Office

Cushman & Wakefield Arranges $130M Sale of Office Portfolio in San Francisco

by Kristin Harlow January 13, 2017

SAN FRANCISCO — Cushman & Wakefield has arranged the sale of a portfolio of Sleepy Hollow Investment Co. office properties for $130 million. The portfolio consists of multi-tenant office buildings located in several markets throughout the San Francisco Bay Area. The portfolio was sold in components to five buyers that included Eagle Canyon Capital, Square I, STG Group, James Lindsey and Long Market Property Partners. Totaling 661,319 square feet, the portfolio spans 10 properties comprising 14 office buildings located on over 32 acres. The assets are located in Pleasant Hill, Walnut Creek, Orinda, San Ramon, Dublin, Santa Rosa and Santa Clara, all in the East Bay, Silicon Valley and North Bay regions. The full list of properties was not disclosed, but two Class A office buildings in the portfolio are The Terraces in Pleasant Hill and Riviera Plaza in Walnut Creek. The portfolio is currently 92 percent occupied by 132 tenants. Eric Fox, Michael Speers and Steve Hermann of Cushman & Wakefield represented the seller. Whiff Collins of Cushman & Wakefield provided local market advisory services. Pleasant Hill-based Sleepy Hollow Investment Co. invests in and manages commercial property throughout the Bay Area. — Kristin Hiller

January 13, 2017

Office Texas

LandPark Advisors Arranges Acquisition of 143,211 SF Office Building in Stafford, Texas

by Amy Works January 12, 2017

STAFFORD, TEXAS — LandPark Advisors has brokered the acquisition of an office building located at 12603 Southwest Freeway in Stafford. Stone Mountain Properties acquired the 143,211-square-foot building for an undisclosed price. Constructed in 1981 and renovated in 2015, the property is a Class B, six-story building that has received $1.5 million in capital improvements since 2013. Bill McGrath and Peter Wall of LandPark Advisors represented the buyer in the deal. The name of the seller was not released.

January 12, 2017

Loans Office Texas

Virtua Partners Completes $18M Recapitalization of Midtown Atrium in Dallas

by Amy Works January 12, 2017

DALLAS — Virtua Partners has completed the $18 million recapitalization of Midtown Atrium, an office complex located in the northern submarket of Dallas. Virtua assisted the tenant-in-common investors with an extension of the current senior loan and a $2 million investment in preferred equity. The new capital is being used to fund tenant improvements, leasing commissions and property upgrades at the 113,359-square-foot building. Versant Commercial Brokerage, an affiliate of Virtua, assisted in placing the new preferred equity. Virtua Partners provided the loan guarantees and stepped in as the new sponsor. Clear Vista Management, also an affiliate of Virtua, will provide asset management services for the new financing package.

January 12, 2017

Connecticut Loans Northeast Office

Thorofare Capital Arranges $40M Acquisition Loan for Office Building in Hartford, Connecticut

by Amy Works January 12, 2017

HARTFORD, CONN. — Thorofare Capital has secured a $40 million floating-rate commercial mortgage for the acquisition of an office building in Hartford. Proceeds of the loan will also be used for tenant improvements and leasing commissions at the 283,640-square-foot building. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the financing for the undisclosed borrower.

January 12, 2017

District of Columbia Office Southeast

Carr Properties Buys Class A Office Building in D.C. from Shorenstein Properties for $150M

by John Nelson January 12, 2017

WASHINGTON, D.C. — Carr Properties has acquired 1875 K Street, a 99 percent-leased, 190,345-square-foot office building in Washington, D.C.’s central business district. The company purchased the Class A building from Shorenstein Properties. The sales price was undisclosed, but Washington Business Journal reports that Carr Properties purchased the 12-story building for $150 million. Completed in 2002, 1875 K Street is located at the corner of 19th and K streets and is anchored by tenants including Willkie Farr & Gallagher LLP, WeWork, Stroock & Stroock & Lavan LLP and Shipman & Goodwin LLP. The building features 14,000- to 17,000-square-foot floorplates, ceiling heights exceeding 9 feet, an enclosed penthouse with an adjoining roof terrace and a 4,000-square-foot fitness center. Carr Properties will manage property management and leasing services. Eastdil Secured’s Washington office represented Shorenstein Properties in the transaction.

