Office

Colliers Arranges $59M Sale of Office Building in Downtown Jacksonville

by Camren Skelton August 2, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $59 million sale of a 23-story office tower located at 76 S. Laura St. in downtown Jacksonville. VyStar Credit Union acquired the asset from a joint venture between CarVal Investors LLC and Mainstreet Capital Partners. Colliers arranged the transaction on behalf of the joint venture, which originally acquired the building in 2015 for $31.1 million. The previous ownership invested $2 million to update to property, which was originally constructed in 1989. In addition to mechanical and common area improvements, notable changes included the completion of a 612-space parking garage adjacent to the building, new elevator cabs, lobby improvements, food and beverage options, a fitness center, tenant lounge and a conference center. The new ownership will rename the property VyStar Tower. Colliers International Northeast Florida has been retained as the leasing agent for the building, which was more than 90 percent leased as a result of the sale.

August 2, 2018

Georgia Leasing Activity Office Southeast

Shorenstein Signs Three Office Tenants at Bank of America Plaza in Midtown Atlanta

by Camren Skelton August 2, 2018

ATLANTA — Shorenstein Properties LLC has signed three tenants totaling 37,399 square feet to Bank of America Plaza in Atlanta’s Midtown district. The 55-story office tower, the tallest in the Southeast, recently underwent a $10 million renovation to the building’s west wing that delivered new workspaces and a food hall. Revel Systems, a San Francisco-based technology firm, signed a 25,547-square-foot, full-floor lease on the building’s 38th floor. The company will move into upgraded, loft-style offices that are part of the tower’s expanding spec suite program. The spec suites include open floor plans, creative lounge space and tech-enabled amenities. The next block of spec suite space, which totals approximately 15,000 square feet, is scheduled to come on line in the fall. Also as part of the spec suite program, Shorenstein signed Groundfloor, a real estate lending marketplace, to 7,746 square feet at the building. The landlord also signed Florence Healthcare, a company focused on improving clinical trial data flow to advance cures through software, to 4,106 square feet. Bank of America Plaza is home to tenants such as Anthem Inc., Display Data, Featurespace and Riskalyze. The tower is located adjacent to the North Avenue MARTA station and within five blocks of …

August 2, 2018

Acquisitions Massachusetts Northeast Office

NKF Capital Markets Brokers $96.5M Sale of Office Building in Needham, Massachusetts

by David Cohen August 1, 2018

NEEDHAM, MASS. — NKF Capital Markets has brokered the $96.5 million sale of a 247,542-square-foot office building in Needham. The property, located at 89 A Street, is approximately 12 miles southwest of Boston. The recently renovated building features a two-story lobby, two interior courtyards, a cafeteria and a fitness center. NKF Capital Markets represented the sellers, Normandy Real Estate Partners and Westbrook Partners, in the transaction. MetLife Investment Management purchased the property. The global headquarters of SharkNinja, a household cleaning and kitchen appliance company, anchors the building.

August 1, 2018

Acquisitions New Jersey Northeast Office

HFF, Transwestern Arrange $5M Sale of Office Building in New Jersey

by David Cohen August 1, 2018

MORRISTOWN, N.J. — HFF and Transwestern have arranged the $5 million sale of a 20,000-square-foot office building in downtown Morristown. Located at 62 Elm St., the three-story building was built in 2006 and features a brick façade, flexible floorplates and 40 parking spaces. HFF and Transwestern represented the seller, Cornerstone Family Programs, in the transaction. A private buyer purchased the property.

August 1, 2018

Illinois Loans Midwest Office

Ready Capital Provides $7.9M Refinancing for Office Property in Chicago

by Kristin Harlow August 1, 2018

CHICAGO — Ready Capital Structured Finance has provided a $7.9 million loan for the refinancing of a 38,000-square-foot office property in Chicago. The building, located on West Carroll Avenue in the Fulton Market neighborhood, was repositioned from an industrial warehouse into an office property. The non-recourse, floating-rate loan features a 36-month term. The borrower was not disclosed.

