BOSTON — KS Partners LLC has acquired 15 Court Square, an 11-story office building with ground-floor retail space in downtown Boston. The sales price was undisclosed. The 82,000-square-foot property, which is also known as 15 Pi Alley, includes an on-site tailor, 24-hour maintenance and an ATM. At the time of sale, 15 Court Square was 98 percent leased. KS Partners acquired the building from Brickpoint Properties, which had owned the property since 1978. KS Partners plans to fully renovate the lobby and common areas of the property and add amenities such as a lounge, conference room, fitness center and bike room.
KATY, TEXAS — Marcus & Millichap has brokered the sale of West Little York Office Plaza, a 61,500-square-foot business park located in the western Houston suburb of Katy. Built in 2015 on 3.7 acres, the property was 87 percent leased at the time of sale. Nate Newman and Logan Kelly of Marcus & Millichap represented the seller, a local developer, in the transaction. Newman also procured the buyer, a limited liability company. Both parties requested anonymity. The sales price was also undisclosed.
LOS ANGELES — Alvarez & Marsal Capital Real Estate recently acquired a 4.3-acre site at 18362-18424 Oxnard St. in Los Angeles’ Tarzana neighborhood for redevelopment into a creative office campus with studio capabilities. The site, which was formerly used as production space, will be redeveloped into ELEVAR, a state-of-the-art studio and creative office campus. Situated at the corner of Oxnard Street and Reseda Boulevard, the asset currently consists of four standalone flex and industrial buildings totaling 73,045 square feet. The new construction will add more than 20,000 square feet, bringing the total project size to 96,500 square feet. The redeveloped campus will feature usable outdoor space, including a greenbelt, WiFi-enabled patios and an artisanal café. Additionally, the campus will feature shaded outdoor areas, above-standard power and data capabilities, high ceilings and a fitness center for tenants. ELEVAR will offer ample surface-level parking and close proximity to the Metro Orange Line Reseda Station. Rob Hooks, Katie Bernhisel and Dillon Moscone of Cushman & Wakefield, along with Kevin Fenenbock and Jacob Mumper of Colliers, will serve as the leasing agents for the property.
MILWAUKEE — Andrus Intellectual Property Law LLP has signed a lease to occupy 7,248 square feet at BMO Tower in Milwaukee. The intellectual property law firm will occupy the space on the 22nd floor. The company was founded in Milwaukee in 1939. BMO Tower is a 25-story Class A office development under construction. Approximately 160,000 square feet of office space and 12,000 square feet of retail space remain available for lease. Anchor tenants include BMO Harris Bank, Michael Best & Friedrich and Heartland Advisors. David Pudlosky and Michael Streit of JLL represented Andrus in the lease transaction. Mike Wanezek of Colliers International represented the landlord, Irgens.
CARLSBAD, CALIF. — Peregrine Realty Partners has acquired Carlsbad Airport Plaza, an office asset in Carlsbad. Swift Real Estate Partners sold the property for $14 million. Located at 5963 La Plaza Court, the three-story, 64,817-square-foot building features newly renovated common areas and restrooms, balconies for select units and new landscaping. At the time of sale, the property was 86 percent occupied by a diverse tenant roster, including technology, healthcare, finance and engineering firms. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Peregrine was self-represented in the transaction.
CHICAGO — Net absorption in office markets across the United States exceeded new construction in the fourth quarter of 2018, according to Cushman & Wakefield. This enabled the national office vacancy rate to drop to 13.2 percent. Nationwide absorption during the fourth quarter totaled 20 million square feet and marked the 33rd consecutive quarter of positive absorption since 2010. The total volume of space under construction increased slightly to 114.2 million square feet in the fourth quarter, up from 113.2 million in the third quarter. A total of 13.7 million square feet of new office projects delivered in the fourth quarter, bringing the total for 2018 deliveries to 52.7 million square feet, the second-highest amount of new space completed since 2010. Relative to inventory, the markets with the highest construction figures are San Mateo, Calif.; Austin, Texas; Nashville, Tenn.; Seattle; and Midtown Manhattan. On the west side Office markets in the Western United States performed the strongest in 2018 and accounted for 22.6 million square feet of net absorption, the highest volume since 2015. The lowest vacancy rates were seen in tech-driven markets like Seattle (6.2 percent vacancy) and San Francisco (6.4 percent). According to Cushman & Wakefield, the western …
ARLINGTON, TEXAS — Albany Road Real Estate Partners, a Boston-based investment firm, has acquired Centerpoint I, II and III, a portfolio of three office properties totaling 285,000 square feet in Arlington. The property was 94 percent leased at the time of sale, with the North Central Texas Council of Governments accounting for more than half the occupancy. Creighton Stark and Chris Boyd of Colliers International represented the seller, a German investment firm, in the transaction. Other terms of sale were not disclosed.
IRVING, TEXAS — Coworking firm WeWork has signed a lease to occupy a 77,000-square-foot collaborative office space at The Towers at Williams Square within the 12,000-acre Las Colinas business district in Irving. The space will span three floors and represents WeWork’s first site in a suburban market in North Texas. WeWork expects to being occupying the space during the third quarter. Bill Brokaw of Hillwood Urban represented the landlord, a partnership between Apollo Global Real Estate, Vanderbilt Partners and Hillwood Urban, in the lease negotiations.
OAKLAND, CALIF. — A joint venture between Harvest Properties and True North Management Group has completed the disposition of Tribune Tower, an office property located at 409 13th St. in Oakland. Highbridge Equity Partners purchased the property for an undisclosed price. The historic 20-story building features 95,350 square feet of office space, an original 1920s-era clock and its namesake “Tribune” sign. Steve Golubchik, Tyler Meyerdirk, David Hosler and Jack Phipps of Newmark Knight Frank represented the sellers, while John Dolby and Dane Hooks of Cushman & Wakefield represented Harvest and True North on the leasing of the building.
GLENDALE, COLO. — Centre Point Properties LLC has purchased The Forum at Cherry Creek, a multi-tenant office building located at 425 S. Cherry St. in Glendale, a suburb of Denver. 425 LLC sold the property for $13.6 million, or $165 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group listed the property to sell on behalf of Denver-based Millice Group. The Forum at Cherry Creek is a 10-story, 83,268-square-foot office property. At the time of sale, the property was 88 percent leased to a tenant roster of office and medical office users, with approximately 40 percent of the existing tenants having some medical use.