Office

Bergman Real Estate, Eightfold Acquire 236,800 SF Office Building in Madison, New Jersey

by Taylor Williams August 5, 2021

MADISON, N.J. — A joint venture between New Jersey-based Bergman Real Estate Group and Eightfold Capital has acquired 7 Giralda Farms, a 236,800-square-foot office building in Madison, about 25 miles west of New York City. The seller was Mack-Cali Realty Corp. Built in 2000, the property is part of the Giralda Farms Corporate Campus, which consists of seven buildings totaling 1.1 million square feet on a 310-acre site. Tenants at the campus include Prudential, Leo Pharma Inc., Merck, Pfizer and Atlantic Health Systems. Michael Klein, Greg Nalbandian and Gerald Quinn of JLL arranged acquisition financing through Shem Creek Capital on behalf of the new ownership, which plans to implement a capital improvement program.

August 5, 2021

Georgia Loans Office Southeast Top Stories

JLL Arranges $421.8M Refinancing for Atlanta’s Piedmont Center Office Complex

by Jeff Shaw August 5, 2021

ATLANTA — JLL’s Capital Markets group has arranged a $421.8 million refinancing for Piedmont Center in Atlanta. The 2.2 million square foot, 14-building, Class A office complex is located on Piedmont Road NE in Atlanta’s Buckhead submarket. Proceeds from the loan were used to purchase four additional office buildings within the complex and to refinance the debt of Ardent’s existing holdings within Piedmont Center. The tenant roster includes technology, healthcare and professional services companies. The area is served by a MARTA Station that provides transportation throughout the city of Atlanta, as well as several thoroughfares such as Georgia 400 and Peachtree, Roswell and Lenox roads. The office space is located four miles north of Midtown, which offers amenities from museums to shopping to recreation. JLL’s Capital Markets team represented the borrower, The Ardent Cos., in the transaction to secure the floating-rate loan from a bank lender. Matt Casey and Ed Coco led the JLL Capital Markets team, while JLL’s brokerage team of David Horne and Jeff Taylor won the assignment to lease buildings five through eight. “Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace …

August 5, 2021

California Development Office Western

Irvine Co. Begins Construction of Final Phase of Spectrum Terrace Office Development in Irvine, California

by Amy Works August 4, 2021

IRVINE, CALIF. — Irvine Co. has started construction for the third and final phase of Spectrum Terrace, an office development located at the intersection of the 405, 5 and 133 freeways in Irvine. The final phase of the project will feature three four-story buildings totaling more than 345,000 square feet of Class A office space. Completion is slated for August 2022. Spectrum Terrace’s buildings are arranged in three terraced office neighborhoods that are adjacent to coastal wilderness and a 1.5-mile jogging/walking trail. The development also offers The Commons, an outdoor gathering area with shaded workspaces for meetings, breaks or small events; a private, resort-style fitness center; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and event space for up to 100 people. The property also features an Olympic-length pool, poolside cabanas, high-end locker rooms and grab-and-go food offerings. Spectrum Terrace is currently 80 percent leased. Tenants include Alteryx, CoStar Group, iHerb, Kajabi and RSM.

August 4, 2021

Acquisitions Office Southeast Virginia

S.L. Nusbaum Arranges $15.7M Sale of Three Office Buildings in Virginia Beach

by John Nelson August 4, 2021

VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Buildings Four, Five and Six within Pembroke Office Park in Virginia Beach. The three buildings total 167,660 square feet of Class B office space. Suburban Capital sold the buildings to the undisclosed buyer for $15.7 million. Pembroke Office Park is a 300,000-square-foot office park with five multi-tenant office buildings. The property is located close to Pembroke Mall, as well as retail, dining, hospitality and entertainment options at Town Center of Virginia Beach, a 25-acre lifestyle center in the city’s downtown district fronting the Atlantic Ocean. Stephanie Sanker and Sam Rapoport of S.L. Nusbaum Realty worked with Ten-X to represent the seller. The new owner has retained S.L. Nusbaum Realty to provide leasing and management services for the property.

August 4, 2021

Lindenwood-Corporate-Center-Malvern-Pennsylvania

Acquisitions Northeast Office Pennsylvania

Bridge Acquires 280,034 SF Lindenwood Corporate Center in Malvern, Pennsylvania

by Taylor Williams August 4, 2021

MALVERN, PA. — Bridge Office, a subsidiary of Bridge Investment Group, has acquired Lindenwood Corporate Center, a 280,034-square-foot office campus in Malvern, a northwestern suburb of Philadelphia. The property was built in 1985 and houses tenants such as PQ Corp., Siemens Corp. and Cisco Systems. The new ownership plans to invest about $8 million in capital improvements.

