Office

WeWork Signs 77,000 SF Office Lease in Irving’s Las Colinas District

by John Nelson February 4, 2019

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.

February 4, 2019

Acquisitions California Office Western

Harvest Properties, True North Sell 20-Story Tribune Tower in Oakland

by Amy Works February 4, 2019

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.

February 4, 2019

Acquisitions Colorado Office Western

Centre Point Properties Acquires 10-Story Office Building in Metro Denver for $13.6M

by Amy Works February 4, 2019

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.

February 4, 2019

California Leasing Activity Office Top Stories Western

Taco Bell Renews Lease for Corporate Headquarters in Southern California Through 2030

by Alex Tostado February 4, 2019

IRVINE, CALIF. — Taco Bell Corp. has renewed its corporate headquarters lease in Irvine through 2030. The five-story, 180,000-square-foot office building is located at 1 Glen Bell Way, about 42 miles south of Los Angeles. The facility houses 800 corporate and contracted employees, is LEED certified and offers amenities such as on-site child care, a dining center, salon, gym, game room, dry cleaning services and a car washing services. The Irvine property serves as one of three restaurant support centers for the Yum! Brands Inc, the parent company of Taco Bell. Specifically, the support center includes a test kitchen for new Taco Bell food innovations. Cushman & Wakefield’s Irvine office arranged the lease between Taco Bell and landlord LBA Realty. Glen Bell founded Taco Bell in 1962. The restaurant chain has been headquartered in Southern California since then, including 40 years in Irvine. Taco Bell has occupied its current headquarters since 2010. “As a brand with Southern California in our DNA, we’re excited to remain in Irvine and continue to grow where we have deep roots,” said Frank Tucker, chief people officer of Taco Bell Corp. “The unrivaled talent and culture at our Restaurant Support Center make this a great …

February 4, 2019

Acquisitions Office Southeast Virginia

RMR Group Purchases Office Building in Richmond for $56M

by Alex Tostado February 1, 2019

RICHMOND, VA. — RMR Office Property Fund, a real estate investment fund managed by a subsidiary of The RMR Group Inc., has purchased a 355,449-square-foot, Class A office building located at 9954 Mayland Drive in Richmond for $56 million. The asset was 98 percent leased at the time of the sale. The building is situated about 12 miles northwest of downtown Richmond and recently underwent $16 million in renovations to add a new four-story parking garage, new roof, new fitness center and a cafeteria, as well as updated lobbies, elevators and building mechanical systems. The seller was not disclosed.

February 1, 2019

Development Georgia Office Southeast

Logistics Firm Breaks Ground on Future 80,000 SF Headquarters Near Atlanta

by Alex Tostado February 1, 2019

PEACHTREE CITY, GA. — Logistics firm SMC3 has broken ground on its future 80,000-square-foot corporate headquarters in Peachtree City. The new headquarters is situated about 36 miles southwest of downtown Atlanta and is expected to deliver in March 2020. SMC3 is a shipping logistics company that specializes in LTL (less than truckload) shipping. Jefferson Browne Gresham Architects designed the building and South-Tree Enterprises will build it. The site will feature a three-story atrium, smart glass, acoustical metal decks to improve sound absorption and extensive natural lighting.

February 1, 2019

Acquisitions Office Texas

Granite Properties Buys Office Complex in Houston’s Energy Corridor for $78.4M

by Taylor Williams February 1, 2019

HOUSTON — Plano, Texas-based investment firm Granite Properties has purchased Eldridge Place, a three-building, 824,632-square-foot office complex in Houston’s Energy Corridor area, for $78.4 million. Granite Properties will invest $20.6 million in capital improvements to the lobbies, mechanical systems and amenity spaces, which include a conference center, fitness center and a café. Jeff Hollinden and Marty Hogan of HFF represented seller, TIER REIT Inc. (NYSE: TIER), in the transaction. Scott Martin and Paul Bennett represented Granite Properties internally.

February 1, 2019

Acquisitions California Office Western

M & J Wilkow, National Real Estate Advisors Sell 112,208 SF Office Building in San Francisco

by Amy Works February 1, 2019

SAN FRANCISCO — M & J Wilkow, in partnership with National Real Estate Advisors, has completed the sale of 600 Battery Street, a three-story historic office building in San Francisco. Invesco Real Estate and TMG Partners acquired the property for an undisclosed price. The 112,208-square-foot property features a 360-degree view from its rooftop deck and occupies a full city block in historic Jackson Square. The seller originally acquired the office complex in June 2001. Kyle Kovac and Michael Taquino of CBRE’s San Francisco office represented the seller in the transaction.

February 1, 2019

Acquisitions Data Centers Industrial Office Texas

ESRP Arranges Sale-Leaseback of 1 MSF Office, Data Center Campus in Plano

by Taylor Williams January 31, 2019

PLANO, TEXAS — Metro Dallas-based brokerage firm ESRP has arranged the sale-leaseback of a 1 million-square-foot office and data center campus in Plano, a northeastern suburb of Dallas. The seller/tenant is NTT Data, a Japanese data systems integration company, and the buyer was an undisclosed, San Francisco-based private equity firm. The property includes two data centers and leasable office space and has the capacity for future data center development. Steve Jarvie, Darren Woodson, Karra Guess and Damian Rivera of ESRP represented the seller in he transaction. Paul Moser and Rob Kennedy of Stream Data Centers represented the buyer.

January 31, 2019

Acquisitions Connecticut Northeast Office

Geenty Group Brokers $2.6M Sale of Two Office Buildings in Branford, Connecticut

by David Cohen January 31, 2019

BRANFORD, CONN. — The Geenty Group has brokered the $2.6 million sale of two office buildings in Branford. Located at 21 and 23 Business Park Drive, the properties total approximately 72,000 square feet. 21 Business Park Drive is a multi-tenant flex building while 23 Business Park Drive comprises multiple office and laboratory spaces. Kristin Geenty of the Geenty Group represented the seller, Todd’s Hill Investment Circle LLC, in the transaction. The buyer was Corner Properties LLC.

January 31, 2019

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