Office

Cushman & Wakefield Negotiates $32.7M Sale of Sawgrass Village Office Campus in South Florida

by Alex Tostado November 25, 2019

SUNRISE, FLA. — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a more than 112,000-square-foot office campus in Sunrise, 12 miles northwest of Fort Lauderdale in Broward County. MG3 Realty LLC acquired the asset for $32.7 million, or $290 per square foot. The name of the seller was not disclosed, but multiple media outlets have reported the seller as DWS Group, a subsidiary of Deutsche Bank. Sawgrass Village comprises two single-story office buildings developed in 2000 on an 11.3-acre site within Sawgrass International Corporate Park. The 612-acre master-planned office park houses more than 3 million square feet of office and industrial space. Located at 1300 Concord Terrace, the park is adjacent to Interstates 75 and 595, offering direct access to Fort Lauderdale-Hollywood Airport and Miami International Airport. Both buildings at Sawgrass Village were 100 percent occupied at the time of sale by Comcast and Bolton Medical. Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella of Cushman & Wakefield’s Capital Markets team represented DWS in the sale. Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance Group secured a $21.3 million acquisition loan from Citigroup Inc. for MG3 …

November 25, 2019

Development North Carolina Office Southeast

SLI Capital, Atlas Stark to Begin Construction on 65,000 SF East End Market Project in Raleigh

by Alex Tostado November 25, 2019

RALEIGH, N.C. — SLI Capital, a real estate investment management firm, and Atlas Stark, a Raleigh-based real estate development firm, will soon begin the construction of East End Market, a 65,000-square-foot adaptive reuse project located in Raleigh’s East End neighborhood. Common Desk, a Dallas-based coworking space provider, signed on to take 28,423 square feet in East End Market in partnership with Workplace Hospitality Management, which is expanding Common Desk throughout the Carolinas and Tennessee. Common Desk’s East End Market location will feature space for community events, private offices and enterprise suites, as well as custom design elements like local art installations, industrial-sized roll-up doors, conference rooms and an outdoor patio. The project is scheduled for completion in fall 2020.

November 25, 2019

Development Office Texas

Partnership to Develop 215,000 SF Office Project in Deep Ellum Area of Dallas

by Taylor Williams November 25, 2019

DALLAS — A partnership between Hines, Westdale Real Estate Investment & Management and Ivanhoe Cambridge has acquired land in the Deep Ellum area of Dallas for the development of The Stack Deep Ellum, a 215,000-square-foot commercial project. The 16-story building will be located at 2700 Commerce St. and feature 200,000 square feet of office space and 15,000 square feet of ground-floor retail space. 5G Studio Collaborative is the architect for the project, construction of which is scheduled to begin in December.

November 25, 2019

Development Midwest Office Wisconsin

Hy Cite Opens 90,000 SF Headquarters in Middleton, Wisconsin

by Kristin Harlow November 25, 2019

MIDDLETON, WIS. — Hy Cite Enterprises has opened its 90,000-square-foot corporate headquarters in Middleton, a suburb of Madison. Designed by EUA and built by Ideal Builders, the new office consolidates three offices and multiple departments into one building. Amenities include a fitness center, café, outdoor garden, demonstration kitchen and underground parking. The project incorporates energy-efficient features such as a solar panel array and high levels of insulation. Hy Cite sells kitchenware through a network of 6,000 independent distributors in the United States, Mexico and South America.

November 25, 2019

Development Northeast Office Pennsylvania

AREP, Partners Underway on Development of 260,000 SF Office Building in Metro Philadelphia

by Alex Patton November 25, 2019

CONSHOHOCKEN, PA. — American Real Estate Partners (AREP), Oliver Tyrone Pulver Corp. (OTP) and Partners Group are underway on the development of Seven Tower Bridge, a 260,000-square-foot office building in Conshohocken, a northern suburb of Philadelphia. OTP will lease 4,000 square feet of space in the new building, and asset management firm Hamilton Lane will lease 130,000 square feet. Amenities include walking paths, a 30-mile bike trail and a fitness center. Skidmore, Owings & Merrill designed the building, which is slated for delivery in early 2021.

November 25, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Negotiates Sale of 5,000 SF Office Building in Mount Olive, New Jersey

by Alex Patton November 25, 2019

MOUNT OLIVE, N.J. — NAI James Hanson has negotiated the sale of a 5,000-square-foot office building in Mount Olive, located approximately 40 miles west of New York City. The property, located at 425 Sand Shore Road, is a two-story office building that has sat vacant for several years. Joseph Vindigni of NAI James Hanson represented the seller, Mendham Associates LLC, in the transaction. Vindigni also represented the buyer, Snap Creative Marketing LLC. The sales price was undisclosed.

