Office

Law Firm Signs 56,340 SF Office Lease in Uptown Dallas

by Taylor Williams March 21, 2019

DALLAS — Katten Muchin Rosenman LLP, a law firm with offices in the United States, London and Shanghai, has signed a 56,340-square-foot office lease at PwC Tower at Park District, a 500,000-square-foot tower in Uptown Dallas. Matt Craft of Lincoln Property Co. represented the law firm, which plans to move in during the fourth quarter, in the lease negotiations. Dennis Barnes, Shannon Brown and Clay Gilbert of CBRE represented the landlord, a joint venture between Trammell Crow Co. and MetLife Investment Management.

March 21, 2019

Loans Midwest Nebraska Office

NorthMarq Arranges $5.2M Acquisition Financing for Office Property in Omaha

by Kristin Harlow March 21, 2019

OMAHA, NEB. — NorthMarq Capital has arranged a $5.2 million loan for the acquisition of a 61,120-square-foot office property in Omaha. A single tenant occupies the building, which is located at 10802 Farnam Drive. Bob Chalupa of NorthMarq arranged the 10-year loan, which features a 22-year amortization schedule. A life insurance company provided the loan.

March 21, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates $40.5M Sale of Bank of America-Anchored Office Building in Uptown Charlotte

by John Nelson March 21, 2019

CHARLOTTE, N.C. — CBRE has negotiated the $40.5 million sale of Gateway Center, a 10-story, 310,745-square-foot office building in Uptown Charlotte. Hamilton EQ, an affiliate of New York-based Hamilton Equity Partners, purchased the asset, which is located at 901 W. Trade St. Gateway Center was 91 percent leased at the time of the sale, with Bank of America occupying 78 percent of the property. The seller was not disclosed, but Charlotte Business Journal reports that Chicago-based GEM Realty Capital sold the tower three years after purchasing it for $30.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction. Hamilton EQ entered the Charlotte market earlier this month with a portfolio acquisition in the suburbs.

March 21, 2019

Market Reports Midwest Midwest Market Reports Minnesota Office

To Attract and Retain Tenants, Office Landlords Get Creative in Minneapolis

by Kristin Harlow March 21, 2019

Stakes are rising in the war for talent, and employers are using amenity-rich real estate to win the hearts and minds of the brightest young recruits. Determined to outflank the competition, companies are increasingly focused on occupying buildings with the best available on-site features, proximity to nearby amenities, and the elusive “cool” factor. Competition escalates To heed the call for better offerings, landlords in Minneapolis have begun to offer unconventional amenities including golf simulators and nap pods. As owners of traditional Class B and C buildings undertake renovations and amenity package upgrades to compete with Class A properties, lines between building classes are starting to blur. Tenants will likely start taking a more cautious approach to real estate, reflecting an increase in business uncertainty and projections for slower growth. This mindset will decrease appetites for relocations, prompting more renewals in 2019. Despite this trend, there will be a healthy number of relocations for those tenants that have not yet right-sized by employing modern furniture systems, single-sized offices, more natural light and more collaborative space. Within tenants’ spaces, private offices will grow increasingly scarce, and those that remain will move to the interior to provide more light, greater flexibility and better …

March 21, 2019

Acquisitions Office Texas

TerraCap Management Buys 367,543 SF Office Property in Plano

by Taylor Williams March 20, 2019

PLANO, TEXAS — Florida-based TerraCap Management LLC has purchased Preston Park Financial Center, a 367,543-square-foot office property located in the northeastern Dallas suburb of Plano. The Class A complex offers amenities such as a fitness center, deli, conference center and tenant lounge. Gary Carr and Robert Hill of CBRE represented the seller, a joint venture between Griffin Partners and San Francisco-based Stockbridge Capital Group, in the transaction. Dallas-based Lincoln Property Co. has been hired to lease and manage the property. IberiaBank provided debt for the acquisition on behalf of TerraCap.

March 20, 2019

Acquisitions District of Columbia Office Southeast

Office Properties Income Trust Sells Office Building in Downtown D.C. for $70M

by Alex Tostado March 20, 2019

WASHINGTON, D.C. — Office Properties Income Trust (OPI), a REIT, has sold a 129,035-square-foot office building located at 500 First St. NW in downtown Washington, D.C. The Bureau of Prisons is expected to leave the office by the end of April, leaving the property vacant. According to OPI CEO David Blackman, OPI planned to renovate the asset, “but at a sales price of more than $540 per square foot for a to-be vacant building, we decided to be opportunistic and focus our capital elsewhere.” Proceeds from the sale will go toward repaying a portion of OPI’s unsecured term loans. The buyer was not disclosed, although Washington Business Journal reports Georgetown University bought the property. The university plans to relocate many Georgetown Law centers and institutes and some McCourt School of Public Policy centers and institutes into the building, according to the report.

March 20, 2019

Acquisitions Florida Office Southeast

Grover Corlew Purchases Office Center in South Florida for $32.5M

by Alex Tostado March 20, 2019

DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.

March 20, 2019

Acquisitions California Office Western

BioMed Realty Acquires Emeryville Center for Innovation in Bay Area for $135M

by Amy Works March 20, 2019

EMERYVILLE, CALIF. — BioMed Realty, a Blackstone portfolio company, has purchased Emeryville Center for Innovation from an undisclosed seller for $135 million. Located in Emeryville, the property currently consists of a 250,000-square-foot, six-story life science office building and adjacent developable land parcels. As part of the transaction, Novartis will enter into a one-year leaseback on the existing building. During this time, BioMed Realty will advance redevelopment plans to transform the building into a Class A+, multi-tenant laboratory and office facility with integrated amenities. The asset also offers the potential to develop approximately 850,000 square feet of additional laboratory and office space on the campus through an existing development agreement with the City of Emeryville. This acquisition allows BioMed, an owner of approximately 4 million square feet of life science office space in the Bay Area, to continue capitalizing on the tenant demand in the San Francisco Bay Area.

March 20, 2019

Acquisitions Illinois Midwest Office

JLL Acquires Corporate Concierge Services

by Kristin Harlow March 20, 2019

CHICAGO — JLL has acquired Corporate Concierge Services, a national provider of onsite tenant amenity and concierge solutions for retail, office, residential and hospitality properties. JLL says the acquisition is in line with its mission to bring the level of service that guests experience in the hospitality sector to the office, retail and residential sectors. Corporate Concierge Services adds more than 200 employees to JLL. The majority will continue to work in the buildings where they provide services for their tenants. Founded in 2001 by Tom Larance, Corporate Concierge Services has employees in 15 markets across the country. Services include conveniences in office buildings such as TSA Pre-Check, dry cleaning and pickup delivery, flu shots and yoga classes as well as concierge services in retail and multifamily buildings.

March 20, 2019

Leasing Activity Midwest Minnesota Office

Law Firm Signs Lease Renewal, Plans Renovation at IDS Center in Minneapolis

by Kristin Harlow March 20, 2019

MINNEAPOLIS — Briggs and Morgan, a full-service law firm, has signed a 93,000-square-foot lease renewal at IDS Center in downtown Minneapolis. The firm plans to fully renovate its space, which is located on floors 22 through 25. Plans call for a more modern, open and collaborative space. Briggs and Morgan employs 250 people. Paul Donovan, Jaclyn May, Jeremy Striffler, Jennifer Stumm and Sherry Cushman of Cushman & Wakefield brokered the lease transaction. MP Johnson Construction Inc. and NELSON make up the project team. Completion is slated for mid-2020.

March 20, 2019

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