Office

Mesa West Capital Funds $178M Loan for Acquisition, Conversion of San Mateo Bay Center Office Campus in California

by Amy Works June 2, 2021

SAN MATEO, CALIF. — Mesa West Capital has provided Longfellow Real Estate Partners with a $178 million first mortgage loan to recapitalize costs associated with its recent acquisition and fund the planned repositioning of the San Mateo Bay Center office campus in San Mateo. A portion of the proceeds from the five-year, floating-rate loan will be used to convert the 235,911-square-foot conventional office property into a life sciences and laboratory facility. Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Mariner’s Island Blvd. Campus amenities include showers, a fitness center, café and outdoor patio space. The campus is located in the mid-peninsula Foster City/San Mateo life sciences market with an inventory of nearly 2 million square feet of life sciences space, anchored by the 1.4 million-square-foot world headquarters campus for Gilead Sciences. Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher of Gibson, Dunn and Crutcher LLP represented Mesa West Capital in the deal.

June 2, 2021

Acquisitions Net Lease Nevada Office Western

CBRE Arranges $2.6M Sale of Single-Tenant Office Building in Las Vegas

by Amy Works June 2, 2021

LAS VEGAS — CBRE has brokered the sale of a single-tenant office building located at 7408 W. Sahara Ave. in Las Vegas. A private investor acquired the property for $2.6 million. Bertoldo, Baker, Carter & Smith Attorneys at Law occupy the free-standing, 11,604-square-foot building under a triple-net lease. Tyler Ecklund, James Griffis, Britney Arredondo and Randy Broadhead of CBRE represented the undisclosed seller in the deal.

June 2, 2021

Acquisitions Office Southeast Top Stories Virginia

JLL Brokers $113.5M Sale of Dulles Executive Plaza Office Complex in Northern Virginia

by Kristin Harlow June 2, 2021

HERNDON, VA. — JLL Capital Markets has brokered the $113.5 million sale of Dulles Executive Plaza in Northern Virginia’s Herndon. The two-building, Class A office complex totals 384,336 square feet. Dulles Executive Plaza is located at 13530 and 13560 Dulles Technology Drive. The Innovation Center Silver Line Metro Rail Station, scheduled to open later this year, will connect the property to the broader Washington, D.C. region. Built from 2000 to 2001 and renovated in 2019, the office complex features amenities such as a conference center, fitness facility, tenant lounge and food service. The property is 94 percent leased to tenants such as Lockheed Martin and Constellis. Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller, a partnership between affiliates of Lionstone Investments and funds advised by Columbia Real Estate Management, which is a subsidiary of Columbia Property Trust. The team also procured the buyer, Innovatus Capital Partners LLC. Paul Spellman, Rob Carey and Susan Carras of JLL secured an undisclosed amount of acquisition financing on behalf of Innovatus. New York City-based Innovatus is an independent advisor and portfolio management firm with approximately $1.5 billion in assets under management. — Kristin Hiller

June 2, 2021

Acquisitions New York Northeast Office

DivcoWest Acquires Flexible Office Building at 325 Hudson St. in Manhattan for $135M

by Taylor Williams June 1, 2021

NEW YORK CITY — San Francisco-based developer DivcoWest has acquired a 220,000-square-foot building at 325 Hudson St. in Lower Manhattan that can support office, data center and life sciences users. According to multiple news outlets, including the New York Business Journal, the sales price was $135 million. The property is located adjacent to Disney’s 1.2 million-square-foot headquarters building and is surrounded on three sides by Google’s campus. Building amenities include a conference center, tenant meeting rooms and storage space. The seller was not disclosed.

June 1, 2021

Leasing Activity New York Northeast Office

Norman Bobrow Negotiates 9,200 SF Office Lease at 40 Wall Street in Manhattan

by Taylor Williams June 1, 2021

NEW YORK CITY — Locally based brokerage firm Norman Bobrow & Co. has negotiated a 9,200-square-foot office lease at 40 Wall Street in Manhattan’s Financial District for law firm KI Legal. Josh Berger of Norman Bobrow represented the law firm, which specializes in business litigation, in the negotiations for the 10-year lease. The deal represents an expansion from the firm’s previous 4,000-square-foot space at 90 Broad Street. The Trump Organization owns 40 Wall Street.

