Office

Lane Partners Buys Station Plaza Office Property in Walnut Creek, California

by Nellie Day November 21, 2017

WALNUT CREEK, CALIF. — Lane Partners has purchased Station Plaza, a 49,542-square-foot office building in Walnut Creek, for an undisclosed sum. The building is located at 3100 Oak Road. It is part of the 2.4 million-square-foot Contra Costa Transit Village. Station Plaza is 94.2 percent leased to 16 tenants that span financial, healthcare, legal, consulting and government sectors. Contra Costa Transit Village encompasses office, residential and commercial space with 6,000 employees, 2,700 residential units and two hotels. NKF’s Forrest Gherlone, Mike Zylstra, Grant Lammersen, Tim Walling and Steve Golubchik represented the seller, Thomas Properties, in this transaction.

November 21, 2017

North Carolina Office Southeast

Parmer Innovation Centers Acquires 276,726 SF Office Building in Research Triangle Park

by Camren Skelton November 21, 2017

RALEIGH, N.C. — Parmer Innovation Centers has acquired 14 TW Alexander Drive, a 276,726-square-foot office, laboratory and manufacturing building in Raleigh’s Research Triangle Park. The building, located next door to the Parmer RTP campus, will be renamed Parmer 14. Brian Carr and Lee Clyburn of CBRE | Raleigh arranged the transaction on behalf of Parmer Innovation Centers. Other terms of the transaction were not disclosed. Renovations to Parmer 14 will include outdoor space with permanent food truck sites, a rooftop deck, outdoor meeting spaces, waterfront amenities and sports courts. The new building will be ready for occupancy in the first quarter of 2018. Carr and Clyburn will handle the property’s leasing assignment. Parmer Innovation Centers operates more than 3 million square feet of innovative workspace in the U.S. and the UK, and houses tenants including Apple, Allergan, Blue Apron, GlaxoSmithKline, GM and Credit Suisse.

November 21, 2017

Georgia Office Southeast

Coworking Provider Industrious Signs 28,000 SF Lease in Atlanta’s Central Perimeter

by Camren Skelton November 21, 2017

SANDY SPRINGS, GA. — CBRE Global Investors has signed a 28,000-square-foot lease with Industrious, a coworking office space provider, at 7000 Central Park, an 18-story office tower in Atlanta’s Central Perimeter submarket. The 12-year lease marks Industrious’ fifth location in Atlanta and the company’s first foray into the market’s suburbs. The building is located in Sandy Springs, roughly 15 miles north of downtown Atlanta. Industrious will occupy the entire 11th floor of the building, and will accommodate approximately 200 members, ranging from small and midsize businesses to Fortune 500 companies. The 423,775-square-foot 7000 Central Park is in the final stages of a renovation that will deliver enhanced amenities, shared coworking space, community events, a fitness center, expanded café area and a new outdoor living room. In addition, CBRE Global Investors’ shuttle service offers a two-minute drive to the Sandy Springs MARTA station, as well as several mixed-use communities within close proximity. Industrious will move into the new space in early 2018.

November 21, 2017

Office Texas

HFF Arranges $64.4M Financing for 543,544 SF Office Campus in Austin

by Taylor Williams November 21, 2017

AUSTIN, TEXAS — HFF has arranged $64.4 million in financing for Amber Oaks, a 543,544-square-foot, Class A office campus in Austin. The nine-building property is located adjacent to State Highway 45 and offers access to U.S. Highway 183 and Interstate 35. The campus was 93 percent leased at the time of sale to tenants such as Oracle, Office Depot and Toshiba America. Kevin MacKenzie, Casey Wenzel, Jamie Kline and Nick Lench of HFF arranged the financing through Wells Fargo on behalf of California-based investment firm Menlo Equities.

November 21, 2017

Office Texas

Cushman & Wakefield Negotiates 152,086 SF Office Lease in Irving for Tech Firm

by Taylor Williams November 21, 2017

IRVING, TEXAS — Cushman & Wakefield has negotiated a 152,086-square-foot office lease at 6011 Connection Drive within the Las Colinas district in Irving. Gartner Inc., a Connecticut-based technology research and advisory firm will occupy the entire building through 2034. Andy May, Matt Heidelbaugh and Amber Roberts of Cushman & Wakefield represented Gartner in the lease negotiations. Joel Pustmueller and Sarah Hinkley of Peloton Commercial Real Estate represented the landlord, Piedmont Office Realty Trust.

