Office

Cushman & Wakefield Negotiates $43.8M Sale of Office Property in Jacksonville

by Julia Sanders August 17, 2021

JACKSONVILLE, FLA. — Cushman & Wakefield has negotiated the sale of 6651 Gate Parkway, a 120,407-square-foot office building in Jacksonville. Mike Davis, Karl Johnston, Rick Brugge, Rick Colon, Dominic Montazemi, Zach Eicholtz and Chloe Strada of Cushman & Wakefield represented the seller, Real Capital Solutions, in the transaction. Aventura, Fla.-based MG3 REIT LLC acquired the property for $43.8 million. Located in the heart of Deerwood Park, the four-story building is fully leased to McKesson Corp., a provider of healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care and healthcare information solutions. Built-to-suit for McKesson in 2019, 6551 Gate Parkway houses nearly 800 employees and features collaborative workspace, lake views, highway visibility and walkable amenities. Additionally, 6551 Gate Parkway has received WELL and LEED Silver certifications.

August 17, 2021

Leasing Activity Office Texas

Entergy Signs 107,614 SF Office Lease Expansion at Hughes Landing in The Woodlands, Texas

by Taylor Williams August 17, 2021

THE WOODLANDS, TEXAS — Fortune 500 energy firm Entergy has signed a 107,614-square-foot office lease expansion at Hughes Landing, a 79-acre development located in The Woodlands, about 30 miles north of Houston. The company is expanding by 53,604 square feet within the Lake Front North campus at Hughes Landing to provide additional space for its 650-plus employees. Bob Parsely, Norm Munoz, Jillian Fredricks and Connor Duffy with Colliers International represented the landlord, The Howard Hughes Corp., in the lease negotiations. Hugh Herman, Carla Williams and Andy Ghertner with Cushman and Wakefield represented Entergy.

August 17, 2021

Acquisitions Office Texas

Colliers Brokers Sale of 79,956 SF Office Building in East Houston

by Taylor Williams August 17, 2021

HOUSTON — Colliers International has brokered the sale of Atrium 10 Tower, a 79,956-square-foot office building located on Houston’s east side. The six-story property is situated on a 2.4-acre site that fronts Interstate 10 and Loop 610. David Carter of Colliers represented the undisclosed seller in the transaction. Guy Brown of Texas Overland represented the buyer, an entity doing business as 11811 Properties.

August 17, 2021

Acquisitions New York Northeast Office

Harbor Group International Agrees to Buy Midtown Manhattan Office Building for $760M

by Taylor Williams August 17, 2021

NEW YORK CITY — Harbor Group International (HGI) has entered into an agreement to buy 51 West 52nd Street, an office building in Midtown Manhattan known as the CBS Building, for $760 million. As the former owner-occupier, ViacomCBS will lease back its space on a short-term basis. The deal marks the first sale of the building since it originally opened in 1964. HGI plans to implement a significant capital program to reposition the property in support of a long-term leasing plan. Updates will include significant upgrades to the lobby and other tenant amenities. CBRE leases the building. The deal is expected to close by the end of the year.

August 17, 2021

Loans New York Northeast Office

Cushman & Wakefield Arranges $106M Acquisition Loan for Brooklyn Office Condo

by Taylor Williams August 17, 2021

NEW YORK CITY — Cushman & Wakefield has arranged a $106 million acquisition loan for an office condominium located at 12 MetroTech Center in downtown Brooklyn. The condo consists of five floors totaling 186,000 square feet that are situated within a larger building whose lower 25 floors are owned by the City of New York. Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez of Cushman & Wakefield arranged the five-year, interest-only loan through Starwood Property Trust on behalf of the borrower, an entity doing business as 60 Guilders. Doug Harmon, Adam Spies, Adam Doneger, Dan OBrien, Rachel Humphrey and Meaghan Philbin of Cushman & Wakefield brokered the sale of the asset.

