Office

Bridge Investment Sells Bridge Crossing Office Building in Metro Nashville for $46M

by Julia Sanders September 3, 2021

BRENTWOOD, TENN. — Bridge Investment Group has sold Bridge Crossing, a three-story, 199,194-square-foot office building in Brentwood, about 10.3 miles south of Nashville. Pacific Oak Capital Advisors purchased the property for $46 million. Jay O’Meara, Morgan Hillenmeyer, Roscoe High and Ryan Reethof of CBRE represented Bridge Investment in the transaction. Originally built in 1989, Bridge Investment purchased the property in January 2018 and rebranded the building for multi-tenant use by adding new signage. Bridge Crossing recently underwent a $3 million renovation, including a $1.8 million parking lot expansion that added 147 additional parking spaces. The third floor was also updated, and enhancements were made to common areas, lobbies and elevators. Bridge Crossing is fully occupied with leases signed through May 2026. The building is anchored by Fleetcor Technologies Inc., an Atlanta-based business payment processing firm. The property also has tenants including information technology and services company Cognizant and Comdata, a payment processing company. Comdata, which has had its headquarters at Bridge Crossing since 1996, has recently expanded its lease to 50,690 square feet on the third floor. Located at 5301 Maryland Way, Bridge Crossing is situated within Maryland Farms, a 400-acre, mixed-use park with over 20,000 jobs. Brentwood overall has …

September 3, 2021

Healthcare Loans Office Washington Western

Essex Financial Group Arranges $75M Refinancing for Medical Dental Building in Seattle

by Amy Works September 3, 2021

SEATTLE — Essex Financial Group has arranged a $75 million permanent loan for Menashe Properties to refinance Medical Dental Building, an infill medical office building in downtown Seattle. The sponsor purchased the 297,470-square-foot historic building in 2019 and assumed existing debt on the property. The seven-year loan features a fixed interest rate with three years of interest-only payments followed by a 30-year amortization. Alex Riggs and Blaire Butler of Essex Capital Markets secured the financing for the borrower. Originally built in 1924, the 18-story office building has undergone several renovations with the most recent completed in 2014. At time of financing, the property was 91 percent occupied by 123 tenants. The property also features ground-floor retail space, which a coffee shop and local pharmacy occupy.

September 3, 2021

Development Illinois Midwest Office

J.C. Anderson Completes 32,576 SF Spec Office Buildout in Chicago

by Kristin Harlow September 3, 2021

CHICAGO — J.C. Anderson has completed construction of a 32,576-square-foot spec office suite buildout for owner GlenStar at the Chicago Board of Trade Building. Located in Chicago’s Loop at 141 W. Jackson Blvd., the property was originally built in 1930. The scope of the project included building out spec suites on the 13th floor that range in size from 2,300 to 7,500 square feet. The spaces feature conference rooms, private offices, huddle rooms, break rooms and open office areas. MRSA Architects & Planners served as architect. This is the third spec suite project that J.C. Anderson has completed for GlenStar at the building.

September 3, 2021

1-Van-de-Graaffe-Drive-Burlington-Massachusetts

Acquisitions Massachusetts Northeast Office

Newmark Arranges Sale of 157,229 SF Office Building in Burlington, Massachusetts

by Taylor Williams September 3, 2021

BURLINGTON, MASS. — Newmark has arranged the sale of a 157,229-square-foot office building located at 1 Van de Graaff Drive in Burlington, a northern suburb of Boston. The property offers proximity to Interstate 95/Route 128 and amenities such as a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer, commercial owner-operator FoxRock Properties, in the transaction.

