Office

Brookwood Financial Acquires Four Points Business Park in San Diego for $28.2M

by Amy Works April 4, 2019

SAN DIEGO — Brookwood Financial Partners has purchased Four Points Business Park in San Diego’s Kearny Mesa district. San Diego-based Fenway Capital Advisors and Water Asset Management sold the property for $28.2 million. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Fenway Capital Advisors and Waterfall Asset Management were self-represented. Located at 5575, 5625 and 5675 Ruffin Road, the 124,463-square-foot office campus was 92 percent leased at the time of sale. The asset consists of three freestanding buildings and 590 on-site parking spaces. The sellers acquired the property in 2013.

April 4, 2019

California Leasing Activity Office Top Stories Western

Culver City to Become New Home for HBO’s West Coast Headquarters

by Alex Tostado April 4, 2019

CULVER CITY, CALIF. — HBO has signed a long-term lease to move its West Coast corporate headquarters from Santa Monica, Calif. to Ivy Station in Culver City in 2021. HBO will fully occupy the five-story, 240,000-square-foot office building at Ivy Station. HBO’s current lease at Colorado Center in Santa Monica, where it has been based since 2004, expires at the end of this year. The Los Angeles Times reports that the new lease is for 15 years. A joint venture between Lowe, AECOM-Canyon Partners and Rockwood Capital broke ground on the $350 million, 5.2-acre mixed-use project in September 2017. Completion is scheduled for mid-2020. Ivy Station is situated adjacent to the Culver City station stop along the Los Angeles Metro Expo Line. The transit-oriented development will include 200 apartment units, a 148-room hotel, 50,000 square feet of retail and restaurant space, two acres of outdoor space and 1,500 parking spaces, 300 of which will be designated for metro transit riders. “HBO is an ideal business anchor for Ivy Station, bringing to the property creative professionals that will enjoy access to public transit, host out of town guests at the hotel, and frequent the shops and restaurants that will populate the …

April 4, 2019

Georgia Loans Office Southeast

Barings, Bank OZK Provide $100M Construction Loan for Star Metals in Atlanta’s West Midtown

by Alex Tostado April 3, 2019

ATLANTA — Barings Real Estate and Bank OZK has provided a $100 million construction loan to The Allen Morris Co. for Star Metals Offices, the office component of Star Metals, a $330 million mixed-use development in West Midtown Atlanta. Situated along Howell Mill Road, Star Metals Offices will span 267,000 square feet and is expected to deliver in fall 2020. Amenities will include 35,000 square feet of ground-level retail space, a 5,000-square-foot rooftop restaurant, five levels of parking, fitness center and locker rooms. Star Metals Offices is 25 percent preleased to Spaces, a coworking company backed by Regus. Oppenheim Architecture and Warner Summers Architecture designed the asset. MBR LLC, an affiliate of The Allen Morris Co. and ICM Asset Management Inc. provided equity in the project.

April 3, 2019

Acquisitions Arizona Office Western

Barker Pacific Group, Iron Point Partners Buy 736,809 SF Office Complex in Phoenix

by Amy Works April 3, 2019

PHOENIX — A joint venture between Barker Pacific Group and Iron Point Partners has purchased City Square, an office complex in Phoenix, for an undisclosed price. The 736,809-square-foot asset comprises three office towers, two street-level retail buildings and a shared plaza. City Square is the joint venture’s second foray into the Phoenix area. The partnership originally entered the market in 2017 with the acquisition of Mesa Tower. Brett Abramson, Chris Beal and John Bonnell of JLL is the leasing team for the property. The name of the seller was not released.