August 17, 2021

Leasing Activity New York Northeast Office

Freehill Hogan & Mahar Signs 17,333 SF Office Lease Renewal at 80 Pine Street in Manhattan

by Taylor Williams August 17, 2021

NEW YORK CITY — Law firm Freehill Hogan & Mahar has signed a 17,333-square-foot office lease renewal at 80 Pine Street, a 1.2 million-square-foot building that occupies a full city block in Lower Manhattan. Howard Nottingham and Allyson Bowen of Savills represented the tenant in the negotiations for the 11-year lease. Kevin Daly represented the landlord, The Rudin Family, on an internal basis. The deal coincides with the completion of the first phase of Rudin’s capital improvement program, which included the renovation of the lobby and entrances.

August 17, 2021

Healthcare Life Sciences Market Reports Multifamily Northeast Northeast Market Reports Office

How Multifamily Owners Can Cater to the Northeast’s Growing Base of Life Sciences Renters

by Taylor Williams August 17, 2021

By Justin Wybenga, vice president of asset services, GMH Communities Every day, we see the world constantly changing. Whether it’s advancements in technology, culture, arts or sciences, there are many things to look forward to as life and business return to normal. One sector of commercial real estate that continues to experience breakthroughs is life sciences. Case in point: Mayor Bill de Blasio and the NYC Economic Development Corp. announced that the organization would double its investment to $1 billion to establish New York City as the global leader in life sciences. With the increasing demand for research and lab space comes an emerging need for innovative housing that supports the rapidly growing population of researchers, professors, graduate students and third-shift workers. Historically, amenities and services for this group have been an afterthought. We saw a void in this space and recently launched a completely new vertical called “Innovative Living.” Innovative Living takes best practices from conventional multifamily and student housing, including cutting-edge technology and best-in-class amenities and services, and tailors those features to accommodate the specific needs of professionals and graduate and postgraduate students working or learning in major innovation hubs. Understand Residents’ Needs Fostering a collaborative living environment …

August 17, 2021

Leasing Activity Office Texas

Trintech Signs 70,000 SF Office Headquarters Lease at Granite Park Seven in Plano

by Taylor Williams August 16, 2021

PLANO, TEXAS — Trintech, a locally based provider of financial software products, has signed a 70,000-square-foot office lease for its new headquarters space at Granite Park Seven in Plano. Craig Wilson and Randy Cooper of Stream Realty Partners represented the tenant in the lease negotiations. Union Investment owns the asset, having purchased it from Granite Properties in 2018.

August 16, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

TMRW Life Sciences Inks 38,000 SF Lease Expansion at 250 Hudson Street in Manhattan

by Taylor Williams August 16, 2021

NEW YORK CITY — TMRW Life Sciences, which provides management systems and solutions for in vitro fertilization, has signed a 38,000-square-foot lease at 250 Hudson Street in Manhattan. The tenant currently occupies a portion (5,500 square feet) of the seventh floor of the 15-story building and will relocate from that space to occupy the entire sixth floor and part of the ground floor. Mitti Liebersohn of Avison Young represented TMRW Life Sciences in the lease negotiations. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis.

August 16, 2021

Loans Office Southeast Tennessee

Natixis Provides $51.5M in Financing FedEx Logistics Headquarters in Downtown Memphis

by Julia Sanders August 16, 2021

MEMPHIS, TENN. — Natixis, a France-based financial services firm, has provided $51.5 million in floating-rate financing for FedEx Logistics headquarters in downtown Memphis. The financing was provided to the subsidiaries of SomeraRoad Inc. The financing will refinance the FedEx Logistics headquarters building, a 193,836-square-foot, Class A office building located at 145 Lt. George W Lee Ave. in downtown Memphis. SomeraRoad will also use the financing to fund the renovation of the parking lot across the street near the FedEx Forum. The office building serves as the new global headquarters for FedEx Logistics, the supply chain and trade arm of FedEx Corp. The building was formerly a Gibson Guitar factory. FedEx Logistics moved its global headquarters to the Memphis office building in April 2020.

August 16, 2021

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