August 4, 2021

Development New York Northeast Office

KPG Funds Enters into Ground Lease to Develop 57,000 SF Office Building in Manhattan

by Taylor Williams August 4, 2021

NEW YORK CITY — Private equity firm KPG Funds has entered into a 99-year ground lease with The Salvation Army to develop Le Gallerie, a 57,000-square-foot office building at 132 W. 14th St. in Manhattan’s Greenwich Village. Construction is underway and scheduled for a January 2022 completion. James Nelson, Charles Kingsley, Erik Edeen and Alexandra Marolda of Avison Young, along with Andreas Metzger from The Corcoran Group, represented The Salvation Army in the lease negotiations.

August 4, 2021

Acquisitions Colorado Office Western

TerraCap Acquires 193,000 SF Denver Corporate Center Office Building for $31.1M

by Amy Works August 3, 2021

DENVER — TerraCap Management has purchased Denver Corporate Center I, formerly known as The Office at DTC, in Denver. Origin Investments and Hamilton-Titan Partners sold the asset for $31.1 million. Situated within the Denver Tech Center submarket, the 11-story building features 193,000 rentable square feet of Class A office space. The property was built in 1980. TerraCap acquired two sister buildings at this location in August 2019 for $71 million and holds the three buildings under one ownership. Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton of CBRE represented the sellers in the deal. Brightspire Capital provided debt financing for TerraCap with assistance from C.J. Kelly and Jeff Halsey of CBRE’s debt team. TerraCap hired JLL to handle leasing of the property and DPC as property manager.

August 3, 2021

Development North Carolina Office Southeast

JLL Secures Construction Financing for 533,889 SF Bandwidth Office Headquarters in Raleigh

by John Nelson August 3, 2021

RALEIGH, N.C. — JLL Capital Markets has secured equity and debt financing for the development of a 533,889-square-foot office campus in Raleigh that will serve as the corporate headquarters for Bandwidth Inc., a locally based software firm. The project is slated for completion in first-quarter 2023. Roger Edwards, Travis Anderson, Michael George, Coler Yoakam and Warren Johnson of JLL arranged the financing on behalf of the developer, a joint venture between East West Partners and Capitol Broadcasting Co. USAA Real Estate provided equity for the build-to-suit project, and Wells Fargo provided a construction loan. The loan and equity amount were not disclosed. The new campus will feature 460,073 square feet of Class A office space, a 29,091-square-foot fitness center, 13,425-square-foot recreational area, 31,300-square-foot Montessori School, an onsite amphitheater, walking trails, café, recreation fields and an onsite parking garage that will provide approximately 1,859 spaces. Located at the corner of Reedy Creek and Edwards Mill roads, the office building will be situated on 23.3 acres. Bandwidth plans to consolidate its three existing locations in Raleigh into the new development. The firm also owns 17 adjacent acres suitable for future expansion.

August 3, 2021

Acquisitions California Office Top Stories Western

KKR Purchases Silicon Valley Office Campus for $535M

by John Nelson August 3, 2021

SAN JOSE, CALIF. — Global private investor KKR has purchased HQ @ First, an office campus in Silicon Valley totaling 603,666 square feet. Mori Trust Co. Ltd., a real estate development firm based in Japan, sold the campus to KKR for $535 million, according to several media outlets. The LEED Gold-certified property was fully leased at the time of sale to data memory and storage manufacturer Micron Technologies and IT securities firm Zscaler. The campus is located at 110, 120, 130 Holger Way in San Jose in the heart of Silicon Valley’s “Golden Triangle,” which is home to globally renowned tech firms such as Cisco Systems, Adobe, PayPal and eBay. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction. KKR purchased HQ @ First via its KKR Real Estate Select Trust fund and selected San Francisco-based Drawbridge Realty to manage the office campus. “HQ @ First is a marquee property with great amenities, including onsite lab facilities, and access to Silicon Valley’s immense pool of talent,” says Justin Pattner, partner and head of real estate equity in the Americas at KKR. “We believe well-located trophy assets that can deliver a dynamic work environment for innovative …

August 3, 2021

Development Office Texas

D’Agostino, TGS Cedar Port to Develop 132,000 SF Office Project in Metro Houston

by Taylor Williams August 2, 2021

BAYTOWN, TEXAS — A partnership between local developer D’Agostino Cos. and TGS Cedar Port Partners LP will develop Cedar Port Office Plaza, a 132,000-square-foot project in the eastern Houston suburb of Baytown. Situated near Port Houston, the complex will consist of a 79,200-square-foot building and a 52,800-square-foot building that will be located within the 15,000-acre Cedar Port Industrial Park. Construction is scheduled to begin in October and to be complete in the first quarter of 2023. NAI Partners is leasing the project. TGS Cedar Port also plans to relocate its office headquarters to Cedar Port Office Plaza.

August 2, 2021

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