LOS ANGELES — Bellwether Enterprise Real Estate Capital has hired 22 new employees for its West Coast platform. The employees will join the newly formed Los Angeles and San Diego offices, as well as the already existent Irvine office. Bellwether’s West Coast expansion is expected to add more than $1 billion in annual loan volume, bringing the total anticipated loan volume to $6 billion in 2017. The expansion includes nine additional producers, four servicing staff and nine support staff. Bellwether Enterprise also has a Northern California office located in San Francisco.
SOMERVILLE, MASS. — NGKF Capital Markets has completed the recapitalization of 200 Inner Belt Road, a four-story office asset in Somerville. The NGKF Capital Markets Boston team of Robert Griffin, Edward Maher and Matthew Pullen oversaw the recapitalization of the property with North Colony Asset Management on behalf of North River Co. Totaling 190,096 square feet, 200 Inner Belt Road is 97 percent leased to tenants including Harvard University’s Somerville research facility, which includes the Harvard Art Museums Archives, the Archaeological Exploration of Sardis and the museum’s communications division.
STRATFORD, CONN. — Cushman & Wakefield has brokered a 10-year lease extension totaling 100,968 square feet for Yale New Haven Health (YNHH) and North East Medical Group (NEMG) at 99 Hawley Lane in Stratford. Jay Hruska of Cushman & Wakefield led the leasing efforts on behalf of the tenants, while Joseph Codi internally represented building owner Mountain Development. YNHH and NEMG will house multiple office and support functions at the location. 99 Hawley Lane, also known as Merritt 8 Corporate Park, is a Class A office building with recently renovated common areas. Amenities include a cafeteria, corporate conference center, fitness center, lobby concierge and structured parking.
FLORHAM PARK, N.J. — CitiBank and Goldman Sachs & Co. have provided $124.5 million in acquisition financing for three Class A office properties in Florham Park, N.J., a city approximately 20 miles west of Newark. HFF arranged the 10-year, fixed-rate loan on behalf of Mack-Cali Realty Corp. (NYSE: CLI), a REIT specializing in office and multifamily properties throughout the Northeast and mid-Atlantic. RXR Realty, a New York City-based developer and property manager, sold the three buildings, which are part of a six-property portfolio, to Mack-Cali for an undisclosed price. Jon Mikula of HFF represented Mack-Cali in the loan placement transaction. All three buildings are located on John F. Kennedy Parkway in the city’s Short Hills neighborhood. The building at 51 JFK Parkway was built in 1988, spans approximately 250,000 square feet and is currently leased to tenants such as Merrill Lynch’s Wealth Management division, Wells Fargo Advisors and accounting firm KPMG. The six-story property at 101 JFK Parkway was constructed in 1981, clocks in at roughly 190,000 square feet and is currently leased to tenants such as Investors Savings Bank. The date of completion and square footage of 103 JFK Parkway were not available, but the property is currently leased to …
SAN ANTONIO — Weston Urban, KDC and TRT Holdings Inc. have broken ground on Frost Tower, a 460,000-square-foot, Class A office property on Houston Street in downtown San Antonio. The 23-story building will consist of 430,000 square feet of office space, a 400,000-square-foot wraparound parking facility, 20,000 square feet of ground-floor retail space and 10,000 square feet of tenant amenity space, which includes a lounge and a fitness center. Clark Construction Group LLC is the general contractor for the project, which is slated for a 2019 completion.
WASHINGTON, D.C. — Washington REIT has signed a contract to acquire Watergate 600, a 309,387-square-foot office building located at 600 New Hampshire Ave. N.W. in Washington, D.C. Katherine B. Bradley and David G. Bradley, owners of publishing firm Atlantic Media, have agreed to sell Watergate 600 to Washington REIT for $135 million. Atlantic Media occupies 140,000 square feet of space at the 12-story office building on a long-term lease. Built in 1972 along the Potomac River, Watergate 600 is part of the six-building Watergate complex and features direct access to Interstate 66 and the Metrorail’s Foggy Bottom rail station. The asset was 97 percent leased at the time of sale.
NASHVILLE, TENN. — Serendipity Labs Coworking, a shared office space concept, has signed a lease for 15,000 square feet of space within the L & C Tower complex in downtown Nashville. Serendipity Labs will occupy the first two floors at 159 4th Ave. N., which will feature a work lounge, team rooms, private offices, a café and event space. Serendipity Labs’ development partner for Nashville, SLN Capital LLC, is an entity owned by Dan McEwan, CEO of Memphis-based Maximum Hospitality, a Starwood Preferred Management Company. SLN Capital LLC signed the lease with landlord CIM Group. McEwan expects to open the newest Serendipity Labs location in early August. New York-based Serendipity Labs has six current locations with approximately 100 locations under development across the country. McEwan expects to open additional Serendipity Labs locations in the Nashville area in the near future.
WETHERSFIELD, CONN. — Phil Gagnon of Colliers International has brokered the $2.1 million sale of a 44,000-square-foot office building in Wethersfield. The Class B building is located at 936 Silas Deane Highway. Gagnon represented the buyer, CT Peer Review Organization (CPRO), in the transaction. CPRO will occupy a portion of the building and plans to complete upgrades to the facility. Patrick Mulready of CBRE represented the seller, PBE Cos.
DALLAS — Crow Holdings has released plans for a six-story, 90,000-square-foot building that will be the final structure in the Old Parkland project, a multi-building redevelopment in Dallas. Launched in 2006, the ambitious project includes revamping the historic buildings and grounds of the former Parkland Hospital, a 103-year-old structure that Crow has renovated to serve as its corporate headquarters. The property now features 334,000 square feet of master-planned, Class A office space situated on 9.5 acres on Maple Avenue in Dallas. Delivery of the building is slated for the first quarter of 2019.
DALLAS — Civitas Capital Group has signed a lease to occupy 24,724 square feet of office space at One Arts Plaza in downtown Dallas. The mixed-use property, which is located at 1722 Routh St., features more than 500,000 square feet of office space. Under the terms of the lease, which begins this summer, the new space will serve as Civitas’ corporate headquarters. Phil Puckett and Harlan Davis of CBRE represented Civitas in the transaction, and James Esquivel, Blake Shipley and Ahnie Gampper of JLL represented the landlord, Billingsley Co., a Texas-based developer. Through its affiliates, Civitas offers alternative investment strategies and EB-5 investments, as well as a range of products and services for institutional investors and family offices