Office

MetLife Awarded LEED Certification for Three Office Buildings Within Waterford at Blue Lagoon in Miami

by John Nelson March 3, 2017

MIAMI — MetLife Real Estate has secured LEED certification for three of its office buildings within Waterford at Blue Lagoon, a Class A office park in Miami. The assets include 6505 Waterford, a 166,996-square-foot property built in 1996; 6100 Waterford, a 162,878-square-foot building developed in 1991; and 6303 Waterford, a 165,996-square-foot building developed in 1993. The buildings earned the designations following MetLife Real Estate’s five-year, $3.5 million capital improvement campaign, which included restroom renovations, new marble lobby floors, Energy Star-rated roof replacements, new LED light fixtures in the atriums and the parking garage, resurfacing of the parking garage deck and a new fitness center. The U.S. Green Building Council awarded 6505 Waterford LEED Gold v4 Operations and Maintenance: Existing Buildings and LEED Silver v4 Operations and Maintenance: Existing Buildings for both 6100 Waterford and 6303 Waterford. Cushman & Wakefield’s asset services team of Peter Romero, Danny Wong, Jacky Hernandez and Maria Meyer, as well as engineers Rafael Lopez, Carlos Padilla and Javier Castro, collaborated with MetLife Real Estate in procuring the LEED designations.

March 3, 2017

California Office Western

PGIM Real Estate Sells Glendale Plaza in Los Angeles

by Nellie Day March 2, 2017

LOS ANGELES — PGIM Real Estate has sold Glendale Plaza, a 547,301-square-foot office property, for an undisclosed sum. The property is located at 531 N. Glendale Ave. in the Los Angeles submarket of Glendale. The plaza is 95 percent leased to tenants mostly within the entertainment, insurance, legal and financial services industries. PGIM acquired the 24-floor office property in August 2006. The company is the global investment management businesses of Prudential Financial. The buyer and price were not disclosed.

March 2, 2017

Office Texas

Colvill Closes Two Leases at 811 Louisiana Office Tower in Houston’s CBD

by Taylor Williams March 2, 2017

HOUSTON — Colvill Office Properties has finalized four new leases at 811 Louisiana, a 577,735-square-foot office tower in Houston’s Central Business District. Among the tenants represented in the newly secured leases are global advisory firm Willis Towers Watson, which leased a 19,222-square-foot space, and law firm McFarland PLLC, which leased a 6,150-square-foot space. Paula Bruns, Damon Thames and Chip Colvill of Colvill represented the landlord, Busycon Properties LLC, in both deals. Jeff Cairns, Bob Denney and Brandon Clarke of CBRE represented Willis Towers Watson. Kevin Kushner and William Padon of CBRE represented McFarland.

March 2, 2017

Office Texas

Cypressbrook Arranges 5,649 SF Flex Lease in Shenandoah, Texas

by Taylor Williams March 2, 2017

SHENANDOAH, TEXAS — Cypressbrook Co. has arranged the lease of 5,649 square feet of flex space at Portofino Tech Center, located at 19241 David Memorial Drive in Shenandoah, a city roughly 30 miles north of Houston. Denise Ksiazek of Cypressbrook represented the tenant, Cole Health Inc., a pediatrics and rehabilitation practice, in the transaction. Greg Tilton of Transwestern represented the landlord, Vara-Portofino Tech Center LLC.

March 2, 2017

Office Southeast Tennessee

In-Rel Properties Oversees $7M Renovation of 32-Story Office Tower in Memphis

by John Nelson March 2, 2017

MEMPHIS, TENN. — In-Rel Properties, a commercial real estate investment firm based in Lake Worth, Fla., is overseeing the $7 million renovation of Clark Tower in Memphis. Located at 5100 Poplar Ave., the 32-story, 668,009-square-foot office tower is the second-tallest building in Memphis. The renovation was designed by the Crump Firm and includes a new entry, updates to the lobbies, bathrooms and common areas and new elevators and mechanical systems. Existing amenities at Clark Tower include 24-hour security, a fitness center, on-site banking, structured parking and an on-site conference center. Colliers International leases Clark Tower on behalf of In-Rel. Dan Walker Associates began construction in the third quarter of 2016 and expects to wrap up at the end of the first quarter this year.

