Office

Citizens Commercial Provides $435M Construction Loan for Boston Office, Retail Project

by Taylor Williams June 17, 2019

BOSTON — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District. The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021. The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28. The partnership is the lead developer of the Boston Seaport, a 23-acre waterfront project that will eventually span 7.6 million square feet of residential, retail, office and hospitality space. The project also includes 8.8 acres of open public space. Citizens, a Rhode Island-based lender with more than $160 billion in assets under management, is also the lead arranger and administrative agent for the loan, which officially closed June 7. — Taylor Williams

June 17, 2019

Development Office Southeast Tennessee

KDC to Develop 750,000 SF Office Building Within Aureum Mixed-Use Project in Nashville’s Cool Springs

by Alex Tostado June 14, 2019

FRANKLIN, TENN. — Dallas-based KDC has partnered with SouthStar and Chartwell Hospitality to develop a 750,000-square-foot office building within Aureum, a mixed-use development in Franklin. KDC will develop Aureum’s office component, SouthStar will develop 100,000 square feet of retail space, Chartwell Hospitality is developing three hotels totaling 700 rooms and SouthStar and Chartwell will co-develop a 480-unit residential community. Aureum, which is Latin for “golden,” will span 22 acres in Franklin’s Cool Springs area, about 18 miles south of downtown Nashville. KDC is expected to break ground on the office building in early 2020.

June 14, 2019

Leasing Activity Office Texas

Accesso Signs Two Tenants to 200,000 SF of Office Space in Northwest Austin

by Taylor Williams June 14, 2019

AUSTIN, TEXAS — Office investment firm Accesso has signed two leases totaling 200,000 square feet at Riata Corporate Park, a 61.5-acre office campus in northwest Austin. Global pharmaceutical company Allergan has leased 107,000 square feet at the eight-building campus, which offers multiple fitness centers, an employee lounge and a deli café. In addition, an unnamed Silicon Valley-based computer company will occupy 93,000 square feet at Riata Corporate Park. Mike Brown and Will Stewart of Transwestern negotiated both leases on behalf of Accesso.

June 14, 2019

Leasing Activity Office Texas

Common Desk Begins Leasing 52,000 SF Coworking Space at Trammell Crow Center in Dallas

by Taylor Williams June 14, 2019

DALLAS — Common Desk, a coworking concept with five locations in the metroplex, has begun leasing its 52,000-square-foot space at Trammell Crow Center in the Arts District neighborhood of Dallas. The space offers amenities such as a coffee bar, golf simulator, speakeasy-style bar, a game lounge and conference rooms. Sara Terry and Scott Sowanick of Stream Realty Partners are representing Common Desk in the leasing and management of the space.

June 14, 2019

Acquisitions Arizona Office Western

DRA Advisors Acquires Camelback Lakes Office Building in Phoenix for $47.5M

by Amy Works June 14, 2019

PHOENIX — New York-based DRA Advisors has purchased Camelback Lakes, a multi-story office building located at 2710, 2720, 2730 and 2850 E. Camelback Road, for $47.5 million. Developed in 1983, the four-building asset features 203,290 square feet of office space with a detached parking deck. At the time of sale, the property was 85 percent occupied. Mainstreet Capital will provide property management services, while Keith Lambeth of Cushman & Wakefield will provide leasing services for the property. Chris Toci and Chad Littell of Cushman & Wakefield, supported by the agency leasing team of Keith Lambeth, closed the transaction.

June 14, 2019

Acquisitions California Office Western

Kilroy Realty Sells Westlake Plaza Centre Office Building in Southern California for $18.2M

by Amy Works June 14, 2019

WESTLAKE VILLAGE, CALIF. — Kilroy Realty Corp. has completed the disposition of Westlake Plaza Centre 2, an office building located at 2829 Townsgate Road in Westlake Village. Majestic Asset Management and The Johnston Group acquired the property for $18.2 million. Built in 1990 and situated on 1.2 acres, the three-building asset features 84,098 square feet of office space. Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark Knight Frank represented the seller in the deal.

