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CP Group Acquires One Biscayne Tower in Downtown Miami for $225M

by Jeff Shaw

MIAMI — CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-story office tower in downtown Miami, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners. Dow Chemical sold the asset for $225 million, according to the Daily Miami News. L&B Realty has managed One Biscayne Tower on behalf of Dow for the last 20 years. Located along the waterfront, the property overlooks Bayfront Park, Biscayne Bay, Miami Beach and the Atlantic Ocean. Trammell Crow Co. developed the property in 1973, with Gutierrez-Latimer and Praga Associates as designers, according to the Council on Tall Buildings and Urban Habitat. One Biscayne Tower features nine floors of parking below 24 floors of office space. Amenities include a newly renovated lobby, fitness center, Pilates studio, two banks, a deli and a variety of services such as a florist, car wash, hair salon, print shop and Amazon locker delivery. The acquisition brings CP Group’s total downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center. The company claims it is now the largest office landlord in downtown Miami, largest commercial landlord in Florida, third-largest landlord …

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One Clearlake
AcquisitionsFloridaOfficeSoutheast

Joint Venture Acquires One Clearlake Office Building in Downtown West Palm Beach for $60.7M

by Julia Sanders

WEST PALM BEACH, FLA. — Tricera Capital, New England Development, NDT Development and Rockpoint Group have acquired One Clearlake, an office building in downtown West Palm Beach. JLL arranged the $60.7 million sale. Velocis, a private equity real estate manager, was the seller. Located on three acres at 250 S. Australian Ave., One Clearlake is 2.3 miles from Palm Beach and 3.4 miles from Palm Beach International Airport. The 18-story property has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet. One Clearlake’s attached 669-space garage provides a parking ratio of three spaces per 1,000 square feet. The building’s amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café. Built in 1986, the office tower recently underwent renovations to the lobby and other building elements. The building is LEED Gold- and Energy Star-certified. The property was 62 percent leased when it was put under contract. Prior to closing, Tricera and its partners successfully executed two new leases at the building. In addition, the new ownership is heading to lease with another large user, which the joint venture expects to finalize soon. The building’s tenant roster includes Intech …

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Corporate-Campus-East-Bellevue-WA
AcquisitionsOfficeWashingtonWestern

Newmark Arranges $62M Sale of Office Campus in Bellevue’s 520 Corridor

by Amy Works

BELLEVUE, WASH. — Newmark has brokered the sale of Corporate Campus East, a multi-tenant office campus located in Bellevue’s 520 Corridor. An liability limited company associated with Kennedy Wilson sold the asset to Lake Washington Partners for $62 million. Kevin Shannon, Rob Hannan, Ken White, Michael Moll and Nick Kucha of Newmark represented the seller in the deal. Located at 3025, 3055 and 3075 112th Ave. NE, the three-building campus offers a total of 136,592 square feet of office space. At the time of sale, the property was 93 percent leased to a variety of tenants with Microsoft as an anchor. The property recently underwent a $3 million capital repositioning, which included lobby remodels, bathroom renovations, exterior paint and the addition of an outdoor patio and seating. Additional property features include premier signage, flexible floorplates, ample parking and regional access.

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LoansOfficeTexas

Emerald Creek Provides $10.3M Acquisition Loan for Metro Dallas Office Building

by Taylor Williams

FARMERS BRANCH, TEXAS — Manhattan-based lender Emerald Creek Capital has provided a $10.3 million bridge loan for the acquisition of a 170,915-square-foot office building in the northern Dallas suburb of Farmers Branch. The property sits on eight acres and contains 18 leasable units that are occupied by tenants in the finance, engineering and physical therapy industries. Matt Fantuzzi of Emerald Creek Capital originated the loan on behalf of the undisclosed borrower.

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DevelopmentMidwestOfficeOhio

Grandin Properties Renovates Strietmann Center Office Property in Cincinnati

by Kristin Harlow

CINCINNATI — Grandin Properties has renovated The Strietmann Center in Cincinnati’s Over the Rhine district. Located at 231 W. 12th St., the building includes 77,434 square feet of Class A office space and 13,848 square feet of retail and restaurant space. Originally built in 1899, the property is now LEED Gold certified and includes the first solar panels installed in Cincinnati’s urban core. Tenants can now enjoy a rooftop terrace, bike storage, showers and access to a newly renovated YMCA adjacent to the property. Michelle Klingenbert of JLL is leading leasing efforts for the office portion.

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Leasing ActivityOfficeRetailTexas

EVO Entertainment to Open 68,733 SF Venue at Southlake Town Square

by Taylor Williams

SOUTHLAKE, TEXAS — EVO Entertainment, an Austin-based entertainment concept that combines bowling, movies, games and food and beverages, will open a 68,733-square-foot venue at Southlake Town Square, a 130-acre mixed-use development near Fort Worth. The entertainment center, which is scheduled to open at the end of the year, will be EVO’s first in the Dallas-Fort Worth metroplex. This location will feature a full restaurant and bar with outdoor patio space, seven movie screens, arcade games, bowling lanes, a laser tag arena, rock climbing wall, ropes course and private party rooms. Retail Properties of America, an Illinois-based REIT, owns Southlake Town Square.

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AcquisitionsNortheastOfficePennsylvania

JLAM Acquires 102,000 SF Office Building in Metro Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Jack Lingo Asset Management (JLAM) has acquired a 102,000-square-foot office building at 211 S. Gulph Road in King of Prussia, a northern suburb of Philadelphia. The single-story building was renovated in 2018 and was 97 percent leased at the time of sale. Mike Margolis and David Dolan of Newmark represented the undisclosed seller in the transaction. Nick Scribani and Ben Kroll of Newmark arranged acquisition financing through Wells Fargo on behalf of JLAM.

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AcquisitionsMidwestOfficeOhio

Reichle Klein Group Brokers $1.7M Sale of Office Building in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — Reichle Klein Group has brokered the sale of a 20,824-square-foot office building in Toledo for $1.7 million. The property is located at 4352 W. Sylvania Ave. near Franklin Park Mall. The renovated, freestanding building sits on 1.5 acres. Ryan Miller of Reichle Klein represented the buyer, Ohio-based SBB Rouge LLC. Jason Westendorf of Reichle Klein represented the seller, Michigan-based 4352 WSA LLC.

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Cambridge-Crossing
DevelopmentHealthcareLife SciencesMassachusettsNortheastOffice

DivcoWest Breaks Ground on 375,000 SF Life Sciences Building at Cambridge Crossing

by Taylor Williams

CAMBRIDGE, MASS. — Developer DivcoWest has broken ground on a 375,000-square-foot life sciences building at 441 Morgan St. within Cambridge Crossing, a 43-acre mixed-use development located at the junction of Cambridge, Boston and Somerville. Designed by Ennead Architects and Jacobs Consultants, the building will consist of 10 floors of lab space plus two penthouse floors and five outdoor terraces. DivcoWest expects to complete construction of the shell of the building in early 2023 and to subsequently begin interior build-outs of tenant spaces.

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Leasing ActivityNew YorkNortheastOffice

Accounting Firm CohnReznick Signs 12,918 SF Office Lease on Long Island

by Taylor Williams

MELVILLE, N.Y. — Accounting firm CohnReznick LLP has signed a 12,918-square-foot office lease at Melville Square Corporate Center, a 165,310-square-foot building located in the Long Island city of Melville. The deal brings the property, which also houses tenants such as Merrill Lynch Wealth Management, KPMG and RUI Credit Services, to full occupancy. Internal agent Tim Parlante represented the landlord, The Feil Organization, in the lease negotiations.

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