Office

Trammell Crow Signs D.C. Government to 164,110 SF Lease at Sentinel Square II

by John Nelson January 26, 2017

WASHINGTON, D.C. — Trammell Crow Co. (TCC) and its joint venture partners have signed the Department of General Services (DGS) of the District of Columbia to a long-term lease for office space at Sentinel Square II, a 280,000-square-foot office building located at 1050 First St. N.E. in Washington, D.C.’s NoMa district. The DGS signed the 164,110-square-foot lease on behalf of the District’s Office of State Superintendent of Education and Department of Insurance, Securities and Banking. Both departments will move into the first eight floors of Sentinel Square II by November. The office building is owned by a joint venture between TCC, Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital-Real Estate. Sheryl Ellison Ponds and Robert Cooper of DGS, along with Bill Quinby, Tim Foley and David Cornbrooks of Savills Studley, represented DGS in the lease transaction.

January 26, 2017

Healthcare Midwest Minnesota Office

Elion Partners, Davis Group to Develop Medical Office Building in Woodbury, Minnesota

by Kristin Harlow January 26, 2017

WOODBURY, MINN. — Elion Partners and The Davis Group have entered into a joint venture to develop a Class A medical office building at CityPlace in Woodbury, approximately 19 miles east of Minneapolis. The new medical office building is the second to be developed, and is part of the 100-acre planned development off Radio Drive and I-94. The two-story, 50,000-square-foot medical office building will be located between the retail space and Residence Inn by Marriott. Tria Orthopedics will occupy the other 75,000-square-foot office at the site beginning this summer.

January 26, 2017

Midwest Office Ohio

Marcus & Millichap Arranges $1.1M Sale of Medical Office Property in Boardman Township, Ohio

by Kristin Harlow January 26, 2017

BOARDMAN TOWNSHIP, OHIO — Marcus & Millichap has arranged the sale of a net-leased medical office building in northeastern Ohio for $1.1 million. U.S. Oncology Inc. is located at 835 Southwestern Run. The 10,140-sqaure-foot building was upgraded in 2007. Ryan E. Moore, Paul Kerber and Christopher Mitchel marketed the property on behalf of the seller, a developer. The buyer was not disclosed.

January 26, 2017

New York Northeast Office Top Stories

SL Green Sells Minority Interest in Manhattan Skyscraper Project for $525M

by John Nelson January 26, 2017

NEW YORK — SL Green Realty Corp. (NYSE: SLG), the largest office landlord in New York City, has sold a 29 percent interest in One Vanderbilt, a 58-story office tower under construction in Midtown Manhattan. SL Green sold a 27.6 percent interest to the National Pension Service of Korea (NPS) and a 1.4 percent interest to Hines Interest LP. NPS and Hines have committed no less than $525 million in combined equity to the project. “NPS is an extraordinary partner for us at One Vanderbilt and will help realize our shared vision for developing the best building in New York City,” says Marc Holliday, CEO of SL Green. “Hines has been with us at One Vanderbilt from the beginning and will be a terrific addition to the joint venture.” SL Green Realty Corp. and Hines are co-developing the building, and AECOM’s Tishman Construction is serving as the general contractor. Tishman broke ground on the project in October 2016. Upon completion in 2020, the skyscraper will be located adjacent to Grand Central Terminal. As part of the development, SL Green has committed $220 million for public improvements to the mass transit hub. In September 2016, SL Green closed on $1.5 billion …

January 26, 2017

California Office Western

ValueRock Realty Partners Purchases Long Beach Office Building for $24M

by Nellie Day January 25, 2017

LONG BEACH, CALIF. — ValueRock Realty Partners has purchased a 76,939-square-foot office building in Long Beach for $24 million. The coastal infill property, known as Congressional Place, is located at 6700 E. Pacific Coast Highway. Congressional Place is fully leased to Morgan Stanley, Wells Fargo and others. It was built in 1983. The seller was Colton Cos. The acquisition is part of a 1031 exchange for ValueRock.

