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Duke Energy
DevelopmentLeasing ActivityNorth CarolinaOfficeSoutheast

Duke Energy to Consolidate Charlotte Offices, Signs Anchor Lease at 40-Story Uptown Tower

by Julia Sanders

CHARLOTTE, N.C. — Duke Energy will open its new corporate headquarters at Duke Energy Plaza, a 40-floor office tower currently under construction in Uptown Charlotte. Formerly known as Metro Tower, Duke Energy Plaza will house approximately 4,400 employees. Childress Klein Properties is the developer of Duke Energy Plaza, which will have 25,000 square feet of retail square footage and seven levels of above-ground parking totaling 1,100 spaces. Construction on the new Duke Energy Plaza is on schedule to be completed by the end of 2022 with interior work extending into 2023. Approximately 1,000 craftsman and trade workers will be employed during the three-year construction period. Duke Energy plans to exit its Charlotte offices, including Duke Energy Center located at 550 South Tryon St. and Piedmont Town Center in South Park. Once the new tower is complete, the company plans to sell its 526 Church St. and 401 College St. facilities and exit the 400 South Tryon St. facility. The plan is to consolidate the spaces the company occupies in the Charlotte area from approximately 2.5 million square feet to approximately 1 million square feet. The company expects this decision will result in $85 million to $90 million in savings over …

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The Offices at Sunset Walk
AcquisitionsFloridaOfficeSoutheast

Dowd Arranges $4.1M Sale of Offices at Sunset Walk Near Orlando

by Julia Sanders

KISSIMMEE, FLA. — The Dowd Cos. has arranged the $4.1 million sale of Offices at Sunset Walk, a 19,603-square-foot office building located at 8011 Fins Up Circle in Kissimmee. The property is part of Sunset Walk, an $800 million mixed-use development near Orlando. The 100 percent leased building was built in 2018 and is located adjacent to the Margaritaville Resort Orlando. The building is located close to the shops and restaurants at the Promenade at Sunset Walk, a new entertainment retail center and water park. The buyer, Bet on the Mouse LLC, is an out-of-state investor. The seller was Rolling Oaks Splendid LLC. John Dowd and Theresa Johnson of The Dowd Cos. represented both the buyer and seller in the transaction. The Dowd Cos. is a boutique investment sales firm based in West Palm Beach. The company focuses mainly on triple-net-leased retail assets, office properties and vacant land.

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DC-Station-Daly-City-CA
AcquisitionsCaliforniaOfficeWestern

Harvest Properties, Cerberbus Capital Sell 385,000 SF Office Building in Daly City, California

by Amy Works

DALY CITY, CALIF. — Harvest Properties and an affiliate of Cerberus Capital Management have completed the disposition of DC Station, a Class A office building located at 2001 Junipero Serra Blvd. in Daly City. The transaction also included an adjacent seven-level parking structure. Terms of the sale, including the name of the buyer and acquisition price, were not released. The sellers originally acquired the 385,000-square-foot property in April 2018 and implemented a leasing program that resulted in more than 90 percent occupancy by early 2020.

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Burle-Business-Park-Lancaster-Pennsylvania
AcquisitionsIndustrialNortheastOfficePennsylvania

CBRE Negotiates Sale of 1.2 MSF Burle Business Park in Lancaster, Pennsylvania

by Taylor Williams

LANCASTER, PA. — CBRE has negotiated the sale of Burle Business Park, a 1.2 million-square-foot office and industrial campus located in the eastern Pennsylvania city of Lancaster. The sales price was $30.2 million. The 75-acre property comprises 16 buildings that were 90 percent leased at the time of sale to more than 40 tenants across a variety of industries. Amenities include a cafeteria, café, a conference room and catering service. Bill Tourtellotte of CBRE represented the seller, BURLE Business Park LP, in the transaction. The buyer was Jersey Holdings.

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AcquisitionsMassachusettsNortheastOffice

Coldwell Banker Brokers $5.1M Sale of Office Building in Chestnut Hill, Massachusetts

by Taylor Williams

CHESTNUT HILL, MASS. — Coldwell Banker Commercial NRT has brokered the $5.1 million sale of The Pearl, an 18,000-square-foot office building in Chestnut Hill, located west of Boston. The four-story property was built on a half-acre parcel in 1973 and includes onsite parking. Todd Glaskin of Coldwell Banker represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.

