Office

Sizable Transactions Set the Tone for Birmingham’s Office Market

by John Nelson June 27, 2016

Pick up any Birmingham newspaper and the headlines will likely reveal plans for a historic building renovation, a new mixed-use development or a prominent Birmingham company expanding into the Central Business District (CBD). Birmingham has enjoyed a surge of development over the last few years, with nationally recognized projects such as Railroad Park and Regions Field, the renovations of prominent downtown buildings and the emergence of new districts throughout the city. With all the development going on, it’s no wonder that the Birmingham office market is thriving with investors taking an interest in many of the city’s best Class A properties. The years 2014 and 2015 marked a record number of Class A properties trading to prominent national investors, and the trend seems to be continuing into 2016. Over the past year, Hertz Investment Group expanded its Birmingham footprint to include Inverness Center (four buildings), the Wells Fargo Tower and the BB&T Bank Building, a total of more than 1 million square feet. The Matrix Group purchased the four-building portfolio Meadow Brook North, totaling more than 500,000 square feet. 2016 is off to a promising start with the sale of one of the Southern submarket’s most prominent buildings, the 211,335-square-foot …

June 27, 2016

Office Texas

LegacyTexas to Move Corporate Banking Team to Sterling Plaza Office Tower in Dallas

by Haisten Willis June 24, 2016

DALLAS — LegacyTexas bank has leased 20,343 square feet of office space in Sterling Plaza, a Class A office tower located at 5949 Sherry Lane in Dallas. The deal will relocate the bank’s Preston Center corporate banking office. As part of the deal, LegacyTexas will occupy an entire floor inside the 19-story office building, located between the Dallas North Tollway and U.S. Highway 75. Cushman & Wakefield’s Bill McClung and Robbie Baty represented LegacyTexas in the lease transaction. Seth Thatcher, Dennis Barnes, Celeste Fowden and Alexandra Jennings of CBRE represented the landlord, KBS.

June 24, 2016

Healthcare Industrial Office Texas

CBRE Brokers Sale of 11.8-Acre Site in Fort Worth for Reinvestment

by Haisten Willis June 24, 2016

FORT WORTH, TEXAS — CBRE has brokered the sale of an 11.8-acre site with multiple buildings at 7100 Oakmont Blvd. in Fort Worth. The asset includes a 113,000-square-foot former hospital building and a 12,000-square-foot former power plant. Fort Worth-based TCRG Properties LLC purchased the site for an undisclosed price with a plan to redevelop the assets for lease. The property, formerly occupied by Baylor All Saints Medical Center, is located in southwest Fort Worth. Inwood Bank provided acquisition financing. Bob Scully and Nanci Johnson-Plump with CBRE’s Fort Worth office represented the seller, Rainier Realty Investments. Ryan Wood with TCRG represented the buyer internally.

June 24, 2016

Office Texas

Woods Capital to Manage Thanksgiving Tower in Dallas

by Haisten Willis June 24, 2016

DALLAS — Woods Capital has assumed property management duties for Thanksgiving Tower, a 50-story office building located in the Main Street district of downtown Dallas. Dallas-based Woods Capital, in partnership with Third Point Opportunities Master Fund, acquired Thanksgiving Tower in 2013 and has undertaken renovations on the property over the last two years.

June 24, 2016

Arizona Office Western

Realscape Asset Holdings Buys Office Building in Phoenix for $11.7M

by Nellie Day June 24, 2016

PHOENIX — Realscape Asset Holdings has purchased a 51,809-square-foot office building in Phoenix for $11.7 million. The Class A building is located at 5055 E. Washington St. It was fully occupied at the time of sale. Eric Wichterman, Mike Coover, Bob Buckley, Steve Lindley, Tracy Cartledge and Adam Tolson of Cushman & Wakefield represented both the buyer and the seller, Irgens Development Partners, in this transaction.

