Office

Law Firm Signs Full-Floor Office Lease in Downtown Chicago

by Kristin Harlow December 24, 2019

CHICAGO — Law firm Schoenberg Finkel Newman & Rosenberg LLC has signed a full-floor lease at The 300, an office building located at 300 S. Wacker Ave. in downtown Chicago. The law firm will occupy the entire 15th floor for a total of 15,460 square feet. The lease commences in September 2020. Founded in 1946, the firm currently resides at 222 South Riverside. Golub & Co. owns The 300 and completed a renovation of the 536,000-square-foot property last year. Deborah Frank and Sandy Macaluso of Golub & Co. represented the landlord in the lease with the law firm. Tony Karmin and Corby Marx of Colliers International represented the tenant.

December 24, 2019

Acquisitions Office Washington Western

KKR Enters Seattle Market With Acquisition of 1.4 MSF Office Portfolio for $1.2B

by Amy Works December 24, 2019

SEATTLE AND BELLEVUE, WASH. — KKR, a global investment firm, has closed on two real estate transactions totaling more than $1.2 billion. The firm purchased Summit in downtown Bellevue and F5 Tower in downtown Seattle, both office assets. Located in Bellevue’s central business district, Summit features 915,000 square feet of Class A office space. The complex is 99 percent leased and comprises two existing LEED Platinum office buildings and a third building that is currently under construction, with completion slated for third-quarter 2020. Recently completed, F5 Tower is a 43-story office tower in Seattle’s central business district. The property includes a fully leased, 516,000-square-foot office condominium acquired by KKR alongside a separate 189-room luxury hotel. The building is architecturally significant to the Seattle skyline and home to F5 Networks as its global headquarters. Urban Renaissance Group, a Seattle-based real estate investor, developer and manager of real estate, will operate the properties. The company also assisted with the acquisition. These investments are being funded by accounts co-advised by KKR and KKR’s balance sheet. The names of the sellers were not released.

December 24, 2019

Acquisitions Office Texas

Greystone Negotiates Sale of 53,861 SF Office Building in Dallas

by Taylor Williams December 24, 2019

DALLAS — Greystone has negotiated the sale of a 53,861-square-foot office building located at 17440 N. Dallas Parkway on the city’s north side. According to LoopNet Inc., the Class B property was built in 1983. Jeff Burgfechtel and Todd Franks of Greystone represented the seller and advised the buyer in the transaction.

December 24, 2019

Connecticut Development Northeast Office Retail

Stone Harbour to Convert Office, Retail Building in Stamford, Connecticut into 77-Unit Multifamily Property

by Alex Patton December 24, 2019

STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.

December 24, 2019

Leasing Activity Massachusetts Northeast Office

L.E.K. Consulting Renews, Expands Boston Office Lease to 78,000 SF

by Alex Patton December 24, 2019

BOSTON — L.E.K. Consulting, which consults with private and public sector organizations, private equity firms and emerging entrepreneurial businesses, has renewed and expanded its lease at 75 State Street in Boston’s Financial District by 15,000 square feet for a total footprint of 78,000 total square feet. The company will occupy floors 18 through 21 of the 1.1 million-square-foot, Class A office building. Nat Kessler and Kevin Kennedy of CBRE represented L.E.K. Consulting in the lease negotiations. Rockpoint Group and DivcoWest are the landlords.

December 24, 2019

Acquisitions District of Columbia Office Southeast

Skanska Sells Office Building in D.C. to Polinger Development for $163M

by Alex Tostado December 24, 2019

WASHINGTON, D.C. — The U.S. affiliate of Swedish construction and development company Skanska AB has sold the 99M office building in Washington, D.C., to Chevy Chase, Md.-based Polinger Development Co. for $163 million. The transfer of the property is expected to close in the first quarter of 2020. Located at 99 M St. SE in D.C.’s Navy Yard neighborhood, the 11-story office building spans 234,000 square feet and is LEED Gold-certified. Built in 2018, 99M is 87 percent leased to tenants including PYXERA Global, an international trade and development nonprofit organization, and GiveCampus, a digital fundraising and volunteer management platform for educational institutions. In addition to ground floor retail, the building offers a rooftop terrace, fitness facility and a secured bike room.

