Office

CBRE Arranges Sale of 591,387 SF Office Park in Carmel, Indiana

by Kristin Harlow February 1, 2017

CARMEL, IND. — CBRE Group Inc. has arranged the sale of Hamilton Crossing office park in Carmel, immediately north of Indianapolis. The sales price was not disclosed. The 44-acre office park is located along U.S. 31. The property consists of six buildings and 591,387 square feet. The Class A office space is 88 percent occupied. An affiliate of Group RMC purchased the buildings. Duke Realty owned five of the buildings, while Bankruptcy Estate of ITT Educational Services was the owner of the sixth building. Dan Richardson, David Funke and Paul Lundstedt of CBRE brokered the transaction.

February 1, 2017

Healthcare Midwest Office Wisconsin

Hammes Unveils Plans for Headquarters in Downtown Milwaukee

by Kristin Harlow February 1, 2017

MILWAUKEE — Brookfield, Wis.-based Hammes Co. has unveiled plans to move its headquarters to downtown Milwaukee in early 2018. Hammes will occupy the top two floors of a five-story office building the company is developing in the Park East corridor. The development is located at North Water and East Knapp streets. The first phase of construction will cost approximately $27 million, according to Milwaukee Business Journal. A second phase would add an additional office building.

February 1, 2017

Midwest Office Ohio Top Stories

Millennia Housing Development Buys Key Center, Marriott Hotel in Cleveland for $267.5M

by Nellie Day February 1, 2017

CLEVELAND — Millennia Housing Development has purchased the 1.3 million-square-foot Key Center office tower and adjacent 400-room Marriott Hotel in Cleveland for $267.5 million. The property is located at 127 Public Square and includes a parking structure. Key Center was built in 1991 and is 57 stories tall. The tower houses the headquarters of Key Bank and BakerHostetler law firm, among other tenants. The office tower was 82 percent leased at the time of sale. The seller, Columbia Property Trust (NYSE: CXP), had previously announced its plans to exit the Cleveland and Houston markets. Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012. The firm will use proceeds from these sales to reinvest in high-barrier-to-entry markets such as New York City and San Francisco. “Key Center is the most recognizable icon on the Cleveland skyline, and we were determined to take a patient approach in order to identify the right buyer for this significant asset,” says Nelson Mills, CXP’s president and CEO. “Our diligence has now been rewarded, allowing us to exit the Cleveland market at a price within our expectations and accelerate our focus on high-barrier markets.” Columbia Property Trust owns and …

February 1, 2017

Office Washington Western

Atlas Workbase Debuts New Coworking Space in Seattle Aimed at Executives

by Nellie Day January 31, 2017

SEATTLE — Atlas Workbase has opened a new 20,000-square-foot coworking space at the Lumen Building in Seattle’s Queen Anne neighborhood. The space will cater to mature companies, small businesses and executives, meaning managers and consultants rather than the traditional start-up crowd. The space is targeting professional industries like retail banking, insurance and law that seek a professional shared workspace. Atlas Workbase was designed in conjunction with Gensler and OpenSquare. It was created with partners including FedEx Office, Steelcase and Philips Lighting. Atlas previously announced a partnership with FedEx Office. The company has opened an in-house print and ship center inside its Mercer Street facility.

January 31, 2017

Loans Office Texas

HALL Group Receives $57.3M Construction Loan for 12-Story Office Project in Metro Dallas

by Amy Works January 31, 2017

FRISCO, TEXAS — HALL Group has received a $57.3 million construction loan for the development of an office property located at 3201 Dallas Parkway in Frisco. Situated within the 162-acre HALL Park, the 12-story building will feature 300,000 square feet of rentable office space. The office building is slated for completion in December. Amenities at HALL Park include a fitness center, conference center, bank, wine lounge, on-site restaurants, food truck court, courtesy patrols, full-time concierge, retail center and on-site childcare. Try Morsback and Michael Cosby of HFF secured the financing through a lending syndicate led by Commerce Bank on behalf of HALL Group.

