Office

Sun Equity Partners Buys Silk Mill Lofts in New Jersey

by Amy Works September 7, 2016

UNION CITY, N.J. — Sun Equity Partners has acquired Silk Mill Lofts, a historic commercial building located at 540 39th St. in Union City, for an undisclosed price. The buyer has a multi-million-dollar capital improvement program planned for the 125,000-square-foot property — which is dedicated to artist-work spaces — to upgrade the exterior, common spaces, building systems and loft-style studios. The property is currently 55 percent occupied by practicing artists and creative professionals involved in the visual arts, photography, sculpture, painting and glass works. Lee Levine Architects is serving as architect for the renovation of the property, which was originally built in 1874.

September 7, 2016

Northeast Office Pennsylvania

Accesso Partners Increases Occupancy to 92.3 Percent at 1515 Market Street in Philadelphia

by Amy Works September 6, 2016

PHILADELPHIA — Accesso Partners has increased the occupancy at 1515 Market Street from 82 to 92.3 percent within the past 18 months. The Hallandale, Fla.-based real estate investment manager acquired the 20-story, 502,000-square-foot office tower in 2014 and implemented an upgrade and renovation plan to increase occupancy. The plan included adding a conference center on the ninth floor and upgrading the lobby, elevator cabs, underground concourse entrance, common corridors and bathrooms. Approximately 47,081 square feet of office space leases were executed in the first half of this year and leases totaling another 10,000 square feet of space are out for signature. Current tenants include Sage Acquisitions; the law firm of Steven L. Chung Esq.; McMahon Engineering; GZA Geoenvironmentalists; HDR Engineers and Architects; Manley Deas Kochalski; Brainard Partners; Walker Nell; Cavo; O’Brian, Rulis and Bochicchio; Wade, Clark Mulchay; Legal Search; R-T Specialty; the administrative office of the Pennsylvania Supreme Court; Temple University; and Temple University’s Café Bookstore, operated by Barnes & Noble. Alex Breitmayer, Joshua Sloan and Drew McGowan of JLL are leasing agents for the property.

September 6, 2016

Massachusetts Northeast Office

Nordblom Co. Leases 21,000 SF to Medical Device Company in Massachusetts

by Amy Works September 6, 2016

BEDFORD, MASS. — Nordblom Co. has leased 21,000 square feet of office space to Augmenix Inc., a medical device company. The company will relocate its corporate headquarters from Waltham, Mass., to 201 Burlington Road in Bedford late this year. The privately held company focuses on the development and commercialization of radiation oncology and urology products using its proprietary hydrogel technology. The two-building, 135,000-square-foot property features an on-site café, bike storage, state-of-the-art fitness facility and shower/locker facilities.

September 6, 2016

Massachusetts Northeast Office

Transwestern Brokers Two Leases to Bring Massachusetts Office Park to 95 Percent Occupancy

by Amy Works September 6, 2016

NEWTON, MASS. — Transwestern has negotiated two leases totaling 36,854 square feet at Chapelbridge Park, an office park located in Newton. The new leases bring the 250,000-square-foot property to more than 95 percent occupancy. In the first transaction, Paytronix Systems Inc. expanded its corporate headquarters space from 12,383 to 33,283 square feet. Ted Lyons and Michael O’Leary of Cushman & Wakefield represented Paytronix in the lease. In the second deal, Ixxus Limited, a global provider of publishing solutions, signed a lease for 3,571 square feet of space for its U.S. headquarters. Warren Brown of Boston Commercial Properties represented the tenant, which is relocating from Washington Street in Newton. Ron Friedman, Rob Byrne, Chris Mullen and Perry Beal of Transwestern represented the landlord, Chapelbridge Associates, in the transactions.

September 6, 2016

Colorado Office Western

CommercialTribe Leases Office Space in Denver’s LoDo District

by Nellie Day September 6, 2016

DENVER — CommercialTribe has leased 10,473 square feet of office space in Denver’s LoDo (Lower Downtown) district. The space is located at the Guaranty Bank Building at 1331 17th St. An oil and gas firm formerly occupied the space. JLL’s Ken Gooden and David Shirazi executed this lease transaction.