August 1, 2018

Leasing Activity Office Texas

Publishing Firm Signs 19,363 SF Office Lease Renewal in Houston

by Taylor Williams August 1, 2018

HOUSTON — Tulsa-based publishing firm PennWell Corp. has signed a 19,363-square-foot office lease renewal at 1455 West Loop S. in Houston. Bob Cromwell and Kevin Nolan of Moody Rambin represented the landlord, Koswood Investments NV, in the lease negotiations. Grayson Wallace and Rich Claussen of Cushman & Wakefield represented PennWell.

August 1, 2018

Acquisitions California Office Western

Hudson Pacific Properties Sells Six-Building Office Campus in San Mateo for $210M

by Amy Works August 1, 2018

SAN MATEO, CALIF. — Hudson Pacific Properties has completed the sale of the remaining six buildings at Peninsula Office Park in San Mateo. The buildings sold for a total consideration of $210 million before credits, pro-rations and closing costs. Totaling 447,739 square feet, the assets included in the sale are Buildings 1-5 and 7. As of the end of the first quarter of 2018, the buildings were 83 percent occupied. Hudson Pacific sold the fully vacant, 63,050-square-foot Building 6 in January for $22.5 million. Net proceeds from the sale were used to repay amounts outstanding on the company’s revolving credit facility, with the remainder held for general corporate purposes. The name of the buyer was not released.

August 1, 2018

Acquisitions California Office Western

Lincoln Property Acquires Historic Office Building in San Francisco’s Financial District

by Amy Works August 1, 2018

SAN FRANCISCO — Lincoln Property Co. has partnered with affiliates of Rockwood Capital to purchase 332 Pine St., a historic office building located in San Francisco’s financial district. Built in 1912, the 45,000-square-foot property features open floor plans, side-core construction, high ceilings and exposed concrete and brick. Additionally, the nine-story office building includes a penthouse and rooftop terrace. At the time of sale, a variety of technology and media tenants occupied the property. Kyle Kovac and Mike Taquino of Newmark Knight Frank handled the transaction. Terms of the sale were not disclosed.

August 1, 2018

Acquisitions California Mixed-Use Multifamily Office Retail Western

Asana Partners Purchases Mixed-Use Portfolio in Los Angeles for $23.2M

by Amy Works August 1, 2018

LOS ANGELES — Charlotte, N.C.-based Asana Partners has purchased The Fig Collection @ Highland Park, a three-property mixed-use portfolio in Los Angeles’ Highland Park submarket. Engine Real Estate, a Los Angeles-based private investor, sold the asset for $23.2 million. The portfolio includes: A two-building multifamily and retail property located at 5900 N. Figueroa St. and 111 S. Avenue 59. The property at 5900 N. Figueroa St. includes 12 studio and one-bedroom apartment units and 11,305 square feet of ground-floor retail space, which is 86 percent leased. Mr. Holmes Bakehouse occupies the 4,167-square-foot building located at 111 S. Avenue 59. A single-story, 2,250-square-foot building located at 5711 N. Figueroa St. The property is fully occupied by Sonomama, a high-end gift and apothecary shop; and Afters Ice Cream, an ice cream shop with outposts across Southern California. A two-story, 22,500-square-foot property, located at 5715-5717 N. Figueroa St. Recently renovated, the property features retail and commercial office space, which is fully occupied. Tenants include LemonTree, an audio production facility and recording studio; Blind Barber, a barber shop with a speakeasy bar; Chops Market, a deli; Otono Restaurant; Pacific Union, a luxury residential real estate brokerage firm; and Arrive Enterprises. Dana Brody of JLL …

August 1, 2018

Acquisitions Georgia Office Southeast

Accesso Partners Sells 150,000 SF Office Building Leased to IBM in Metro Atlanta

by Camren Skelton July 31, 2018

SMYRNA, GA. — Accesso Partners LLC has sold 7100 Highlands Parkway, a 150,000-square-foot office building in Smyrna, roughly 14 miles northwest of downtown Atlanta. Exeter Property Group acquired the asset for an undisclosed price. Completed in 1997, the single-story building was designed for IBM Corp. as its Atlanta call center. The technology company still occupies the building as its sole tenant. Jay O’Meara of CBRE arranged the transaction on behalf of Accesso.

July 31, 2018

Newer Posts

Older Posts