Office

Transwestern Arranges 211,000 SF Lease for Select Comfort’s New Headquarters in Downtown Minneapolis

by Kristin Harlow November 7, 2016

MINNEAPOLIS — Transwestern has arranged a 211,000-square-foot office lease at 1001 Third Ave. South in downtown Minneapolis. The property is a five-story, 476,000-square-foot office building. Select Comfort, which manufactures and sells Sleep Number beds, plans to relocate its headquarters from suburban Plymouth to the downtown facility in October 2017. Approximately 900 employees will be based out of the new headquarters. In addition to executive office space, the building will house a call center and research and development lab. In conjunction with the lease, DCI Technology Holdings will complete a multimillion-dollar renovation of the property. Reed Christianson of Transwestern represented DCI Technology in the 15-year lease.

November 7, 2016

Georgia Office Southeast

Gamma, Meltzer Properties Buy Hurt Building in Downtown Atlanta for $33.6M

by John Nelson November 7, 2016

ATLANTA — Manhattan-based Gamma Real Estate and Atlanta-based Meltzer Properties have teamed up to purchase the historic Hurt Building, an 18-story, 436,337-square-foot office building in downtown Atlanta. Boxer Properties sold the asset to Gamma and Meltzer for $33.6 million. Built in 1913, the Hurt Building was renovated in 2013 and achieved LEED-EB Platinum certification in 2014. The property has been on the National Registry of Historic Places since 1977. The Hurt Building is situated at the southeast corner of Edgewood and Peachtree Center avenues within walking distance of three MARTA stations. The asset features a marble lobby and entrance, 12 elevators, a nine-story parking garage with 618 on-site parking spaces, after-hours card access, two restaurants, a Starbucks Coffee and an on-site Post Office substation.

November 7, 2016

Loans New York Northeast Office

Newmark Holdings Receives $9.6M in Refinancing for Two Office Buildings in NYC

by Amy Works November 7, 2016

NEW YORK CITY — Newmark Holdings has received a $9.6 million refinancing loan for two office buildings in New York City. Signature Bank provided the loan, which features a fixed rate for seven years. Totaling 56,000 square feet, the fully occupied buildings are located at 416-422 W. 45th St.

November 7, 2016

Northeast Office Rhode Island

Sweeney Real Estate Arranges Office Lease in Smithfield, Rhode Island

by Amy Works November 7, 2016

SMITHFIELD, R.I. — Sweeney Real Estate has arranged a lease for 4,000 square feet of office space at 333 George Washington Highway in Smithfield. ELITechGroup Inc. leased the space from Lincoln Environmental Properties LLC. Kevin Casey of Sweeney Real Estate & Appraisal represented the landlord, while Gerry Surprenant of MG Commercial Real Estate represented the lessee in the deal.

November 7, 2016

Florida Office Southeast Top Stories

Joint Venture Purchases Park Tower in Downtown Tampa for $79.8M

by Nellie Day November 7, 2016

TAMPA, FLA. — A joint venture between City Office REIT (NYSE: CIO), Feldman Equities LLC and Tower Realty Partners has acquired Park Tower, a 475,000-square-foot office building in downtown Tampa, for $79.8 million. The 36-story tower is located at 400 N. Tampa St. The joint venture plans to make a substantial investment in the property to modernize the building. The building is approximately 86 percent leased. Notable tenants include BB&T, United States Department of Justice U.S. Attorney’s Office, Level 3 Communications and Lykes Insurance. The tower boasts views of Hillsborough Bay, the Hillsborough River and the Tampa skyline. Park Tower was built in 1973. It was the tallest building in Tampa until 1981 when One Tampa City Center was constructed. Park Tower has previously served as the headquarters for the First National Bank of Tampa, the Lykes Brothers Corp. and Colonial Bank. Park Tower is situated near the Florida Museum of Photographic Arts and Lykes Gaslamp Park, about two blocks from the Hillsborough River and the Tampa Riverwalk entertainment district. Mike DiBlasi of Feldman Equities will lead the building’s leasing efforts. The seller was Sterling American Property. City Office REIT currently owns about 1 million square feet of office properties …

