Office

Construction Begins on $380M Tech and Innovation Building in Brooklyn’s Navy Yard

by Christina Cannon May 6, 2016

NEW YORK CITY — Construction is underway on Dock 72, a $380 million project that will bring 675,000 square feet of tech and innovation space to the Brooklyn Navy Yard. The 16-story building is currently slated for delivery in late 2017. Dock 72 is part of Mayor Bill de Blasio’s commitment to spur job growth around Navy Yard, a 300-acre modern industrial and office park. With this project, Navy Yard has over $700 million of construction activity underway or in the planning stages. The new projects at the Brooklyn Navy Yard are expected to increase the number of permanent jobs at the Navy Yard from 7,000 to 16,000 by 2020. Boston Properties Inc. and an affiliate of Rudin Management Company Inc. (Rudin Development) are developing the building in conjunction with Brooklyn Navy Yard Development Corp. (BNYDC). S9 Architecture designed the building, which is centrally located within the Yard on a 60,000-square-foot strip of land that juts out into the East River between two active dry-docks. WeWork, a provider of collaborative co-working office spaces, is also involved in the development process and will anchor Dock 72. WeWork will occupy 222,000 square feet, and the remaining floor plates will range from 40,000 …

May 6, 2016

Office Texas

Drever Capital Acquires 50-Story Downtown Dallas Skyscraper

by Haisten Willis May 5, 2016

DALLAS — Drever Capital Management has acquired 1401 Elm St., a 50-story office tower in downtown Dallas. The property was bought out of bankruptcy. The building will be renovated into 335 rental apartments, a 225-room luxury hotel and spa, multi-level retail shops and restaurants. The iconic building was constructed in 1965 by oilman H.L. Hunt for the First National Bank of Dallas, and was designed to look like a banker’s pinstriped suit. It was also the fictional leather-floored office of J.R. Ewing of the “Dallas” TV series. The 1.5 million-square-foot landmark, vacant for the last five years, was sold by a partnership between New York-City based Olympic Property Partners and BDRC Partners, a Dallas-based development company. Drever Capital has appointed Dallas-based Andres Construction as construction manager. There are 450 underground parking spaces at 1401 Elm and another 450-plus spaces will be added by converting four of the bank’s storage floors to parking.

May 5, 2016

Office Texas

Jamba Juice Relocates Headquarters to Frisco’s Hall Office Park

by Haisten Willis May 5, 2016

DALLAS — Jamba Inc., a health and wellness brand, has leased 25,000 square feet of space in Hall Office Park. The 16-building, 2.2 million-square-foot office park is located in Frisco. The company will relocate its headquarters from Emeryville, Calif. The new “Jamba Whirl’d Center” will be situated within an eight-story, Class A office building located at 3001 Dallas Parkway. The new Jamba headquarters will include 19,000 square feet of office and meeting space, as well as a 6,000-square-foot test kitchen and storefront. The center will house the company’s operations, business development, sales and marketing, finance, supply chain, technology and human resources divisions. Cushman & Wakefield’s Robbie Baty and Bill McClung brokered the lease on behalf of Jamba Juice and negotiated municipal and state incentives, securing grants from both the city of Frisco and the Texas Enterprise Fund. Hall Group’s Kim Butler, Brad Gibson and Tammy Nellis completed the lease on behalf of Hall Office Park.

May 5, 2016

Midwest Office Ohio

CBRE Arranges $3.1M Sale of 42,000 SF Office Building in Cincinnati

by Christina Cannon May 5, 2016

CINCINNATI — CBRE Group Inc. has arranged the sale of a two-story office building in Cincinnati for $3.1 million. The 42,000-square-foot property, 111 Tri-County Parkway, is 100 percent leased to Cincinnati Bell Technology Services, which uses the facility as a support center for help desk functions, bench-testing and fulfillment services. Keith Yearout, Jim Vondran and Hank Davis of CBRE represented the seller, OA Development, in the transaction. Wang Brothers Investment, a California-based private equity investor, was the buyer.

