Office

Accesso, Partners Group Acquire Charlotte Office Park for $270M

by Alex Tostado October 21, 2019

CHARLOTTE, N.C. — Accesso Partners and Partners Group have acquired Innovation Park, a 1.8 million-square-foot office campus in Charlotte. The sales price was not disclosed, but Charlotte Business Journal reports the sales price was $270 million. Innovation Park spans 202 acres and comprises 12 buildings that were 99 percent leased at the time of sale to tenants including Allstate, AXA, Alight Solutions, Classic Graphics and Wells Fargo. The property is surrounded by Interstates 85, 485 and 77, and also has two stops along the Lynx Blue Line light rail. JLL represented both the seller and buyer in the transaction and arranged acquisition financing on behalf of the buyer. Brian Dawson represented the undisclosed seller, and Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda represented the buyers. Susan Hill arranged acquisition financing through an undisclosed lender.

October 21, 2019

Leasing Activity Office Southeast Virginia

Rolls-Royce North America to Occupy 17,000 SF for Corporate Headquarters in Northern Virginia

by Alex Tostado October 21, 2019

RESTON, VA. — Rolls-Royce North America will relocate its corporate headquarters to the fourth floor of Reston Station in early 2020. Rolls-Royce North America designs, develops, manufactures and tests jet engines for the U.S. Department of Defense and commercial aerospace markets. The company will occupy 17,000 square feet of the 16-story glass building, located at 1900 Reston Metro Plaza in Reston, 20 miles west of downtown Washington, D.C. The office tower offers amenities including multiple rooftop event and social spaces with catering kitchens, a fitness facility, multi-room conference facility and a two-story lobby on the Metro Plaza.

October 21, 2019

Florida Market Reports Office Southeast Southeast Market Reports

Office-Using Employment Growth Reaches Record Levels in Orlando

by Alex Tostado October 21, 2019

The end of the second quarter of 2019 marked 120 consecutive months of U.S. economic growth, the longest on record. The steady climb in investment sales over the past few years has been fueled by record amounts of institutional capital and private equity, and office-using employment has reached an all-time high. By the end of March of this year, Florida’s private sector businesses had created over 208,000 jobs over the trailing 12-month period, and Orlando had reached 48 straight months as the state’s top location for job growth. Additionally, the U.S. Census Bureau’s latest figures indicate that three of the top 10 fastest growing cities in Florida are in the Orlando area (Kissimmee, St. Cloud and the city of Orlando itself). Altogether, there is $3.6 billion in multifamily construction underway or planned in metro Orlando, and all of this growth is fueling the need for improved transportation and logistics networks, as well as the corresponding commercial development taking place throughout the market. Finally, world-famous as a vacation destination, Orlando’s $70 billion tourism and travel industry continues to thrive with 75 million visitors during 2018 alone. Urban core grows Downtown Orlando’s renaissance continues, with a total of $2 billion in new …

October 21, 2019

Development Office Texas

Stonelake Capital Underway on 24-Story Office Tower at The Domain in Austin

by Alex Tostado October 18, 2019

AUSTIN, TEXAS — Stonelake Capital Partners is underway on construction of Domain Tower II, a 24-story office project within The Domain mixed-use development on Austin’s north side. Designed by Beck Group, the property will ultimately span 330,000 square feet. A timeline for completion was not released. Stonelake recently completed construction of Domain Tower, which is fully leased to employment search engine Indeed.

October 18, 2019

Leasing Activity Office Texas

JLL Negotiates 22,414 SF Office Lease at Pier 1 Imports Building in Fort Worth

by Alex Tostado October 18, 2019

FORT WORTH, TEXAS — JLL has negotiated a 22,414-square-foot office lease for Property Damage Appraisers at the Pier 1 Imports building in Fort Worth. The space will serve as the company’s new corporate headquarters. Michael Morgan of Hertz Investment Group, which owns the building, and Pat McDowell of JLL handled the transaction.

October 18, 2019

Development North Carolina Office Southeast

Crescent Communities to Construct 158,000 SF Office Building in Charlotte’s University Research Park

by Alex Tostado October 18, 2019

CHARLOTTE, N.C. — Crescent Communities will construct Escent Research Park, a four-story, 158,000-square-foot office building within Charlotte’s University Research Park submarket. The site spans 20 acres and is located near the intersection of West Mallard Creek Church Road and David Taylor Drive, a mile from Interstate 85. BB+M Architecture is the project architect, ColeJenest & Stone is the civil engineer and Choate Construction is the general contractor. Crescent expects to deliver the property in early 2021.

October 18, 2019

Acquisitions Florida Office Southeast

RealOp Investments Sells Eight-Building Office Campus in Tampa for $26.7M

by Alex Tostado October 18, 2019

TAMPA, FLA. — RealOp Investments has sold Bay West Commerce Park, an eight-building, 195,558-square-foot office campus in Tampa’s Westshore submarket, for $26.7 million. RealOp acquired the property in 2017 and invested $1.5 million in renovations during its ownership. The campus, located six miles west of downtown Tampa, was 86 percent leased at the time of sale. Dale Peterson of CBRE represented the seller in the transaction. The buyer was not disclosed.

October 18, 2019

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Brokers Sale of 244,000 SF Worcester Plaza Tower

by Alex Tostado October 18, 2019

WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has brokered the sale of Worcester Plaza Tower, a 244,000-square-foot office tower in central Massachusetts. The sales price was $16.5 million. The 24-story tower is the tallest office building in Worcester. Kelleher & Sadowsky represented the seller, S-BNK Worcester Main, an entity registered to the Casey Brothers Trust of Boston. The firm also procured the buyer, Synergy Investments, which plans to make capital improvements to the property.

October 18, 2019

Acquisitions New York Northeast Office

SL Green Acquires 160,000 SF Office Building in Manhattan

by Alex Tostado October 18, 2019

NEW YORK CITY — SL Green Realty Corp., a publicly traded office investment firm, has acquired 603 West 50th Street, a 160,000-square-foot office building in Manhattan. KCP Holdco Inc., an affiliate of the seller that currently occupies the property, will lease approximately 40,000-square-feet of office space to serve as its headquarters. SL Green will undertake a full-building repositioning to elevate the profile of this asset, which was originally built in 1940. Woody Heller and David Heller of Savills Studley represented the undisclosed seller in the transaction.

October 18, 2019

Acquisitions Massachusetts Northeast Office

Qatar-Based Investment Firm Buys Two Boston Office, Retail Properties Totaling 159,781 SF

by Alex Tostado October 18, 2019

BOSTON — Alduwaliya, a Qatar-based investment firm, has purchased 99 Chauncy Street and 101 Summer Street, two office buildings totaling 159,781 square feet in Boston’s Financial District. Both properties include ground-floor retail space and were fully leased at the time of sale to tenants with an average weighted lease term of 7.2 years. Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines of CBRE represented the seller, Nuveen Real Estate, in the transaction. The price was not disclosed.

October 18, 2019

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