ATLANTA — NXT Capital has provided a $13.6 million acquisition loan for the purchase of Northridge Plaza, a six-story, Class B office building in Atlanta. The 128,000-square-foot property is located at the intersection of GA 400 and Northridge Road.
Fairfield County, Connecticut, which has traditionally been home to many multi-national financial tenants, is transitioning to become one of the most diverse business environments in the region and attracting some of the biggest names from the TAMI (technology, advertising, media and information), creative, engineering and corporate arenas. This shift in the fabric of the business community may be attributed to major investments made by a number of owners to improve and reposition their office properties to meet the demands of this new type of tenant. Owners are virtually creating new tenant experiences in their buildings, with office space boasting technological efficiencies and tenant amenities designed to support a balance between professional and personal needs. The “if you build, he will come,” quote made famous in the movie Field of Dreams is certainly apropos when looking at the trend of newly renovated properties attracting some of the best tenants in the market. A perfect example is the success at Merritt 7, a six-building, 1.4 million-square-foot office complex that recently completed more than 600,000 square feet of new leases — including a recent 133,000-square-foot lease by Datto Inc., one of the fastest- growing information technology firms in the world for its global …
AUSTIN, TEXAS — Austin-based JTM Development will break ground next week on Walsh Tarlton Overlook, a 55,000-square-foot office building in southwest Austin. Located just north of Capital of Texas Highway (Loop 360) and west of the Barton Creek Square Mall, the three-story building is located at 2530 Walsh Tarlton Lane. Sixthriver Architects designed the project, which will feature limestone, marble and walnut finishes throughout the building, as well as in the elevator lobbies and elevators. The structure includes a five-floor parking garage beneath the building. Walsh Tarlton Overlook is scheduled to open in 2017. The Burt Group is the general contractor on the project. TBG Group designed the landscaping. JTM Development is partnering on the project with Cypress Real Estate Advisors, which has owned the 16-acre site since 2007. Cypress received approval from the city of Austin to rezone the property for mixed-use development in 2011.
HOUSTON — NAI Partners has represented Panattoni Development Co. in the sale of a 24,000-square-foot office/warehouse facility located on 10.6 acres to Eagle Fabricators Inc. The facility is located at 5522 Shirley Lane in Houston. John Ferruzzo and Clay Pritchett of NAI Partners represented Panattoni Development during the transaction negotiations.
SARASOTA, FLA. — Belle Amie Anthem Realty LLC has purchased the BMO Harris Bank Building, an 11-story, Class A office building in Sarasota, for $23 million. The 128,389-square-foot property is located at 240 S. Pineapple Ave. The building was 95 percent leased at the time of sale to tenants such as BMO Harris Bank, the Shumaker, Loop & Kendrick law firm, Kirk Pinkerton law firm and Brown & Brown Insurance. Michele Fuller of Ian Black Real Estate represented the buyer in the transaction. HFF and Jag Grewal, also with Ian Black Real Estate, represented the seller, 240 S. Pineapple Office-Sarasota LLC.
NEW YORK CITY — Newmark Holdings has closed on $30 million in refinancing for 5-9 Union Square West, a mixed-use building in New York City’s Union Square. The eight-story, 105,000-square-foot building is currently over 93 percent leased to a variety of tenants, including Staples and Rockwell Architecture Design. Provided by Amalgamated Bank, the new loan features a seven-year term with a fixed interest rate of 3.13 percent and five years of interest-only payments.
ENGLEWOOD, N.J. — The S. Hekemian Group has developed ES4, a retail and office building on located at 10 Sterling Blvd. in Englewood. The four-story, 46,000-square-foot building is currently 95 percent leased to Panera Bread, Anthony’s Coal Fired Pizza, Verizon, Fusion Academy, Sherman Group and the New Jersey office of The S. Hekemian Group. The property is managed and leased by Silbert Realty & Management Co. Spanning 21 acres, the overall development plan calls for a second phase, including a 180-room hotel and 195 apartment units.
NEW YORK CITY — An affiliate of Qatar Investment Authority (QIA) has acquired a 9.9 percent interest in New York-based office/retail REIT Empire State Realty Trust (NYSE: ESRT) for $622 million. QIA purchased 29.6 million newly issued Class A common shares of ESRT at $21 per share. The interest was acquired on a fully diluted basis, which is currently 19.4 percent ownership of Class A shares. Darcy Stacom of CBRE Group introduced QIA to ESRT. Goldman Sachs and Eastdil Secured acted as financial advisors. Goodwin Procter, Proskauer Rose and Clifford Chance U.S. acted as counsel. White & Case acted as QIA’s legal counsel. Empire State Realty Trust owns, manages, operates, acquires and repositions office and retail properties across New York City, including the Empire State Building. The company’s office and retail portfolio covers 10.1 million rentable square feet, consisting of 9.4 million rentable square feet in 14 office properties and 720,000 rentable square feet of retail. ESRT’s stock price closed at $20.52 per share on Tuesday, Aug. 23, up from $16.41 one year ago. The State of Qatar founded Qatar Investment Authority in 2005 to strengthen the country’s economy by diversifying into new asset classes. QIA is headquartered in Doha …
The historic flood of June 2008 is becoming a distant memory as the city of Cedar Rapids prepares for the dedication of the new Northwest Recreation Center, the last public facility to be completed as part of the flood recovery project. The dedication ceremony is slated for Thursday, Aug. 25. The recovery has led to a revitalization of many flood-impacted areas in the city, ranging from residential neighborhoods to the downtown business district. Now the momentum is turning toward several new projects: • This month, tenants will begin moving into the 11-story CRST tower downtown, which features 300 feet of the new flood protection system. • A 28-story, mixed-use tower is being proposed on city-owned property downtown. The development may contain retail, office, hotel and residential space led by Allen Development, an Iowa City developer. • Over 10 downtown housing projects are under construction that will create almost 400 new condo and apartment units, which will bring our core closer to a live-work-play environment. These projects are also putting vacant retail and office buildings to new uses. • The Czech Village-New Bohemia neighborhood continues to grow with historic buildings being renovated and repurposed while augmenting exciting new construction featuring retail, …
TEMPE, ARIZ. — A partnership formed by Angelo, Gordon & Co, Douglas Allred Company and David Warren has purchased a two-building office complex in Tempe for $29.3 million. The complex is located at 1330 W. Southern Ave. and 3001 S. Priest Drive and contains a total of 250,000 square feet. The buildings are located near Interstate 10 and U.S. 60 freeways, a short drive from Phoenix Sky Harbor International Airport. The latter building is fully leased and was built in 1995. The seller was Cordia Capital Management.