Office

Hall Group to Begin Construction on Office Building in Hall Park

by Haisten Willis August 22, 2016

FRISCO, TEXAS — Hall Group is set to begin construction on a Class A office building at 3201 Dallas Parkway in Hall Park. The 12-story, 300,000-square-foot project will be the 17th building in Hall Park, a 162-acre, 2.2 million-square-foot development in Frisco. The groundbreaking ceremony is planned for late September. The new building will contain 25,000-square-foot floor plates and is designed to achieve LEED Silver certification. The two-story lobby will include works of art and sculpture from the Hall Collection, and all floors will feature 10-foot ceilings. Outdoor spaces will incorporate landscaping, a water feature and an adjacent event lawn. The building will be the tallest to date at Hall Park and will overlook Dallas North Tollway. Hall Group opened the first speculative building at Hall Park in 1998. The park is 96 percent leased with 16 completed buildings and a roster of 184 tenant companies and 8,000 employees.

August 22, 2016

Miami’s Office Rents Continue to Rise, Create New Opportunities for Investment

by John Nelson August 22, 2016

Miami’s four major office submarkets — Brickell, Downtown, Coral Gables, and Airport West Dade — are enjoying record growth in Class A asking rental rates, an emerging trend that is further strengthening the city’s positioning as a highly desirable market for local, national and foreign investors. In the city’s Brickell/Downtown business district, Class A office rents have skyrocketed more than an average of 14 percent per square foot during the past year — a significant difference from the historic average annual increases of 2 to 3 percent per square foot. In fact, the disparity in Class A and B rents in the urban core, where Class A rents range from 40 to 70 percent higher per square foot than Class B rents, is much greater than in submarkets, where Class A rents are approximately 24 percent higher than Class B rents. This creates further incentive for Class B buildings in the urban core to raise asking rental rates and stay apace with Class A, making it a strong business case for investors who are looking for a long-term play with maximum ROI. The rent growth is attributed to several factors. While we have seen strong net absorption by local companies …

August 22, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cammeby’s International Breaks Ground on Mixed-Use Development in Coney Island

by Amy Works August 19, 2016

NEW YORK CITY — Cammeby’s International has started construction of Neptune/Sixth, a mixed-use development located at 532 Neptune Avenue and 626 Sheepshead Bay Road in Brooklyn’s Coney Island. As the comprehensive redevelopment of the former Trump Village Shopping Center and Royal Palace Baths, the community-oriented development will feature a variety of services and retail options, residential and office space, public space and parking for more than 800 vehicles. Construction on the first phase — a standalone, seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road — is underway, with completion slated for summer 2017. Cammeby’s plans to begin site work for the 90,000 square feet of retail space at Neptune Avenue this fall, and the project’s second phase, including a residential component, is scheduled to break ground in late 2017. New York-based S9 Architecture is designing the project. Winick Realty Group has been retained as the exclusive retail leasing agent, while The Lawrence Group is overseeing leasing for the project’s office space.

August 19, 2016

Office Texas

Cushman & Wakefield Represents Verizon Communications in $344M Sale-Leaseback in Irving

by Haisten Willis August 19, 2016

IRVING, TEXAS — Cushman & Wakefield represented Verizon Communications in a sale-leaseback transaction valued at $344 million for the 1.2 million-square-foot Verizon Hidden Ridge campus in Irving. The sale was made possible through a transfer of the property to Mesirow Financial, along with a lease agreement for a new 20-year term, which provided Verizon with $20 million worth of tenant improvement costs. Verizon subdivided the land with a portion being retained by the company for possible future development. Cushman & Wakefield acted as financial advisor and agent for Verizon in the transaction. Mesirow Realty Sale-Leaseback Inc., a division of Mesirow Financial, acquired the campus, which houses 2,800 full-time employees and contractors and is expected to increase to 3,500 by the end of the year. Verizon will continue to occupy the regional headquarters facility. The campus serves as the south-central market headquarters for Verizon. The Cushman & Wakefield investment banking team included Jim Jordan, David Wenk, Robert Elms, Mark Todrys, Maureen Kelly, Anthony Pasqual and Ben Lushing.

August 19, 2016

Office Retail Texas

Boxer Property Negotiates Lease Renewal at Arena Theatre in Houston

by Haisten Willis August 19, 2016

HOUSTON — Boxer Property has extended a lease with movie theater operator Multi-Events Arena Ltd. at Arena Theatre in Houston. Multi-Events has extended its lease for an additional nine years. As part of the renewal, Arena Theatre will receive updated seating and improved audio and visual equipment. Boxer Property’s Trey Miller, Brian Hines and Melissa Kennedy worked with Multi-Events both on the lease extension and the plans for the upcoming renovations, which will exceed $500,000. Located at 7322-7326 Southwest Freeway, Arena Theatre is located within Arena Place, which features two 20-story office buildings adjoining the movie theater on either side.