June 24, 2016

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Retail

HYM, National Unveil Redevelopment of Government Center Garage in Boston

by Amy Works June 23, 2016

BOSTON — National Real Estate Advisors and The HYM Investment Group have unveiled plans to redevelop the Government Center Garage into Bulfinch Crossing, a six-building, 2.9 million-square-foot mixed-use development in Boston’s Bulfinch Triangle. Spanning two city blocks, Bulfinch Crossing will be anchored by One Congress, a 1 million-square-foot office tower designed by Pelli Clarke Pelli Architects. At full build-out, the development will feature three mid-rise buildings, including a hotel-and-condo building, an office building and a multi-story retail property, surrounding a new public plaza on the eastern side of the parcel, and One Congress and two high-rise residential buildings on the west parcel. Expected to break ground later this year, the project’s first high-rise residential component, designed by CBT Architects, will consist of 486 units, including 64 designated as affordable housing. In total, the mixed-use development will include 812 residential units, 196 hotel rooms, 1.15 million square feet of office space and 85,000 square feet of new retail space. Additionally, the property will feature a 1-acre rooftop amenity on the west parcel and a more than 1-acre public plaza on the east parcel. At completion of the overall redevelopment, the remaining portions of the existing garage will contain approximately 1,100 parking spaces …

June 23, 2016

Illinois Midwest Office

CIM Group Purchases Chicago’s Four40 Office Tower

by Christina Cannon June 23, 2016

CHICAGO — CIM Group has closed on the purchase of a 1 million-square-foot office building at LaSalle Street and Congress Parkway in Chicago’s business and financial district for $191 million. The seller of the 40-story tower known as Four40 was TIER REIT Inc. The tower was built in 1984. The property consists of a 954,000-square-foot office tower with an 83,000-square-foot annex overlooking Congress Parkway, a 45,000-square-foot outdoor plaza with seating, a 5,000-square-foot retail outparcel, and a 325-car underground parking garage. Renovations to the property were completed in 2015 and included the addition of a 25,000-square-foot tenant amenity space on the building’s third floor. Amenities include lounges, conference centers, a cafeteria, restaurants and the Buckingham Club, a fitness center that includes a lap pool, driving range, basketball courts, saunas and racquetball courts. The building also includes the Buckingham Hotel, which is located on the 40th floor and offers 21 hotel rooms.

June 23, 2016

California Office Western

The Johnston Group Acquires Office Complex in Oxnard

by Nellie Day June 23, 2016

OXNARD, CALIF. — The Johnston Group has purchased a 115,000-square-foot office building in Oxnard for an undisclosed sum. The building is located at 1000 Town Center, within the RiverPark community. The space is adjacent to the Collection, a new 700,000-square-foot, open-air retail center. The office building was 97 percent leased at the time of sale. The seller was Equity Office Properties. The Johnston Group owns five other office properties in Westlake Village, Thousand Oaks and Simi Valley.

June 23, 2016

California Office Western

Greenwave Systems Leases Office Space at Irvine Spectrum

by Nellie Day June 23, 2016

IRVINE, CALIF. — Greenwave Systems has signed a full-floor lease for 22,150 square feet of office space at the new 200 Spectrum Center Drive in Irvine. The space is situated within the Irvine Spectrum submarket. The global software and services company will move into the 15th floor space this fall. It will allow the company to more than double its current space at the nearby Corporate Business Center. The new lease will bring the campus to 60 percent occupancy. Other notable tenants include Mazda North America Operations, Curse Inc. and WeWork. Irvine Co. owns the building.

June 23, 2016

Arizona Office Top Stories Western

Desert Troon Sells 638,717 SF Office Portfolio in Scottsdale for $122M

by John Nelson June 23, 2016

SCOTTSDALE, ARIZ. — Desert Troon Cos., a Scottsdale-based real estate developer, has sold a 638,717-square-foot office portfolio within the 260-acre Perimeter Center business park in Scottsdale. The buyers, Wentworth Property Co. LLC (WPC) and Northwood Investors, purchased the Class A portfolio for $122 million. Desert Troon originally developed the five-building portfolio, which features Perimeter Gateway I, II, III and V, and Terra Verde. WPC plans to start renovations to the portfolio immediately, including upgrades to the lobbies and common areas of Perimeter Gateway I, II and V, as well as adding a cafe, tenant lounge and fitness center to Perimeter Gateway I that will be available to tenants of all four Perimeter Gateway buildings. WPC also plans to convert roughly 162,000 square feet of the portfolio into spec space, with each building having two or three spec office suites. In addition, WPC plans to build two new parking garages, with construction starting in the third quarter for an estimated 2017 completion. Tom Knoell Jr. represented Desert Troon internally in the transaction, and Jeff Wentworth, Chris Walker, Mike Beall and Sean Spellman of Cushman & Wakefield represented the buyers. “As one of the premier office portfolios in the state, it has …

June 23, 2016

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