Office

NKF Capital Markets, Cooper-Horowitz Secure $342M Refinancing for Office Tower in Midtown Manhattan

by David Cohen June 20, 2018

NEW YORK CITY — NKF Capital Markets and Cooper-Horowitz have secured a $342 million refinancing for 850 Third Ave., a 21-story, 617,322-square-foot office building in Midtown Manhattan. The owner is a partnership between HNA Property Holdings, ATCO Properties & Management, and MHP Real Estate Services. NKF Capital Markets and Cooper-Horowitz arranged the short term, floating-rate loan through Natixis and Paramount Group. The NKF Capital Markets’ team was led by Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer. Spanning a full block with continuous frontage along Third Avenue between East 51st and 52nd Streets, the building is currently 91 percent occupied by tenants in the media, legal, real estate, entertainment, healthcare and financial sectors. Discovery Communications is currently the building’s largest tenant at 189,470 square feet.

June 20, 2018

Development Michigan Midwest Office

Ford Unveils Plans for Detroit Train Station Transformation at Public Event

by Kristin Harlow June 20, 2018

DETROIT — Employees of Ford Motor Co., city and state officials and Corktown residents gathered on Tuesday at Michigan Central Station for a celebration during which the auto giant officially announced its plan to breathe new life into the former train depot. Ford plans to transform the long-vacant property into a new Corktown campus for work on autonomous and electric vehicles, as well as design urban mobility services and solutions that includes smart, connected vehicles, roads, parking and public transit. “We at Ford want to help write the next chapter, working together in Corktown with the best startups, the smartest talent, and the thinkers, engineers, and problem-solvers who see things differently — all to shape the future of mobility and transportation,” said Bill Ford, the company’s executive chairman. The acquisition of Michigan Central Station comes alongside the company’s purchase of the former Detroit Public Schools Book Depository, two acres of vacant land, the site of an old brass factory and the recent purchase of a refurbished former factory in Corktown, now home to Ford’s electric vehicle and autonomous vehicle business teams. Ford’s campus will span at least 1.2 million square feet of space in Corktown. Approximately 2,500 Ford employees, most from the mobility team, will call Corktown …

June 20, 2018

Civic Development District of Columbia Office Southeast

Joint Venture Breaks Ground on Historic School Renovation Project, Adjacent Office Building in D.C.

by Camren Skelton June 20, 2018

WASHINGTON, D.C. — A joint venture between Akridge, Corporate Office Properties Trust (COPT) and Argos Group has broken ground on the redevelopment of Thaddeus Stevens Elementary School in Washington, D.C. Akridge and D.C. officials have collaborated for 19 years to establish a plan for the historic school, which was one of the District’s first public schools built for the education of African American children. As part of the redevelopment, the joint venture broke ground on a 190,000-square-foot office building, located at 2100 L St., on what previously served as the school’s playground. Designed by Martinez & Johnson Architecture, the building features floor-to-ceiling glass, 20,000-square-foot floor plates, a landscaped rooftop terrace and lounge, penthouse conference center, fitness center and an art gallery with outdoor terraces. The building will feature a rotating art gallery of works from African American artists, as well as a statue outside the building and a feature wall commemorating the property’s namesake, Thaddeus Stevens, who was a U.S. congressman. Law firm Morrison & Foerster LLP has preleased 43 percent of the building. The redevelopment will also include a renovation of the school building, which will reopen as a D.C. public school upon completion. The joint venture expects to …

June 20, 2018

Acquisitions Office Retail Southeast Virginia

Westport Capital, Galaxy Investments Acquire Office, Retail Building in Metro D.C.

by Camren Skelton June 20, 2018

ALEXANDRIA, VA. — A joint venture between Westport Capital Partners LLC and Galaxy Investments has acquired Tavern Square, a 171,008-square-foot office and retail building located at the intersection of King and Royal streets in Alexandria, roughly eight miles south of Washington, D.C. Gerry Trainor of Transwestern arranged the transaction on behalf of the seller, Tavern Square LLC. The sales price was not disclosed. Developed in 1967, the property includes 130,000 square feet of office space, 41,008 square feet of ground-floor retail and a 326-space parking garage. The new ownership plans to renovate the property by modernizing the lobbies, common areas, building exterior and courtyard. Cambridge Holdings will provide construction services for the renovations. In addition, Cambridge will manage the property and handle the building’s leasing assignment.