August 19, 2016

14141-Southwest-Freeway-sugar-land-texas

Office Texas

JLL Negotiates Two Office Subleases in Sugar Land

by Haisten Willis August 19, 2016

SUGAR LAND, TEXAS — JLL has negotiated two office subleases totaling more than 20,000 square feet at Sugar Creek on the Lake, located at 14141 Southwest Freeway in the Houston suburb of Sugar Land. JLL’s Edward Prejean negotiated the terms on behalf of the sub landlord, Money Management International Inc., a nonprofit credit counseling agency based in Houston. US Money Reserve Inc., an Austin-based rare coin seller, has leased 10,331 square feet on the second floor of the building. John Hanley of Commercial Real Estate Solutions LLC represented the subtenant in the transaction. Industrial Info Resources Inc., a Houston-based database solutions provider, has leased 10,200 square feet also on the second floor of the building. Marcus & Millichap’s Keith Lloyd represented the subtenant in the transaction. Sugar Creek on the Lake is a Class A office building located 20 miles southwest of Houston’s central business district. The property was built in 1982 and renovated in 2013.

August 19, 2016

Loans Office Southeast Virginia

Aareal Capital Provides $97M Refinancing of Office Complex in Arlington

by John Nelson August 19, 2016

ARLINGTON, VA. — Aareal Capital Corp. has provided the $97 million refinancing of Sequoia Plaza, a three-building, Class A office complex totaling 369,215 square feet in Arlington. Located at 2100, 2110 and 2120 Washington Blvd., the asset is situated on a 5.8-acre site directly across the Potomac River from Washington, D.C. The property was 83 percent leased at the time of financing to tenants such as Arlington County, which leases more than 75 percent of the space and operates its School Board and Department of Human Services branches from the property. Cary Abod and Robert Carey of HFF arranged the three-year, floating-rate loan through Aareal Capital on behalf of the borrower, Foulger Pratt.

August 19, 2016

District of Columbia Office Southeast

Akridge, Western Development Acquire Former Coast Guard Headquarters in D.C. for $49.3M

by John Nelson August 19, 2016

WASHINGTON, D.C. — Western Development Corp. and Akridge have led a consortium of real estate developers and investors, including Orr Partners, Redbrick LMD LLC and Jefferson Apartment Group, to acquire 2100 Second St. S.W. in Washington, D.C., the site of the former U.S. Coast Guard headquarters at Buzzard Point. The sales price was undisclosed, but the Washington Business Journal reports the sales price to be $49.3 million. The team will redevelop the site into Riverpoint, a mixed-use development comprising 80,000 square feet of restaurant and retail space, more than 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. EagleBank and Greenfield Partners provided financing for Riverpoint, which will feature three sides of unobstructed water views. Orr Partners and Jefferson Apartment Group will co-develop the property, and Western will lead the development and leasing of the retail and waterfront portions of the project. Washington, D.C.-based Redbrick sourced, capitalize, and structured the transaction.

August 19, 2016

Illinois Loans Midwest Office

HFF Secures $78M Construction Loan for Creative Office Building in Chicago

by Christina Cannon August 19, 2016

CHICAGO — HFF has secured a $78 million construction loan for the development of a 290,699-square-foot creative office building in Chicago’s West Loop neighborhood. The nine-story Fulton West Phase II is slated for completion in 2017 and will feature a 24,000-square-foot courtyard, a 5,750-square-foot rooftop deck, a shuttle service, 18,429 square feet of ground-floor retail space and a 610-stall parking structure. Floor plates will average 34,000 to 40,000 square feet, and Glassdoor, Skender Construction and Sterling Bay will occupy nearly half the building. A joint venture between J.P. Morgan Asset Management and Sterling Bay will develop the project. Michael Kavanau, Tim Joyce and Christopher Knight of HFF worked to place the financing with Bank of America on behalf of the borrower.

August 19, 2016

Hospitality Mixed-Use Multifamily Office Retail Texas

Hillwood, Howard Hughes Launch 130-Acre Mixed-Use Development Within AllianceTexas

by Haisten Willis August 18, 2016

WESTLAKE, TEXAS — Hillwood and The Howard Hughes Corp. (NYSE: HHC) have launched a 130-acre mixed-use development at Circle T Ranch, a 2,500-acre master planned community in Westlake that is part of the larger 18,000-acre AllianceTexas development. The project, which is situated at the junction of State Highways 114 and 170, will include more than 2 million square feet of office, retail and entertainment space and will be anchored by the 500,000-square-foot corporate campus for Charles Schwab Corp. The planned mixed-use development will include 1.2 million square feet of combined Class A mid-rise office space with retail and entertainment uses, as well as a 200-room hotel and residential options. The project will also include land for parks, open space and creeks. Nature trails and a fitness center in the retail district will offer individuals additional health and fitness options.

August 18, 2016

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