Office

Phillips Realty Capital Arranges $67M Refinancing Loan for Data Center, Office Building in Northern Virginia

by Alex Tostado August 26, 2019

VIENNA, VA. — Phillips Realty Capital has arranged a $67 million refinancing loan for a 199,097-square-foot Tier III data center and office building in Vienna. The borrowers acquired the building in 2016 and immediately began renovations. The funds are being used to refinance the initial construction loan as well as add 130,000 square feet of raised floor, including an 8 MW expansion of critical power. The data center is categorized as a Tier III center due to having 99.982 percent operational time and not more than 1.6 hours of downtime per year, according to The Uptime Institute. The property also features a “N+1 configuration,” which gives the building 72-hour power outage protection. The building is located 17 miles west of Washington, D.C. William Lawson, Adam Bieber, and Harmon Handorf of Phillips Realty Capital arranged the loan through EagleBank on behalf of the borrowers, Element Critical, Safanad and Industry Capital.

August 26, 2019

Acquisitions New York Northeast Office

JLL Brokers $18M Sale of Medical Office Building in Syracuse

by Alex Patton August 26, 2019

SYRACUSE, N.Y. — JLL has brokered the $18 million sale of Crouse Medical Center, a 173,466-square-foot of medical office building in Syracuse. The property comprises two connected buildings that are 88 percent leased to medical tenants including Crouse Health System. Steven Rutman, Ben Appel, Jose Cruz and Rob Rizzi of JLL represented the seller, Brittonfield Associates, in the transaction. ICONIC Property Partners was the buyer.

August 26, 2019

Leasing Activity New York Northeast Office

Helmsley Spear Negotiates 56,000 SF Office Lease for WeWork in Manhattan

by Alex Patton August 26, 2019

NEW YORK CITY — Helmsley Spear has negotiated a 56,000-square-foot office lease for WeWork at 83 Maiden Lane in the Financial District of Manhattan. The 15-year lease comprises the entire 3rd, 4th, 5th and 6th floors of the building, which brings the property to 100 percent occupancy. Kent Swig and Andrew Simon of Helmsley Spear represented WeWork and the landlord, AHRC New York City, in the lease negotiations,

August 26, 2019

Development Illinois Midwest Office

J.C. Anderson Completes Build-Out for Colliers International Chicago Headquarters

by Kristin Harlow August 26, 2019

CHICAGO — J.C. Anderson has completed the build-out for Colliers International’s Chicago headquarters at 71 S. Wacker Drive. The global real estate services and investment management company has relocated its Chicago headquarters from 200 S. Wacker Drive. The space features raised flooring, open ceilings, new light fixtures and new painting. Irvine Co. owns 71 South Wacker, a 48-story office tower that was completed in 2005.

August 26, 2019

Acquisitions North Carolina Office Southeast

TerraCap Management Acquires Three Office Buildings in Charlotte for $59.3M

by Alex Tostado August 23, 2019

CHARLOTTE, N.C. — TerraCap Management LLC has acquired Resource Square I, II and V for $59.3 million. The three properties are located within the Resource Square office campus and total 337,611 square feet. The property is located near Interstates 85, 77 and 485, as well as Charlotte’s LYNX Light Rail Blue Line. Patrick Gildea of CBRE represented the seller, The Dilweg Cos., in the transaction. IberiaBank provided TerraCap with an undisclosed amount of acquisition financing for the deal.

August 23, 2019

Development Midwest Minnesota Office

Opus Completes Repositioning of Former Target Corporate Campus in Minneapolis

by Kristin Harlow August 22, 2019

MINNEAPOLIS — The Opus Group has completed the repositioning of Target’s former west corporate campus in Minneapolis. The single-tenant office building has been transformed into multi-tenant space. The property, located at 3701 Wayzata Blvd., spans nine stories and 307,000 square feet. Tactile Medical has leased 114,000 square feet at the project, along with SRF Consulting Group Inc. leasing 70,000 square feet and Regis Corp. leasing 65,000 square feet. Approximately 55,000 square feet remain available for lease. Amenities include a renovated café, half-basketball court, bocce ball, fitness center and indoor bike lounge. The eighth floor includes a clubroom, rooftop patio, conference room and entertainment areas. Opus served as developer, design-builder, architect and engineer of record. Perkins+Will provided interior design consulting services. The project was a joint venture with Principal Real Estate Investors. TCF Bank provided financing. Target still maintains its headquarters in Minneapolis along Nicollet Mall.

August 22, 2019

Leasing Activity Midwest Missouri Office

WeWork Signs 60,000 SF Lease for First Location in St. Louis

by Kristin Harlow August 22, 2019

ST. LOUIS — Coworking giant WeWork has signed a 60,000-square-foot lease at One Metropolitan Square in downtown St. Louis. The office will serve as the company’s first location in St. Louis. WeWork will occupy space on the 22nd and 23rd floors. One Metropolitan Square, owned by an affiliate of 601W Cos., is the tallest building in St. Louis at 43 stories. It comprises 1.5 million square feet of office and ground-floor retail space. David Steinbach of JLL represented 601W Cos. in the lease transaction with WeWork.

August 22, 2019

Acquisitions California Healthcare Office Western

LaSalle Investment Management Buys 89,650 SF Medical Office Property in Orange County

by Amy Works August 22, 2019

BREA, CALIF. — LaSalle Investment Management, through its medical office fund, has acquired a medical office property located at 2767 E. Imperial Highway in Brea. A joint venture between Healthcare Property Advisors and The Innovation Institute sold the asset for an undisclosed price. St. Jude fully occupies the 89,650-square-foot property on a net-lease basis with 14 years remaining on the term. The two-story property is situated on 5.1 acres with frontage and visibility from Imperial Highway, as well as convenient access to the 57 Freeway. St. Jude is a network hospital of Providence St. Joseph Health. Nick Foster of JLL’s Net Lease Practice Group; Evan Kovac and Andrew Milne of JLL’s National Healthcare Capital Markets team; and Andrew Harper from JLL’s Los Angeles office investment team represented the seller. Additionally, John Chun of JLL’s National Healthcare Capital Market team advised from a debt and structured finance perspective.

August 22, 2019

Acquisitions Office Texas

JLL Brokers Sale of 51,508 SF Office Building in San Antonio

by Taylor Williams August 22, 2019

SAN ANTONIO — JLL has brokered the sale of 800 Dolorosa, a 51,508-square-foot office building situated on approximately two acres in downtown San Antonio. The sale includes a 174-space surface parking lot. Chuck King and Ben Jordan of JLL represented the seller, GTM Washington Square Ltd., in the transaction. 800 Painful LP, an affiliate of Weston Urban, acquired the property for an undisclosed price. Occupancy was 91.6 percent at the time of sale.

August 22, 2019

Leasing Activity New Jersey Northeast Office

JLL Negotiates 8,474 SF Office Lease Extension in Bernardsville, New Jersey

by Alex Patton August 22, 2019

BERNARDSVILLE, N.J. — JLL has negotiated an 8,474-square-foot office lease extension in Bernardsville, located about 30 miles west of New York City. The property, located at 150 Morristown Road, recently underwent a $500,000 capital improvement project that upgraded the lobby, lighting, HVAC system and walkway. Charlie Dillon of JLL represented the tenant, Decile.Ten Communications, in the lease negotiations. David Zimmel of Zimmel Associates represented the landlord, Denholtz Associates.

August 22, 2019

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