Office

NGKF Brokers $9.6M Sale of 241,454 SF Office/Distribution Facility in Massachusetts

by Amy Works July 5, 2016

AVON, MASS. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of an office and distribution warehouse facility located at 80 Stockwell Drive in Avon. Hilco Real Estate, a unit of Hilco Global, sold the 241,454-square-foot property for $9.55 million. Situated on 12.7 acres, the property features 35,840 square feet of office space and 205,614 square feet of warehouse space. Additionally, the property features two presentation rooms, private offices, 22-foot ceilings, 17 dock doors and an open floor plate. Peter Whoriskey and Michael Frisoli of NGKF represented the seller, while Joel Miller of Permanser represented the undisclosed buyer in the transaction.

July 5, 2016

Illinois Midwest Office Top Stories

American Realty Advisors Acquires Chicago’s 1K Fulton Property for $257M

by Christina Cannon July 5, 2016

CHICAGO — American Realty Advisors has acquired 1K Fulton, a Class A office property in Chicago, for $257 million. The complex consists of a 10-story building, formerly a cold storage facility that was built in 1923, and a six-story building that was added in 2015. Sterling Bay was the seller of the 550,000-square-foot property, which is currently 97 percent leased. Hartshorne Plunkard Architects designed the complex. Google’s Midwest headquarters currently occupies roughly two-thirds of the office space. “We were attracted to this asset because it has long-term leases with quality tenants, such as Google,” says Martha Shelley, senior portfolio manager for American Realty Advisors. “We anticipate that this property will remain a key driver of the continued growth of the River West Fulton Marketplace over time given the abundance of street level amenities, immediate proximity of public transportation, new hotels and housing adjacent to this asset.” Floor plates at 1K Fulton range from 38,500 square feet to 71,000 square feet. Amenities at the property include indoor parking, a rooftop deck, shuttle service, Pressbox dry cleaning, ZipCar, bicycle detailing and repair station, a fitness center and ground-floor retail and restaurants. “This acquisition fulfills all of our criteria: superior location, great tenants, …

July 5, 2016

California Office Western

Blackstone Buys Market Center in San Francisco

by Nellie Day July 1, 2016

SAN FRANCISCO — Blackstone has purchased Market Center, a 753,000-square-foot office project in downtown San Francisco, for an undisclosed sum. The two-building project is located at 555 and 575 Market St. The campus was 93 percent leased at the time of sale. Market Center is home to Uber, TIBCO Software, PNC Bank and Bank of San Francisco. It will soon serve as the Northern California regional headquarters for Equity Office. Equity Office, a wholly owned affiliate of Blackstone Real Estate Partners, will manage the on-site team. Blackstone represented itself in the transaction, while Eastdil Secured represented the seller, John Hancock Real Estate, the U.S. division of Manulife Financial Corporation. CBRE’s Bill Cumbelich, Tom Poggi and Alexis Walsh will handle leasing.

July 1, 2016

California Office Western

NGKF Completes Sale-Leaseback of School Campus in Solana Beach for $6.2M

by Nellie Day July 1, 2016

SOLANA BEACH, CALIF. — Newmark Grubb Knight Frank (NGKF) has arranged the sale-leaseback of a three-building school campus located at 1010 Solana Drive in Solana Beach. LePort Real Estate LLC sold the 15,881-square-foot property to an intermediary for Builders Trust for $6.25 million. The property is fully occupied LePort Educational Institute Inc. Nick Carey, Byron Foss, Wade Tift and Brent Bohlken of NGKF represented the seller, while Commercial Asset Group represented the buyer in the transaction.

July 1, 2016

Office Texas

Trammell Crow Completes Phase I of FMC Technologies Office Campus in Houston

by Christina Cannon July 1, 2016

HOUSTON — Trammell Crow Co. has completed Phase I of the FMC Technologies Campus at Generation Park, a 173-acre office complex located at the northeast corner of the Sam Houston Tollway in Houston. Locally based FMC Technologies is a provider of technologies and services to the oil and gas industry specializing in subsea systems. Phase I of the complex, which features six buildings situated on 71 acres, is comprised of more than 1 million square feet of office, workshop and warehouse space plus a 2,036-space parking garage. Each building is connected with covered and landscaped pedestrian walkways. A six-story, 369,000-square-foot office building within Phase I was recently awarded LEED Gold certification by the U.S. Green Building Council. Gensler was the project architect and managed the LEED certification process. Other members of the design team included civil engineer Cobb Fendley & Associates Inc.; landscape architect Clark Condon Associates, Inc.; structural engineer Cardno Haynes Whaley; MEP engineer Wylie Consulting Engineers; and general contractor David E. Harvey Builders. McCord Development constructed the project’s off-campus road and utilities infrastructure, along with an adjacent amenity lake with walking trails.