November 21, 2017

California Features Office Top Stories Western

Office Rental Rates on the Rise in All 30 of CBRE’s Top 30 Tech Submarkets

by John Nelson November 21, 2017

LOS ANGELES — Office rents across the United States and Canada are getting a big lift from the influence of tech job creation, according to CBRE. All of the submarkets tracked in the brokerage giant’s annual Tech-30 report have experienced rental growth over the past two years. In 13 of those submarkets, asking rental rates have grown by more than 10 percent in the two years tracked between second-quarter 2015 and second-quarter 2017. On the list of 30 submarkets, office rent growth was led by Orange County, Calif. (23.3 percent), Nashville (21.2 percent), Atlanta (17.6 percent), Charlotte (16.9 percent) and Silicon Valley (16.8 percent). According to CBRE’s Tech-30 report, the willingness of tech companies to pay a premium for office space in the hottest tech submarkets is starting to spill over into neighboring submarkets, as available space in tech “hotspots” is dwindling. Adjacent submarkets and traditional downtowns with skylines — rather than the brick-and-beam buildings tech companies have demonstrated a preference for — are primed to benefit, according to the report. “If tech companies that are used to paying a premium for space in the top tech submarkets are forced to move to adjacent submarkets in order to expand, we …

November 21, 2017

Colorado Office Retail Western

HFF Brokers $5.1M Sale of Retail, Office Center in Broomfield, Colorado

by Nellie Day November 20, 2017

BROOMFIELD, COLO. — HFF has arranged the $5.1 million sale of MainStreet at FlatIron, a 93,657-square-foot retail and office center in Broomfield. Jules Sherwood of HFF arranged the transaction on behalf of the undisclosed seller, and procured the buyer, a private investment group based in Boulder. MainStreet at FlatIron includes two multi-tenant buildings with 59,224 square feet of office space and 34,433 square feet of retail space. At the time of sale, the property was 56.3 percent leased to tenants 10 tenants including Jason’s Deli and CorePower Yoga.

November 20, 2017

Office Texas

PRP Acquires 264,000 SF Office Building Leased to FedEx in Plano’s Legacy West

by Taylor Williams November 20, 2017

PLANO, TEXAS — Washington, D.C.-based investment firm PRP LLC has acquired a 264,000-square-foot office building located at 7900 Legacy Drive in Plano. Situated within the 250-acre Legacy West development, the Class A property is fully leased to FedEx and serves as the company’s office and print services global headquarters. PRP acquired the asset in a joint venture with AXA Investment Managers — Real Assets, a subsidiary of French multinational firm AXA. Gary Carr, John Alvarado, Eric Mackey, Evan Stone, Jared Chua and Robert Hill of CBRE represented the seller, KDC Real Estate Developments and Investments, in the disposition of the asset.

November 20, 2017

Connecticut Loans Northeast Office

HFF Arranges $100M in Financing for Office Park in Norwalk, Connecticut

by Amy Works November 20, 2017

NORWALK, CONN. — HFF has secured $100 million in financing for Merritt 7, a six-building, 1.4 million-square-foot office park in Norwalk. The borrower is a separate account managed by New York-based Clarion Partners. Riaz Cassum and Lauren O’Neil of HFF arranged the five-year, fixed-rate loan through a correspondent life insurance company. Situated on 22 acres along Norwalk River, Merritt 7 comprises six buildings and features a fitness center, conference centers, car care, two full-service cafeterias, a Starbucks Coffee location and a unisex salon. At the time of financing, the office park was 97 percent leased to a diverse tenant roster including General Electric, Factset Research Systems, Datto and Frontier Communications.

November 20, 2017

Office Texas

Granite Properties Opens 215,000 SF Redeveloped Office Property in Dallas

by Taylor Williams November 17, 2017

DALLAS — Granite Properties has opened Factory Six03, a 215,000-square-foot office property located at 603 Munger St. in the West End area of Dallas. Over the years, the 114-year-old building has served as a warehouse, marketplace and movie theater, but was vacant between 2006 and 2015, when Granite acquired it. The redevelopment delivered an additional two floors with views of the Dallas skyline, a tenant lounge, conference center, ground-floor restaurant space, an outdoor plaza and underground parking structure. The first tenant, C1 Innovation Lab by Blue Cross and Blue Shield of Texas, moved into Factory Six03 over the summer.

November 17, 2017

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