Real Estate Brokers $8.8M Sale of Office Building in Atlanta

by Julia Sanders

ATLANTA — Skyline Seven Real Estate has brokered the sale of an office building in the Buckhead submarket of Atlanta. Elliott Kyle and Chase Murphy of Skyline Seven represented the buyer, an Atlanta-based private investor that purchased the asset for $8.8 million. Jeff Richardson of CTR Commercial Real Estate represented the seller, Inman Property Co. Located at 1801 Peachtree St., the office building is situated about 0.4 mile from Piedmont Hospital, about 2.4 miles from Piedmont Park and 14.5 miles from Hartsfield-Jackson Atlanta International Airport. The building totals 52,833 square feet and is leased to 10 tenants with three vacant spaces.

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AcquisitionsMidwestMissouriOffice

Avison Young Negotiates Sale of 181,631 SF Office Building in Metro St. Louis

by Kristin Harlow

DES PERES, MO. — Avison Young has negotiated the sale of a 181,631-square-foot Class A office building at 12800 Corporate Hill Drive in Des Peres, just west of St. Louis. The sales price was undisclosed. The six-story property, built in 1984 and renovated in 2020, is fully occupied on a long-term basis by Centene Corp. The building features 30,000-square-foot floor plates and a three-story parking garage that can accommodate nearly 1,000 vehicles. Erik Foster and Mike Wilson of Avison Young represented the seller, a regional institutional asset manager. Sovereign Capital was the buyer.

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AcquisitionsOfficeTexas

Colliers Negotiates Sale of 25,133 SF Office Building in Grapevine, Texas

by Taylor Williams

GRAPEVINE, TEXAS — Colliers International has negotiated the sale of a 25,133-square-foot office building located near Dallas-Fort Worth International Airport in Grapevine. The property was fully occupied at the time of sale. Cody Payne of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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