Office

Bridge Investment Group Acquires 517,640 SF Office Complex in Rosemont, Illinois

by Kristin Harlow September 21, 2018

ROSEMONT, ILL. — Bridge Investment Group’s office division has acquired O’Hare International Center, a pair of nine-story office buildings adjacent to O’Hare International Airport in Rosemont. The purchase price was not disclosed. The buildings total 517,640 square feet. Bridge plans more than $5 million in capital improvements, including the renovation of both lobbies, a new tenant lounge and conference center. Renovations are expected to begin in mid-October. Originally built between 1984 and 1987, O’Hare International Center is currently 83 percent occupied. Rob Lundin, John Clark and John Norris of Newmark Knight Frank will market the property for lease. The seller was not disclosed.

September 21, 2018

Acquisitions Midwest Office Wisconsin

Colliers Arranges $5.7M Sale of Office Building in Milwaukee’s Brewery District

by Kristin Harlow September 21, 2018

MILWAUKEE — Colliers International has arranged the $5.7 million sale of the historic Pabst Boiler House No. 10, a retrofitted office building in Milwaukee’s Brewery District. The 40,744-square-foot, brick-and-timber loft office building is fully occupied by seven tenants, including law firms Borgelt, Powell, Peterson & Frauen SC and Ogletree Deakins. Tom Shepherd, Scott Welsh, Lyle Landowski and Jennifer Huber-Bullock of Colliers represented the seller, Milwaukee-based developer PBH Redevelopment LLC. The team will continue to manage and lease the building on behalf of the new owner, J. Vollrath LLC. Built in the 1870s and shuttered in 1996, the Pabst Brewery sat vacant for more than 10 years before it was purchased in 2006 by late real estate developer and philanthropist Joe Zilber. In 2007, a team of investors led by Max Dermond and Charlie Trainer purchased Pabst Boiler House No. 10 with plans to convert the building into a boutique office property.

September 21, 2018

Acquisitions Illinois Midwest New York Northeast Office Top Stories

Ivanhoé Cambridge Acquires Callahan Capital Properties in Investment Firm Merger

by Kristin Harlow September 21, 2018

CHICAGO AND NEW YORK CITY — Ivanhoé Cambridge has acquired Callahan Capital Properties (CCP) for an undisclosed price. The transaction will internalize all investment and asset management responsibilities. In 2012, Ivanhoé Cambridge partnered with CCP to expand its U.S. office properties platform. At the time of closing, the platform’s assets under management were in excess of $10 billion. Some prominent office properties that the partnership owns in New York include 85 Broad St., 1411 Broadway and Three Bryant Park. In Chicago, the duo owns 125 S. Wacker Drive and 180 North LaSalle. Canada-based Ivanhoé Cambridge, which has an office in New York, develops and invests in real estate properties, projects and companies. The company is the real estate investment arm of Quebec’s public pension fund manager. Through subsidiaries and partnerships, the company holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors. Chicago-based CCP is a real estate private equity firm founded in 2006 by Tim Callahan, the former CEO of Trizec Properties, an office real estate investment trust. Eastdil Secured advised on the transaction. — Kristin Hiller

September 21, 2018

Acquisitions Healthcare Massachusetts Northeast Office

Thor Equities Acquires Medical Office Building Near Boston for $23.5M

by David Cohen September 20, 2018

NORWOOD, MASS. — Thor Equities has acquired the Norwood Medical Center, a three-story, 92,000-square-foot medical office building in Norwood for $23.5 million. The seller was undisclosed but was reported by various media outlets as Grander Capital Partners. Located at 825 Washington St., the 4.7-acre property is currently 95 percent occupied by a tenant roster that includes Steward Health Care and Quest Diagnostics. The facility serves as the primary medical office and outpatient services complex for Steward Norwood Hospital located directly across the street.

