HOUSTON — Dornin Investment Group, which has offices in Las Vegas and Laguna Beach, Calif., has sold 11777 Katy Freeway, a 120,520-square-foot office park located in the Energy Corridor area on Houston’s west side. Situated on 3.7 acres, the property was 60 percent occupied at the time of sale. Payton Indermuehle and Todd Jurek of Keen Realty Group LLC represented the buyer, Next Investments LLC, in the transaction. Dornin Investment Group was self-represented.
HOUSTON — Colliers International has negotiated the sale of an 8,364-square-foot office building located at 15055 Woodham Drive, just off Interstate 45 in north Houston. Daniel Tapia and Tom Condon Jr. of Colliers International represented the seller, Nacobre USA LLC, in the transaction. Bob Conwell and John Nguyen of NewQuest Properties represented the buyer, Destiny Real Estate Houston LLC, an affiliate of California-based The Marwaha Group.
MIAMI — New York Life Real Estate has provided a $170 million loan for the refinancing of Wells Fargo Center in downtown Miami. The borrower, MetLife, owns the 47-story office tower, which was built in 2010 at 333 S.E. 2nd Ave. The loan has a 10-year term with an undisclosed fixed interest rate. Tenants in the 752,488-square-foot building include Wells Fargo Bank; McDermott, Will & Emery; Greenberg Traurig; and Deloitte. The property adjoins the JW Marriott Marquis and features an entertainment complex on the 19th floor, fitness center, spa, salon and meeting space.
CARY, N.C. — Accesso Partners LLC has bought the Weston I and II Parkway portfolio near Research Triangle Park in Cary for $73 million. The seller was Raleigh-based Capital Associates. Weston I is a six-story, 212,441-square-foot office building that was 97 percent leased at the time of the transaction. Weston II is a four-story, 77,742-square-foot building that was 100 percent leased at the time of the transaction. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF represented the seller in the transaction. Frank Baird of Capital Associates will stay on as property manager and leasing agent.
SACRAMENTO, CALIF. — Seagate Properties has acquired The Senator, a landmark office building located at 1121 L Street in Sacramento. Swift Real Estate Partners sold the property for an undisclosed price. Opened in 1924 as a hotel, the property was converted into a 180,123-square-foot office building in 1982. The seller acquired the property in 2015 and implemented a renovation program to transform the building’s traditional office space into modern, creative workspace. Situated across from the California State Capitol, the 10-story building is currently 88 percent leased. Rob Hielscher, Michel Seifer and Erik Hanson of JLL Capital Markets team represented the seller in the deal. Additionally, Alex Witt, John Manning and Tom Gilliland of JLL Capital Markets worked with the buyer to arrange acquisition financing.
SAN DIEGO — ECP Commercial, a commercial real estate firm, has joined SVN International, merging offices with SVN/Vanguard’s San Diego professionals. ECP has provided sales, leasing, property management and maintenance services to commercial real estate owners throughout San Diego County for 34 years, since its establishment in 1984 as East County Properties. The existing SVN/Vanguard multifamily team will move from its downtown office into the ECP offices at 4455 Murphy Canyon Road in San Diego. The merged SVN Vanguard/San Diego team will provide the full spectrum of real estate services to the local market. The team currently consists of 14 broker advisors and a combined staff of 25. Managing directors Joe Bonin and Pat Millay, as well as Jorge Jimenez and Dennis Leslie of the current SVN/Vanguard office, will led the new team. SVN/Vanguard is a franchise of SVN International with offices in Orange and San Diego counties.
The vitality of Downtown Atlanta is exciting. In response to a wave of revitalization efforts and substantial investment from corporations, universities and the public sector, the submarket’s fundamentals are rapidly strengthening. As tenants have reprioritized their desires for office locations to include access to public transportation, walkable retail and proximity to cultural attractions and an educated workforce, Downtown has gained tremendous traction in demand and re-emerged as an affordable and authentic urban work setting. Model Project: 100 Peachtree While new development activity is primarily focused on housing, much of the bustle in Downtown Atlanta’s office market is focused on redevelopment, renovations and repositioning. For instance, our team is transforming 100 Peachtree, a 32-story office tower, into a modern, transportation-oriented workplace destination with upgraded amenities, enhanced connectivity with Woodruff Park and new community activations. 100 Peachtree’s timeless Meisian design functionality provides a workplace for tenants ranging from traditional corporate headquarters to tech startups. Changes at 100 Peachtree reflect a broader story about shifting expectations for workplace environments. Employees increasingly desire to work at a “go-to” office building with access to transit in an amenity-rich setting. Office amenities have evolved from providing convenience like a café or sundry shop to blurring the …
ROSSLYN, VA. — WeWork has signed an 83,294-square-foot lease for office space at CEB Tower at Central Place in Rosslyn. WeWork will occupy the 25th through 28th floors. The 31-story mixed-use tower was delivered earlier this year and is now 93 percent leased to tenants including Gartner and Accenture. CEB Tower is located about three miles east of downtown Washington, D.C., and includes 45,000 square feet of dining and retail space along with an outdoor public plaza. Greg Lubar, Andy O’Brien and Zach Boroson of JLL represented WeWork in the lease transaction. Jill Goubeaux, Terry Reiley, Caroline Bour and Anna Faktorow of CBRE represented the landlord, JBG Smith. WeWork plans to open its space in the second quarter of 2019.
ST. LOUIS — Tremont Mortgage Trust has provided a $29.5 million bridge loan for the acquisition of a three-building office portfolio in St. Louis. The portfolio includes West Park I, West Park II and Pine View Point. The buildings span a total of 299,000 square feet. The three-year, floating-rate loan includes a future funding allowance of $3.1 million for property improvements and leasing capital. The loan-to-value ratio is 71 percent. The borrower was not disclosed.
BURLINGAME, CALIF. — Newmark Knight Frank (NKF) has arranged the purchase of a medical office property adjacent to Mills-Peninsula Medical Center in Burlingame. Lincoln Property Co. acquired the asset for $39.2 million. Located at 1720 El Camino Real, the property features 104,000 square feet of medical office space spread across three interconnected buildings. Situated on 3.7 acres, the property also includes a five-level parking structure. At the time of sale, the asset was 88 percent occupied by a number of medical users. Seth McKinnon of NKF represented the buyer in the off-market transaction. The name of the seller was not released.
