Office

Franklin Street Properties Buys Dominion Towers in Downtown Denver for $154M

by Jeff Shaw December 5, 2016

DENVER — Franklin Street Properties Corp. (NYSE: FSP), a Massachusetts-based REIT, has acquired the Dominion Towers office property in downtown Denver for $154 million. The property includes a 19-story tower and a 28-story tower that are connected. The Class A buildings total 613,527 rentable square feet, resulting in a purchase price of $251 per rentable square foot. Dominion Towers is situated in the center of downtown Denver, within one block of light rail access and adjacent to the 16th Street Mall. The towers are 89 percent leased, and EOG Resources Inc., an oil and gas company, is the largest renter, taking up 29 percent of the property through December 2026. FSP funded the acquisition of Dominion Towers with cash on hand and the proceeds of a $150 million unsecured, two-year bridge loan with JPMorgan Chase Bank NA as administrative agent. FSP plans to implement $3 million in capital improvements to the property. “We believe that the acquisition of Dominion Towers will provide additional opportunities for value creation by growing our presence in downtown Denver to almost 2 million rentable square feet,” says Jeffrey Carter, president and chief investment officer of FSP. FSP’s stock price closed at $12.25 per share on …

December 5, 2016

Kentucky Market Reports Office Southeast Southeast Market Reports

Expect Louisville’s CBD to Soften Despite Major Commercial Projects Underway

by John Nelson December 5, 2016

As one project finishes, another one is soon to begin. The $2.3 billion Ohio River Bridges Project its nearing its December 2016 completion, and Louisville commuters are yearning for a return to normalcy and enhanced transportation options. The East End Crossing will link Louisville’s fast-growing suburban markets to Southern Indiana’s burgeoning distribution hub at River Ridge. The new Abraham Lincoln Bridge parallels the John F. Kennedy Bridge downtown and carries I-65 across the Ohio River. After three years of disrupting traffic in metro Louisville, both projects are entering their final phase of construction. Just as the Bridges Project nears completion, two major projects in Louisville’s central business district (CBD) may have an impact on the office market. The Kentucky International Convention Center closed in August for a two-year, $200 million renovation project. Sections of 3rd and 4th streets will close during the construction, which could have a drag on downtown commuter traffic. In addition, Louisville will welcome a 600-room, $289 million Omni Hotel in 2018, but not before the major project squeezes Liberty Street and Muhammad Ali Street traffic. Both significant projects will bring dividends to Louisville’s CBD when completed, but the market will have to endure some disruption in …

December 5, 2016

District of Columbia Office Southeast

Roadside Development, North America Sekisui House Buy Fannie Mae Headquarters in D.C. for $90M

by John Nelson December 2, 2016

WASHINGTON, D.C. — A joint venture between Roadside Development and North America Sekisui House LLC (NASH) has purchased the famous Fannie Mae headquarters campus located at 3900 Wisconsin Ave. in Washington, D.C. The acquisition includes the 228,000-square-foot office building and 10 acres of land. The venture paid a little less than $90 million for the site, according to the Washington Business Journal. Roadside Development is a private adaptive reuse developer, and NASH is the American arm of Sekisui House Ltd., Japan’s largest homebuilder. The companies plan to reposition the campus once Fannie Mae moves its headquarters to its new office tower at 1100 15th St. N.W. in Washington, D.C., which is still under construction.

December 2, 2016

California Office Western

Merck Unveils Plans for West Coast Research Facility in San Francisco

by Nellie Day December 1, 2016

SAN FRANCISCO — Merck has announced its new 294,000-square-foot West Coast research facility will be built in South San Francisco’s innovation cluster. The nine-story laboratory/office campus will be located at 213 E. Grand Ave. The site is fully entitled, with construction expected to commence in early 2017. Merck is scheduled to occupy the building in early 2019. The facility is targeting LEED-Platinum certification. Merck signed a long-term, full-building lease at the facility, which Alexandria Real Estate Equities will develop, construct and operate. The biopharmaceutical company is a current tenant of Alexandria. The campus will feature open green outdoor spaces, a 300-seat auditorium, fitness center, and café and terrace with waterfront views.

December 1, 2016

Mixed-Use Multifamily New York Northeast Office Retail

JV Breaks Ground for 28-Story Mixed-Use Development in New Rochelle, New York

by Amy Works December 1, 2016

NEW ROCHELLE, N.Y. — RXR Realty, Brause Realty and ABS Partners have broken ground on 587 Main Street, a mixed-use development located in downtown New Rochelle. The 28-story building will comprise 280 rental units, 28 of which will be affordable; 10,000 square feet of arts and cultural space; 17,000 square feet of commercial space; and 234 on-site parking spaces. Leasing is expected to begin in the fourth quarter of 2018.

