Office

Late to the Economic Recovery, Madison’s Office Sector is Now in a Growth Mode

by Christina Cannon August 18, 2016

The Madison office market finally emerged from its post-recession stupor in 2015 and chalked up its best performance since the early 2000s. The 430,000 square feet of positive net absorption recorded last year exceeded the combined total of the previous three years. This strong trend continues in 2016. Nearly 150,000 square feet of office space was leased during the first quarter, driving the vacancy rate down to 10.2 percent. The Madison office market was slow to recover from the Great Recession. As recently as 2014, office vacancies increased, and only 67,000 square feet of net positive absorption was tallied that year. As the state capital and home to the University of Wisconsin, the local economy depends on government and education as base industries — sectors where employment and spending had been retreating until recently. Insurance, financial services, medical services, research, information technology and software development are also important and growing sectors in Madison, accounting for a lot of new office leasing activity. Who’s taking space? Among the large lease deals in recent months: Arrowhead Research inked a deal to occupy 68,000 square feet in University Research Park; M3 Insurance completed and moved into its building at 828 John Nolen Drive; …

August 18, 2016

New Jersey Northeast Office

Onyx Equities, Garrison Investment Acquire 300,260 SF Office Campus in New Jersey

by Amy Works August 17, 2016

PARAMUS, N.J. — Onyx Equities, in partnership with Garrison Investment Group, has acquired Country Club Plaza, an office campus located at 115-117 W. Century Road in Paramus. Cornerstone Real Estate Advisers sold the property for undisclosed price. The two-building, 300,260-square-foot office complex features a full-service cafeteria, fitness center and conference facility. Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE represented the seller in the transaction.

August 17, 2016

Industrial Midwest Office Ohio

CBRE Brokers Sale of Two Industrial Buildings Totaling 142,259 SF Near Cincinnati

by Christina Cannon August 17, 2016

FAIRFIELD AND FOREST PARK, OHIO — CBRE Group Inc. has brokered the sale of two office and warehouse buildings near Cincinnati for an undisclosed price. Fairfield Business Center totals 44,011 square feet, and Kemper Woods Business Center totals 98,248 square feet. Chicago-based Brennan Investment Group purchased the buildings from two separate undisclosed sellers. Keith Yearout, Jim Vondran, Doug Whitten, Mike Lowe, Tim Schenke and Jeremy Kraus of CBRE represented the two sellers in the transaction. The team will also market the properties for lease.

August 17, 2016

Georgia Office Southeast

Dilweg Buys Wells Fargo Office Building in Downtown Decatur for $28.4M

by John Nelson August 17, 2016

DECATUR, GA. — The Dilweg Cos. has purchased 250 E. Ponce, a 141,582-square-foot office building located in downtown Decatur. The seller, Rialto Capital Management, sold the asset to Dilweg for $28.4 million. Built in 1962, the eight-story building features signage of Wells Fargo Bank, one of its major tenants. The property was 83.5 percent leased at the time of sale to tenants such as Utility and ELS Educational Services. Jay O’Meara and Paul Berry of CBRE brokered the transaction. Dilweg has selected Stream Realty to lease and manage 250 E. Ponce. Dilweg now owns more than 1.5 million square feet of office space in greater Atlanta, including Centennial Tower in downtown Atlanta, Royal Centre in Alpharetta and The Paddocks in Johns Creek.

August 17, 2016

Maine Market Reports Northeast Northeast Market Reports Office

Availability Continues to Tighten in Greater Portland, Maine, Office Market

by Jaime Lackey August 17, 2016

The real estate environment in the Greater Portland region has been incredibly strong this year. On top of the favorable vacancy rates in the industrial, retail, and multifamily sectors, the office market vacancy in the region continues to dwindle, following the trend we’ve seen over the last five years. In a state with a geographic footprint that could nearly fit the rest of New England, the bulk of office inventory is concentrated in the southern region. Specifically, the supply is in the Greater Portland area, which comprises seven cities and towns. This region features just over 10.5 million square feet of Class A and Class B office space, with an additional 1.25 million square feet of medical space. Of that, 40 percent is located in downtown Portland. Portland is in the midst of a renaissance of sorts. Demand and desirability to live and work here, especially downtown, has grown significantly in recent years. We’ve become a “foodie” destination with a surge of new high-end restaurants and hotels. This coupled with beautiful water views and a unique way of life has attracted a younger demographic. Baby boomers and empty nesters are also relocating to this area from the suburbs. The movement …

