Office

Avison Young Assists Adventus Realty Trust in $38.9M Purchase of Office Building in Atlanta

by John Nelson May 26, 2016

ATLANTA — Avison Young has advised Adventus Realty Trust in its off-market acquisition of 1000 Parkwood, a 212,500-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. The seller, Atlanta Property Group, sold the 10-story property to Adventus for $38.9 million. Built in 1985, 1000 Parkwood was 92 percent leased at the time of sale to tenants including global chemical company Kemira. Matt Tritschler of Avison Young advised Adventus in the transaction, and CBRE represented Atlanta Property Group.

May 26, 2016

Northeast Office Top Stories

New York REIT, JBG to Merge, Creating $8.4B REIT

by Nellie Day May 26, 2016

NEW YORK CITY — New York REIT (NYSE: NYRT) has agreed to acquire all properties of JBG Cos. and some of its private funds, creating an $8.4 billion real estate investment trust (REIT) named JBG Realty Trust. JBG Realty Trust’s portfolio will span more than 14.5 million square feet of office, residential and retail properties across the gateway markets of New York City and Washington, D.C. The properties are concentrated in transportation-served, urban-infill submarkets. The combined company will be headquartered in Chevy Chase, Md., with a regional office in New York City. JBG has received all required approvals for the transaction from its owners and JBG Fund Advisory Committee members. The board of directors of NYRT has approved the merger agreement and recommended that its stockholders approve the issuance of common stock and operating partnership units in the transaction. JBG Cos. will receive 319.9 million shares of common stock and operating partnership units of NYRT in exchange for the contributed JBG properties. NYRT stockholders will own about 34.8 percent of the combined company’s shares and units, while JBG equity holders will own about 65.2 percent once the deal is complete. The Eastdil Secured group of Wells Fargo Securities acted as …

May 26, 2016

Market Reports Northeast Northeast Market Reports Office Rhode Island

Rhode Island Office Market Sees Positives, Despite Shadow of Superman Building

by Jaime Lackey May 26, 2016

Overall the Rhode Island office market exited 2015 with positive momentum, which resulted in a strong first quarter 2016. While much of the activity is intrastate, it is a sign that local businesses have regained confidence in the overall economy outside of Rhode Island. In Providence, office building conversions to residential apartments continues to drive much of the urban office building demand. The largest of the recent residential conversions include the sale of 95 Chestnut Street (57,000 square feet) and 170 Westminster Street (62,000 square feet), which has resulted in contraction of the Class B Providence office market. In addition, The Rhode Island School of Design’s (RISD) recent expansion/purchase of a 12,000-square-foot office condominium at 123 Dyer Street has also spurred downtown demand. The Providence office market has also been affected by corporate consolidation. Citizens Bank, Bank of America, Textron and Blue Cross have all reduced the size of their footprints in Providence over the past 18 months. As a result, the Providence office market experienced a slight uptick in vacancy rates ending 2015, at about 16.5 percent. In the Jewelry District, three construction projects are well underway. The South Street Landing project is a $220 million dollar renovation of …

May 26, 2016

Life Sciences Loans Massachusetts Northeast Office

Longfellow Real Estate Partners Receives $51M in Financing for Biotech Building in Massachusetts

by Amy Works May 25, 2016

CAMBRIDGE, MASS. — An affiliate of Longfellow Real Estate Partners has received $51 million in recapitalization financing for a laboratory/biotechnology building located at 1030 Massachusetts Ave. in Cambridge. Greg LaBine of HFF placed the five-year, fixed-rate loan with Capital One Healthcare for the borrower. The 77,805-square-foot property is fully leased to seven tenants: five biotech tenants, an indoor cycling studio and a restaurant, which is slated to open in early this summer.

May 25, 2016

New York Northeast Office

Kinsey Capital Negotiates $38.2M Acquisition of 29,162 SF Office Property in Manhattan

by Amy Works May 25, 2016

NEW YORK CITY — Kinsey Capital has arranged the acquisition of an office property located at 4-6 E. 34th St. in Manhattan’s NoMad neighborhood. An affiliate of Caerus Group acquired the 29,162-square-foot property from the Zionist Organization of America for $38.2 million, or $1,312 per square foot. The property also features air rights to allow for a total of 52,300 square feet. Brent Glodowski of Kinsey Capital represented the buyer, while CBRE represented the seller.