June 14, 2019

Acquisitions Georgia Office Southeast Top Stories

Investcorp Sells Former Home Depot Headquarters in Atlanta’s Vinings District for $120M

by John Nelson June 14, 2019

ATLANTA — Investcorp has sold an office campus in Atlanta’s Vinings district that formerly housed the world headquarters of The Home Depot back in the 1990s. The global asset management firm sold the property, known as Paces West, to a joint venture between Farallon Capital Management LLC and Crocker Partners for $120 million. Crocker Partners served as the asset and property management team in partnership with Investcorp since late 2015. Situated along Paces Ferry Road in Atlanta’s Cumberland/Galleria office submarket, the 646,471-square-foot property comprises two buildings connected via a pedestrian bridge. Amenities include two full-service cafes, a renovated fitness center, conference facilities, dry cleaners, a car wash service, onsite ATM and electric car charging stations. Paces West has served as the administrative headquarters for Piedmont Healthcare, an Atlanta-based health system with 11 hospitals and 650 facilities, since 2002. Jay O’Meara, Justin Parsonnet, Will Yowell, and Ryan Reethof of CBRE represented Investcorp in the sale. Since acquiring Paces West in 2015, Investcorp has boosted its occupancy from 85 percent to 93 percent, according to CBRE. “Paces West has withstood the test of time due to its quality, amenities, large flexible floor plates, and location in one of Atlanta’s most authentic and …

June 14, 2019

Development Office Texas

KDC Completes 165,000 SF Headquarters for Independent Bank in McKinney

by Taylor Williams June 13, 2019

MCKINNEY, TEXAS — Developer KDC has completed a 165,000-square-foot office project within the Craig Ranch development in McKinney for Independent Bank Group’s new corporate headquarters. Situated on 10.4 acres at State Highway 121 and Grand Ranch Parkway, the six-story building will house more than 400 employees that were previously dispersed throughout the region. Construction began in January 2018.

June 13, 2019

Acquisitions Illinois Industrial Midwest Office

Planmeca USA Purchases Former Serta Mattress Building in Hoffman Estates, Illinois

by Kristin Harlow June 13, 2019

HOFFMAN ESTATES, ILL. — Planmeca USA Inc., a manufacturer of dental equipment, has purchased the former Serta Mattress Co. building at 2600 Forbs Ave. in Hoffman Estates. The company will relocate its U.S. headquarters to the 90,000-square-foot building later this year. The headquarters will comprise Planmeca’s corporate office, a testing and distribution center and a showroom and training center. Planmeca currently operates out of two buildings totaling 77,000 square feet in Roselle, approximately 30 miles northwest of Chicago. Britt Casey and Jeff Matella of Cushman & Wakefield represented Planmeca in the transaction. Mark Smith of CBRE represented Serta. The purchase price was not disclosed.

June 13, 2019

Acquisitions New York Northeast Office

TerraCRG Arranges $55.9M Sale of 150,000 SF Office Building in Brooklyn

by Taylor Williams June 13, 2019

NEW YORK CITY — Commercial brokerage firm TerraCRG has arranged the sale of 1000 Dean Street, a 150,000-square-foot office building in the Crown Heights area of Brooklyn, for approximately $55.9 million. Asher Abehsera, founder and CEO of LIVWRK, was the buyer of the historic building, which was originally constructed in 1920 as a service station for Dodge and Plymouth vehicles. LIVWRK is a real estate company focused on mixed-use urban development. The seller, a joint venture that included the Goldman Sachs Urban Investment Group, purchased the building in 2012 and converted it into an office property that is now home to more than 90 media companies, nonprofit organizations, tech start-ups and manufacturers. Ofer Cohen, Dan Marks and Daniel Lebor of TerraCRG brokered the deal.

June 13, 2019

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