January 25, 2017

Loans Massachusetts Northeast Office

HFF Secures $63M in Financing for Two Office Buildings in Boston’s Seaport District

by Amy Works January 25, 2017

BOSTON — HFF has arranged $63 million in financing for two office buildings, located at 320 and 333 Summer St. in Boston’s Seaport District. Frederic Wittman and Brett Paulsrud of HFF secured the 10-year, 3.65 percent fixed-rate loan with The Hartford Financial Services Group for the borrower, ASB Real Estate Investments. Totaling 217,000 square feet, the buildings feature loft-style space that is 97 percent leased to LogMeln, a PC data systems management firm that is merging into a subsidiary of Citrix. ASB’s Allegiance Fund, in a joint venture with Lincoln Property Co., owns the buildings.

January 25, 2017

Midwest Minnesota Office

CBRE Brokers Sale of 58,645 SF Office Building in Eagan, Minnesota

by Kristin Harlow January 25, 2017

EAGAN, MINN. — CBRE has brokered the sale of Southeast Corporate Center in Eagan, 15 miles south of St. Paul. The 58,645-square-foot office building is located at 3020 Denmark Ave. The building was constructed in 1998. The property is currently 100 percent leased to CHS Inc., an agricultural company. Spectrum Development Group LLC purchased the building. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private equity firm.

January 25, 2017

Georgia Office Southeast

Spaces to Open Co-Working Office Locations in Midtown Atlanta, The Battery Atlanta

by John Nelson January 25, 2017

ATLANTA — Spaces, a co-working office space brand owned by Regus, plans to open a new location at 715 Peachtree in Midtown Atlanta. Situated across from the Fox Theatre, Spaces Midtown East will provide more than 100 private offices, 40 private desks, a 10,000-square-foot business club, hospitality-quality services and three meeting rooms available to Spaces members and community residents. The new Midtown location, the brand’s fourth in North America, is set to open on February 6, with co-working memberships starting at $199. In mid-2017, Spaces will open Spaces Atlanta-The Battery at SunTrust Park at The Battery Atlanta, a $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves’ new ballpark in Cobb County. All Spaces locations provide 24/7 access to dedicated desks and office space for members, as well as access Monday through Friday to the business club.

January 25, 2017

New York Northeast Office Top Stories

GIC, Paramount Group Buy Wall Street Office Tower for $1B

by Nellie Day January 25, 2017

NEW YORK CITY — A joint venture between GIC and Paramount Group has acquired a 1.6 million-square-foot office tower in New York City for $1 billion. The 47-story tower is located at 60 Wall St. in the Financial District of downtown Manhattan. The property is fully leased. It serves as the U.S. headquarters of Deutsche Bank. GIC, a sovereign wealth fund based in Singapore, has a 95 percent stake in the joint venture, while Paramount Group holds the remaining 5 percent. Paramount managed and owned about 5 percent of the property through its ownership in certain private equity funds prior to the acquisition. The joint venture also received $575 million in financing for the property in relation to the acquisition. “This investment reflects our long-term confidence in downtown Manhattan, which is benefitting from over $30 billion of recent public and private investments in infrastructure and new construction,” says Adam Gallistel, GIC’s regional head of Americas. “We believe 60 Wall St. is one of the top buildings in downtown and is poised to benefit from the ongoing downtown renaissance.” Deutsche Bank announced plans to renovate the office space in late 2016. It purchased the asset from J.P. Morgan & Co. in …

January 25, 2017

Colorado Loans Office Western

Goldman Sachs, Pearlmark Receives $93.5M in Financing to Acquire Denver Office Building

by Nellie Day January 24, 2017

DENVER — A joint venture between Goldman, Sachs & Co. and Pearlmark has received $93.5 million in financing for the acquisition of a 492,799-square-foot office building in Denver. The Class A space is located at 1125 17th St. It occupies an entire city block on the corner of 17th and Lawrence streets where the Central Business District and Lower Downtown (LoDo) converge. The 25-story tower is 85.2 percent leased to JP Morgan Chase & Co. and Halliburton, among others. On-site amenities include a fitness club, juice and smoothie bar, basketball and bocce courts, and underground parking. HFF’s Eric Tupler and Josh Simon secured the four-year, floating-rate loan through Bank of America.

January 24, 2017

Newer Posts

Older Posts