November 25, 2019

California Market Reports Office Western Western Market Reports

Landlords Emphasize Top-Quality Amenities, Services in OC’s Office Market

by Taylor Williams November 23, 2019

Employers throughout Orange County continue to seek ways to attract and retain the best and brightest talent as unemployment dropped to 2.4 percent in the second quarter, below both the California and U.S. rates. That, in turn, has resulted in landlords reinvesting in their properties, providing creative and flexible work spaces, and offering a variety of onsite amenities and service that help companies fulfill that goal. Landlords continue to seek out creative competitive advantages by improving the actual employee experience within the workplace. This often results in amenities like gyms, fitness classes, outdoor work areas, restaurants and collaborative open spaces. Add to that complimentary concierge and personal services, dog-friendly campuses, onsite hosted events and entertainment opportunities and it’s evident to see that property owners are stepping up their tenant services game, thereby enhancing employee innovation and productivity in the workplace. With all that in mind, three new office projects completed construction in the second quarter. FLIGHT at Tustin Legacy added 457,217 square feet of unique, creative office space with 26 percent already pre-leased. The major warehouse-to-office conversion project at 2722 Michelson was delivered fully leased to Anduril, an aerospace defense firm, which subsequently subleased 47,733 square feet to advertising technology …

November 23, 2019

Illinois Leasing Activity Midwest Office

Transwestern Secures 45,457 SF Office Lease for Philanthropy Center in Chicago

by Kristin Harlow November 22, 2019

CHICAGO — Transwestern Commercial Services has secured a 45,457-square-foot office lease at 200 W. Madison in Chicago for FBRK, a membership-based work and philanthropy center dedicated to serving and supporting grant makers, family foundations and investors. Founded by former Chicago Bears football player Israel Idonije, FBRK Impact House will occupy three floors of the Class A office tower, which is owned by Multi-Employer Property Trust with BentallGreenOak as its advisor. The space includes a public work lounge and restaurant on the first floor, with membership access to offices, lounges and amenities on the second and third floors. FBRK Impact House is expected to open in March 2020. Larry Serota, Cece Conway and Holly Bailey of Transwestern represented FBRK in the site selection and lease negotiation.

November 22, 2019

Development Midwest Missouri Office Top Stories

McCarthy, HITT to Build $1.7B Office Campus in St. Louis for Government Agency

by Taylor Williams November 22, 2019

ST. LOUIS — McCarthy Building Cos. and HITT Contracting will build a $1.7 billion office campus in St. Louis for the National Geospatial-Intelligence Agency (NGA), which provides intelligence and combat support services to the U.S. Department of Defense. The campus is being developed on a 97-acre tract at the corner of Jefferson and Cass avenues on the city’s north side. The property will feature approximately 712,000 square feet of office space, parking garages, a visitor’s center and an inspection facility. NGA, which has operated out of St. Louis for 70 years, will relocate from its current facility in south St. Louis to the new campus, which is expected to be fully operational by 2025. The U.S. Air Force owns NGA’s current campus, and it remains unclear what the military branch will do with that property following the relocation. “NGA’s new campus will be built with spaces that facilitate information sharing and collaboration among NGA’s and St. Louis’ talented innovators,” says Vice Admiral Richard Sharp, director of NGA. “Working together, we can better achieve NGA’s mission of providing world-class intelligence to U.S. service members and leaders to keep our nation secure.” A groundbreaking ceremony is scheduled for Tuesday, Nov. 26. Following …

November 22, 2019

Acquisitions Georgia Industrial Office Southeast

JLL Brokers $71.3M Sale of Industrial Park in Norcross, Georgia

by Alex Tostado November 21, 2019

NORCROSS, GA. — JLL has brokered the $71.3 million sale of Gwinnett Park, a 981,720-square-foot light industrial and business park portfolio composed of 18 buildings in the Atlanta suburb of Norcross. Dennis Mitchell, Matt Wirth and Britton Burdette of JLL marketed the property on behalf of the seller, California-based Sperry Equities. Dogwood Industrial Properties purchased the portfolio. Dogwood, owned by TPG Real Estate Partners, specializes in multi-tenant industrial assets. Gwinnett Park is located at 4405 International Blvd., near Interstate 85 and approximately 20 miles northeast of downtown Atlanta. The business park’s buildings were constructed between 1973 and 1997 and feature 18- to 22-foot clear heights, a combination of shallow bay suites, a mix of grade-level and dock-high doors, parking and office space. The property is approximately 87 percent leased to more than 55 tenants in various sectors, including manufacturing, healthcare, logistics, education, consumer goods, marketing, financial services, engineering and commercial and business services.

November 21, 2019

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