Office

Brookfield Purchases Office Building Fully Leased to Facebook in Bellevue, Washington for $365M

by John Nelson October 30, 2020

BELLEVUE, WASH. — A real estate investment fund backed by Brookfield Asset Management Inc. (NYSE: BAM) has purchased Block 16, a 343,528-square-foot office building in Bellevue fully leased to Facebook. A joint venture between Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management sold the recently completed property for $365 million. Block 16 is part of The Spring District, a transit-oriented mixed-use development situated on the east side of Lake Washington from Seattle. Wright Runstad and Shorenstein Properties are the master developers of the campus, which sits south of Bellevue’s central business district near SoundTransit’s future Spring District/120th light rail station. Spring District will ultimately feature 3 million square feet of creative office space, including REI’s headquarters that Facebook purchased last month for $390 million. “The Spring District has become a choice location for high-quality office tenants in Bellevue,” says Greg Johnson, CEO of Seattle-based Wright Runstad. In 2017, University of Washington’s Global Innovation Exchange building opened at Spring District, as well as over 800 residential units and several open spaces accessible to the public. Wright Runstad plans to develop another 530,000 square feet of office space across two buildings at Spring District by …

October 30, 2020

Acquisitions District of Columbia Office Retail Southeast

JLL Negotiates $32.5M Sale of Office, Retail Building in Downtown D.C.

by Alex Tostado October 29, 2020

WASHINGTON, D.C. — JLL has negotiated the $32.5 million sale of 1301-1317 Connecticut Avenue, a three-story, 66,000-square-foot office and retail building in downtown Washington, D.C. The seller, Shorenstein Co. LLC, acquired the asset in 2011 and renovated the lobby, fitness center, common area, elevators and restrooms. The building, which was originally built in 1917, offers 7,700-square-foot floor plates. The buyer was not disclosed. JLL represented the seller in the transaction.

October 29, 2020

Acquisitions California Office Western

BLT Enterprises Acquires Multi-Tenant Creative Office Property in West Los Angeles for $9.3M

by Amy Works October 29, 2020

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has purchased a multi-tenant creative office building in West Los Angeles. An undisclosed seller sold the asset for $9.3 million. Located at 2256 Barry Ave., the property consists of two units, the first built in 2004 and the second in 2016. Offering more than 16,050 square feet, the asset was fully leased at the time of acquisition. Michael Preiss of rsfLA represented the seller in the transaction. BLT’s current West Los Angeles and Hollywood holdings now total nearly 300,000 square feet, with development opportunities for 450,000 square feet.

October 29, 2020

Acquisitions Indiana Midwest Office

Colliers Arranges Sale of 77,793 SF Office Building in Carmel, Indiana

by Kristin Harlow October 29, 2020

CARMEL, IND. — Colliers International has arranged the sale of Midtown III, a recently completed office building in Carmel, a suburb of Indianapolis. The sales price was undisclosed. The three-story, Class A property is located at 571 Monon Blvd. It spans 77,793 square feet. Alex Cantu and Alex Davenport of Colliers represented the seller, Ambrose Property Group. Diamond Income Fund LP, a St. Louis-based investment fund, purchased the asset.

October 29, 2020

Acquisitions California Office Top Stories Western

SHVO, Deutsche Bank Acquire Transamerica Pyramid Center in San Francisco for $650M

by Alex Tostado October 29, 2020

SAN FRANCISCO — A joint venture led by SHVO and Deutsche Finance America has acquired Transamerica Pyramid Center, a two-building, 750,000-square-foot office complex in San Francisco’s Financial District, for $650 million. The seller was Dutch insurance company Aegon Asset Management, which assumed ownership of the asset in 1999 when it acquired Transamerica Corp. Transamerica Corp. has occupied space in the iconic 48-story, pyramid-shaped anchor building since it was built in 1972. Originally designed by William L. Pereira & Associates, the 853-foot-high tower is currently the third tallest pyramid in the world. Floor plates at the tower range from 22,226 square feet on the sixth floor to 2,531 square feet on the 48th floor. Tenants at the complex include private equity, wealth management, consulting and law firms. The complex spans a city block and includes the main office tower, situated at 600 Montgomery St.; a 20-story, 191,142-square-foot office building at 505 Sansome St.; and a development site at 545 Sansome St. where a nine-story, 106,807-square-foot office building is planned. In the middle of the complex is Transamerica Redwood Park, a grove of mature redwood trees shading public open space. “We’re proud to take on ownership and management of the Transamerica Pyramid, …