June 1, 2021

Acquisitions North Carolina Office Retail Southeast

CBRE Global Investors Acquires 110,000 SF Office, Retail Portfolio in Charlotte’s South End

by Julia Sanders June 1, 2021

CHARLOTTE, N.C. — A fund sponsored by CBRE Global Investors has acquired the South End Collection, a recently renovated office and retail portfolio in Charlotte totaling 110,000 square feet. Charlotte-based Asana Partners sold the portfolio for an undisclosed amount. The South End Collection is located in Charlotte’s South End neighborhood and features three creative office and retail properties that are all 100 percent leased. One of the properties is a 37,351-square-foot, single-story building located at 2116 Hawkins St. The property is fully leased to Krispy Kreme, which occupies 31,176 square feet of creative office space for its corporate operations and a 6,175-square-foot Krispy Kreme restaurant. The second property, located at 222 Rampart St., is a 24,210-square-foot, single-story creative office building. The building is fully leased to Skiptown, a dog daycare, boarding and bar facility. Lastly, 307 West Tremont Ave. is a single-story, 47,533-square-foot property occupied by Spaces and Pins Mechanical Co. Spaces is a flexible workspace offering from parent company Regus that occupies 27,400 square feet. Occupying 20,133 square feet of retail space, Pins Mechanical is an entertainment venue offering activities like duckpin bowling, bocce ball and ping pong. The South End Collection sits on a 6.5-acre site close to …

June 1, 2021

Florida Loans Office Southeast

JLL Secures $19.4M in Financing for Office Complex in Boca Raton, Florida

by Julia Sanders June 1, 2021

BOCA RATON, FLA. — JLL Capital Markets has secured financing for Glades Twin Plaza, a two-building office complex totaling 97,815 square feet in Boca Raton. Chris Drew, Brian Gaswirth, Michael DiCosimo and Reid Carleton of JLL worked on behalf of the borrower, Sterling Organization, to secure the five-year, fixed-rate loan. The non-recourse financing includes initial and future funding totaling $19.4 million. Glades Twin Plaza is situated on 5.3 acres at 2300 Glades Road. The property is part of the larger Glades Plaza mixed-use development, which is also owned by Sterling Organization. Glades Twin Plaza is close to Interstate 95 and is less than three miles away from the Florida Turnpike.

June 1, 2021

Acquisitions California Office Western

Fortress Investment, Ocean West Capital Sell The Link Office Building in Burbank for $61.5M

by Amy Works June 1, 2021

BURBANK, CALIF. — A partnership between Fortress Investment Group and Ocean West Capital Partners has completed the disposition of The Link, a repositioned office building located at 2901 W. Alameda Ave. in Burbank. Pendulum Property Partners acquired the asset for $61.5 million. Totaling 124,785 square feet, the property features creative office space and post-production, broadcasting, screening and editing facilities. The property underwent extensive renovation in 2019 and now features an outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13- to 18-foot ceiling heights and a 2,500-square-foot outdoor patio on the seventh floor. At the time of sale, the property was 76 percent leased to five tenants. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction, while David Milestone, Brett Green and Henry Cassiday of Newmark arranged acquisition financing for the buyer.

June 1, 2021

Acquisitions Office Top Stories

Franklin Street Properties Corp. Sells Three Office Buildings Near Atlanta for $219.5M

by Julia Sanders May 28, 2021

CUMBERLAND AND DUNWOODY, GA. — Franklin Street Properties Corp. (NYSE American: FSP) has completed the sale of three office buildings in metro Atlanta, known as One Overton Park, One Ravinia Drive and Two Ravinia Drive, for $219.5 million. Built in 2002 by Hines, One Overton Park is a 387,267-square-foot office building with 15 floors. The office building is located within Overton Park, a 34-acre mixed-use community in Cumberland, just northwest of Atlanta. Tenants include CBIZ, Gas South and Randstad. One Overton Park’s amenities include a fitness center, dry cleaners, full-service auto salon, café and sundry shop, men’s and women’s locker rooms, conference center, H. Stockton’s clothing store, shoe care salon and a full-service financial center. The architects for the building were Pickard-Chilton Architects and Roy Ashley & Associates. One Ravinia Drive, totaling 386,603 square feet, and Two Ravinia Drive, totaling 442,130 square feet, both rise 17 floors in Dunwoody, a city just north of Atlanta. The two buildings are part of the 42-acre Ravinia development that features three office buildings with 1.6 million square feet of space, a 500-room hotel, conference center and 5,000 parking spots. Hines developed the two buildings in 1985 and 1987, respectively, with architects Kevin Roche …

May 28, 2021

Acquisitions Office Oregon Western

Norris & Stevens Brokers $2.4M Sale of Griffith Park Office Building in Beaverton, Oregon

by Amy Works May 28, 2021

BEAVERTON, ORE. — Norris & Stevens has arranged the sale of Griffith Park Office Building, a multi-tenant office property located at 5075 SW Griffith Drive in Beaverton. 5075 SW Griffith LLC acquired the asset from an undisclosed seller for $2.4 million. Constructed in 1979 and renovated in 1991, the two-story property features 20,474 square feet of office space with private offices, conference rooms, open office space and breakrooms. Todd VanDomelen, Duane Link and Doug Carter of Portland-based Norris & Stevens represented the buyer and seller in the deal.

May 28, 2021

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