Office

Douglas Emmett Buys Trophy Office Asset in Santa Monica

by Nellie Day October 5, 2016

SANTA MONICA, CALIF. — Douglas Emmett has purchased a 128,935-square-foot office building in downtown Santa Monica. The sales price was $139.5 million according to the seller, Blackstone Group. The asset is located at 233 Wilshire Blvd. The building is 91 percent leased to tenants like Luther Burbank Savings, Tunnel, Hirschfeld Kraemer LLP, GoodRX and Enenstein & Ribakoff. It sits adjacent to the Third Street Promenade, which features retailers like Nike, Nordstrom, Bloomingdale’s, Apple, Tesla and Lululemon. HFF’s Ryan Gallagher, Michael Leggett, Andrew Harper, Tim Geiman and Michael Matchett represented both the buyer and seller in this transaction.

October 5, 2016

freeport-corporate-center-8650-freeport-parkway-irving-texas

Office Texas

CMG Mortgage to Expand Regional Office in Metro Dallas

by Haisten Willis October 5, 2016

IRVING, TEXAS — CMG Mortgage Inc. is increasing the size of its north Texas regional office, finalizing a 10,951-square-foot lease in an expansion and long-term extension for Class A office space in Irving. The California-based company has secured 3,350 square feet adjacent to its 7,601-square-foot office on the first floor of Freeport Corporate Center, a two-story suburban office building located at 8650 Freeport Parkway S. The extra space will be ready to occupy this week. Kevin Brookmole of Dallas-based Bradford Commercial Real Estate Services represents the landlord, Slate Freeport Holdings LLC. Steve Herman of Herman Commercial Real Estate in Walnut Creek, Calif., represented CMG, which has a nationwide network of mortgage offices. Both leases are co-terminus.

October 5, 2016

Office Texas

Colvill Arranges Pair of Office Leases in Houston

by Haisten Willis October 5, 2016

HOUSTON — Colvill Office Properties has arranged two office lease transactions at Citycentre Five, a 15-story, 227,000-square-foot office building in Houston. The transactions include a 13,226-square-foot lease to Five Point Capital Partners and a 4,357-square-foot lease to Credera. The two deals bring the Class A asset to 77 percent occupancy. Michael Anderson and Connor Saxe of Colvill Office Properties represented the landlord, Midway, in the lease transactions. Michelle Wogan of Transwestern represented Five Point Capital Partners, and Nick Terry of Caldwell Cos. represented Credera.

October 5, 2016

Georgia Office Southeast

Starwood Capital-Led JV Buys 50-Story Office Tower in Midtown Atlanta

by John Nelson October 5, 2016

ATLANTA — A joint venture between Starwood Global Opportunity Fund X and Core Property Capital has purchased One Atlantic Center, a 50-story office tower located at 1201 W. Peachtree St. in Midtown Atlanta. The sales price was undisclosed, but the Atlanta Business Chronicle reports the price as likely being $300 per square foot, or $330 million. The LEED Gold-certified tower is the tallest office building in Midtown Atlanta. One Atlantic features 1.1 million square feet of office space and a 2,110-space parking garage. In a similar transaction last year, the joint venture acquired the TowerPlace office and retail complex in Atlanta’s Buckhead district in July 2015.

October 5, 2016

Alabama Loans Office Southeast

Sentinel Asset Management Provides $32.4M Acquisition Loan for Office Building in Birmingham

by John Nelson October 5, 2016

BIRMINGHAM, ALA. — Sentinel Asset Management has provided a $32.4 million acquisition loan for Brookwood Office Center, a nine-story, 169,459-square-foot office building located at 569 Brookwood Village in Birmingham’s Mountain Brook/Midtown submarket. The office building is situated on 5.1 acres within the Brookwood Village mixed-use development. Built in 2007, the property is fully leased to tenants such as Kinder Morgan, Merrill Lynch and PricewaterhouseCoopers. Jos. A. Bank and O’Henry’s Coffees lease the office building’s ground-floor retail space. Ed Coco and Matt Casey of HFF led the debt placement team that represented the borrower, an indirect subsidiary of Preferred Apartment Communities Inc. The 15-year loan features a fixed 3.52 percent interest rate.