July 1, 2016

Florida Office Southeast

SunTrust Sells Namesake Office Complex in Fort Lauderdale to Steelbridge Capital for $90M

by John Nelson July 1, 2016

FORT LAUDERDALE, FLA. — SunTrust Bank has sold SunTrust Center, a two-building, 270,000-square-foot office complex located at 501 and 515 E. Las Olas Blvd. in Fort Lauderdale. Steelbridge Capital purchased the asset for $90 million, according to South Florida Business Journal. The transaction is the largest office building to trade in Broward County’s Downtown submarket in the past 12 months, according to Steelbridge Capital. The asset was 77 percent leased at the time of sale. As part of the transaction, SunTrust committed to long-term retail and office leases in both buildings. Steelbridge Capital plans to implement a multi-million renovation of SunTrust Center, including technology upgrades and aesthetic renovations to the lobby and select common areas. Christian Lee, Amy Julian and Jose Lobon of CBRE arranged a $75.4 million acquisition loan through The Blackstone Group on behalf of Steelbridge Capital.

July 1, 2016

Florida Office Southeast

City Office REIT to Acquire Six Office Buildings in Florida for $76M

by John Nelson July 1, 2016

ST. PETERSBURG AND ORLANDO, FLA. — City Office REIT Inc. has purchased Carillon Point in St. Petersburg and the Research Park Collection in Orlando for a combined $76 million. Carillon Point is a 124,187-square-foot, Class A office building that was fully leased at the time of sale. The property has views of Lake Carillon and Tampa Bay. Research Park Collection is a five-building, Class A portfolio located within the Central Florida Research Park. The buildings total 272,192 square feet and were 93 percent leased at the time of sale.

July 1, 2016

Office Texas Top Stories

Hines REIT Sells Seven West Coast Office Properties to Blackstone for $1.1B as Part of Liquidation Plan

by Christina Cannon July 1, 2016

HOUSTON — Hines REIT Inc., one of three public non-listed REITs sponsored by investment firm Hines, has approved a liquidation plan in which Hines REIT will sell seven West Coast office assets to an affiliate of Blackstone Real Estate Partners VIII — a transaction valued at $1.1 billion. The portfolio totals approximately 3 million square feet, and includes Howard Hughes Center Los Angeles; Daytona Buildings in Redmond, Wash.; Laguna Buildings in Redmond, Wash.; 5th and Bell in Seattle; 2100 Powell in Emeryville, Calif.; 2851 Junction Ave. in San Jose, Calif.; and 1900 and 2000 Alameda in San Mateo, Calif. Hines REIT is currently in the process of liquidating the remaining assets that comprise its portfolio that includes the Chase Tower in Dallas and 321 North Clark in Chicago, along with a grocery-anchored retail portfolio located primarily in the Southeast. “When we first launched Hines REIT in 2003, it was structured as a perpetual life vehicle, much like many institutional funds,” says Sherri Schugart, president and CEO of Hines REIT. “Impacts from the Great Recession caused us to close the fund to new investors in 2009, so we began considering other options that could provide the best opportunities for enhancing stockholder …

July 1, 2016

Northeast Office Pennsylvania

Keystone Property Acquires 880,000 SF Office Building in Philadelphia for $114M

by Amy Works June 30, 2016

PHILADELPHIA — Keystone Property Group has acquired One Washington Square, also known as the Penn Mutual Tower, located at 510-530 Walnut St. in Philadelphia. An undisclosed seller sold the 880,000-square-foot commercial building for $114 million. The building is occupied by several corporate headquarters, including the American Board of Internal Medicine, Urban Engineers and BPD International. Keystone plans to convert the building’s ground floor and mezzanine office space located at 530 Walnut St. into retail space.

June 30, 2016

Midwest Office Ohio

CBRE Arranges Lease Renewal, Expansion for Office Property in Cincinnati

by Christina Cannon June 30, 2016

CINCINNATI — CBRE Group Inc. has arranged an office lease renewal and expansion for Blue & Co., an independent accounting and advisory firm. The company, which will continue to occupy space on the first floor of the Sawyer Point Building, signed a lease for 5,359 additional square feet on the second floor, doubling its space. The Sawyer Point Building is a four-story, 185,000-square-foot office building located at 720 E. Pete Rose Way. Chuck Male of CBRE represented the tenant in the transaction. John Eckert and Travis Likes of CBRE represented the landlord.

June 30, 2016

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