Office

Equity Commonwealth to Sell 55-Story Office Tower in Philadelphia for $451.6M

by Alex Tostado January 31, 2019

PHILADELPHIA — Equity Commonwealth (NYSE: EQC) is under contract to sell BNY Mellon Bank Center, a 55-story, 1.3 million-square-foot office building located at 1735 Market St. in downtown Philadelphia. The price is $451.6 million. The buyer was undisclosed, though multiple media outlets report that a partnership between New York-based Silverstein Properties Inc. and Philadelphia-based Arden Group is acquiring the building. Proceeds after credits for capital costs, contractual lease costs, and rent abatements are expected to be approximately $435.6 million. The sale is slated to close by March 27. The asset is the fourth-largest building in Philadelphia. Amenities include The Lounge at 1735, a 19,000-square-foot space offering a 100-person classroom-style conference facility, fireplaces, wine lockers and TVs; Pyramid Club, a lounge on the 52nd floor offering a 360-degree view of Philadelphia, a bistro bar and a sit-down restaurant; the Philadelphia Sports Club, a 25,000-square-foot, two-story fitness center offering a sauna, rowing machine, group fitness classes, and massage therapy; and covered bike parking. BNY Mellon Bank Center was built in 1990 and designed by Kohn Pedersen Fox Associates. The building is situated less than a mile from Philadelphia City Hall and Logan Square, and less than two miles from the Liberty Bell. Chicago-based …

January 31, 2019

Illinois Leasing Activity Midwest Office

Upwork Signs 67,730 SF Office Lease in Chicago

by Kristin Harlow January 31, 2019

CHICAGO — Upwork, a global freelancing website, has signed a 67,730-square-foot office lease at 525 W. Van Buren St. in Chicago. The Silicon Valley-based start-up launched its Chicago presence in 2017. Melissa Rubenstein and Gary Kostecki of JLL represented the owner, AEW Capital Management LP. Allen Rogoway, Janna Luce and Eric Nolin of Cresa represented Upwork. Completed in 2002, the 16-story office tower consists of 519,668 square feet. This year, AEW plans to renovate the lobby.

January 31, 2019

Development Illinois Midwest Office

Skender Completes Office Headquarters for ShopRunner in Chicago

by Kristin Harlow January 31, 2019

CHICAGO — Skender has completed construction of ShopRunner’s new 25,000-square-foot headquarters in Chicago. The e-commerce start-up company has relocated to 350 N. Orleans St. from 350 N. LaSalle St. The new office has full Wi-Fi capabilities, eliminating the need for data cabling. The open floor plan includes a large conference room. Skender served as interior construction manager. Partners by Design and ConopCo Project Management also assisted in the project.

January 31, 2019

Loans Massachusetts Northeast Office

NKF Arranges $71M Recapitalization of Office Building in Cambridge, Massachusetts

by David Cohen January 30, 2019

CAMBRIDGE, MASS. — NKF has arranged a $71 million recapitalization of a 63,943-square-foot office building in Cambridge. Located at 87 Cambridgepark Drive, the property is fully leased to biopharmaceutical companies Dicerna Pharmaceuticals and Ra Pharma. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team secured financing for the borrowers, King Street Properties and The Carlyle Group. The lender was real estate investment trust HCP Inc.

January 30, 2019

Acquisitions Northeast Office Pennsylvania

CBRE Brokers $8M Sale of Office Campus in Harrisburg, Pennsylvania

by David Cohen January 30, 2019

HARRISBURG, PA. — CBRE has brokered the $8 million sale of a two-building, 50-acre office campus in Harrisburg. Located at 100 and 200 Amp Drive, the 250,000-square-foot property includes a full-service cafeteria and electric car charging stations. 100 Amp Drive totals 170,000 square feet while 200 Amp Drive totals 80,000 square feet. Michael Curran, William Krisztal and Nicholas Westley of CBRE’s Los Angeles South Bay office represented the seller, TE Connectivity Corp., in the transaction. Garrett Rothman of RSR Realtors represented the buyer, D&H Distributing Co., which will relocate its headquarters to the property.