May 25, 2016

Delaware Healthcare Northeast Office

Capital & Guarantee to Develop 120,000 SF Medical Complex in Delaware

by Amy Works May 25, 2016

WILMINGTON, DEL. — Capital & Guarantee is developing Fenwick Medical Complex, a six-building facility in Wilmington. When complete, the property will feature 120,000 square feet of space, ample parking and a heliport. Anchored by a full-service emergency medical center, the complex will be occupied by various medical specialists and physicians, including cardiovascular, family practice, gastroenterology, gynecology, podiatry, internal medicine, psychology, spinal care and vein care offices. Physician and office space is available as build-to-suit units regardless of size or floor plans.

May 25, 2016

Loans Massachusetts Northeast Office

NorthMarq Arranges $2.4M in Refinancing for Office Property in Massachusetts

by Amy Works May 25, 2016

NORWELL, MASS. — NorthMarq Capital has arranged $2.4 million in refinancing for Longwater Circle, an office property located in Norwell. The commercial mortgage transaction features a long-term fixed rate for more than 10 years with a 30-year amortization and a flexible prepayment schedule. Michael Chase of NorthMarq secured the financing through a regional bank for the undisclosed borrower.

May 25, 2016

Midwest Office Wisconsin

Siegel-Gallagher Brokers 6,214 SF Office Lease in Milwaukee

by Christina Cannon May 25, 2016

MILWAUKEE — Siegel-Gallagher has arranged a 6,214-square-foot office lease in Milwaukee. kW Mission Critical Engineering will occupy space at the building located at 173 N. Broadway St. Marianne Burish of Siegel-Gallagher brokered the transaction. 173 Broadway LLC is the landlord.

May 25, 2016

Office Texas

McCarthy to Build $150M Office, Training Facility for Southwest Airlines in Dallas

by Haisten Willis May 25, 2016

DALLAS — McCarthy Building Cos. will build Southwest Airlines’ new office and training facility on the company’s corporate campus in Dallas. The new building, called “Wings,” consists of a 414,000-square-foot office building and an attached 367,000-square-foot flight training center, which will house 18 flight simulator bays, associated offices and ancillary areas. The project is valued at more than $150 million, according to the Dallas Morning News. The training portion of the structure will be constructed out of a special hardened building that can withstand 210-mile winds as it must remain operational every day of the year in all weather conditions. Also included in the project is a 1,900-car parking garage and surface parking that will provide for a total of 2,500 cars, as well as additional site work and construction of pedestrian bridges. Southwest’s corporate campus is adjacent to Love Field Airport. BOKA Powell is the project architect and Pacheco Koch is the landscape architect/civil engineer. Reed Wells Benson is the mechanical and electrical engineer and L.A. Fuess Partners and Ponce-Fuess are providing structural engineer services on the project. The project will commence in June and is expected to be completed in early 2018.

May 25, 2016

CityPlace-ABS-springwoods-village-houston

Office Texas

ABS to Relocate Headquarters to CityPlace Springwoods Village in Houston

by Haisten Willis May 25, 2016

HOUSTON — American Bureau of Shipping (ABS) has signed a long-term lease in CityPlace 2, becoming the latest major employer to move its global headquarters to Springwoods Village. CityPlace is a 60-acre mixed-use development that will include 4 million square feet of Class A office space, 400,000 square feet of retail space, a full-service hotel and additional luxury multifamily projects when fully developed. ABS, a provider of classification services to the marine and offshore industries, will occupy the entire office component of the new 10-story, 326,800-square-foot CityPlace 2, which will begin construction in early 2017. Scheduled for completion in late 2018, CityPlace 2 will also include 23,700 square feet of ground-floor retail. Tim Relyea and Kevin Snodgrass of Cushman & Wakefield represented ABS, while Chrissy Wilson of JLL and Dennis Tarro of Patrinely Group represented the landlord.

May 25, 2016

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