November 7, 2016

Office Texas

CBRE Group to Relocate Austin Office to 2nd Street District Downtown

by Haisten Willis November 4, 2016

AUSTIN, TEXAS — CBRE Group Inc. plans to relocate its Austin office to the 17th floor of 500 West 2nd Street in downtown Austin. The commercial real estate services firm signed a long-term lease to occupy 21,688 square feet beginning in fall 2017. 500 West 2nd is part of a 1.2-million-square-foot, mixed-use development in the vibrant 2nd Street District of downtown Austin. The new office is part of CBRE’s “Workplace360” initiative, designed to promote productivity through technology-enabled paperless offices. Based in part on research showing that employees spend about 50 percent of their time at their desks, the initiative aims to provide a flexible way of working based on an employee’s changing needs throughout the day. The offices have no assigned workspaces and include both collaborative and private spaces. CBRE’s Russell Young and Nate Stricklen represented the company in the transaction. CBRE’s Troy Holme, Casey Ford and Katie Ekstrom represented the landlord, a joint venture between Trammell Crow Co. and Principal Real Estate Investors.

November 4, 2016

Office Texas

NAI Partners Represents Peter Paul Petroleum in 11,596 SF Office Sublease in Houston

by Haisten Willis November 4, 2016

HOUSTON — NAI Partners has represented Peter Paul Petroleum Co. in relocating and subleasing 11,596 square feet of Class A office space in the Murphy Oil Building located at 9805 Katy Freeway in Houston’s Katy Freeway office submarket. Prior to the relocation, Peter Paul Petroleum had leased space in Houston’s central business district. The company specializes in acquiring and managing oil and gas properties. Jon Silberman, Jason Whittington and Kelly Torian of NAI Partners represented Peter Paul Petroleum during negotiations, while Chad Baker and Matt Sanderson of JLL represented the sublessor, OOGC America.

November 4, 2016

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

The Case for West Houston — A Long-Term View

by Haisten Willis November 4, 2016

In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective, we remain bullish on Houston and, in particular, West Houston, where continuing favorable demographic and economic trends tell a different story than the current headlines. West Houston is a city unto itself. With a population of 1.7 million, it would rank as the fifth largest city in the United States — ahead of Philadelphia, Phoenix or Dallas. It has its own downtown, or central business district (CBD), comprised of four major activity centers: CityCentre/Memorial City, Westchase, The Energy Corridor and Westway Park. All of these are within a few minutes of the intersection of Interstate 10 and the Sam Houston Tollway/Beltway 8. This intersection is also the current statistical center of Houston’s population distribution, a focal point which is expected to continue to move westward to the intersection of I-10 and Barker Cypress Road by 2025. High-Quality Growth Despite the cyclical …

November 4, 2016

Industrial New York Northeast Office

Rubenstein Partners, Heritage Equity Breaks Ground for 500,000 SF Office/Industrial Property in Brooklyn

by Amy Works November 4, 2016

NEW YORK CITY — Rubenstein Partners and Heritage Equity Group have broken ground for 25 Kent Avenue, an office and industrial property located in Brooklyn’s Williamsburg neighborhood. The eight-story, 500,000-square-foot property will occupy an entire block adjacent to the East River waterfront. The development, which received $197 million in construction financing in August, is designed for the city’s creative and tech sectors and will offer modern office and production space tailored to tenants’ needs. Wells Fargo Bank and Natixis Real Estate Capital provided the loan for the project.

November 4, 2016

Industrial Loans Mixed-Use Multifamily Northeast Office Pennsylvania Retail

Power of 32 Site Development Fund Provides $9.5M Loan for 178-Acre Waterfront Development in Pittsburgh

by Amy Works November 4, 2016

PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.

November 4, 2016

Newer Posts

Older Posts