January 30, 2019

Leasing Activity Office Texas

NAI Partners Negotiates 12,084 SF Office Lease in Houston

by Taylor Williams January 30, 2019

HOUSTON — NAI Partners has negotiated a 12,084-square-foot office lease at 11550 Fuqua St. in Houston for local accounting firm Ham, Langston & Brezina LLP. According to LoopNet Inc., the Class B property was built in 1983. Griff Bandy of NAI Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

January 30, 2019

Leasing Activity Midwest Office Wisconsin

Heartland Advisors to Relocate to Milwaukee’s BMO Tower

by Kristin Harlow January 30, 2019

MILWAUKEE — Heartland Advisors has unveiled plans to relocate to BMO Tower in the heart of Milwaukee’s central business district. The independent investment firm, which manages mutual funds, will occupy 10,873 square feet on the 12th floor. Alyssa Geisler of CBRE represented Heartland in the lease transaction. Mike Wanezek of Colliers International represented the owner, Irgens. Located at 790 N. Water St., BMO Tower is a 25-story office building currently under construction. The property is expected to open in December. Anchor tenants include BMO Harris Bank and Michael Best & Friedrich. Approximately 160,000 square feet of office space and 12,000 square feet of retail space remain available for lease.

January 30, 2019

Leasing Activity Midwest Office Wisconsin

Crescendo Collective Signs 8,700 SF Office Lease in Milwaukee’s Brewery District

by Kristin Harlow January 30, 2019

MILWAUKEE — Crescendo Collective has signed an 8,700-square-foot lease within The Factory Office Suites at The 42, an office development in Milwaukee’s Brewery District. The digital marketing firm will occupy the space later this year. Max Rasansky and Alyssa Geisler of CBRE represented the landlord, Scott Lurie. The Boerke Company represented the tenant. Office tenants at The 42 have access to a fitness center, coffee bar, rooftop deck and community lounge. Milwaukee Brewing Co. operates a brewery at the development. Approximately 35,000 square feet of space remains available for lease within the office portion.

January 30, 2019

Acquisitions Office Washington Western

Newmark Knight Frank Arranges Sale of 174,546 SF Canyon Pointe Office Campus in Washington

by Amy Works January 30, 2019

BOTHELL, WASH. — Newmark Knight Frank (NKF) has arranged the sale of Canyon Pointe, a single-tenant office campus located at 22309 and 22213 30th Drive SE in Bothell. Terms of the transaction were not released. T-Mobile occupies the 174,546-square-foot Class A office campus under a long-term lease agreement. Built in 2007 on 9.8 acres, the property includes two three-story buildings with private third-floor balconies, abundant on-site parking, 30,000-square-foot floorplates and an outdoor landscaped area. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of NKF represented the undisclosed seller in the deal.

January 30, 2019

Georgia Leasing Activity Office Southeast

WeWork Signs 100,300 SF Lease in Downtown Atlanta, Including Building-Top Signage

by Alex Tostado January 29, 2019

ATLANTA — WeWork has signed a multi-floor, 100,300-square-foot lease at Centennial Tower, an approximately 665,000-square-foot office tower located at 101 Marietta St. in downtown Atlanta. WeWork’s long-term lease deal includes building-top signage. WeWork, one of the world’s largest coworking space providers, plans to add 1,300 members to the new space. This is WeWork’s largest space of it six Atlanta locations and its first in downtown. Katherine Lynch and Chris Port of CBRE represented the landlord, The Dilweg Cos., in the lease agreement. Clinton McKellar and Sam Hollis of Cushman & Wakefield represented the tenant. Southeast Real Estate Business reported earlier this month that Dilweg signed tech startup company Steady to a full-floor lease within Centennial Tower.

January 29, 2019

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