January 12, 2017

Healthcare Loans New York Northeast Office

Cronheim Mortgage Closes $12.7M in Refinancing for Two Medical Office Buildings in Long Island

by Amy Works January 12, 2017

LONG ISLAND, N.Y. — Cronheim Mortgage has arranged $12.7 million in refinancing for two medical office buildings located at 520 Franklin Ave. in Long Island’s Garden City. The properties total 100,141 square feet. The loan was structured with an initial five-year fixed-rate period locked at 3.875 percent followed by a five-year extension option. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the financing for the undisclosed borrower.

January 12, 2017

Industrial Office Washington Western

Boeing Employee Credit Union Purchases Buildings at Gateway Corporate Center in Tukwila

by Nellie Day January 12, 2017

TUKWILA, WASH. — Boeing Employee Credit Union (BECU) has purchased eight buildings at the Gateway Corporate Center office and industrial park in Tukwila for an undisclosed sum. The 11-building center is situated at a junction between State Route 599 and Interstate 5 in the Seattle submarket. BECU previously owned two buildings at Gateway Corporate Center. The credit union built its corporate headquarters at the center in 1990. The new purchase has allowed BECU to increase its holdings in the office park to 589,000 square feet. Bill Frame and Richard Davidson of Kidder Mathews represented BECU. The firm’s Andy Miller and Matt Wood also represented the seller, a global investment manager, in this transaction.

January 12, 2017

California Office Western

Shopoff Acquires Office Building in Newport Beach for $15.4M

by Nellie Day January 12, 2017

NEWPORT BEACH, CALIF. — Shopoff Realty Investments has purchased a 44,434-square-foot office building in Newport Beach for $15.4 million. The three-story building is located at 4440 Von Karman Ave. The space was 56 percent occupied by tenants like CommerceWest Bank, DynTek and Johnson Attorneys Group. The asset was purchased through a co-investment structure.

January 12, 2017

California Office Western

Belvedere Place Office Building in Marin County Changes Hands

by Nellie Day January 12, 2017

MILL VALLEY, CALIF. — A partnership between ScanlanKemperBard and Angelo, Gordon & Co. has acquired the 103,000-square-foot Belvedere Place office building in the Marin County city of Mill Valley for an undisclosed sum. The Class A office building is located at 1 and 2 Belvedere Place, about 14 miles north of San Francisco. It was built in 2000. The partnership plans to update the building’s exterior and landscaping. It will also add a gym with showers, as well as lockers, bike lockers and bike storage. Belvedere Place was 60 percent leased at the time of sale. Notable tenants linclude UBS and Merrill Lynch Wealth Management. Haden Ongaro, Mac Cranford and Mark Carrington of Newmark Cornish & Carey represented both the buyer and the seller, Bently Holdings, in this transaction. The team is also serving as the property’s leasing agents.

January 12, 2017

Massachusetts Northeast Office Top Stories

Mori Trust Acquires 10 St. James and 75 Arlington Office Buildings in Boston for $673M

by Katie Sloan January 12, 2017

BOSTON — Tokyo-based Mori Trust Co. Ltd. has acquired 10 St. James and 75 Arlington, a two-building office property totaling 824,772 square feet in Boston’s Back Bay neighborhood, for $673 million. The LEED Silver-certified portfolio features an enclosed-glass galleria joining the lobbies of both buildings, on-site dining and a 400-space underground parking garage. The property was acquired from Liberty Mutual Insurance, and is home to the company’s Boston headquarters. Liberty Mutual has already moved many of its workers from the two connected buildings to a $300 million tower built at 157 Berkeley St. in 2013, according to reports by The Boston Globe. The company plans to continue to lease space at 10 St. James and 75 Arlington. Robert Griffin, Edward Maher, Matthew Pullen, Alex Foshay, William Anderson and David Martel of NGKF Capital Markets represented the seller in the transaction. John Butterworth, Tim Howe and Andrea DeSimone of CBRE’s New England office are in charge of leasing for the property. An agreement to continue their services has yet to be announced. Mori Trust Co. established its U.S. subsidiary, Mori America LLC, in November 2016. This acquisition is Mori Trust’s first in the United States. Mori Trust is a developer, owner and manager …

January 12, 2017

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