Office

Armada Hoffler, Beatty Development to Build $250M Headquarters for T. Rowe Price in Baltimore

by Alex Tostado December 3, 2020

BALTIMORE — A joint venture between Armada Hoffler Properties and Beatty Development Group has unveiled plans for T. Rowe Price’s new office headquarters in Baltimore’s Harbor Point for $250 million. Plans call for the property to span 450,000 square feet and include ground-level retail space, parking and expanded green spaces. T. Rowe Price expects to move its 1,700 employees into the space in the first half of 2024. The initial lease is for 15 years. T. Rowe Price was founded in Baltimore in 1963 and has been headquartered at 100 E. Pratt St. in downtown Baltimore since 1975. According to the Baltimore Sun, T. Rowe Price signed a 10-year lease renewal at 100 E. Pratt in 2017. The newspaper cited T. Rowe Price’s concerns over safety and traffic as the main reasons for the global investment management firm’s move away from downtown. Harbor Point is situated along Patapsco River, two miles south of T. Rowe Price’s current headquarters. Other Armada Hoffler projects within Harbor Point include office buildings Wills Wharf and Thames Street Wharf, and 1405 Point Apartments. “T. Rowe Price further validates Harbor Point as a top-tier destination for world-class companies,” says Lou Haddad, president & CEO of Armada …

December 3, 2020

Development District of Columbia Office Southeast

Marx Realty Breaks Ground on $41M Redevelopment of Hospitality-Themed Office Building in D.C.

by Alex Tostado December 2, 2020

WASHINGTON, D.C. — Marx Realty has broken ground on The Herald, a 114,000-square-foot office building in Washington, D.C. The New York-based developer is investing $41 million to redevelop the property into a hospitality-themed office building. The lobby will feature 22-foot ceilings, a doorman, European-style café, 8,800-square-foot lounge, a fitness center, historical art and several seating areas, similar to a hotel lobby. The asset was originally built in 1923 as the printing press and offices for the Washington Herald Examiner. Marx Realty will update the entrance to the lobby to include floor-to-ceiling copper and glass walls inspired by linotype printing machines. Marx Realty expects construction to be completed in the spring. David Burns of Studios Architecture designed the asset.

December 2, 2020

Acquisitions Louisiana Office Southeast

EdgePWR Acquires 712,000 SF Office Park in Baton Rouge

by Alex Tostado December 2, 2020

BATON ROUGE, LA. — EdgePWR has acquired Bon Carre Technology Center, a 712,000-square-foot office and technology park in Baton Rouge. The property is situated at 7337 Florida Blvd., five miles east of downtown Baton Rouge. Tenants at the time of sale included Cox Media, software firm CRIF ACTion, Pixel Dash Studios and data company Venyu. Bon Carre was originally developed in the 1960s as Bon Marche Mall before being redeveloped into an office park more than 20 years ago. Bill Sanders and Jessie Babcock of Beau Box Commercial Real Estate, along with JLL, represented the undisclosed seller in the transaction. South Carolina-based EdgePWR has retained Sanders and Babcock to handle leasing at Bon Carré and Beau Box Property Management to manage the property.

December 2, 2020

Acquisitions Arizona Office Western

Lincoln Property Co. Sells Grand2 Office Building in Tempe to Apex Capital for $187.5M

by Amy Works December 2, 2020

TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand2, an office building located at 1033 W. Roosevelt Way in Tempe. Apex Capital Investments Corp. acquired the property for a reported $187.5 million. Developed in late 2019 by LPC Desert West and Goldman Sachs MBD Real Estate, the nine-story building features 358,000 square feet of Class AA office space. Grand2 offers a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a television viewing area, collaborative spaces, conference facilities and an on-site fitness facility with Peloton and Mirror equipment. Additionally, the building features a 13,000-square-foot rooftop deck with shaded seating and subterranean and structured parking. The development team included DAVIS as architect and Whiting-Turner as general contractor. San Francisco-based food delivery app DoorDash has occupied the property with a full-building, long-term commitment since its completion. CJ Osbrink, Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm of Newmark represented LPC, while Apex Capital was self-represented in the sale. Grand2 is part of the 1.8 million square feet slated for development by LPC at The Grand at Papago Park Center, which is master planned for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space within …

December 2, 2020

Acquisitions Industrial Office Texas

JLL Negotiates Sale of 149,893 SF Westchase Commons Flex Property in Houston

by Taylor Williams December 2, 2020

HOUSTON — JLL has negotiated the sale of Westchase Commons, a three-building, 149,893-square-foot flex property in Houston. The 14-acre Westchase Commons was built in 2001 and was 77 percent leased at the time of sale. Kevin McConn and Trent Agnew of JLL represented the undisclosed seller and procured Houston-based Mission Cos. as the buyer. John Ream and Michael Johnson of JLL arranged acquisition financing through Woodforest National Bank.

