Office

Mariner, PRES Buy St. Joseph Health System Office Building in Anaheim for $58.9M

by Nellie Day May 31, 2017

ANAHEIM, CALIF. — A joint venture between Mariner Real Estate Management and PRES Cos. has purchased a 191,556-square-foot office building in downtown Anaheim for $58.9 million. St. Joseph Health System fully occupies the asset. The building is located at 200 W. Center St. Promenade. It was built in 1992 and renovated in 2015. St. Joseph maintains a long-term lease at the property that still has 10 years left. NGKF’s David Milestone and Brett Green represented the buyers. The same firm’s Kevin Shannon, Paul Jones, Ken White and Blake Bokosk represented the undisclosed seller.

May 31, 2017

Georgia Office Southeast

Hines, Invesco to Build Two Office Developments Within Atlantic Station in Midtown Atlanta

by John Nelson May 31, 2017

ATLANTA — Hines and Invesco Real Estate have formed a joint venture to develop two office projects within Atlantic Station, a 138-acre mixed-use development in Midtown Atlanta. The projects include T3 West Midtown, a 200,000-square-foot heavy timber office building, and Atlantic Yards, a two-building development spanning 500,000 square feet. Hines will work with Hartshorne Plunkard Architecture as the design architect for both T3 West Midtown and Atlantic Yards. DLR Group will be the architect of record for T3 West Midtown, and Wakefield Beasley & Associates will be the architect of record for Atlantic Yards. The project’s amenities will include fitness, dining, rooftop terraces, bike storage and collaboration areas, in addition to the 550,000-square-foot retail village of Atlantic Station.

May 31, 2017

Florida Office Southeast

Cushman & Wakefield Brokers $9.3M Sale of Office Campus in Broward County

by John Nelson May 31, 2017

SUNRISE, FLA. — Cushman & Wakefield has arranged the $9.3 million sale of Executive University Courts, a 97,125-square-foot office campus in Broward County. Built in 1987, the six-building, two-story development is located on 5.9 acres at 4300 N. University Drive in Sunrise. Executive University Courts was 84.1 percent leased at the time of sale to tenants such as Strax Rejuvination, Optimum Education Group and Authorized Recovery. Dominic Montazemi, Greg Miller and Scott O’Donnell of Cushman & Wakefield represented the seller, Kas University LLC, in the transaction. MYP Executive LLC purchased the asset for about $96 per square foot.

May 31, 2017

Illinois Midwest Office

Running Away Enterprises Extends 72,600 SF Office Lease in Buffalo Grove, Illinois

by Kristin Harlow May 31, 2017

BUFFALO GROVE, ILL. — Running Away Enterprises LLC has extended and expanded its office lease at 901 Corporate Grove Road in Buffalo Grove. Starting June 1, the race event management and multisport retail company will occupy the entire 72,600-square-foot building. Matthew Lewandowski and Mandy Lewandowski of Darwin Realty represented the undisclosed landlord in the lease transaction.

May 31, 2017

Massachusetts Northeast Office

Jumbo Capital, Guggenheim Purchase 50 Congress Street in Boston for $79M

by Haisten Willis May 30, 2017

BOSTON — A joint venture arranged between Jumbo Capital Management and Guggenheim Real Estate has purchased 50 Congress St. in downtown Boston for $79 million. The office property spans 179,872 square feet and occupies an entire city block. HFF arranged the sale of the property on behalf of the seller, an affiliate of KBS Capital Advisors, and procured the buyer. Originally designed by architect Andrews, Jaques & Rantoul as the headquarters for State Mutual Life Insurance, the building was constructed in two phases between 1910 and 1915. Today, it is 90 percent leased to over 60 tenants and features first-floor retail. The tenant roster includes a mix of law firms, retail, private equity and financial services tenants. Coleman Benedict, Christopher Phaneuf and Ben Sayles led the HFF investment sales team representing the seller.

May 30, 2017

Northeast Office Pennsylvania

CBRE Arranges Sale of 238,000 SF Office Building in Philadelphia

by Haisten Willis May 30, 2017

PHILADELPHIA — CBRE has arranged for the sale of a 238,000-square-foot office building at One Crown Way in Philadelphia. CBRE’s Michael Kane represented the buyer, One Crown Properties LLC, during the negotiations, while CBRE’s Carl Gersbach represented the seller, Crown Cork & Seal USA. Crown Cork plans to lease back the building for the short term while seeking a site for a new headquarters property. Ballinger designed the property, which was built in 1996, and Nason and Cullen was the construction manager. The corporate campus environment sits on 40 acres and also includes a cafeteria, fitness center, underground parking and a walking trail.

