Office

Tishman Speyer Tops Out 2.8 MSF Spiral Office Tower in Manhattan’s Hudson Yards District

by Taylor Williams January 28, 2021

NEW YORK CITY — Tishman Speyer has topped out The Spiral, a 2.8 million-square-foot office tower located within Manhattan’s Hudson Yards mixed-use development. The 1,031-foot, 65-story building encompasses an entire city block between West 34th to West 35th streets and from 10th Avenue to the four-acre Bella Abzug Park. The Spiral, which was designed by Bjarke Ingels Group and is expected to open in 2022, is the future site of the global headquarters of pharmaceutical giant Pfizer, which will occupy 746,000 square feet. Law firm Debevoise & Plimpton LLP is also relocating its headquarters to The Spiral with a footprint of 531,000 square feet, while asset management firm AllianceBernstein has also committed to 166,000 square feet, bringing the building’s preleased occupancy rate to 51 percent. Tenants on every floor will have access to outdoor space as part of a series of spiraling landscaped terraces and hanging gardens that wrap around the façade of the tower. The building will also house 25,000 square feet of retail space.

January 28, 2021

Loans New York Northeast Office

Urban Standard Capital Provides $20M Loan for Refinancing of Manhattan Office Building

by Taylor Williams January 28, 2021

NEW YORK CITY — Urban Standard Capital, a locally based lending and investment firm, has provided a $20 million loan for the refinancing of 265 W. 37th St., a 23-story office building in Midtown Manhattan that includes ground-floor retail space. The borrower, Meyer Equities, will use portions of the proceeds to buy out its partner and to fund tenant improvements and leasing costs at the 263,349-square-foot building. Charlie Brosens of Urban Standard Capital originated the interest-only financing, which was structured with a 24-month term and a 5.25 percent interest rate.

January 28, 2021

Leasing Activity New York Northeast Office

Beam Suntory Signs 99,556 SF Office Lease at 11 Madison Avenue in Manhattan

by Taylor Williams January 28, 2021

NEW YORK CITY — Liquor producer Beam Suntory has signed a 99,556-square-foot office lease at 11 Madison Avenue in Manhattan for its new global headquarters. The 15-year lease covers the entire 12th floor and brings the 30-story building to full occupancy. David Kleinhandler, James Whalen, Maura Flanagan and Joe Cybulski of CBRE represented the tenant in the lease negotiations. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark represented the landlord, SL Green. The building, which currently houses tenants such as Credit Suisse and SONY Corp. of America, will also house a global office of Beam Suntory’s parent company, Suntory Holdings.

January 28, 2021

Development Indiana Industrial Midwest Mixed-Use Office Top Stories

Citimark Buys Massive hhgregg Headquarters Campus in Indianapolis, Plans Redevelopment

by Jeff Shaw January 28, 2021

INDIANAPOLIS — Citimark has acquired the former headquarters of hhgregg Inc. and announced plans to redevelop the 27-acre property on the far north side of Indianapolis. Citimark hasn’t unveiled full plans yet, but says it is considering single or multi-tenant flex, industrial and last-mile uses while preserving the flexibility for some retail out-lots. Appliance, electronics and furniture retailer hhgregg declared bankruptcy and liquidated all its assets in 2017, including closing its 220 stores and laying off more than 5,000 workers. The 400,000-square-foot headquarters, which featured office, industrial and showroom buildings, has sat vacant since then. The property’s unique shell design, with an open-air courtyard that can accommodate 200 cars, may have slowed the sale process. In January of 2019, national car dealer Napleton Auto Group kicked the tires on the property as a potential Kia dealership, before backing out later in the month, according to the Indiana Business Journal. Local contractor Deem LLC considered purchasing the property, but pulled out of the deal in November 2020, reported the Journal. Ultimately, Citimark emerged as the buyer in late December, paying $14 million for the asset. Alex Cantu with Colliers Indianapolis assisted Citimark with the purchase. Colliers Indianapolis brokers Jimmy Cohoat and …

January 28, 2021

Alaska Development Office Western

Perkins&Will Designs $30M Renovation of KeyBank Plaza Office Building in Downtown Anchorage

by Amy Works January 27, 2021

ANCHORAGE, ALASKA — Perkins&Will, a global architecture firm, in partnership with an Alaska-based developer, has designed the $30 million modernization and expansion of 601 W. 5th Avenue, formerly the KeyBank Plaza Building located in downtown Anchorage. Originally constructed in 1972 by Alaska Mutual Savings Bank, the nine-story property required extensive structural repairs as a result of the region’s 7.1 magnitude earthquake in November 2018. In addition to seismic reinforcements, the nine-story building will undergo an external transformation into a sleek, glacier-like office building, paying homage to Alaska’s natural wonders. The reimagined property will feature an additional 40,000-square-foot sloped façade that reconfigures the building to resemble a glacier. Floor-to-ceiling windows will replace the existing precast concrete cladding to allow for maximum natural light. The redesign also includes radiant heating, six new skylights and drought-tolerant native plants. The building will be retrofitted with significant interior improvements, including the replacement of all mechanical, electrical and plumbing systems; construction of a new stair tower; modernization of the elevators; and installation of a freight elevator.

