Office

JLL Brokers Sale of 2900 Weslayan Office Building in Houston’s Greenway Plaza District

by John Nelson February 6, 2020

HOUSTON — JLL has arranged the sale of 2900 Weslayan, a six-story boutique office building located at the corner of Weslayan and West Alabama streets in Houston’s Greenway Plaza submarket. Houston-based Griffin Partners, using its investment vehicle Griffin Partners Office Fund III, purchased the 136,698-square-foot office building from Madison Marquette. Dan Miller and Katherine Miller of JLL represented the seller in the transaction. The office building was nearly 82 percent leased at the time of sale, including to retailers Baggy’s Grill, Apteek Pharmacy and Results Physiotherapy. Wally Reid, Cameron Cureton and John Ream, also with JLL, secured a three-year, floating-rate acquisition loan through Frost Bank on behalf of Griffin Partners. Janie Snider and Lee Moreland of Griffin Partners will manage 2900 Weslayan internally. The new ownership has retained Madison Marquette to lease the property.

February 6, 2020

Arizona Development Office Western

Cousins, Hines to Develop 18-Story Office Tower in Downtown Tempe

by Amy Works February 6, 2020

TEMPE, ARIZ. — Cousins Properties and Hines have unveiled plans for 100 Mill, an 18-story office tower in downtown Tempe. Cousins will have 90 percent ownership and Hines will have 10 percent ownership interest in the project. Located at the southwest corner of Mill Avenue and Rio Salado Parkway, the 287,000-square-foot office building is 44 percent pre-leased, with two long-term lease commitments from a Fortune 100 company and a professional services firm. Completion is scheduled for the first quarter of 2022. Total development cost is anticipated to be approximately $153 million.

February 6, 2020

California Development Hospitality Mixed-Use Multifamily Office Retail Western

Sea Breeze Properties Breaks Ground on 40-Acre Mixed-Use Development in San Diego

by Amy Works February 6, 2020

SAN DIEGO — Sea Breeze Properties has broken ground for MERGE 56, a 40-acre mixed-use development located in the Torrey Highlands submarket of San Diego. Adjacent to State Route 56 at Camino Del Sur, MERGE 56 will feature a 450,000-square-foot, Class A office and retail space; a boutique hotel; and 242 residential units, including single-family homes, townhomes and affordable apartments. The land was originally approved in 2004 as a big-box retail center before Sea Breeze Properties acquired the land in 2013 and redesigned it into a pedestrian-centric, mixed-use environment. CBRE’s Chris Pascale, Mike Hoeck and Ellycia Halden will handle leasing for the office space, while Steve Avoyer of Flocke & Avoyer will handle leasing for the retail component.

February 6, 2020

Jefferson-Creative-Campus-Los-Angeles-CA

Acquisitions California Lee & Associates Office Western

NKF Brokers $169M Sale of Jefferson Creative Office Campus Near Los Angeles

by Amy Works February 6, 2020

CULVER CITY, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of Jefferson Creative Campus, a three-building office property located in the Culver City submarket of Los Angeles. Clarion Partners and Lincoln Property Co. acquired the asset from Rader Properties Group VII and Rodeo Properties for $169 million. Situated on seven acres at 5870, 5880 and 5890 W. Jefferson Blvd., the asset offers a total of 152,146 square feet of office space. Excess development potential could allow for more than 600,000 square feet of additional office buildings. At the time of sale, the property was fully leased. Major tenants include Spin Master, MedMen and Prana Studios. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF, along with Ron Rader of Lee & Associates, represented the sellers. The buyers were self-represented in the transaction.

February 6, 2020

Acquisitions Development Office Southeast Tennessee

Forstone Capital Purchases Nashville Warehouse, Plans to Convert into Boutique Office Space

by Alex Tostado February 6, 2020

NASHVILLE, TENN. — Forstone Capital has purchased a 130,000-square-foot warehouse located at 3040 Sidco Drive in Nashville. The Stamford, Conn.-based buyer plans to redevelop the building into a 157,000-square-foot office project with central conference and meeting rooms, food and beverage services, a fitness center with locker rooms and showers, a gaming room, outdoor leisure space and tenant programming with rotating food trucks and entertainment vendors. The building was originally built in 1962 just south of downtown Nashville. Forstone expects to begin construction on the project this month with the base building projected to be completed in less than a year. Custom buildouts for tenants will start as early as July. Norwalk, Conn.-based Beinfield Architecture designed the redevelopment, and locally based T.W. Frierson will serve as the general contractor. Bill Adair and Ashley Albright of JLL will handle the marketing and lease negotiations. Further details of the transaction were not disclosed.