October 5, 2016

Illinois Midwest Office

M&J Wilkow Completes $15M Renovation of 27-Story Office Building in Chicago

by Amy Works October 4, 2016

CHICAGO — M&J Wilkow has completed a $15 million renovation of a 27-story office building located at 203 N. LaSalle St. in Chicago. The LEED Platinum-certified 624,739-square-foot building has been renovated to create a new arrival experience for visitors and tenants. The lobby has been revamped to add natural light and relocate the reception desk in order to open the space. Additionally, the first-floor concourse level was modernized to create an open walkway and increase visibility for the retail tenants. Other renovations include the addition of a Wi-Fi-enabled technology lounge and conference center, including large-screen televisions and audio/visual equipment; and a state-of-the-art fitness center, in partnership with LifeStart Wellness Network, on the second floor. The fitness center is complimentary for tenants at 203 N. LaSalle after a $50 initiation fee, with additional a la carte service options and classes available. The property is currently 97 percent occupied, with STATS LLC as the newest tenant with 76,852 square feet.

October 4, 2016

Illinois Midwest Office

Mortenson Construction Relocates Headquarters to Itasca, Illinois

by Amy Works October 4, 2016

ITASCA, ILL. — Mortenson Construction is relocating its headquarters to larger office space at 300 Park Blvd. in Itasca from its current location in Elk Grove Village. The company will consolidate its operations into a single space designed for continued growth at the new location. Approximately 50 executives and project support team members will occupy the new office space full time.

October 4, 2016

Massachusetts Northeast Office

Clarion Partners Acquires Two-Building Office/Life Science Complex in Cambridge for $311.2M

by Amy Works October 4, 2016

CAMBRIDGE, MASS. — Clarion Partners, on behalf of a commingled fund managed by the firm, has acquired a two-building office and life science complex, located at 245 First St. in Cambridge, for $311.2 million. Situated in the East Cambridge/Kendall Square submarket, the complex comprises a six-story, 134,175-square-foot life science facility and a nine-story, 170,714-square-foot office tower constructed above a parking garage. The two buildings are connected by a four-story glass atrium and on-site amenities include a common lobby with seating, an on-site café, structured parking, bike storage, lockers and a shower room. At the time of sale, the property was 96 percent leased to a variety of tenants focused on biotechnology and medical research. The name of the seller was not released.

October 4, 2016

New Jersey Northeast Office

CBRE Negotiates $174.5M Sale of 973,000 SF Office Complex in Newark, New Jersey

by Amy Works October 4, 2016

NEWARK, N.J. — CBRE has brokered the sale of 80 Park Plaza, a 973,000-square-foot office park located in Newark. Columbia Property Trust sold the complex to a joint venture between New York-based Nightingale Properties and Simon Glick, a private real estate investor, for $174.5 million. The complex features a 26-story office tower and a three-story plaza building. Serving as the headquarters for Public Service Enterprise Group (PSEG) since 1979, the property is currently 85 percent net leased to PSEG, with 14 years remaining on the lease term. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Dudley Ryan of CBRE represented the seller and procured the buyer in the transaction.

October 4, 2016

Northeast Office Vermont

Nedde Real Estate Signs New Office Tenant in Williston, Vermont

by Amy Works October 4, 2016

WILLISTON, VT. — ASIC North has signed a lease for 10,829 square feet of office space at 291 Hurricane Lane in Williston. The company is expanding its location and relocating from 310 Hurricane Lane. ASIC North provides comprehensive VLSI design services to the semi-conductor industry. The landlords are Doug Nedde and Fernando Cresta. Duncan Harris of The Kingsland Company represented the tenant, while Cresta represented the landlords in the deal.

October 4, 2016

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