December 2, 2020

Leasing Activity Office Texas

Bell Textron Signs 109,187 SF Office Lease in Fort Worth

by Taylor Williams December 2, 2020

FORT WORTH, TEXAS — Aerospace manufacturer Bell Textron Inc. (NYSE: TXT) has signed a 109,187-square-foot office lease at 4151 Amon Carter Blvd. in Fort Worth. The four-story building is part of the 40-acre former American Airlines campus that was purchased by Capital Commercial Investments (CCI) earlier this year. Duane Henley and Nathan Durham of Transwestern represented CCI in the lease negotiations. Todd Burnette and Matt Montague of JLL represented Bell Textron, which also recently opened a 140,000-square-foot manufacturing technology center in Fort Worth.

December 2, 2020

Acquisitions Office Texas

JLL Negotiates Sale of 17-Story Office Building in Downtown Houston

by Taylor Williams December 1, 2020

HOUSTON — JLL has negotiated the sale of 1111 Fannin, a 428,629-square-foot office building in downtown Houston. The 17-story building was fully leased to a single investment-grade tenant at the time of sale. According to the Houston Business Journal, that tenant is JP Morgan Chase. Amenities include a conference center, attached parking garage and access to Houston’s tunnel system, which features more than seven miles of underground climate-controlled walkways with retail and dining amenities. Dan Miller, Marty Hogan and Ethan Goldberg of JLL represented the undisclosed seller and procured the buyer, a partnership between Triten Real Estate Partners and Taconic Capital Advisors, in the transaction. The new ownership plans to redevelop the building and has tapped Chicago-based HPA Architecture to conceptualize the design.

December 1, 2020

Acquisitions Industrial Office Texas

Optimal Elite Management Buys 63,483 SF Flex Building in Metro Dallas

by Taylor Williams December 1, 2020

GRAND PRAIRIE, TEXAS — Sign manufacturer Optimal Elite Management LLC has purchased a 63,483-square-foot office/warehouse building located in the central metroplex city of Grand Prairie. The two-story building is situated on 9.5 acres within Great Southwest Industrial Park and comprises 46,950 square feet of light manufacturing space and 16,533 square feet of office space. The seller, Breg Inc., will continue to occupy the site for the next six months through a sale-leaseback. Noah Dodge and Jason Finch of Bradford Commercial Real Estate Services represented Optimal Elite Management in the deal. Steve Koldyke, Brian Gilchrist and Chris Powers of CBRE represented the seller.

December 1, 2020

Acquisitions Massachusetts Northeast Office

Newmark Negotiates Sale of 362,550 SF Concord Road Corporate Center Near Boston

by Taylor Williams December 1, 2020

BILLERICA, MASS. — Newmark has negotiated the sale of Concord Road Corporate Center, a 362,550-square-foot office complex located approximately 25 miles northwest of Boston in Billerica. The three-building, Class A property offers a fitness center with lockers and showers, a conference center, game room, outdoor patio with seating areas and a bocce court. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Torin Taylor of Newmark represented the undisclosed seller in the transaction and procured KS Partners as the buyer. Dominick Romano of Newmark provided financial analysis support. The property received upgrades to its exteriors, lobbies and amenity spaces in recent years.

December 1, 2020

Connecticut Loans Northeast Office

Cornerstone Arranges $21.5M Refinancing of Bob’s Discount Furniture Headquarters in Connecticut

by Taylor Williams December 1, 2020

MANCHESTER, CONN. — Cornerstone Realty Capital has arranged a $21.5 million loan for the refinancing of Bob’s Discount Furniture’s headquarters office building in Manchester. The borrower, Waterstone Properties Group, developed the 103,500-square-foot building on a nine-acre tract in 2017. Amenities include a café with a lounge, break rooms, conference facilities and 416 parking spaces. The loan was structured with a fixed interest rate, 25-year amortization schedule and a 75 percent loan-to-value ratio.

December 1, 2020

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