Office

Portman Holdings Secures $150M Construction Financing for Office Tower in Midtown Atlanta

by Nellie Day January 31, 2018

ATLANTA — Portman Holdings has secured $150 million in financing to build a 21-story office building in Atlanta’s Technology Square. The 352,000-square-foot, build-to-suit Anthem Technology Center will be situated near Georgia Tech in Midtown. This area is known as an innovation hotbed with research facilities, incubators, technology start-ups and the Georgia Institute of Technology campus. Healthcare insurance giant Anthem (NYSE: ANTM) will occupy the space. The offices will serve as a hub for approximately 3,000 IT professionals seeking to enhance consumer healthcare experiences, improve the quality of care and lower healthcare costs. The building will feature a 14,000-square-foot terrace area with green space. Anthem placed an emphasis on energy and water efficiency, indoor environmental quality and active design standards. The building will also include 7,000 square feet of retail space and alternating two-story spaces connected by a staircase to promote collaboration. The project’s groundbreaking is scheduled for Feb. 21. Construction is expected to take two years. John Portman & Associates designed the building for Anthem. PCCP contributed equity financing, while SunTrust acted as the lead lender. Regions also served as a lender for the project. SunTrust will open a full-service branch inside Anthem Technology Center. Atlanta-based Portman Holdings is a …

January 31, 2018

New York Northeast Office Retail

Children’s Museum of Manhattan Acquires Former Church in Manhattan for $45M, to Relocate in 2021

by Amy Works January 30, 2018

NEW YORK CITY — Children’s Museum of Manhattan has acquired a new property located at 361 Central Park W. in Manhattan’s Upper West Side. 361 Central Park West LLC sold the property for $45 million. Children’s Museum of Manhattan plans to move its primary operations at 212 W. 83rd St. to the new location, which is a landmarked structure and a former church designed by Carrère & Hastings. The museum plans to open at the new location in 2021. Andrew Chonoles, Ross Yustein, Christopher Terry and Michael Scharpf of law firm Kleinberg Kaplan represented the museum in the acquisition.

January 30, 2018

Florida Office Southeast

Cushman & Wakefield Brokers $20.3M Sale of Office Park in Tampa

by Camren Skelton January 30, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $20.3 million sale of Bay West, a 195,558-square-foot office park located at 5660 to 5840 W. Cypress St. in Tampa’s Westshore district. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based Equus Capital Partners Ltd. Greenville, S.C.-based RealOP Investments acquired the asset. Bay West includes eight office buildings, constructed between 1983 and 1985. At the time of sale, the office park was 95 percent leased to tenants including Fidelity National Title, GEICO and Beef ‘O’ Brady’s. Paula Buffa and Lauren Coup of Cushman & Wakefield have been retained to handle the property’s leasing assignment.

January 30, 2018

Loans Michigan Midwest Office

Bernard Financial Group Arranges $36.4M Refinancing for Office Building in Detroit

by Kristin Harlow January 30, 2018

DETROIT — Bernard Financial Group has arranged a $36.4 million CMBS loan for the refinancing of One Kennedy Square, a multi-tenant office building in Detroit. The 246,304-square-foot property is 100 percent occupied by tenants such as Ernst & Young. Dennis Bernard and Kevin Kovachevich of Bernard arranged the loan on behalf of the borrower, Kennedy Square Office Building LLC. Wells Fargo Bank provided the loan.

January 30, 2018

Illinois Midwest Office

SVN Negotiates $12.9M Sale of Office Building in Chicago’s West Loop

by Kristin Harlow January 30, 2018

CHICAGO — SVN | Chicago Commercial has negotiated the sale of a 42,000-square-foot loft office building in Chicago’s West Loop for $12.9 million. The property, located at 117-121 N. Jefferson Ave., is known as the Haymarket Building. The building was over 90 percent leased at the time of sale. Wayne Caplan and Lee Ffrench of SVN represented the seller, an affiliate of St. Louis-based Hoffmann Commercial Real Estate. In-Commercial Group, based in Chicago, led the purchasing group, which was an investor completing a 1031 exchange.

January 30, 2018

California Office Western

Kearny Real Estate Acquires Office Complex in Santa Ana for $34.8M

by Nellie Day January 30, 2018

SANTA ANA, CALIF. — Kearny Real Estate Co. has purchased a 197,370-square-foot office campus in Santa Ana for $34.8 million. The campus is located at 3100-3130 Harbor Blvd. The space has recently been rebranded Elevate@Harbor. It includes two mid-rise buildings on eight acres that were built in 1982. Kearny plans to invest about $15 million to reposition the office campus. The one-acre outdoor area surrounding the first floor of both buildings will be redesigned to incorporate outdoor areas that provide a mix of work, leisure and active spaces. The seller was The Colton Company. CBRE’s Carol Trapani and Allison Kelly will oversee leasing for Elevate@Harbor.

January 30, 2018

California Office Western

Irvine Co. Buys 198,000 SF Office Campus in Del Mar Heights, California

by Nellie Day January 30, 2018

DEL MAR HEIGHTS, CALIF. — Irvine Co. has purchased Gateway at Torrey Hills, a 198,000-square-foot campus in Del Mar Heights, for an undisclosed sum. The campus is situated near the I-5 Freeway at Carmel Mountain Road. The Class A office space is spread across two four-story buildings. Notable tenants include BDO USA, MINDBODY Inc., and law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. The project features stone and glass façades, flexible floor plates, modern interior features and on-site parking. Amenities include a fitness center with locker room and showers, art installations, multiple patios, and outdoor workspaces. Irvine Co. plans to add to and enhance the outdoor workspaces.

January 30, 2018

Office Texas

Sundance Square Acquires Former XTO Office Building in Downtown Fort Worth

by Taylor Williams January 29, 2018

FORT WORTH, TEXAS — Sundance Square, the developer of downtown Fort Worth’s main entertainment district of the same name, has acquired the Petroleum Building, a 117,000-square-foot office asset. XTO Energy, a division of ExxonMobil, sold the building for an undisclosed price and will continue to occupy the space until summer as it relocates roughly 1,600 jobs from Fort Worth to Houston. The property occupies a full city block at West Sixth Street between Houston and Throckmorton streets in downtown Fort Worth. The sale includes a 534-space parking garage situated adjacent to the building. Ryan Matthews of JLL brokered the sale on behalf of XTO Energy, which has now sold four office properties totaling 281,204 square feet in Fort Worth.

January 29, 2018

Industrial Loans Office Texas

TRC Arranges $11M Refinancing of 230,000 SF Flex Property in Metro Austin

by Taylor Williams January 29, 2018

PFLUGERVILLE, TEXAS — Texas Realty Capital (TRC) has arranged the $11 million refinancing of 130 Commerce Center, a 230,000-square-foot industrial/office property located in Pflugerville on Austin’s north side. Minneapolis-based Thrivent Financial provided the loan, which features a 10-year term and a fixed interest rate, on behalf of an undisclosed, out-of-state borrower.

January 29, 2018

Massachusetts Northeast Office

NKF Negotiates $13.2M Sale of 104,000 SF Office Building in Woburn, Massachusetts

by Amy Works January 29, 2018

WOBURN, MASS. — NKF Capital Markets has arranged the sale of an office building located at 8 Presidential Way in Woburn. Chestnut Realty Management sold the two-story building to an undisclosed buyer for $13.2 million. The 104,000-square-foot building features prominent building signage, efficient floor plates and ample parking. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Torin Taylor, Richard Ruggiero, Matthew Adams and Rory Walsh of NKF represented the seller in the transaction.

January 29, 2018

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