Office

Office Tenants Prefer Dynamic Workspace with Amenities, Says Coldwell Banker Survey

by John Nelson October 19, 2017

MADISON, N.J. — Physical office space can have a positive influence on its tenant base, which ultimately helps companies attract and retain employees, according to a new survey conducted by Coldwell Banker Commercial Affiliates, a Madison-based company made up of independently owned and operated commercial real estate service practices. The survey uncovered which popular office amenities resonated with respondents to see how office spaces could further improve the functionality of their square footage. “Offices are becoming a center for social activity, and it is important for office commercial real estate to accommodate this,” says Fred Schmidt, president and COO of Coldwell Banker Commercial Affiliates. Working on behalf of Coldwell Banker, Harris Poll surveyed 2,001 adults from Aug. 15-17 as part of the online study. The participating cohort included younger Millennial workers (age 18-29), older Millennials (30-34), Gen Xers (ages 35-49) and Baby Boomers (50-69), to identify worker attitudes toward their current physical workplace and better understand how office space can be optimized to meet worker needs and comfort. The highest concentration of respondents identified themselves as Baby Boomers (a little over 44 percent), followed by Gen Xers, younger Millennials and older Millennials. Overall, the survey found that the most coveted office …

October 19, 2017

Market Reports Midwest Midwest Market Reports Office Ohio

Downtown Columbus Office Market Devises Solutions to Parking Shortage

by Kristin Harlow October 19, 2017

In today’s world, nearly every company is a technology company. That trend is changing the way we do business and interact with one another. Ted Anglyn, president of the Parking Property Advisors, summarizes how these changes are impacting space utilization, which in turn affects parking needs: The space per square foot per employee in newly leased office space decreased from a range of 300 to 350 square feet per person in 2005 to 150 to 200 square feet in 2010. Some of this space reduction is linked to the recession, but much of it is because of open office design and the predominance of electronic storage, which reduces the need for physical file storage. This change has the potential to increase the typical office parking ratios that range from three to four spaces per 1,000 square feet to five to six spaces per 1,000 square feet. This begs the question of how we, as commercial real estate experts, address this gap. Parking, access and location are not new issues, but they are still major factors in today’s real estate environment. Landlords and economic development directors are all striving to address the needs of business today while also looking to future …

October 19, 2017

Midwest Minnesota Office

AtWater Group Purchases 81,932 SF Office Building Near Minneapolis

by Kristin Harlow October 18, 2017

GOLDEN VALLEY, MINN. — AtWater Group LLC has purchased Valley Square Corporate Center in Golden Valley, a western suburb of Minneapolis, for an undisclosed price. The 81,932-square-foot office building is located at 7500 Olson Memorial Highway. Amenities include a three-story atrium, training room, recently renovated common areas and heated underground parking. AtWater will act as asset manager on behalf of Concorde Properties Group, an affiliate of AtWater Group. Cushman & Wakefield Minneapolis will handle the leasing and property management efforts.

October 18, 2017

Georgia Office Southeast

TPA Group, USAA Deliver 173,000 SF Office Building in Atlanta

by Camren Skelton October 18, 2017

ATLANTA — TPA Group, in partnership with USAA Real Estate, has completed construction of 3400 Overton, a 173,000-square-foot office building located at the intersection of Akers Mill Road and Cumberland Boulevard in Atlanta. The seven-story, all-glass building features a fitness center, car wash, landscaped plaza and parking for 650 cars. Synovus Financial Corp. is the anchor tenant of the building, occupying four floors and a retail branch on the ground level. CBRE is handling the building’s leasing efforts. Skanska USA was the project’s general contractor, and Heery International provided design services.

October 18, 2017

Office Texas

Stream Realty Negotiates 53,397 SF Office Lease in Dallas

by Taylor Williams October 18, 2017

DALLAS — Stream Realty Partners has negotiated an office lease at Gramercy Center South, a two-building, 256,000-square-foot office park located at 18451 N. Dallas Parkway in Dallas. Ryan Evanich and Matt Wieser of Stream Realty represented the landlord, ATCAP Partners, in the lease negotiations. The new tenant, Advanced Infusion Solutions, a provider of comprehensive pharmacy services, will occupy 53,397 square feet at the property.