October 29, 2020

Leasing Activity Office Southeast Virginia

Boston Properties Signs Volkswagen to 196,000 SF Office Headquarters Lease in Northern Virginia

by Alex Tostado October 28, 2020

RESTON, VA. — Boston Properties has signed Volkswagen Group of America Inc. to a 20-year, 196,000-square-foot lease within Reston Town Center. The space will serve as the German automaker’s U.S. headquarters, with the planned move-in to take place in 2023. Volkswagen Group of America has been headquartered in Fairfax County since 2008. Boston Properties is developing the project in two phases, with the 1.1 million-square-foot Phase I now 85 percent preleased. At full buildout, the development will span 4.4 million square feet. Reston Town Center will have in-building parking with provisions for 300 electric vehicle chargers, a conference center and direct access to the newly built Silver Line of Washington’s Metrorail.

October 28, 2020

Acquisitions Office Texas

Coldwell Banker Arranges Sale of 68,124 SF Office Building in Lubbock

by Taylor Williams October 28, 2020

LUBBOCK, TEXAS — Coldwell Banker Commercial has arranged the sale of a 68,124-square-foot office building in Lubbock. Built in 1997, the property formerly served as a call center for Convergys, a provider of information management software for corporate users. Coldwell Banker represented the seller, which sold the asset to Harmony Public Schools, a Houston-based organization of K-12 charter schools that focuses on science, technology, engineering and math (STEM). The sales price was undisclosed.

October 28, 2020

Development New York Northeast Office

Fisher Brothers Completes $20M Renovation of 299 Park Avenue in Manhattan

by Taylor Williams October 28, 2020

NEW YORK CITY — Fisher Bros. has completed the $20 million renovation of 299 Park Avenue in Manhattan. The company partnered with Rockwell Group for the design of the project, which included upgrades to the lobby, elevators and exterior façade, as well as the addition of a digital art display. Fisher Bros. owns the 1.2 million-square-foot building and houses its office headquarters within the property.

October 28, 2020

California Industrial Loans Office Western

MetroGroup Provides $15.5M in Bridge Refinancing for Production Studios in Vernon, California

by Amy Works October 28, 2020

VERNON, CALIF. — MetroGroup has funded $15.5 million in bridge refinancing for the undisclosed owner of a 270,000-square-foot property in Vernon. The asset is fully occupied by the owner’s start-up company, which provides studio space to film and television production companies. The borrower is converting the property from a corporate headquarters building into a flex, office and industrial space. Ivan Kustic of MetroGroup arranged the cash-out refinancing that the borrower used to retire a higher-rate maturing loan and provide working capital.

October 28, 2020

Development Life Sciences New York Northeast Office Top Stories

Taconic, Nuveen to Transform ABC’s Longtime New York City Headquarters into Life Sciences Space

by Kristin Harlow October 28, 2020

NEW YORK CITY — Taconic Partners and Nuveen Real Estate have unveiled plans to redevelop 125 West End Avenue into a life sciences and research building. Broadcaster ABC has occupied the property as part of its New York City headquarters since 1985 but plans to vacate in January 2021. Chrysler originally constructed the eight-story, 400,000-square-foot property in 1929 as an automotive facility. The New York Times is also a former owner and tenant. The building features floorplates of more than 50,000 square feet, ceiling heights ranging from 13 to 16 feet, multiple access points and views of the Hudson River. Taconic and Nuveen purchased the property in late 2019 for $230 million. Plans call for a mechanical plant, purpose-built lab infrastructure, a new façade, roof terrace and conference center. The developers are still evaluating options for the remainder of the site, which includes a six-story, 131,000-square-foot television studio building and a 1.2-acre development parcel. Construction is slated for completion in 2023. The project team includes architect Perkins+Will and engineer JB&B. The development will feature several environmental sustainability features and is on track to achieve LEED Gold certification. Estimated development costs were not disclosed, though LoanCore Capital did provide a $181 …

October 28, 2020

Newer Posts

Older Posts