December 24, 2019

Development North Carolina Office Southeast

East West Partners, Northridge Capital Open Crabtree Terrace in Raleigh’s Brookside Village Area

by Alex Tostado December 24, 2019

RALEIGH, N.C. — Developer East West Partners and equity partner Northridge Capital LLC have opened Crabtree Terrace in the Brookside Village neighborhood of North Raleigh. Located at 4950 Creedmoor Road, the 173,468-square-foot office and retail project was completed earlier this month and tenants are expected to occupy the building in January 2020. The tenant roster includes coworking company Spaces, JLL, Longleaf Law Partners and Perry’s Steakhouse & Grille. Designed by Gensler and Kimley-Horn, Crabtree Terrace has floor-to-ceiling glass throughout, as well as covered parking. The building offers nearby access to U.S. Routes 50 and 70 and the Capital Area Greenway trail system. In addition to the ground-floor retail, a fitness facility with showers is planned in the building. Brasfield & Gorrie served as general contractor, and CBRE | Raleigh’s Advisory & Transaction Services | Investor Leasing group and Retail Services group are handling the office and retail leasing for Crabtree Terrace.

December 24, 2019

Acquisitions Development North Carolina Office Southeast Top Stories

Childress Klein, CGA Capital Acquire Duke Energy’s Office Tower Underway in Uptown Charlotte

by John Nelson December 24, 2019

CHARLOTTE, N.C. — Childress Klein and CGA Capital have partnered to purchase the Uptown Charlotte site for Duke Energy’s future office tower. Located at 525 S. Tryon St., the 40-story Charlotte Metro Tower project is set for a 2022 completion. Construction is currently underway. Charlotte-based Childress Klein and Baltimore County-based CGA Capital have agreed to fully fund the development and construction of the project, which could total up to $675 million as per the purchase agreement with seller and future tenant Duke Energy (NYSE: DUK), an energy holding company based in Charlotte. “We look forward to working with Childress Klein and its team to fund the creation of a dynamic office tower and a terrific new addition to the city skyline,” says Kyle Gore, managing director and principal of CGA Capital. As part of the sale-leaseback agreement, the new ownership will enter into a long-term lease with Duke Energy at the tower upon completion. The development will span 1 million square feet of office and retail space and include a 1,100-space parking garage. Nuveen, a TIAA Company, is leading a debt investment group to help fund the development. The project team includes general contractor Batson-Cook Co. and architect tvsdesign, which …

December 24, 2019

Acquisitions District of Columbia Office Southeast

WashREIT Completes $129.5M Sale of 1776 G Street Office Building in D.C. to World Bank

by Alex Tostado December 23, 2019

WASHINGTON, D.C. — Washington Real Estate Investment Trust (WashREIT) has sold 1776 G St. for $129.5 million to World Bank Group, an international financial institution that makes loans to developing nations. According to LoopNet Inc., the office building was built in 1979, spans 266,000 square feet and is located one block from the White House. World Bank’s headquarters is located at 1818 H St. NW, which is kitty-corner to 1776 G St. World Bank has operated out of 1776 G St. for over 30 years and is currently the building’s sole office tenant.

December 23, 2019

Acquisitions Office Southeast Tennessee

Security Properties, Pacific Life Buy Broadstone Gulch in Nashville for $80.8M

by Alex Tostado December 23, 2019

NASHVILLE, TENN. — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Broadstone Gulch, a new, 238-unit multifamily property located in Nashville’s Gulch district, for $80.8 million. Located at 803 Division St., Broadstone Gulch offers a fitness center, rooftop lounge, pool, demonstration kitchen, package access system, office space, a pet spa and Google Fiber. The building is a half-mile walk from Music City Center in the Nashville’s south of Broadway (SoBro) neighborhood. Security Properties-affiliate Security Properties Residential will manage the property. Walker & Dunlop’s Telly Fathaly and Kris Mikkelsen represented the seller and developer, Alliance Residential.

December 23, 2019

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