IRVING, TEXAS — State Bank of Texas, a Dallas-based commercial lender with $1 billion in assets under management, will open a 48,000-square-foot office headquarters in Irving’s Las Colinas district. Dallas-based Malone Maxwell Dennehy Architects is designing the four-story, Class A project, with State Bank of Texas set to occupy the top two floors. Construction should commence by the end of the year and is expected to be completed mid-2023.
BELLEVUE, WASH. — Talon Private Capital, along with an undisclosed institutional real estate manager, has acquired the leasehold interest in Advanta Edge Campus, an office park located in the Interstate 90 Corridor of Bellevue. Microsoft Corp. fully occupies the 601,081-square-foot campus through September 2023. Designed by CollinsWoerman, Advanta Edge Campus has undergone $174.5 million in capital improvements since its development in 2018 by Schnitzer West. Microsoft has funded more than $120 million of out-of-pocket capital to enhance the building’s electrical and mechanical infrastructures, telecommunications backbone, interior finishes and build-out to a level well beyond typical Class A office standards. Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll, Rachel Hones, Tim O’Keefe and Joe Lynch of Newmark represented the undisclosed seller in the transaction. The acquisition price was not released.
COLUMBUS, OHIO — Northwest Bank has leased the top floor at 3 Easton Oval in Columbus and will have building signage. The owner of the office building, Alterra Real Estate Advisors, recently completed a renovation with new common areas, LED lighting, HVAC units with improved air quality, a new roof and solar panels. Northwest Bank joins accounting firm Brady Ware, which has leased half of a floor in the building. Alterra acquired the asset in December 2019.
NEW YORK CITY — Global asset management firm Blackstone has signed an 80,000-square-foot office lease expansion at 345 Park Avenue in Midtown Manhattan. Blackstone’s footprint at the 44-story, 1.9 million-square-foot building now spans 12 full floors and five partial floors for a total of 720,000 square feet. Other tenants at 345 Park, which is owned by Rudin Management Co., include accounting firm KPMG and the National Football League. Tom Keating represented building ownership in the lease negotiations on an internal basis.
BOSTON — MC Real Estate Partners LLC, in partnership with an undisclosed capital source, has purchased a 76,000-square-foot historic office building located at 110 Chauncy St. in downtown Boston. The property was originally built in the 1890s and will serve as the new headquarters for global design firm Sasaki, which has signed a 64,000-square-foot lease. MC Real Estate will work with Sasaki to redesign and renovate the space, which will house approximately 250 employees.
RICHMOND, VA. — BHI, a commercial bank based in New York, has provided $26.5 million in construction financing for the redevelopment of 629 E. Main St. in downtown Richmond, a 12- story office building that will be converted to a mixed-use property. Douglas Development Corp. (DDC) is the borrower, and it plans to convert the property into 188 rental units with studios, one- and two-bedroom apartments, as well as 132,806 square feet of commercial space. Built in 1922, the property will have a complete renovation of the building, while still preserving its historic interior and architectural details. The property is located 0.4 miles from the Virginia State Capitol building and a half-mile from City Hall. BHI is the U.S. operation of Israel-based Bank Hapoalim. 629 Main Street is the second transaction that BHI has funded for DDC.
CEDAR RAPIDS, IOWA — CellSite Solutions has purchased a 190,000-square-foot industrial flex building in Cedar Rapids for its new headquarters. The property, situated on 22 acres at 4150 C. St., features a mix of office, light manufacturing, warehouse and distribution space. CellSite, a provider of telecommunications equipment and services for secondary markets, began operations in 2010 in West Des Moines. Angie Glick-Martin of GLD Commercial represented CellSite in the acquisition. The seller and sales price were undisclosed.
CREVE COEUR, MO. — Clayco has completed the construction of EDGE@WEST, a four-story, 125,000-square-foot office building in Creve Coeur within metro St. Louis. Seneca Commercial Real Estate was the developer for the Class A project. Designed by Lamar Johnson Collaborative, the development features enhanced mechanical systems that increase healthy air flow as well as touchless doors and self-cleaning antimicrobial surfaces. Floor-to-ceiling glass provides natural light. Amenities include a fitness center, coffee bar, fireplace area, outdoor lounges and collaboration space.
LIVONIA, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a portfolio of four office properties in Livonia. The properties include: Johnstowne at 16801 Newburgh Road; Charles Towne at 34441 W. Eight Mile Road; Pembroke Center at 37651-37695 Pembroke Ave.; and James Towne at 37701-37785 Pembroke Ave. The buildings were recently renovated, resulting in an overall vacancy rate of 85 percent. Mason Capitani of the brokerage represented the buyer, LREH Michigan LLC. The seller and sales price were undisclosed. L. Mason Capitani CORFAC International will oversee leasing efforts and the company’s affiliate, Liberty Property & Asset Management, will oversee property management.
LAKEWOOD, COLO. — Denver-based Flywheel Capital has purchased an office property located on 16.7 acres at 14023 and 14033 Denver West Parkway in Lakewood. New York-based HighBrook Investors sold the asset for an undisclosed price. Totaling 127,297 square feet, the asset features two three-story buildings connected by a first-floor walkway. On-site amenities include more than 1,000 parking spaces; a deli/cafeteria; break rooms on each floor of both buildings; a game room with ping pong, billiards and foosball; and an outdoor plaza with a basketball court and patio. Additionally, the site offers immediate access to South Table Mountain Recreation Area. Tim Richey, Charley Will, Jenny Knowlton, Chad Flynn and Anthony DeLorenzo of CBRE Capital Markets Institutional Properties represented the seller in the transaction. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. The acquisition represents Flywheel Capital’s second transaction in Colorado as part of its joint venture with a Latin America-based partner.