ATLANTA — Salesforce (NYSE: CRM), a customer relationship software and services provider, is set to expand its regional headquarters in Atlanta. The company will grow its current footprint in The Atlanta Plaza, located in the city’s Buckhead district, which will now be known as Salesforce Tower Atlanta. The lobby, and each new floor set for occupancy by the company, will be renovated as part of the expansion. Salesforce currently occupies four floors of The Atlanta Plaza totaling 85,722 square feet. Following the expansion, the company will occupy seven floors and 158,163 square feet. The top floor of the building will also be transformed into an, “Ohana Floor,” which will offer an open hospitality space for Salesforce employees, customers and partners. The space will also be available for use by nonprofits and local education groups on weeknights and weekends at no cost. The expansion will allow the company to nearly double its Atlanta-based workforce of approximately 600 employees. Employees will begin moving into the newly renovated floors in 2019. “Atlanta is a fantastic market for world-class talent and we’re thrilled to grow our presence in the region,” says Warren Wick, executive vice president of commercial sales at Salesforce. “Many of our top customers call …
OREM, UTAH — Central Utah Water has purchased the former Xactware campus within Intermountain West in Orem for an undisclosed price. The two-building asset totals more than 92,042 square feet of Class A office space. Central Utah Water’s primary responsibility is to deliver clean, useable water to customers by managing the network of water facilities. The company manages three water treatment facilities in Utah Valley, Ashley Valley and Duchesne County, and administers the sale of water to its customers. Brandon Fugal and Cody Black of Colliers International | Utah brokered the transaction.
CHARLOTTE, N.C. — Arch Cos. and Lakestar Properties have acquired Cambridge, an office property located in Charlotte, for $63 million. The name of the seller was not released. Constructed in 1990 on a 50-acre parcel within University Research Park, the 350,000-square-foot campus offer tech-centric office space for multiple tenants. The property features floor-to-ceiling windows, skylights, an open-air atrium, outdoor meeting spaces, on-site parking and a fitness center. Additionally, the building’s infrastructure includes a redundant power supply, high-floor loads and fiberoptic lines. Arch Cos. and Lakestar Properties funded the acquisition using $50.4 million in fixed-rate financing. Abe Katz and Mark Silbersher of Walker & Dunlop arranged the first mortgage loan through Citigroup and a mezzanine loan through Morrison Street Capital.
MONTVALE, N.J. — NAI James E. Hanson has negotiated the sale of a 14,000-square-foot office building in Montvale. The price was not disclosed. Located at 50 Craig Road, an undisclosed buyer acquired the 3.8-acre property and plans to convert the office building into a medical diagnostic center. NAI James E. Hanson represented the seller, Premier Associates LLC, in the transaction.
HOUSTON — BP Lower 48, a Denver-based subsidiary of oil and gas giant BP, has signed a 91,000-square-foot office lease at West Memorial Place, a 716,000-square-foot office campus located in Houston’s Energy Corridor. The two-building property, which is owned by Skanska, features a fitness center, café, car wash service and surrounding hiking trails. Louis Rosenthal and Anya Marmuscak of JLL represented BP Lower 48 in the transaction. The company will move in later this year.
At mid-year 2018, Orlando’s economic engine is performing like a well-oiled machine, fueled by brisk business expansion, healthy in-migration, accelerating job growth and steady population gains. In fact, Orlando ranked No. 3 in the nation for population growth during the period between 2010 and 2017. Office market fundamentals remain solid with steady demand for high-quality, Class A space largely outstripping available supply, particularly in high-demand areas. Job creation continues to fuel economic growth in Orlando with a rise in non-farm employment of 46,840 over the trailing 12 months ending in May. There has been a sustained decline in the unemployment rate as well, which stood at 3 percent in May. Spec, Mixed-Use Projects Development activity has been restrained over the last several years. However, a handful of key office projects have recently broken ground in high-demand areas. The most exciting development activity is occurring in the urban core, where a number of projects are moving forward. Speculative Class A office construction is once again rising with the $100 million Church Street Plaza going vertical after a slight construction delay. SunTrust Banks Inc. recently announced plans to relocate its Orlando headquarters from the SunTrust Center building into 90,000 square feet at …
HOUSTON — Dornin Investment Group (DIG), an asset management firm with offices in California and Nevada, has sold 1250 Woodbranch and 11931 Wickchester, two adjacent office buildings totaling 164,933 square feet in Houston’s Energy Corridor. DIG acquired the Class B properties in 2013 and sold them to two separate, undisclosed investment groups. The new ownership of the Woodbranch building plans to upgrade the property’s common areas. DIG will continue to lease and manage that property as well.
DALLAS — Secure Collateral Management, a Dallas-based financial services firm specializing in locating and recovering collateralized assets, has signed a 22,000-square-foot office lease in Dallas. The firm is relocating from its current space to Lake Highlands Tower, a recently renovated office building that includes a bank, barbershop, café and conference center. Blake Shipley, Jay Bailey and Ashley Curry of JLL represented the landlord, Malouf Interests, in the lease negotiations.
DENVER — Denver-based Continuum Partners has received $110 million in financing for A Block, a mixed-use development located in downtown Denver. The 310,055-square-foot project features the 200-key Kimpton Hotel Born, located at 1600 Wewatta St., and a 54,976-square-foot Class A office building with ground-level retail space and a 197-space parking garage, located at 1881 16th St. Completed in 2017, A Block has two separate components: the 12-story Hotel Born and the five-story office and retail portion. The hotel features 13,937 square feet of flexible meeting space, a fitness center, business center, ground-floor retail space and two food and beverage options, Citizen Rail Restaurant in the hotel lobby and Tavernetta. The fully occupied office building features 7,929 square feet of retail space leased to national tenants. Eric Tupler, Leon McBroom and Tyler Dumon of HFF arranged the floating-rate loan with a national bank. Loan proceeds will be used to retire the existing construction financing, which was placed by HFF in 2015.
MALVERN, PA. — HFF has negotiated the sale of a 299,809-square-foot office building in Malvern. The sales price was undisclosed. Located at 1400 Atwater Drive, the five-story property is approximately 30 miles southeast of Philadelphia. Built in 2013, the building is fully leased to Endo Pharmaceuticals as its North American headquarters. HFF represented the seller, Gramercy Property Trust, in the transaction. The buyer was Equus Capital Partners.