April 3, 2019

Acquisitions Arizona Office Western

Velocis Sells 175,268 SF Office Building in Scottsdale to City Office REIT

by Amy Works April 3, 2019

SCOTTSDALE, ARIZ. — Velocis, a private equity real estate fund manager, has completed the disposition of Camelback Square, an office building located in Old Town Scottsdale. City Office REIT acquired the property for an undisclosed price. Located at 6991 E. Camelback Road, the three-story asset features 175,268 square feet of Class A office space. At the time of sale, the property was 84 percent leased to a variety of tenants, including Digital Airstrike, Zocdoc, Regus and Echo. Velocis acquired the building in 2015 and completed a total repositioning of the property. Renovations included a new tenant lounge, upgrades to corridors, elevator lobby refresh, new roof, restroom improvements and a new conference center. Barry Gabel, Chris Marchildon and Will Mast of CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller in the deal.

April 3, 2019

Acquisitions Midwest Minnesota Office

Starwood Capital Purchases Wells Fargo Center in Minneapolis for $315M

by Kristin Harlow April 3, 2019

MINNEAPOLIS — Starwood Capital Group has purchased the 57-story Wells Fargo Center in downtown Minneapolis for $315 million. Blackstone and Hines sold the office tower, which was designed by Cesar Pelli and completed in 1987. The property is home to an indoor pedestrian promenade with a 100-foot-high ceiling rotunda and a lobby. Tenants include a Wells Fargo branch bank, accounting firm KPMG and investment firm Castlelake LP. Starwood plans to renovate the building and add amenities.

April 3, 2019

Illinois Leasing Activity Midwest Office

Ulta Beauty Expands Headquarters in Bolingbrook, Illinois

by Kristin Harlow April 3, 2019

BOLINGBROOK, ILL. — Ulta Beauty has expanded its corporate headquarters in Bolingbrook by 70,720 square feet. The company now leases nearly 379,000 square feet at Tallgrass Corporate Center, which is a 533,365-square-foot Class A office building. Middleton Partners, the landlord, is adding a new tenant lounge in the building. Existing amenities include a fitness center, conference center, cafeteria and outdoor walking path. Ulta Beauty has maintained its headquarters at Tallgrass Corporate Center since 2008. Francis Prock, Dave Florent and Brent Jacob of Colliers International represented Middleton Partners in the lease expansion.

April 3, 2019

Georgia Leasing Activity Office Southeast

WeWork Signs 40,000 SF Headquarters Lease in Midtown Atlanta

by Alex Tostado April 2, 2019

ATLANTA — WeWork has signed a four-story, 40,000-square-foot lease at 881 Peachtree St. in Midtown Atlanta and will relocate its headquarters from its 1372 Peachtree location. The space will house more than 680 desks for WeWork members. WeWork 881 Peachtree is part of 881 Peachtree Street, a 29-story mixed-use project that Hanover Co. and The Loudermilk Cos. are co-developing. 881 Peachtree will offer 44,000 square feet of office space and 11,000 square feet of retail space.

April 2, 2019

Loans Office Oklahoma Texas

JLL Arranges $48.6M Acquisition Loan for Tulsa Office Portfolio

by Taylor Williams April 2, 2019

TULSA, OKLA. — JLL has arranged a $48.6 million acquisition loan for a portfolio of nine office buildings totaling more than 1 million square feet in Tulsa’s southern submarkets. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Sean Bastian of JLL placed the loan through Citigroup Inc. on behalf of the borrower, Group RMC, a New York-based office investment firm.

April 2, 2019

Acquisitions Illinois Midwest Office

Marcus & Millichap Negotiates $10.6M Sale of Office Building in Evanston, Illinois

by Kristin Harlow April 2, 2019

EVANSTON, ILL. — Marcus & Millichap has negotiated the sale of 820 Davis St., a 76,239-square-foot office building in Evanston, for $10.6 million. The five-story building is located four blocks south of Northwestern University. Stephen Lieberman of Marcus & Millichap marketed the property on behalf of the seller, a North Shore-based private family that had owned the property for nearly 20 years. Lieberman also procured the buyer, Free Market Ventures, a Chicago-based private investment group. The buyer plans to do an extensive renovation and modernization of the building.

April 2, 2019

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