December 1, 2016

New Jersey Northeast Office

Connell Foley Relocates to 71,000 SF Office Space in Roseland, New Jersey

by Amy Works December 1, 2016

ROSELAND, N.J. — The law firm of Connell Foley is relocating its headquarters to 71,000 square feet of office space at 56 at Roseland, an office building located at 56 Livingston Ave. in Roseland. Mountain Development Corp. and Square Mile Capital Management own the property. Connell Foley is relocating its New Jersey headquarters from a nearby location in Roseland and will occupy space on the first and second floors starting in late spring 2017. Other tenants at the property include Lowenstein Sandler LLP and Brown & Brown. Newmark Grubb Knight Frank is the leasing agent for the building.

December 1, 2016

Office Texas

Equus Capital Partners Sells 136,444 SF Office Building in Austin

by Amy Works December 1, 2016

AUSTIN, TEXAS — Equus Capital Partners has completed the disposition of Pecan Park, an office property located at 10800 Pecan Park Blvd. in Austin. An affiliate of Mark IV Capital Properties acquired the office building for an undisclosed price. Built in 2009, the four-story, 136,444-square-foot property features a state-of-the-art fitness center and a conference center. Additionally, the building is LEED certified and offers a parking ratio of 4.65 spaces per 1,000 square feet.

December 1, 2016

Industrial Office Texas

Cypressbrook Co. Closes Three Deals Totaling 69,604 SF in Texas

by Amy Works December 1, 2016

HUMBLE, SPRING AND WALLER, TEXAS — Cypressbrook Co. has arranged three transactions totaling 69,604 square feet of office and warehouse space in Texas. In the first transaction, John Hornbuckle of Cypressbrook Co. represented the landlord, Cypressbrook Huntington Volta LP, in the lease of 56,404 square feet of warehouse distribution space, located at 8575 Volta Drive in Humble’s Kenswick Air Freight submarket, to MIQ Logistics. Barrett Gibson of Colliers International represented the tenant. In the second deal, Coil Tubing Technology Inc. sold a 6,000-square-foot office building located at 22305 Gosling Road in Spring. Southern Texas Section PGA acquired the property for an undisclosed price. Joyce Sterling of Cypressbrook Co. represented the seller, while Randy Wilhelm of NAI Partners represented the buyer. In the third transaction, V.J. Towry leased 7,200 square feet of office and warehouse space, located at 41254 Park 290 Drive in Waller, to Cannon Construction. Denis Ksiazek of Cypressbrook Co. represented the landlord, while Melissa Hegemeyer of Coldwell Banker Properties Unlimited represented the tenant.

December 1, 2016

Loans Massachusetts Northeast Office

NorthMarq Capital Negotiates $8M Refinance for Office Building in North Chelmsford, Massachusetts

by Amy Works November 30, 2016

NORTH CHELMSFORD, MASS. — NorthMarq Capital has arranged $8 million in refinancing for Chelmsford Mills, an office property located at 51 Middlesex St. in Chelmsford. The loan features a 10-year term and a 25-year amortization schedule. The property features 208,698 square feet of office space. Ed Reikstins of NorthMarq secured the refinancing for the undisclosed borrower.

November 30, 2016

Civic New York Northeast Office

Dowling College Files for Chapter 11, Plans to Sell Two New York Campuses

by Amy Works November 30, 2016

OAKDALE AND BROOKHAVEN, N.Y. — Dowling College has filed for Chapter 11 bankruptcy protection, and has retained A&G Realty Partners and Madison Hawk to manage the sale of two campuses formerly occupied by the university in Oakdale and Brookhaven. Dowling plans to sell the campuses through two separate, sealed bids as part of its bankruptcy filing. The partnership is currently accepting bids for the university’s 25-acre, waterfront campus in Oakdale. The campus includes over 200,000 square feet of space in six educational, administrative and student housing buildings, including the former W.K. Vanderbilt Estate. The 101-acre Brookhaven campus will be offered for sale in the first quarter of 2017. The property was home to the college’s aviation program, and includes a state-of-the-art athletic complex, a two-story, 65,000-square-foot building and a 10,000-square-foot airplane hangar with runway access to Brookhaven Airport. RSR Consulting is managing the dissolution of the Dowling College estate.

November 30, 2016

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