June 20, 2018

Acquisitions California Office Retail Western

Ocean West Capital Partners Acquires 124,000 SF Office/Retail Building at Hollywood and Vine

by Amy Works June 20, 2018

LOS ANGELES — Ocean West Capital Partners has purchased the Taft Building, a 12-story office and retail building located at the intersection of Hollywood Boulevard and Vine Street in Hollywood, for an undisclosed price. Originally built in 1923, the historic property features 124,000 square feet of space. The building, which was the first high-rise office building in Hollywood, recently underwent an extensive renovation. The buyer plans to complete capital upgrades to the lobby and common areas, convert the ground-floor basement space into an entertainment-focused use, and provide a high-touch level of service to its entertainment industry-focused clientele. The name of the seller was not released.

June 20, 2018

Acquisitions Colorado Healthcare Office Western

Quantum Commercial Brokers $2.9M Sale of Medical Office Building in Colorado Springs

by Amy Works June 20, 2018

COLORADO SPRINGS, COLO. — Quantum Commercial Group has arranged the sale of a medical office building located at 1699 Medical Center Point in Colorado Springs. A private investor, 601 El Camino Real LLC, acquired the property for $2.9 million. The building features 9,585 square feet of medical office space. Kay Folan of Quantum Residential Group and Mary Frances Cowan of Quantum Commercial Group represented the seller, 1699 Medical Center Point LLC. Steve Ghirardo and Nick Ghirardo of Ghirardo Real Estate Group represented the buyer in the deal.

June 20, 2018

Loans Office Texas

Värde Partners Provides $61.5M Loan for Refinancing of San Antonio Office Park

by Taylor Williams June 19, 2018

SAN ANTONIO — Värde Partners, a Minneapolis-based global investment firm, has provided a $61.5 million loan for Brass Professional Center, a 15-building, 729,000-square-foot office park in San Antonio. The undisclosed borrower will use the loan to finance existing debt and provide capital for recapitalizing the property or marketing it for sale over the next few years. Bryan Leonard of NorthMarq Capital arranged the loan.

June 19, 2018

Loans New York Northeast Office

Meridian Capital Arranges $49M Refinancing for Office Building in Manhattan

by David Cohen June 19, 2018

NEW YORK CITY — Meridian Capital Group has arranged $49 million in refinancing for 232 Madison Ave., a 16-story office building in Midtown Manhattan. Jeff Weinberg and Rael Gervis of Meridian secured the refinancing on behalf of an undisclosed borrower. The five-year loan, which a savings bank provided, features two years of interest-only payments. The 132,000-square-foot building is located on the corner of Madison Avenue and East 37th Street.

June 19, 2018

Acquisitions California Office Western

Harbor Associates, Ascentris Acquire 110,110 SF Office Building in Rancho Bernardo, California

by Amy Works June 19, 2018

RANCHO BERNARDO, CALIF. — Harbor Associates and Ascentris have partnered to acquire The Pinnacle, an office building located in the north San Diego submarket of Rancho Bernardo, for an undisclosed price. Completed in 2007, the property features 110,100 square feet of Class A office space. At the time of sale, the property was 93 percent leased. The buyers plan to execute a capital improvement plan to enhance the tenant experience, including new outdoor covered seating and collaborative workspace with canyon views, modernizing the bike storage and locker room areas, and refreshing the ground-floor lobby. Lynn LaChapelle and Bob Prendergast of JLL represented the undisclosed seller in the deal. Jay Alexander and Tim Olsen of JLL will continue to handle leasing for the new ownership, while Davis Partners will serve as property manager.

June 19, 2018

Acquisitions Colorado Loans Office Western

Equus Investment Partnership XI to Purchase 150,656 SF Office Building in Metro Denver

by Amy Works June 19, 2018

BROOMFIELD, COLO. — Equus Investment Partnership XI, an equity fund managed by Equus Capital Partners, has received $18.8 million in financing for the purchase of 370 Interlocken Blvd. The 150,656-square-foot, Class A office building is located in Broomfield, a northwest suburb of Denver. Leon McBroom and Eric Tupler of HFF secured the seven-year, fixed-rate loans through Guggenheim Partners for the borrower. Completed in 1998 and renovated in 2017, the six-story building features a two-story lobby with a fireplace, touchscreen directory, WiFi access, a fitness center with showers and lockers, a high-end tenant lounge and a bike storage center. At the time of financing, the property was 94 percent leased to a variety of tenants, including Stantec, CliftonLarsonAllen and New York Life Insurance Co.

June 19, 2018

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