September 6, 2016

Office Texas

JLL Negotiates 30,102 SF Office Lease in Houston

by Haisten Willis September 6, 2016

HOUSTON — JLL has secured an anchor tenant at 1885 Saint James Place, a Class A office building in Houston. Houston-based construction law firm Andrews Myers P.C. will relocate from its current office at 3900 Essex Lane to the top two floors of 1885 Saint James Place. The company signed for 30,102 square feet, encompassing the 14th and 15th floors of the building. Craig Hausman and Tony Allen of Pollan Hausman Real Estate Services LLC represented Andrews Myers in the transaction. JLL’s Chrissy Wilson and Russell Hodges represented the landlord, 1885 St. James Place Partners LP, in the transaction. The building is 27 percent leased. Construction was completed this summer on the 165,000-square-foot office building located south of the Tanglewood neighborhood. The building features nine floors of office space situated atop six floors of above-grade parking. The property’s amenities include a fitness center, conference center, food service, on-site security, on-site property management and covered, in-building parking for all employees.

September 6, 2016

Industrial Office Texas

Lee & Associates Arranges Sale of Office/Warehouse Building in Metro Houston

by Haisten Willis September 6, 2016

LEAGUE CITY, TEXAS — Lee & Associates’ Houston office has arranged the sale of a 9,000-square-foot office/industrial building at 2227 Gulf Freeway S. in League City, a suburb of Houston. The buyer was KSSG 646 Investments LLC. Mike Spears and Thomas Leger of Lee & Associates represented the seller, Sanberg Investments, in the transaction.

September 6, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Brookhill Properties Expands Portfolio with Acquisition of Mixed-Use Property in Manhattan

by Amy Works September 2, 2016

NEW YORK CITY — Brookhill Properties has purchased a five-story residential and commercial building located at 332 E. 9th St. in Manhattan East Village. Tabak Family Realty Co. sold the property for an undisclosed price. Built in 1920, the 9,546-square-foot property features 20 residential units and two commercial spaces. Paradigm Commercial Real Estate assisted Brookhill in the transaction.

September 2, 2016

Maryland Office Southeast

Washington Property Opens CubeSmart in Maryland, Buys Adjacent Office Building for $17M

by John Nelson September 2, 2016

ROCKVILLE, MD. — Washington Property Co. (WPC) has completed the conversion of an 82,000-square-foot office building at 4 Research Place in Rockville to a CubeSmart self storage facility, which is now open for business. The Bethesda-based company has also acquired an adjacent office building, known as One Research Court, in a joint venture with Baltimore-based Alex. Brown Realty Inc. for $17 million. The four-story CubeSmart features 715 climate-controlled storage units, and the top two floors have elevator access, while the lower two levels are at grade. One Research Court is a 113,620-square-foot office building constructed in 2001. The property was 89 percent leased at the time of sale to 14 tenants. The joint venture plans capital improvements at the property, including upgrades to the lobby, bathrooms, elevators and fitness center, as well as the addition of a conference center in the building. WPC is now leasing and managing the project.

September 2, 2016

Midwest Missouri Office

Cushman & Wakefield Brokers Sale of Office Building in Kansas City Slated for a $43M Apartment Conversion

by Christina Cannon September 2, 2016

KANSAS CITY, MO. — Cushman & Wakefield has brokered the $5.7 million sale of a 207,421-square-foot office building in downtown Kansas City. Stencil Group sold the Executive Plaza Office Building, more commonly known as The Flashcube, to Worcester Investments. HOK designed the facility, which was built in 1974. The buyer plans to convert the building into a 181-unit residential property, a project expected to cost $43 million. The property is located at 710-720 Main St., and the sale included an adjacent surface parking lot.

September 2, 2016

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