January 31, 2017

Company News Industrial Office Retail Texas

BH Properties Buys Former Golfsmith HQs in Austin Out of Bankruptcy for $20.5M

by Amy Works January 31, 2017

AUSTIN, TEXAS — Los Angeles-based BH Properties has acquired the former Golfsmith International Holdings Inc. headquarters facility in Austin out of Golfsmith’s bankruptcy liquidation process for $20.5 million. Situated on 40 acres, the four-building, 332,345-square-foot property features a 93,000-square-foot building, which housed retail and office space, and three manufacturing and distribution facilities totaling 239,000 square feet. BH Properties was represented in-house, while Michael Jerbich of A&G Realty Partners represented Golfsmith in the deal.

January 31, 2017

Office Texas

Transwestern Facilitates Sale of 85,900 SF Office Building in Irving

by Amy Works January 30, 2017

IRVING, TEXAS — Transwestern has negotiated the sale of an office building located at 4001 W. Airport Freeway in Irving. MLMT 2005-LC1 Freeway Offices LLC sold the 85,900-square-foot property for an undisclosed price. Steven Simon and Matt Hurlbut of Transwestern represented the seller. The name of the buyer and acquisition price were not released.

January 30, 2017

Illinois Midwest Office

American Landmark Properties Purchases Business Park in Skokie, Illinois for $77M

by Kristin Harlow January 30, 2017

SKOKIE, ILL. — American Landmark Properties has purchased the Illinois Science + Technology Park (ISTP) in Skokie, a suburb of Chicago, for $77 million. The 24-acre campus is located at 4901 Searle Parkway. The property includes 556,650 square feet of office, laboratory and amenity space. The buildings are 86 percent leased to tenants such as NorthShore University HealthSystem, Astellas Pharma, LanzaTech, Vetter Development Services USA and Fresenius Kabi. Included in the acquisition is the 136,000-square-foot 8030 Lamon Ave. building shell, which is suitable for a build-to-suit tenant. Additional development opportunities include up to 1.3 million square feet of new office and lab facilities on the ISTP campus and a 500,000-square-foot, mixed-use retail and residential project directly on Oakton Street. Forest City Realty Trust, which purchased the property in 2005, was the seller. Scott Brandwein and David Saad of CBRE have been retained as the leasing agents for the ISTP property. Cohen Financial secured a $73.5 million loan with Prime Finance Partners of Chicago for the borrower.

January 30, 2017

New Jersey Northeast Office

Vision Real Estate Partners Acquires 610,000 SF Office Portfolio in Roseland, New Jersey

by Amy Works January 30, 2017

ROSELAND, N.J. — Vision Real Estate Partners has purchased a three-building office portfolio, located at 101, 103 and 105 Eisenhower Parkway in Roseland. Mack-Cali Realty Corp. sold the portfolio for an undisclosed price. The buyer plans to rebrand and renovate the 610,000-square-foot portfolio, which is situated on 51 acres. Brach Eichler LLC, Orloff Lowenbach S. & S., Lum, Drasco & Positan LLC, FTI Consulting and Marcum LLP are among the 57 tenants of the portfolio. John Alascio and John Spreitzer of Cushman & Wakefield arranged acquisition financing for the buyer, while Nicholas Karali, also of Cushman & Wakefield, advised the buyer on the transaction.

January 30, 2017

Office Southeast Virginia

Navy Federal Credit Union Starts Construction on $100M Office Building in Virginia

by John Nelson January 30, 2017

WINCHESTER, VA. — Navy Federal Credit Union, the world’s largest credit union, has broken ground on its new 180,000-square-foot office building in Winchester. Navy Federal has invested $100 million to expand into the three-story facility, which is expected to be fully operational by the end of 2018. The Winchester facility will house about 1,400 employees, which are currently spread between two different facilities in Virginia’s Frederick County. Vienna, Va.-based Navy Federal has more than $79 billion in assets, 6 million members and 296 branches.

January 30, 2017

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