Office

Equity Commonwealth to Sell 2.4 MSF Office Portfolio in Chicago, Philadelphia for $670M

by Nellie Day January 24, 2018

CHICAGO and PHILADELPHIA — Equity Commonwealth (NYSE: EQC) has agreed to sell a two-property office portfolio for $670 million. The properties feature a total of 2.4 million square feet and are located in Chicago and Philadelphia. One of the properties included in the transaction is a 1.5 million-square-foot office building located at 600 W. Chicago Ave. in Chicago. Sterling Bay acquired the property for $510 million. The space serves as the headquarters for Groupon. It formerly served as a Montgomery Ward catalog warehouse. The sale marks a full departure from the Chicago office market for Sam Zell, chairman of Equity Commonwealth. Equity Commonwealth also sold an 826,000-square-foot property at 1600 Market St. in Philadelphia for $160 million. The 40-story building was built in 1983 just a block away from City Hall. The asset is 84 percent leased. The buyer was not disclosed. Equity Commonwealth sold off a bundle of assets in the last quarter of 2017. This included a two-property, 15-building office portfolio in Moon Township and Pittsburgh, Pa., for $71 million; a 131,000-square-foot office building at 789 E. Eisenhower Parkway in Ann Arbor, Mich., for $24.9 million; a 175,000-square-foot industrial property in North Haven, Conn., for $10.5 million; and a …

January 24, 2018

Office Texas

Defense Contractor to Relocate to 104,000 SF Office Space in Plano

by Taylor Williams January 23, 2018

PLANO, TEXAS — General Dynamics Mission Systems Inc., a Virginia-based defense contractor, will relocate from Richardson to a 104,000-square-foot office space located at 1000 Klein Road in Plano. The City of Plano provided an economic grant for the move, which is expected to bring an additional 280 jobs to Plano, according to the agenda from the Plano City Council’s most recent meeting. The deal calls for 250 of those jobs to be operational by the end of May.

January 23, 2018

Office Texas

Energy Firm Renews 353,944 SF Office Lease at Williams Tower in Houston

by Taylor Williams January 23, 2018

HOUSTON — Williams, a Tulsa-based natural gas infrastructure operator, has renewed its 353,944-square-foot office lease at its namesake tower in Houston’s Galleria neighborhood. The company currently has about 700 employees in the 1.5 million-square-foot building, which was developed by Hines in the early 1980s. Ronnie Deyo and Beau Bellow of JLL represented Williams in the lease negotiations. Dave Hanusa, Bonnie Kelley-Dienna and Jason Presley of CBRE represented the landlord, Invesco Real Estate. Following this renewal, the tower is 92 percent leased.

January 23, 2018

Loans New York Northeast Office

HFF Secures $12.5M in Refinancing for Office Building in Manhattan

by Amy Works January 23, 2018

NEW YORK CITY — HFF has arranged $12.5 million in refinancing for 135 Bowery, a boutique creative office building in Manhattan’s Midtown South technology corridor. The borrower is a joint venture between Caspi Development and RWN Real Estate Partners. Steven Klein and Alex Staikos of HFF secured the five-year, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used to refinance a construction loan on the property. Originally built in 1900 and redeveloped in 2016, the eight-story, 21,308-square-foot building features a ground-floor retail space occupied by a high-end restaurant, and full-floor loft office units above. The office spaces feature collaborative open floor plates, 10-foot ceilings, reclaimed wood details, custom kitchenettes, conference rooms and two suites that offer private terraces with city views. The property is fully occupied by tenants, including lola/VFX, Bullish, Tradewind, breather, Martin Lui & Associates, Minds+Assembly and RTS Ventures.

January 23, 2018

Loans Midwest Office Ohio

KeyBank Provides $237.1M Acquisition Financing for Office Portfolio in Eight States

by Kristin Harlow January 23, 2018

CLEVELAND — KeyBank Real Estate Capital has provided a $237.1 million bridge loan for the acquisition of a 12-property office portfolio located throughout eight states. The Class A and B properties are located in Arizona, Illinois, Georgia, Florida, Maryland, Massachusetts, Michigan and Tennessee. The portfolio, which is 71 percent leased, includes nine multi-tenant buildings and three single-tenant buildings totaling more than 2.2 million square feet. Alex Buecking, Devin Jolley and Josh Berde of Key arranged the loan on behalf of the borrower, Bridge Investment Group Partners.