September 3, 2021

Features Industrial Multifamily Office Retail

CBRE Survey: Cap Rates to Return to Pre-Pandemic Levels for Industrial, Office and Suburban Multifamily Properties

by Julia Sanders September 2, 2021

DALLAS — Industry professionals believe the commercial real estate values for industrial, office and suburban multifamily properties across the United States are expected to return to pre-pandemic levels or remain stable, hinting at a potential full recovery for the rest of 2021, according to a CBRE Group Inc. survey released on Aug. 31. CBRE’s survey looked at capitalization rates for stabilized assets and investment sentiment on market conditions. Capitalization rates measure a property’s value by dividing its net operating income by its sale price and a lower cap rate generally shows a higher value. In the survey, investors predicted cap rate movement will vary across different property types for the second half of 2021. For example, cap rates for industrial and multifamily properties are expected to compress in most markets, while the cap rates for office, retail and hotel properties are expected to stay steady. The survey also found that investors were willing to purchase industrial and multifamily properties at a premium or higher price than other property types. Additionally, investors looked mainly for small to moderate pricing discounts for office properties, and moderate to large discounts for retail properties and hotels. More than 75 percent of real estate investors …

September 2, 2021

Leasing Activity New York Northeast Office

Adyen Signs 30,415 SF Office Lease at 71 Fifth Avenue in Manhattan’s Union Square

by Taylor Williams September 2, 2021

NEW YORK CITY — Adyen, a Dutch provider of digital payment platforms, has signed a 30,415-square-foot office lease at 71 Fifth Avenue in Manhattan’s Union Square neighborhood. The tenant will occupy 15,177 square feet on the entire 10th floor and 15,238 square feet on the entire 11th floor of the building, which was originally constructed in 1907. Rory Murphy and Thomas Hines of Transwestern represented Adyen in the lease negotiations. Mitchell Konsker, Dan Turkewitz and Ben Bass of JLL, along with internal agents Joseph Jacobson, Jonathan Ratner and Cindy Chang, represented the landlord, Madison Capital.

September 2, 2021

Development Office Southeast Virginia

Skanska to Build $129M Office Development in Arlington, Virginia

by Julia Sanders September 1, 2021

ARLINGTON, VA. — Skanska USA will invest $129 million to build 3901 Fairfax, an office development in Arlington. Construction is expected to begin this month, and the project is slated for completion in 2023. 3901 Fairfax will be a nine-story, approximately 204,514-square-foot office building and will include a private rooftop deck, conference center, ground floor fitness center, 250-space parking garage with electric car charging stations, ground-floor retail space and a public plaza. Skanska USA received WELL Core Pre-certification for the project and will try to get LEED and WiredScore Gold certifications, as well as an Energy Star certification.

September 1, 2021

Loans Northmarq Office Texas

NorthMarq Arranges Acquisition Financing for 64,132 SF Office Building in Metro Houston

by Taylor Williams September 1, 2021

MISSOURI CITY, TEXAS — NorthMarq has arranged an undisclosed amount of acquisition financing for a 64,132-square-foot office building located in the southwestern Houston suburb of Missouri City. Matt Franke of NorthMarq arranged the nonrecourse loan, which carried a 10-year term and a 25-year amortization schedule, through Innovative Capital Advisors on behalf of the undisclosed borrower. The building was 91 percent leased at the time of the loan closing, with Wells Fargo serving as the anchor tenant.

September 1, 2021

Acquisitions Office Texas

Newmark Negotiates Sale of 512,269 SF Office Complex in Irving’s Las Colinas District

by Taylor Williams August 31, 2021

IRVING, TEXAS — Newmark has negotiated the sale of a 512,269-square-foot office complex located within Las Colinas Urban Center in Irving. The 22-story property overlooks Lake Carolyn and was 77 percent leased at the time of sale to a tenant roster that includes multifamily developer JPI. Onsite amenities include a deli, fitness center and a conference facility. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer, a partnership between Dominus Commercial Inc. and Convergent Capital Partners, plans toa invest about $20 million in capital improvements.

August 31, 2021

Acquisitions Office Texas

CenterSquare, Preferred Real Estate Buy 240,000 SF Office Property in Metro Dallas

by Taylor Williams August 31, 2021

LEWISVILLE, TEXAS — A joint venture between Metro Philadelphia-based CenterSquare Investment Management and Dallas-based Preferred Real Estate Investments Inc. has acquired Lake Vista 7, a 240,000-square-foot office property located in the northern Dallas suburb of Lewisville. An undisclosed Fortune 500 company is vacating the building, and the new ownership will implement a value-add program with enhanced amenities such as a fitness center, meeting rooms, outdoor collaboration spaces and multiple dining options.

August 31, 2021

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