Office

Prism Capital Partners Signs Purchase, Sale Agreement for 116-Acre Campus in New Jersey

by Amy Works July 15, 2016

NUTLEY AND CLIFTON, N.J. — PB Nutclif I LLC, an affiliate of Prism Capital Partners, has signed a purchase and sale agreement with Hoffmann-La Roche Inc. to acquire the pharmaceutical company’s 116-acre former North American headquarters campus in Nutley and Clifton. At the time of the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres at the property. The buyer plans to make substantial improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Additionally, Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated clinical research center at the campus. The sale is expected to close Sept. 30. Financial terms of the deal were not released.

July 15, 2016

Connecticut Northeast Office

CBRE Brokers $41M Sale of Office Building in Connecticut

by Amy Works July 15, 2016

GREENWICH, CONN. — CBRE has arranged the sale of an office building located at 500 W. Putnam Ave. in Greenwich. Fareri Associates acquired the four-story, 121,000-square-foot property from SL Green for $41 million. The Class A property is located in close proximity to Greenwich Avenue, which features high-end retail destinations and restaurants. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller in the deal.

July 15, 2016

Mixed-Use New York Northeast Office Retail

Triangle Equities Completes 88,000 SF Multi-Use Complex in the Bronx

by Amy Works July 15, 2016

NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.

July 15, 2016

Illinois Industrial Midwest Office

Meridian Breaks Ground on Build-to-Suit in Metro Chicago

by Haisten Willis July 14, 2016

BARTLETT, ILL. — Meridian Design Build has broken ground on a 67,080-square-foot build-to-suit for Traffic Control & Protection on a 9.5-acre site within Abbott Land & Investment’s Blue Heron Business Park in Bartlett, Ill. Traffic Control & Protection provides traffic signs and other traffic control products. The new facility will include a 10,000-square-foot office/employee facility area, a 13,000-square-foot sign shop/silk screen area, a barricade shop and seven interior vehicle maintenance bays. Construction at the site is underway with occupancy scheduled for the fourth quarter of this year. Harris Architects has been retained by Traffic Control & Protection to provide architectural and structural design services. Mackie Consultants is providing civil design services for the project. Dan Flanagan of Flanagan Realty represented Traffic Control & Protection in the selection and acquisition of the site and coordinated overall planning and approval efforts for the project.

July 14, 2016

Illinois Industrial Midwest Office

Transwestern Represents Centor in 62,662 SF Headquarters Lease in Metro Chicago

by Haisten Willis July 14, 2016

AURORA, ILL. — Transwestern has represented Centor North America Inc. in a 62,662-square-foot headquarters lease at 966 Corporate Blvd., a 238,604-square-foot multi-tenant warehouse in Aurora, Ill. Centor, a manufacturer of integrated doors for residential homes as well as folding doors, hardware and screen/blind systems, plans to relocate to the new facility from its current headquarters in Batavia on Oct. 1. Michael Marconi, Justin Lerner and Joe Karmin of Transwestern represented the tenant in the transaction. Completed in 2015, 966 Corporate Blvd. is LEED-certified and includes 32-foot ceilings, seven exterior docks, one drive-in door and 41 trailer stalls. Centor will use tenant improvement funds secured by Transwestern to complete the build-out of its space, which includes a state-of-the-art showroom and corporate offices.

July 14, 2016

Loans Office Texas

NorthMarq Arranges $54M Refinancing of Brass Professional Center in San Antonio

by Haisten Willis July 14, 2016

SAN ANTONIO — Bryan Leonard of NorthMarq Capital’s San Antonio office has arranged the $54 million refinancing of Brass Professional Center, a 728,059-square-foot office space located near the intersection of Loop 410 and Callaghan Road in San Antonio. NorthMarq arranged financing for the undisclosed borrower through a New York-based bridge lender.

July 14, 2016

Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

The Village Mixed-Use Development Proposed in McKinney

by Haisten Willis July 14, 2016

MCKINNEY, TEXAS — A private institutional partnership has proposed The Village at McKinney, a mixed-use development on 76.2 acres in the city of McKinney in Collin County. Chris Burrow and Dillon Cook with Henry S. Miller, a commercial real estate firm based in Dallas, are marketing a proposal for the large mixed-use project, which would be known as The Village at McKinney, to developers. The out-of-state institutional partnership currently owns the property. “We have been working very closely with the City of McKinney and our clients on The Village at McKinney and we are very excited to bring this new development opportunity onto the market,” says Burrow. The final project could include a mix of retail, restaurant, office, hospitality and multifamily uses. The Village at McKinney would be located at the corner of U.S. Highway 75 and Laud Howell Parkway. The 76.2-acre site has been divided into four separate parcels ranging in size from 8.9 acres to 34 acres, but can also be sold to a single developer. On-site utilities are scheduled to be in place by 2018. “The City of McKinney recognizes the area around U.S. 75 and Laud Howell as a prime location for a range of commercial opportunities …

July 14, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $27.4M Sale of Office Building in Metro Tampa

by John Nelson July 14, 2016

TEMPLE TERRACE, FLA. — Cushman & Wakefield has arranged the $27.4 million sale of Riverside at Telecom Park, a 167,744-square-foot, Class A office building located at 12470 Telecom Drive in Temple Terrace. Situated on a 16.8-acre site within Tampa Telecom Park, the property was fully leased at the time of sale to six tenants. Paul Carr and Rick Colon of Cushman & Wakefield represented the seller, Philadelphia-based Equus Capital Partners, which recently invested more than $2 million in capital improvements at the property. The buyer was St. Petersburg-based Cardinal Point Management.

July 14, 2016

Features Office Top Stories

San Francisco Remains Top Tech Market, But Cost of Living Boosts Other Metros, Says CBRE

by John Nelson July 14, 2016

LOS ANGELES — The San Francisco Bay Area remains the nation’s leading tech market, but the competition for talent is getting tougher as more highly skilled tech workers — especially Millennials — are flocking to cities where the cost of living is lower and tech jobs are plentiful, according to CBRE Group Inc.’s (NYSE: CBG) research report, “Scoring Tech Talent.” The annual report ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. To appeal to skilled talent at a lower cost of doing business, both new and expanding companies are establishing footprints in more affordable markets — including Nashville, Charlotte, Tampa, Seattle and Phoenix — leading to a rise in demand for office space and a decrease in office vacancy. “Tech talent markets share several distinct characteristics, including high concentrations of college-educated workers, major universities producing tech graduates and large Millennial populations,” said Colin Yasukochi, who authored the report on behalf of CBRE Research. “The robust entrance of Millennials into the labor pool contributed greatly to the growth in tech talent across all 50 downtown markets in our ranking this year.” Tech Talent Scorecard Established tech markets, namely the San Francisco Bay Area, …

July 14, 2016

California Office Western

Covington Capital Management Renews Office Lease in Downtown LA

by Nellie Day July 13, 2016

LOS ANGELES — Covington Capital Management has renewed its lease for 17,122 square feet of office space in downtown Los Angeles. The space is located at 601 S. Figueroa St., within the Figueroa at Wilshire building. The property was built in 1990. The renewal was for 10 years. Jonathan Larsen, Eric Moore and Chandler Larsen of Avison Young represented the wealth management firm. The landlord, Brookfield Office Properties, was represented in-house by John Barganski and Marin Turney.

July 13, 2016

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