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AcquisitionsNew YorkNortheastOfficeTop Stories

SL Green Sells Office Property in Midtown Manhattan for $325M

by Kristin Harlow

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold 635-641 Sixth Avenue in Manhattan’s Midtown South neighborhood for a gross sales price of $325 million. The office property comprises two adjoining buildings rising eight stories and totaling 267,000 square feet. The transaction is expected to close in the second quarter and generate net cash proceeds to SL Green of approximately $312.5 million. The buyer was undisclosed. SL Green acquired the asset in 2012 for $173 million. The Manhattan-based office landlord completed a redevelopment of the buildings in 2015, featuring a new lobby, elevators, building systems and a penthouse rooftop equipped with a bocce court and event space. The buildings date back to the early 1900s and once housed the Simpson Crawford Department Store. Today, the property is 94 percent leased. Software company Infor is the anchor tenant and recently executed a renewal and extension of its lease through 2030. “New York City’s revitalization continues as does the demand for Class A office buildings,” says Harrison Sitomer, senior vice president of SL Green. “The disposition at a sales price of more than $1,200 per square foot is a result of extensive repositioning and leasing efforts at the property.” …

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Beam-on-Farmer-Tempe-AZ
ArizonaDevelopmentOfficeWestern

Mortenson Breaks Ground on 184,000 SF Beam on Farmer Office Building in Downtown Tempe

by Amy Works

TEMPE, ARIZ. — Mortenson, in partnership with PGIM Real Estate and Urban Development Partners, has broken ground on The Beam on Farmer, a Class A office building located in downtown Tempe. The five-story, 184,000-square-foot building will feature exposed cross-laminated timber (CLT) construction as the primary structural system. The CLT process utilizes young trees and combines layers of natural timber for an eco-friendly building approach. CLT creates zero waste and will capture 3.5 tons of carbon dioxide with scrap material from CLT production used to create other products or biofuel. Located at 401 S. Farmer Ave., The Beam on Farmer will feature a mix of solid timber, concrete, steel and glass in its design. Interiors will feature 13-foot exposed wood ceilings, 40,000-square-foot open floorplates and an under-floor air distribution (UFAD) system providing high-quality airflow and energy efficiency. Additionally, the project will be served by an adjacent parking garage with a 4/1,000 parking ratio. RSP Architects is serving as architect for the project, which is slated for completion in May 2022. Ryan Timpani and Mark Gustin of JLL are handling leasing for the project.

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AcquisitionsMichiganMidwestOffice

Bedrock Acquires 500,000 SF Office Building Along Detroit Riverfront

by Kristin Harlow

DETROIT — Bedrock has acquired 300 River Place, a 500,000-square-foot office building along Detroit’s riverfront. The purchase price was undisclosed. Additionally, the acquisition includes a parking garage with 736 parking spaces and 4.4 acres of developable land. The Stroh Cos. Inc. was the seller. The office building will continue to house tenants such as the Associated Press, Belle Isle Conservancy, Michigan Minority Contractors and a number of departments within the Federal General Services Administration. The building was originally constructed in phases in 1928 and 1939 by pharmaceutical company Parke-Davis & Co. The Stroh Brewery Co. acquired the property in 1979 and renovated it over the years. Since its founding in 2011, Detroit-based real estate firm Bedrock has invested more than $5.6 billion for the acquisition and development of more than 100 properties in Detroit and Cleveland. The company is the real estate arm of Dan Gilbert’s Rocket Cos.

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APX-Morristown-New-Jersey
FeaturesOffice

Getting Ready To Return To The Office Increasingly Means Getting Scientific

by Taylor Williams

By Rich Gottlieb, president and COO, Keystone Property Group While executives have differing perspectives on the future of remote work in a post-COVID-19 environment, most (52 percent) are targeting a return to the office in the second half of 2021, according to a recent survey of Fortune 500 executives. Based on the responses of survey participants, vaccine availability (51 percent) and improved COVID-19 therapeutics and treatment (14 percent) are the clear determining factors in their decisions to bring employees back. But changes to office space (13 percent), like onsite testing or temperature checks, also weigh heavily on their direction. The return is already happening. Data from a separate survey published in late March found that nearly a quarter of office-using employees are working at their office in 10 major U.S. cities. In New York City, some 80,000 municipal workers began staggered returns to their buildings on May 3. Major corporations are planning “soft reopenings” or hybrid-style returns. Proactive building owners need to be ahead of tenants in terms of preparing for post-pandemic concerns, implementing the latest industry standards and technologies and addressing overall health and safety requirements. This is not always easy, especially because the science of the coronavirus continues …

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DevelopmentNew YorkNortheastOfficeTop Stories

Paramount Group Plans $250M Renovation at 60 Wall Street Office Tower in Manhattan

by John Nelson

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has announced plans to overhaul the base and interior spaces at 60 Wall Street, a 47-story office tower in Lower Manhattan’s Financial District. The project is set to kick off when the building’s sole occupant, Deutsche Bank, vacates the tower next summer. Paramount Group plans to invest $250 million for the renovation, according to New York Business Journal. Originally built in 1989, the 1.6 million-square-foot tower is LEED Gold-certified and sits along Wall Street with Pine Street bounding the property on the north. Paramount Group, a New York City-based owner and manager of Class A office towers, has tapped architectural firm Kohn Pedersen Fox (KPF) to oversee the renovation. The firm has also selected Paul Amrich and Howard Fiddle of CBRE to lease and manage 60 Wall Street for tenants to replace Deutsche Bank. The revitalization plan includes opening the base of 60 Wall Street’s façade with new triple-height windows and a vast skylight to allow for more natural lighting. The renovation is set to also include the installation of a 100-foot green wall, which will improve air quality and provide greenery to the tower’s public spaces. The indoor green wall …

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