January 23, 2018

North Carolina Office Southeast

HFF Brokers $55.6M Sale of Two-Building Office Park in Triangle

by Camren Skelton January 23, 2018

DURHAM, N.C. — HFF has arranged the $55.6 million sale of Palladian Corporate Center, a two-building, 201,008-square-foot office complex in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, an institutional owner advised by Clarion Partners LLC. An affiliate of Innovatus acquired the asset. In addition, Brent Bowman of HFF arranged acquisition financing for the asset through Citizens Bank on behalf of the new owner. Palladian Corporate Center is located at 200 and 240 Leigh Farm Road, adjacent to Interstate 40, along the Highway 54 corridor. Constructed in 2005 and 2007, the four-story buildings feature landscaped exteriors, brick and glass façades, weekly scheduled food trucks and adjacent walking trails. Palladian Corporate Center is home to tenants including Northwestern Mutual, Eco-Site LLC and AICPA’s corporate headquarters. At the time of sale, the property was 98.4 percent leased.

January 23, 2018

California Office Western

CBRE Global Investors Fund Buys Two Office Buildings in Los Angeles

by Nellie Day January 23, 2018

LOS ANGELES — The CBRE Strategic Partners U.S. Value 8 has purchased two office buildings in the Los Angeles submarket of Glendale for an undisclosed sum. The acquisition includes the 290,847-square-foot building at 801 N. Brand Blvd. and 136,016-square-foot building at 700 N. Central Ave. The transaction also includes a 50 percent ownership interest in an adjacent parking structure. Both buildings have been recently renovated and feature efficient floorplates. CBRE will implement a planned capital improvement program. The assets are currently 89.9 percent leased to a base of institutional-quality tenants.

January 23, 2018

Massachusetts Northeast Office Top Stories

CrossHarbor Capital Acquires 1.2 MSF Office Complex Near Boston for $227M

by Katie Sloan January 23, 2018

LOWELL, MASS. — CrossHarbor Capital Partners has acquired Cross Point, a 1.25 million-square-foot office complex located roughly 30 miles northwest of Boston in Lowell, for $227 million, according to reports by the Lowell Sun. The seller was Anchor Line Partners, which acquired the property for $100 million in 2014. The property was built in the early 1980s as the headquarters for Wang Laboratories, which owned the property until the company’s 1994 bankruptcy. Cross Point consists of three internally connected, 14-story office towers. Shared amenities include multiple restaurants and cafés, a fitness center, lawn auditorium, on-site daycare and event space. The property serves as the corporate headquarters for workforce management software company Kronos, which occupies more than 435,000 square feet at the property, according to lease agreements brokered by Cushman & Wakefield on behalf of Kronos in 2016. The company occupies the entire first tower — deemed the Kronos Tower — and additional floors in the second tower. Boston-based CrossHarbor Capital Partners is a commercial real estate investment and asset management firm. The company has invested in more than $13 billion worth of commercial real estate on behalf of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and …

January 23, 2018

Office Texas

Transwestern Secures Three Office Leases Totaling 163,834 SF in Metro Dallas

by Taylor Williams January 22, 2018

FARMERS BRANCH, TEXAS — Transwestern has secured a trio of office leases totaling 163,834 square feet at Two Colinas Crossing, a 181,072-square-foot, Class A office property in Farmers Branch. IBM leased 66,018 square feet; Home Point Financial leased 64,788 square feet and an undisclosed financial services firm leased 33,028 square feet. The property, which is now 98 percent occupied, was completed in 2000 and fronts a 110-acre lake with a 10-mile trail system. Duane Henley and Nathan Durham of Transwestern represented the landlord, an affiliate of New York-based REIT Lexington Realty Trust.

January 22, 2018

Office Texas

Marcus & Millichap Brokers Sale of 11,200 SF Office Building in San Antonio

by Taylor Williams January 22, 2018

SAN ANTONIO — Marcus & Millichap has brokered the sale of 12414 Nacogdoches Road, an 11,200-square-foot office property in northeast San Antonio. The two-story property consists of seven suites totaling 8,800 square feet of net rentable space. Joshua Murphy of Marcus & Millichap represented the seller and procured the buyer, both of which were undisclosed limited liability companies.

January 22, 2018

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