September 20, 2018

Acquisitions New Jersey Northeast Office

NKF Capital Markets Brokers Sale of Two-Building Office Portfolio Near Trenton

by David Cohen September 20, 2018

HAMILTON, N.J. — NKF Capital Markets has brokered the sale of a two-building office portfolio in Hamilton. Steven Schultz, Kevin Welsh, Steve Tolkach, Tony Georgiev and Brian Schulz of NKF Capital Markets represented the seller, Mack-Cali, in the transaction. Located at 600 and 700 Horizon Drive, the two buildings are net leased to Verizon Communications and AAA respectively. 600 Horizon sold to a private investor and is a single-story building that was built in 2002 as a call center. 700 Horizon sold to VEREIT and features advanced fiber optics as well as on-site jogging paths.

September 20, 2018

Development Illinois Midwest Office

Bystronic Breaks Ground on 162,875 SF Headquarters in Hoffman Estates, Illinois

by Kristin Harlow September 20, 2018

HOFFMAN ESTATES, ILL. — Bystronic has broken ground on its new experience center and U.S. corporate headquarters in Hoffman Estates. The 162,875-square-foot facility will feature a showroom as well as serve as the hub for the company’s U.S. business operations, including sales, service, spare parts and the refurbishing of used machines. Completion is slated for summer 2019. Bystronic, a provider of solutions for the sheet metal processing business, currently operates out of Elgin. Jeff Janda and Mike Plumb of Lee & Associates represented Bystronic in the build-to-suit transaction. Conor Commercial Real Estate is the developer, McShane Construction Co. is the general contractor and Heitman Architects is the architect. Mike Sedjo and Jack Brennan of CBRE represented the developer.

September 20, 2018

Development Office Texas

VanTrust to Develop 210,000 SF Spec Office Project in Frisco

by Taylor Williams September 20, 2018

FRISCO, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop The Offices Two at Frisco Station, a 210,000-square-foot speculative office project in Frisco. Construction of the six-story building, which will be located adjacent to The Star, will begin later this month with completion slated for September 2019. Amenities will include structured parking, a fitness center, conference center and tenant lounge. HKS Inc. is serving as project architect, Manhattan Construction is the design-build contractor and Kimley Horn & Associates is the civil engineer. Cushman & Wakefield will handle marketing and leasing of the property.

September 20, 2018

Development Florida Office Southeast

Bromley Cos. Unveils Plans for First Office Building Within $500M Midtown Tampa Project

by Camren Skelton September 20, 2018

TAMPA, FLA. — Bromley Cos. has unveiled plans for the first office building within the $500 million Midtown Tampa project in Tampa. The 140,000-square-foot, seven-story office building — dubbed Midtown One — will be the first of three office projects within the development. Midtown One will feature valet service, a full-service concierge and a pedestrian sky bridge connecting the building to Midtown Tampa’s retail and residential components. At full build-out, Midtown Tampa will include 1.8 million square feet of retail, residential, office, entertainment and hospitality space. Whole Foods Market will anchor the retail portion of the project. Cushman & Wakefield is overseeing the office leasing for the development. Bromley will break ground on Midtown One in early 2019, with completion scheduled for late 2020.

September 20, 2018

Georgia Loans Office Southeast

Square Mile Capital Provides $60M Loan for Refinancing of Office Building in Midtown Atlanta

by Camren Skelton September 20, 2018

ATLANTA — Square Mile Capital LLC has provided a $60 million loan for the refinancing of 1355 Peachtree, a 20-story office building in Atlanta’s Midtown district. Chris Campbell and Daniel Allman of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Oaktree Capital Management LP and Banyan Street Capital LLC affiliates. The 345,254-square-foot building is located within walking distance to the Arts Center MARTA station, Colony Square and other retail and cultural destinations. On-site amenities include a conference facility, concierge services, fitness center and an underground parking facility.

September 20, 2018

Acquisitions Healthcare Northeast Office Rhode Island

Montecito Purchases 68,500 SF Medical Office Building in East Providence, Rhode Island

by Jeff Shaw September 19, 2018

EAST PROVIDENCE, R.I. — Montecito Medical Real Estate has acquired the University Medicine Medical Office Building in East Providence. The sales price was undisclosed. The four-story, 68,500 square-foot property was built in 2016 and is occupied by anchor tenant University Medicine as well as Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island. University Medicine is one of the largest primary care providers in Rhode Island. The seller was undisclosed.

September 19, 2018

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