May 30, 2017

Office Texas

McCarthy Completes New 800,000 SF Building on Southwest Airlines’ Campus in Dallas

by Taylor Williams May 30, 2017

DALLAS — McCarthy Building Cos. Inc. has completed a new office building and aircrew training facility within Southwest Airlines’ corporate campus in Dallas. The entire project, which began in May 2016, consists of a six-story, 425,000-square-foot office building and an attached 375,000-square-foot training center that will house 18 flight simulators. The project will also deliver a 1,950-space parking garage upon full completion during the first quarter of 2018.

May 30, 2017

North Carolina Office Southeast

Parmer Innovation Centers Purchases 1.8 MSF GSK Office Campus in Raleigh, Plans $80M Renovation

by John Nelson May 30, 2017

RALEIGH, N.C. — Los Angeles-based Parmer Innovation Centers has closed on its purchase of the 1.8 million-square-foot GSK campus within Raleigh’s Research Triangle Park. GSK, a research-based pharmaceutical and healthcare firm, sold the 20-building office and laboratory campus in a sale-leaseback transaction, whereby GSK will lease back 700,000 square feet of space on a long-term basis (up to 10 years plus renewal options). Much like Parmer’s successful Parmer Austin campus that houses Apple, Allergan, Blue Apron and GM, Parmer Innovation has rebranded the GSK campus as Parmer RTP and plans to implement an $80 million renovation focusing on amenities to attract millennial workers. Ben Kilgore, Lee Clyburn and Brian Carr of CBRE | Raleigh, along with Brian Scott of CBRE’s New York office, represented GSK in the transaction.

May 30, 2017

Georgia Office Southeast

Five Mile, Equitable Real Estate Sell Office Tower in Downtown Atlanta

by John Nelson May 30, 2017

ATLANTA — Five Mile Capital Partners and Equitable Real Estate Partners have sold 100 Peachtree, a 33-story, 622,084-square-foot office tower in downtown Atlanta. Zeller Realty Group purchased the asset, which was 82 percent leased at the time of sale to tenants such as CallRail, Accenture, Koch Industries, Georgia’s Own Credit Union, McGuireWoods law firm and the Atlanta BeltLine. The sales price was undisclosed, but the Atlanta Business Chronicle reports that Zeller likely paid between $135 to $145 per square foot, or $83 million to $90 million. The previous ownership’s renovations to 100 Peachtree over the last five years included complete window replacement with LEED compliance, a restored lobby, re-energized plaza area, tenant buildouts and major mechanical replacements. Will Yowell, Jay O’Meara and Justin Parsonnet of CBRE represented the sellers in the transaction. Bill Rogalla and Mark Vollbrecht represented Zeller internally.

May 30, 2017

New York Northeast Office Top Stories

Ivanhoé Cambridge, Callahan Capital Properties Acquire 85 Broad Street in Downtown Manhattan for $650M

by Katie Sloan May 30, 2017

NEW YORK CITY — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired 85 Broad Street, a 1.1 million-square-foot office tower located in Manhattan’s Financial District, for $650 million. The 30-story tower recently underwent a capital improvement program, which included the renovation of existing amenities and the addition of new building services. The property amenities include a 14,000-square-foot wellness center with a yoga room, Le Pain Quotidien restaurant, a 125-seat tenant cafeteria, conference center and bike room. “We are proud to acquire such a high-quality, marquee property,” says Arthur Lloyd, president of Ivanhoé Cambridge. “85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint, and brings our New York office portfolio to more than 6.7 million square feet.” Office tenants at the tower include Oppenheimer & Co., WeWork, PureFunds, MSQ Ventures and Nielsen. Goldman Sachs originally built the tower to serve as its headquarters in the 1980s, according to reports by Bloomberg. The company moved to 200 West St. in 2010. Montreal-based Ivanhoé Cambridge invests in properties and real estate companies in select cities around the world. Through subsidiaries and partnerships, the company holds interests in …

May 30, 2017

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