CHICAGO — Ware Malcomb has completed interior architecture and design services for the corporate headquarters of Purohit Navigation at Willis Tower in Chicago. The healthcare communications and advertising agency now occupies 10,000 square feet on the 62nd floor of the office tower. The design emphasizes a central collaborative area with open space. All millwork was custom designed to fit Purohit’s needs. Bear Construction was the general contractor for the project.
MCKINNEY, TEXAS — KDC has broken ground on the new, 165,000-square-foot corporate headquarters for Independent Bank Group, a subsidiary of regional lender Independent Bank. The Dallas Business Journal reported in July that the project is valued at roughly $52 million. The six-story property will be situated on 10.4 acres within the Craig Ranch Corporate Center in McKinney, a northern suburb of Dallas. Approximately 400 employees are expected to occupy the property upon completion, which is slated for December.
ATLANTA — Granite Properties has formed a long-term partnership with Third & Urban for the recapitalization and development of two warehouse properties in Atlanta’s West Midtown district. The partnership will create a portfolio to include the recapitalization of Complex, an adaptive reuse project Third & Urban unveiled in December 2016. The building is 80 percent leased to tenants including Proof of the Pudding, Bold Monk Brewing, Look Listen and LTX Solutions. The project is on track to be fully leased by June. In addition, the partnership will acquire and develop a group of warehouses located at 1218 and 1236 Menlo Drive, also in the West Midtown district. Similar to Complex, the new development — dubbed Inland Tract — will offer creative flex space for tenants that need both office and warehouse space.
NASHVILLE, TENN. — HFF has arranged a $26.7 million construction loan for the adaptive reuse of the former May Hosiery textile mill in Nashville. The development is located at 425 to 431 Chestnut St. and 510 Houston St. in the city’s Wedgewood Houston neighborhood. Danny Kaufman and Christopher Knight of HFF arranged the two-year, floating-rate loan through LoanCore Capital on behalf of the borrower and developer, Chicago-based AJ Capital Partners. Proceeds of the loan will be used for the renovation and remaining lease-up of the property. Constructed in 1909, the 120,000-square-foot facility was originally home to May Hosiery, which made socks through most of the 20th century. AJ Capital Partners is redeveloping the property into a mixed-use space featuring 80,000 square feet of creative office space and 40,000 square feet of retail and restaurant space. In addition, the project will include a private rooftop terrace and central outdoor spaces. At the time of closing, the development was 47 percent preleased to Tuck-Hinton Architects, Southcomm Media, Dream Technologies, Parson’s Chicken & Fish and Blockhouse Barbers.
CHANDLER, ARIZ. — Rich Uncles NNN REIT Inc. has purchased a 162,714-square-foot creative office/warehouse space in Chandler for $26.5 million. The property serves as the headquarters for AvAir, a commercial aircraft parts business. The property is located at 6877 and 6971 W. Frye Road. The sale agreement allows AvAir to occupy the space for 15 years. Developed in 2015, the two buildings sit on 6.1 acres in the Santan Technology Park at the northeast corner of Loop 202 and 56th Street. Andy Ogan of Lee & Associates Arizona brokered the sale. John Hink of Tiffany & Bosco P.A. assisted the seller, Reasons Aviation LLC.
TRUMBULL, CONN. — Trumbull Developers has purchased an office building located on 10.7 acres at 100 Oakview Drive in Trumbull. Canon USA sold the 78,692-square-foot property for $4.5 million. The buyer plans to demolish the existing building and develop a six-building residential community featuring 202 apartments. Tim McMahon and Rich Lee of O,R&L Commercial represented the seller and procured the buyer in the deal.
BOSTON — Lynnfield, Mass.-based Powers & Co., a boutique retail brokerage firm, is merging with The Dartmouth Co., a retail real estate advisory and brokerage firm. Focusing on the Greater Boston suburbs and Cape Cod, Mass., Powers & Co. specializes in representing retail landlords and owners throughout New England. The Dartmouth Co. specializes in tenant and landlord representation in the Northeast and throughout the United States and provides a variety of services, including dispositions, investment sales and consulting and advisory services. Additionally, the company recently created a full-service commercial retail property management division. Powers & Co.’s suburban focus will enhance Dartmouth’s depth of market and solidify its place as the area’s best-in-class retail real estate advisory and brokerage company.
MILWAUKEE — The Manitowoc Co. has signed a 16,266-square-foot office lease at One Park Plaza in Milwaukee for its corporate headquarters. The global manufacturer of cranes and lifting solutions for the construction industry will occupy the space within the Park Place office park by the end of the first quarter. The 199,326-square-foot office building is one of the 24 buildings that make up the office park. The move will allow the company better access to infrastructure and a larger talent pool, according to David Antoniuk, senior vice president and CFO of Manitowoc. Matt Hunter of CBRE represented Manitowoc in the lease transaction. Alyssa Geisler, also of CBRE, represented the landlord, GLL Real Estate Partners.
SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has chosen the following 20 metropolitan areas (in alphabetical order) as potential locations for HQ2, the company’s planned $5 billion second headquarters in North America: – Atlanta – Austin, Texas – Boston – Chicago – Columbus, Ohio – Dallas – Denver – Indianapolis – Los Angeles – Miami – Montgomery County, Md. – Nashville, Tenn. – Newark, N.J. – New York City – Northern Virginia – Philadelphia – Pittsburgh – Raleigh, N.C. – Toronto – Washington, D.C. “Thank you to all 238 communities that submitted proposals. Getting from 238 to 20 was very tough — all the proposals showed tremendous enthusiasm and creativity,” says Amazon spokesperson Holly Sullivan. “Through this process we learned about many new communities across North America that we will consider as locations for future infrastructure investment and job creation.” In the coming months, Amazon will work with each of the candidate locations to dive deeper into their proposals, request additional information and evaluate the feasibility of a future partnership that can accommodate the company’s hiring plans, as well as benefit its employees and the local community. Amazon expects to make a decision this year. Amazon has emphasized that HQ2 will …
Welcome to St. Louis, Missouri. Home to nine Fortune 500 companies and the 11-time world champion St. Louis Cardinals franchise. St. Louis currently lays claim to nearly 3 million residents in the metropolitan statistical area and has exemplified economic stability and consistent growth since the Great Recession. Herein we’ll explore one key indicator of the economic health of the region: the slow but steady growth of the St. Louis office market. Demand drivers With approximately 136 million square feet of space, St. Louis is one of the largest office markets in the Midwest, and it is getting larger. Increased demand in the local office market has been predominantly driven by job growth and the consistent decrease in unemployment since its high mark of 10.4 percent in the fourth quarter of 2009. As of November 2017, the region’s unemployment rate is down to a healthy 3.3 percent, compared to a national average of 4.1 percent. Consequently, this demand for office space has resulted in decreased vacancy, increased rental rates and, ultimately, new construction. At the end of the third quarter of 2017, the vacancy rate was 7.6 percent, down from 8.7 percent in 2016. Average asking rental rates were up to …