May 5, 2016

California Office Western

Olive Hill Group Buys Office Campus in Culver City for $65.5M

by Nellie Day May 5, 2016

CULVER CITY, CALIF. — Olive Hill Group has purchased a 206,538-square-foot office campus in the Los Angeles submarket of Culver City for $65.5 million. The Class A asset is located at 200 and 300 Corporate Pointe. The buildings were 88.6 percent occupied at the time of sale. Notable tenants at the campus include Paychex, Landmark Education, DataScience, Fonality, TransUnion and Shiseido Cosmetics. The assets were constructed in 1988 and renovated in 2004. They are part of a larger master-planned development called Corporate Pointe, which encompasses a total of eight buildings. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, Broadreach Capital Partners, in this transaction. The new ownership has retained the firm’s Joe King to continue leasing efforts at the properties.

May 5, 2016

Arizona Office Western

Gabriel Partners Leases Space at Renaissance Square in Phoenix

by Nellie Day May 4, 2016

PHOENIX — Gabriel Partners has signed a 19,200-square-foot lease at Renaissance Square in Phoenix. The financial and risk analytics provider will occupy the entire 22nd floor of Two Renaissance Square. It will move in this June. Savills Studley represented Gabriel Partners. Pat Devine of Cushman & Wakefield represented the landlord, Hines, in this transaction.

May 4, 2016

Colorado Office Western

Akerman Law Firm Expands to New Location in Denver

by Nellie Day May 4, 2016

DENVER — Akerman LLP is relocating its offices to a 23,762-square-foot space at 1900 16th St. in Denver’s LoDo Historic District. The law firm is moving from a 14,658-square-foot space at 1400 Wewatta St. The new office accommodates 25 lawyers and patent professionals. Akerman will assume the lease on July 1. It will move in by the end of the year when its current lease expires. Franklin Street represented the firm.

May 4, 2016

Loans New York Northeast Office

Paramount Group Completes $500M Refinancing of 786,647 SF Office Building in Midtown Manhattan

by Amy Works May 4, 2016

NEW YORK CITY — Paramount Group Inc. has completed a $500 million refinancing of an office building located at 31 W. 52nd St. in Midtown Manhattan. The 10-year loan is interest only at a fixed rate of 3.8 percent. Eastdil Secured represented Paramount in the financing transaction. The loan was arranged with AXA Equitable Life Insurance Co., through its advisor Quadrant Real Estate Advisors LLC, and Metropolitan Life Insurance Co. The company realized net proceeds of $65 million after the repayment of the existing loan, swap brokerage costs and closing costs. The 786,647-square-foot property was previously encumbered by a $413.5 million loan that was scheduled to mature in December 2017 and had a weighted average interest rate of 4.23 percent.

May 4, 2016

Midwest Minnesota Office

Ryan Cos. Breaks Ground on Millwright Office Building in Minneapolis

by Christina Cannon May 4, 2016

MINNEAPOLIS — Ryan Companies US Inc. has broken ground on the Millwright Building in Minneapolis. Located at Third Street and Portland Avenue, the office building will be part of Downtown East, Ryan Cos.’ $450 million mixed-use development near the US Bank Stadium. Ryan Cos. will relocate its corporate headquarters from South Tenth Street to 65,000 square feet within the four-story building when it opens in spring 2017. The 172,000-square-foot Millwright Building will feature access to a skyway connection system, 4.2-acre public green space, parking deck and light rail transit system. The building will also include common areas, a rooftop terrace and several bike-friendly features. The Downtown East project includes 1.2 million square feet of office space, 26,000 square feet of retail space, a six-level parking deck, a set of four sky bridges and internal skyways, a Radisson RED Hotel, a residential apartment complex named EDITION and a 4.2-acre public green space called The Commons.

May 4, 2016

Loans Massachusetts Northeast Office

Colliers Arranges $133M in Financing for 500,000 SF Office/Retail Building in Boston

by Amy Works May 4, 2016

BOSTON — Colliers International has arranged $133 million in financing for Park Square Building, an 11-story office and retail building located at 31 St. James Ave. in Boston’s Back Bay neighborhood. Capital Properties took on the loan to replace existing debt and provide capital expenditures for the 500,000-square-foot building including improvements to the lobby and common areas, tenant improvements and leasing commissions. Aareal Capital Corp. provided the three-year loan, which features an interest-only floating rate and two options to extend for one year each. At the time of closing, the asset was 96 percent occupied by a diverse tenant roster, including WeWork, Fiksu, Yahoo, Goji, HNTB and six foreign embassies. Kevin Phelan, Stephen Horan and Patrick Boyle of Colliers represented the borrower in the financing deal.

May 4, 2016

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