OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 29,983-square-foot office building in Oakbrook Terrace, a suburb of Chicago, for $3.7 million. Most of the tenants are medical office tenants. Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a private investment fund that purchased the asset in 2018. Brian Parmacek of Marcus & Millichap secured and represented the undisclosed buyer, which purchased the building within 95 percent of the asking price.
SEATTLE — Hudson Pacific Properties (NYSE: HPP) and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire a 36-story office tower anchored by Amazon in Seattle. The companies plan to form a joint venture to purchase the 668,000-square-foot property located at 1918 8th Ave. for $625 million. CPP Investments will own a 45 percent interest in the joint venture, while Hudson Pacific will own 55 percent and act as general partner and as property, leasing and construction manager. The seller was not disclosed, but multiple media outlets report J.P. Morgan Chase has owned the property since 2011 when affiliates bought the asset from developer Schnitzer West LLC. The property is 98 percent leased with an average remaining lease term of 10 years. Amazon is the largest tenant and occupies a majority of the building, which the Seattle-based e-commerce giant dubs the Blackfoot building. The LEED Platinum-certified tower features a multi-level lobby, great room, central conferencing facility and large fitness center. The office tower is situated in downtown Seattle’s Denny Triangle neighborhood near Hill7, an office tower that Hudson Pacific and CPP Investments purchased in 2016. The property is also near Washington 1000, an office development that Hudson Pacific …
SAN ANTONIO — Keller Williams Realty has signed a 30,000-square-foot, full-building lease at The Park at Vance Jackson for its new San Antonio office. The property consists of two 30,000-square-foot buildings that were completed in February 2020. Russell Noll of Transwestern and Deborah Bauer of Drake Commercial represented the landlord, The Park at Vance Jackson LLC, in the lease negotiations. Cynthia Lee of KW Commercial City View represented the tenant.
STAMFORD, CONN. — JLL has negotiated the $27.2 million sale of a 224,000-square-foot office complex located at 900 Long Ridge Road in Stamford. The 36.5-acre property consists of a 164,300-square-foot building, a 59,700-square-foot building and a 307-space parking garage. Amenities include walking trails, a fitness center, auditorium, cafeteria and training rooms. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Michael Kavanagh of JLL represented the seller in the transaction. The buyer was national investment firm Monday Properties.
CHICAGO — Sterling Bay has sold 1515 W. Webster, a 207,000-square-foot office building at Lincoln Yards in Chicago for $110.2 million. Constructed in 2018 on the site of the former Gutmann Leather Tannery, the fully leased property was the first office development completed at Lincoln Yards, Sterling Bay’s mixed-use development located along the North Branch of the Chicago River. A global third-party logistics provider occupies the four-story building, which includes open workstations, private offices, conference rooms, two reception areas, a café and a 5,000-square-foot terrace. David Knapp, Tom Sitz, Cody Hundertmark and Josh McGee of Cushman & Wakefield marketed the property for sale and procured the buyer, Apex Capital. The sale was Chicago’s fourth-largest office sale price of 2020, according to Sterling Bay.
PHOENIX — Irvine, California-based Granite Phoenix Complex Holdings has completed the disposition of TriWest Corporate Headquarters Campus, a four-building office property in Phoenix. An East Coast-based private buyer entered the Phoenix market by acquiring the property for an undisclosed price. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the transaction. Situated on 12.3 acres within Arizona Business Park, TriWest Corporate Headquarters Campus features 121,511 square feet of office space. TriWest Healthcare Alliance fully occupies the property, which is located at 15810, 15820, 15830 and 16010 N. 28th Ave. TriWest has occupied the property since 2003 and recently renewed its lease.
PARSIPPANY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold 7 Campus Drive, a 154,820-square-foot office building located in the Northern New Jersey city of Parsippany, for $12.7 million. According to commercialcafé.com, the property was built on 10 acres in 1982. The buyer was The Birch Group.
HOLMDEL, N.J. — Somerset Development has opened Colab at Bell Works, a 25,000-square-foot coworking space in the Northern New Jersey city of Holmdel. Designed by NPZ Style + Decor and G3 Architects, the facility is located within the Bell Works mixed-use destination, which is a redevelopment of the historic Bell Labs Building. The space features private offices and partitions for increased privacy, phone booths for individual use, upscale desk systems and task chairs.
MORRISVILLE, N.C. — JLL has arranged a $52.8 million loan for the acquisition and conversion of Perimeter’s Edge, a four-building, 341,547-square-foot property in Morrisville. The buyer and borrower, Longfellow Real Estate Partners, will convert the asset into a life sciences lab. MetLife Investment Management provided the five-year, floating-rate loan. Perimeter’s Edge is situated within Research Triangle Park at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon Parkway. A timeline for construction was not disclosed. Greg LaBine, Roger Edwards and Martha Nay of JLL arranged the loan on behalf of the borrower. Brigitte Burkett of MetLife originated the loan.
WATERLOO, IOWA — Friedman Real Estate has brokered the sale of a 162,000-square-foot office property in Waterloo within central Iowa for $1.2 million. Built in 1980, the asset is located at 3451 Hammond Ave. Amenities include a fitness center, kitchen, café and outdoor spaces. Steven Silverman and Ryan Wilner of Friedman brokered the transaction. Star Waterloo LLC sold the property to Stratacache Inc.