October 18, 2017

California Office Top Stories Western

Northwood Investors Buys 245,786 SF Office Building in Los Angeles for $148M

by Nellie Day October 18, 2017

LOS ANGELES — Northwood Investors has purchased 800 Corporate Pointe, a 245,786-square-foot office building in the Los Angeles submarket of Culver City, for $148 million. The Class A building is situated off Slauson Avenue and Bristol Parkway near State Route 90. The four-story building was developed in 2007. It was 98 percent occupied at the time of sale. The LEED Gold-certified asset houses six tenants within the financial services, media, technology and engineering industries. The acquisition includes an adjacent six-level parking structure. Nearby retail amenities include Westfield Culver City Mall, Runway at Playa Vista and downtown Culver City. “800 Corporate Pointe is one of the two newest and one of the best office buildings in this evolving Culver Pointe park,” says Kevin Shannon, president of NKF’s Capital Markets. “Culver City is drafting off the momentum from Playa Vista and is attracting similar-profile tenants seeking cool environments. The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.” Shannon, along with Ken White, Rob Hannan, Michael Moll and Laura Stumm, represented the seller, Vornado Realty Trust, in this transaction. Northwood, a New York-based real estate investment and management firm, represented …

October 18, 2017

Florida Office Southeast

JV Starts Construction of 55,000 SF Office Building Near University of Florida

by Camren Skelton October 17, 2017

GAINESVILLE, FLA. — Concept Cos., in partnership with Gateway Development Services and Harvest Capital Group, has broken ground on 800 Second at Innovation Square, a 55,000-square-foot office building located adjacent to the University of Florida in Gainesville. The first floor of the building will include a bistro and coffee shop, as well as a work studio with a variety of spaces, including individual office suites, co-working/shared offices and conference rooms. The top three floors will contain office space. The building will be part of Innovation Square, a 25-acre mixed-use project that will support the technology and research ventures of the University of Florida and the greater Gainesville community. The project is being developed in a public-private partnership. 800 Second is slated for completion in the third quarter of 2018.

October 17, 2017

Loans Office Southeast Virginia

HFF Arranges $47M Refinancing of Two-Building Office Portfolio in Metro D.C.

by Camren Skelton October 17, 2017

RESTON, VA. — HFF has secured $47 million in loans for the refinancing of Reston Metro Center One & Two, a two-building office portfolio in Reston, roughly 20 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF secured the floating-rate loan through AllianceBernstein on behalf of the borrower, a joint venture between Coretrust Capital Partners LLC and Normandy Real Estate Partners. The portfolio totals 185,671 square feet and is located at 12120 and 12180 Sunrise Valley Drive, within walking distance to the future Reston Town Center Silver Line Metrorail Station. At the time of sale, Reston Metro Center Two was fully leased. Together, the portfolio was 35 percent leased.

October 17, 2017

Industrial New Jersey Northeast Office

HFF Brokers Sale of 26-Building Office/Flex Portfolio in Southern New Jersey

by Amy Works October 17, 2017

MOORESTOWN AND BURLINGTON, N.J. — HFF has facilitated the sale of a 26-building office/flex portfolio located in Moorestown and Burlington. Mack-Cali Realty Corp. sold the portfolio to Brennan Investment Group for an undisclosed price, free and clear of any mortgage financing. Totaling 1.2 million square feet, the portfolio comprises 24 buildings in Moorestown and two buildings in Burlington. At the time of sale, the portfolio was 91 percent leased. Tenants at the portfolio include businesses in healthcare services, pharmaceutical/clinical packaging and medical supplies. Jose Cruz, Doug Rodio, Brett Segal and Kevin O’Hearn of HFF represented the seller in the transaction.

October 17, 2017

Connecticut Northeast Office Retail

Press/Cuozzo Negotiates $3.1M Sale of Two-Building Mixed-Use Portfolio in Hamden, Connecticut

by Amy Works October 17, 2017

HAMDEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of a two-building mixed-use portfolio located at 2340-2348 Whitney Ave. in Hamden. Town Hall Center LLC sold the portfolio to a private investor for $3.1 million. Totaling 23,320 square feet, the properties were 100 percent occupied at the time of sale. The properties feature a mix of retail and office tenants. Stephen Press of Press/Cuozzo Commercial Services represented the seller in the deal.

October 17, 2017

Newer Posts

Older Posts