January 27, 2021

Acquisitions Industrial Office Texas

Welcome Group Acquires 129,085 SF Office, Industrial Complex in West Houston

by Taylor Williams January 27, 2021

HOUSTON — Welcome Group LLC, a locally based investment firm, has acquired a 129,085-square-foot office and industrial complex in West Houston. The complex consists of four office buildings and one industrial building that were constructed in 2013 and are fully leased to three tenants, including Tally Energy Services. Ryan Wassaff and John Wilson represented Welcome Group on an internal basis.

January 27, 2021

Development Office Texas

Barings, B&Z Development Top Out 701 Rio Office Project in Downtown Austin

by Taylor Williams January 27, 2021

AUSTIN, TEXAS — Barings and B&Z Development LLC have topped out 701 Rio, a 120,983-square-foot office project in downtown Austin. Construction of the building, which will offer a fitness center with showers and lockers, as well as bike storage space, began in January 2020. Completion is slated for July. Barnes Gromatzky Kosarek Architects is designing the project, and Colorado-based Hensel Phelps is the general contractor. JLL is leasing the property.

January 27, 2021

Illinois Loans Midwest Office Top Stories

KBS Receives $375M Refinancing for Accenture Tower Office Building in Chicago

by Taylor Williams January 27, 2021

CHICAGO — California-based investment firm KBS has received a $375 million loan for the refinancing of Accenture Tower, a 40-story, 1.5 million-square-foot office building located at 500 W. Madison St. in downtown Chicago. Accenture Tower, named for the accounting firm formerly known as Arthur Andersen that changed its name following the 2001 Enron scandal, was originally built in 1987. The LEED Gold-certified building sits above the Ogilvie Transportation Center, one of two main train stations in Chicago’s West Loop, which connects the suburbs with the downtown area. In terms of amenities, Accenture Tower features a fitness center, tenant lounge, and conference centers. Tenants also have access to an onsite bank branch, courier service and concierge service. U.S. Bank and Bank of America jointly provided the financing, which consisted of a $281 million term loan and a $94 million revolving loan. The term loan was structured with a three-year initial term with two one-year extension options, and priced with floating interest rate over LIBOR. U.S. Bank will be the primary servicer of the loan. Deutsche Pfandbriefbank, a German bank specializing in real estate and public sector financing, participated in the transaction, though the company’s role was unclear. “The iconic nature of …

January 27, 2021

Acquisitions North Carolina Office Southeast

Big Cypress Capital, LPA Urban Sell Adaptive Reuse Office Property in Charlotte for $17.3M

by John Nelson January 26, 2021

CHARLOTTE, N.C. — Big Cypress Capital and LPA Urban have completed the $17.3 million sale of 2317 Thrift Road, a two-story adaptive reuse office property spanning 38,000 square feet in Charlotte’s FreeMoreWest neighborhood. Big Cypress Capital and LPA Urban purchased the asset in January 2019 and signed local advertising firm Wray Ward to anchor the space in summer 2019. The co-owners redeveloped the existing 19,000-square-foot structure and doubled the footprint with a new addition ahead of its delivery in October 2020. Naples, Fla.-based Big Cypress sold the asset via its Headwaters Strategic Operator platform. It was the first sale in the firm’s 2018 Vintage Year Headwaters Real Estate Opportunities Fund I. The buyer was a joint venture partnership that is backed by an undisclosed institutional investor.

January 26, 2021

Acquisitions Indiana Midwest Office

Square Deal Investment Management Acquires Salesforce Tower in Indianapolis

by Kristin Harlow January 26, 2021

INDIANAPOLIS — Square Deal Investment Management has acquired Salesforce Tower and the Circle Building, two Class A office towers in Indianapolis. The purchase price was $192.5 million, according to The Indianapolis Star, which also reports that the seller was California-based Hertz Investment Group. The adjacent buildings are located at 27 E. Ohio St. and 111 Monument Circle in the heart of the central business district. Salesforce maintains its regional headquarters in the 48-story Salesforce Tower. Ken Martin, Brian Carlton and Nelson Almond of JLL Capital Markets arranged an undisclosed amount of acquisition financing on behalf of the buyer, which is the asset management and investment allocation branch of Oklahoma City-based Square Deal Capital Inc.

January 26, 2021

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