February 6, 2020

Development Illinois Midwest Office

Skender Begins Interior Construction of 536,000 SF Bank of America Tower in Chicago

by Kristin Harlow February 6, 2020

CHICAGO — Skender has begun interior construction of the new 536,000-square-foot Bank of America Tower at 110 N. Wacker Drive in Chicago. Bank of America will relocate approximately half of its employees, roughly 2,000 people, from its current office at 135 S. LaSalle St. upon completion of the new building. The Charlotte, N.C.-based bank will occupy 17 floors of the 56-story office tower. Bank of America’s space will include private offices, open workstation areas, conference rooms, work cafes, support space and other workplace amenities. Unique features will include a trading floor, barista bar and market café with two outdoor terraces. The interior will also feature an internal staircase that will connect a two-floor conference center and executive suite. Serving as general contractor, Skender is collaborating with Interior Architects and JLL on the project. Completion is slated for the fourth quarter of this year. Howard Hughes Corp. and Riverside Investment & Development are the developers of the nearly $800 million project. Several law firms, including King & Spalding, as well as investment bank Lincoln International and coworking space provider No18 have signed leases at the property, according to the Chicago Tribune.

February 6, 2020

Acquisitions Illinois Midwest Office

Joint Venture Purchases 171,933 SF Office Building in Oak Brook, Illinois

by Kristin Harlow February 6, 2020

OAK BROOK, ILL. — A joint venture between Clear Height Properties and Buligo Capital has purchased 814 Commerce Drive, a three-story, 171,933-square-foot office building in the Chicago suburb of Oak Brook. The purchase price was undisclosed. The buyers plan to reposition the building, which was constructed in 1990. Improvements will be made to the exterior façade, building entryway, lobby, common areas and landscaping. Commercial real estate firm IRC leases 43,000 square feet at the building and Innovista Health occupies 41,000 square feet. DeVry University, which currently leases 66,500 square feet on the second floor for its Oak Brook campus, plans to relocate. Art Burrows, James Adler and Dan O’Neill of NAI Hiffman represented the seller, Elliott Management. NAI Hiffman has been named the exclusive marketing and property management representative for the property.

February 6, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 70,728 SF Office Lease for Accounting Firm in Manhattan

by Alex Patton February 6, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 70,728-square-foot office lease for accounting firm Marcum LLP in Midtown Manhattan. The company will relocate its headquarters to 730 Third Avenue, a 665,110-square-foot office building, from its current space at 750 Third Avenue by early 2021. The owner, TIAA, is currently renovating the building with two new lobbies and a 35,000-square-foot amenity space with a food hall, fitness center and conference facility. Ross Perlman and Lee Brodsky of NKF represented Marcum in the lease negotiations. Neil King and Paul Amrich of CBRE represented TIAA.

February 6, 2020

Leasing Activity New York Northeast Office

Law Firm Extends 19,871 SF Office Lease in Manhattan

by Alex Patton February 6, 2020

NEW YORK CITY — Law firm Katsky Korins LLP has extended its 19,871-square-foot office lease at 605 Third Avenue, a 1.1 million-square-foot office building in Midtown Manhattan. Under the terms of the lease extension, the firm will remain in its space through mid-2032. The company has been a tenant of the building since 1988 and occupies the entire 17th floor. Oliver Katcher of Indigo Property Holdings LLC represented Katsy Korins in the lease negotiations. Marc Packman and Clark Briffel represented the landlord, Fisher Brothers, on an internal basis.

February 6, 2020

Acquisitions Office Texas

Richland Cos. Acquires 49,793 SF Office Park in Houston

by John Nelson February 5, 2020

HOUSTON — Locally based investment firm The Richland Cos. has acquired Corporate Centre Webster, a 49,793-square-foot office park located at 16969 Texas Ave. in Houston. The property was 84 percent leased at the time of sale and offers proximity to Clear Lake Medical Center, Johnson Space Center and Baybrook Mall. The seller was not disclosed.

February 5, 2020

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