March 2, 2017

North Carolina Office Southeast

Portman Holdings Adds Accounting Firm to Tenant Lineup at Office Building in Uptown Charlotte

by John Nelson March 2, 2017

CHARLOTTE, N.C. — Portman Holdings has added BDO USA LLP, an accounting and consulting firm, to the tenant roster at 615 South College in Uptown Charlotte. The 19-story office building is nearing completion, and BDO expects to occupy its new space as early as August. Located at Lynx Blue Line’s Stonewall Station, the 370,000-square-foot office building is situated near Whole Foods Market, the Charlotte Convention Center and Westin Charlotte. Travis Garland of Portman Holdings and John Ball of Trinity Partners represented the ownership in the lease transaction, and Brent Royall of Colliers International represented BDO. Other committed tenants include Regions Bank, which pre-leased 60,000 square feet of space in 2016.

March 2, 2017

New York Northeast Office

Cushman & Wakefield Brokers $9.5M Sale of Development Site in Brooklyn

by Amy Works March 2, 2017

NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a development site located at 233 Butler St. in the Gowanus section of Brooklyn. Private investors sold the property to an undisclosed buyer for $9.5 million, or $300 per buildable square foot. The development site is zoned M1-2, which allows for commercial development of 31,800 square feet. The site is currently improved by a two-story, 13,447-square-foot structure, which was once home to the Brooklyn headquarters for American Society for the Prevention of Cruelty to Animals. A majority of the land was vacant at the time of sale, while 5,400 square feet of building space will remain leased until September. Winfield Clifford of Cushman & Wakefield brokered the transaction.

March 2, 2017

Mixed-Use North Carolina Office Southeast Top Stories

Bissell Sells Ballantyne Office Portfolio in Charlotte to Northwood Investors for $1B

by John Nelson March 2, 2017

CHARLOTTE, N.C. — The Bissell Cos. Inc. has completed the sale of most of its interests in Ballantyne Corporate Park, a 535-acre, master-planned business community in Charlotte, to Northwood Investors, a global real estate investment and management firm. Northwood will acquire over 4 million square feet of Class A office space and nearly 600 hotel rooms within the development, including The Ballantyne Hotel Charlotte. Terms of the sale were not released, but the Charlotte Business Journal reports that the sale closed in more than 40 separate transactions totaling in excess of $1 billion. Current office tenants at Ballantyne Corporate Park include MetLife, Wells Fargo, Premier, TIAA, Liberty Mutual, Snyder’s-Lance, Synchrony Financial, Sonic Automotive, XPO Logistics and Siemens. “What Smoky Bissell and the Bissell team have created in Ballantyne Corporate Park is remarkable,” says John Kukral, president and CEO of Northwood Investors. “We are excited that the Bissell team will join Northwood and help lead the next phase of Ballantyne Corporate Park. This transaction represents one of our largest acquisitions to date and reinforces our commitment to Charlotte.” Northwood has been an active investor in the Charlotte market since 2011, when Northwood and David Ravin formed Northwood Ravin, a multifamily development …

March 2, 2017

Arizona Office Western

Riva Ridge Development Buys CBIZ Plaza Office Tower in Phoenix for $26M

by Nellie Day March 1, 2017

PHOENIX — Riva Ridge Development has purchased CBIZ Plaza, a 266,231-square-foot office property in Phoenix, for $26 million. The 16-story tower is located at 3101 and 3111 N. Central Ave. CBIZ Plaza is 78 percent occupied. The Class B project was constructed in 1980. The seller was LNR Property Corp. Eric Wichterman and Mike Coover of Cushman & Wakefield executed the sale.

March 1, 2017

Loans Office Texas

Hunt Mortgage Group Secures $5M in Financing for Office Park in Stafford, Texas

by Taylor Williams March 1, 2017

STAFFORD, TEXAS — Commercial lender Hunt Mortgage Group has secured a $5 million first mortgage bridge loan for Park Place Business Park, an office property located at 11104 W. Airport Blvd. in Stafford, a city on the outskirts of Houston. The financing, originated by Texas-based lender Q10 Kinghorn, Driver, Hough & Co., is structured as a 24-month floating rate loan with three one-year extension options. The borrower, Stafford Office Park II LP, originally acquired the 92,864-square-foot, Class B office property in 2005.

March 1, 2017

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