August 17, 2016

Mixed-Use Northeast Office Retail Vermont

Cypress Equities Acquires 488,975 SF Retail/Office Property in Vermont for $90M

by Amy Works August 16, 2016

WILLISTON, VT. — Cypress Equities has acquired Maple Tree Place, a mixed-use retail/office property located in Williston. Retail Properties of America sold the 488,975-square-foot property for $90 million. Developed between 2001 and 2005, Maple Tree Place is anchored by a variety of national and regional retailers including Dick’s Sporting Goods, Christmas Tree Shops, Best Buy, Shaw’s, Staples, Guitar Center and Majestic Cinemas. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

August 16, 2016

Office Texas

Method Architecture Completes Interior Renovation of Historic Office Building in Downtown Houston

by Haisten Willis August 16, 2016

HOUSTON — Method Architecture has completed an interior renovation of Level Office, located in downtown Houston’s Scanlan Building. Constructed in 1909, the Scanlan Building reaches 11 stories, situated at the intersection of Main and Preston streets. Purchased in late 2013 by Chicago-based Level Office, the three-story renovation project includes revitalizing office suites and common areas and establishing a co-working facility. Geared toward freelancers, entrepreneurs and small businesses, the suites offer an entry receptionist, card reader security and access to shared spaces including a common lounge, kitchen and conference facilities. Method Architecture preserved the building’s original marble and wood flooring and paired those elements with exposed ceilings, wrought iron columns and Edison bulb lighting. Burton Construction was the general contractor on the project.

August 16, 2016

California Office Western

Savi Ranch Property Holdings Buys Savi Tech Center in Yorba Linda

by Nellie Day August 16, 2016

YORBA LINDA, CALIF. — Savi Ranch Property Holdings has purchased Savi Tech Center, a 376,808-square-foot office/technology campus in Yorba Linda, for an undisclosed sum. The campus is located within the Savi Ranch business park at 22705-22745 Savi Ranch Parkway, about 40 miles south of downtown Los Angeles. The campus is fully leased to five tenants within the technology, healthcare and housing sectors. The seller, a joint venture between Hines and Oaktree Capital Management, previously invested $13 million to update the campus’ common areas, roof, HVAC systems, and interiors and exteriors. Jeffrey Cole, Jeff Chiate, Ed Hernandez and Rick Ellison of Cushman & Wakefield represented the sellers in the transaction.

August 16, 2016

Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

Former First National Bank of Dallas Building Renamed The Drever

by Haisten Willis August 15, 2016

DALLAS — Drever Capital Management has announced the new name for 1401 Elm St., a 50-story, 1.5 million-square-foot tower occupying an entire city block in the Dallas central business district. The building, originally the First National Bank of Dallas, will now be known as The Drever. The building is being redeveloped into a combination of residential, hotel, spa, retail, office and restaurants with an expected delivery date of 2018. The building’s entrance faces Elm Street and is bordered by Akard Street, Pacific Avenue and North Field Street. Project specifics include a planned 236-room hotel, 27 floors of multifamily with 348 residential rental units, office space, a spa and wellness center, restaurants and entertainment options. On-site amenities for The Drever will include an outdoor terrace rooftop deck, infinity pool, fire pits, fitness center, dog concierge, dog park and public art throughout the interior and exterior of the building. When completed, the eight-story base of the tower will include more than 27,000 square feet of ground-floor retail space, 44,000-square-feet of office space, the hotel, residents’ lobbies and a ballroom. A wraparound amenity deck with sightlines to surrounding buildings, including a pool, a spa and exercise room, will be on the ninth floor. …

August 15, 2016

Florida Office Southeast

Cushman & Wakefield Acquires Taylor & Mathis of Florida

by John Nelson August 15, 2016

TAMPA, FLA. — Cushman & Wakefield has acquired Taylor & Mathis of Florida LLC, a Tampa-based commercial real estate company specializing in agency leasing and property management. Over the past six years, Taylor & Mathis of Florida has developed more than 600,000 square feet of office and retail product valued in excess of $250 million. The firm currently manages and leases a portfolio of office and industrial properties totaling 12.5 million square feet for both private and institutional property owners. The acquisition makes Cushman & Wakefield the second largest property management firm in Florida. The company currently manages nearly 32 million square feet in the state. The Taylor & Mathis of Florida acquisition creates a combined portfolio of 41 million square feet, employing 270 property management professionals throughout Florida.

August 15, 2016

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