HERNDON, VA. — NXT Capital has provided a $22.3 million loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class B office building located in Herndon, about 25 miles west of Washington, D.C. The building has historically been leased to GSA tenants. The undisclosed borrower plans to use the loan proceeds to renovate the asset. Cary Abod and Robert Carey of HFF’s Washington, D.C., office arranged the loan through NXT Capital.
DALLAS — On behalf of Quadrant Investment Properties, CBRE has announced a number of capital improvements for Saint Paul Place. The Class A office building is a 22-story, 273,217-square-foot tower in the Dallas Arts District. Located at the intersection of North Saint Paul Street and Ross Avenue, Saint Paul Place overlooks the Dallas Museum of Art and Klyde Warren Park. Renovation plans include a new tenant lounge on the second floor complete with a conference center and outdoor patio deck with fire pit. The deck will extend to Ross Avenue and overlook the Dallas Museum of Art. Additionally, the espresso bar inside the building will be renovated to include areas for dining and working. The lobby will also receive an upgraded seating area and new Wi-Fi accessibility. Celeste Fowden, Seth Thatcher and Ben Davis of CBRE’s Dallas office are leasing the property on behalf of Quadrant Investment Properties. The tower was built in 1983 and is 80 percent leased to tenants including D Magazine, accounting firm Crowe Horwath and Sendero Business Systems.
ARLINGTON, TEXAS — In an all-cash transaction, SkyWalker Property Partners has acquired a 72,518-square-foot, Class A office building in Arlington. The property is the first for the company’s Opportunity Knocks Fund in preparation for the launch of a major capital campaign in June. The 40 percent leased office building at 701 Highlander Blvd. is located on the city’s south side, close to Arlington Highlands and Parks Mall. The 4.6-acre property includes a T-Mobile cell tower. At least $400,000 will be invested into addressing deferred maintenance and upgrading the 30-year-old structure. Roughly $150,000 is earmarked to remediate waterproofing issues with the roof, windows and granite-clad skin panels. The lobby will be getting new lighting, finishes and furniture. Upgrades are also planned for elevator cabs and common areas. The exterior plan calls for a new monument sign and landscaping improvements. Work is expected to get underway within 30 days. Twenty-six tenants-in-common investors, known as TIC-Highlander Building LLC, sold the five-story office building. The buyer, This Land is Highland, was represented by Gary Walker of Coldwell Banker Commercial Alliance DFW, along with Colt Power and Grant Irvin of NAI Robert Lynn. Paul Getty of Sperry Van Ness/First Guardian Group of San Jose, Calif., …
BROOKFIELD, WIS. — Siegel-Gallagher has negotiated a 3,335-square-foot office lease in Brookfield, approximately 13 miles west of Milwaukee. Atlas Chiropractic will occupy space at Arbor Terrace I. AH Holding LLC and Wabash Acceptance LLC own the property located at 333 Bishops Way. Shaun Dempsey of Siegel-Gallagher brokered the transaction.
HOBOKEN AND EDISON, N.J. — Mack-Cali is under contract to acquire two office buildings in New Jersey for a total purchase price of $317 million in separate transactions. In the first deal, Mack-Cali will acquire a 566,215-square-foot office building located at 111 River St. in Hoboken from Equity Commonwealth. The asset is being sold for $235 million and the transaction is slated to close in June. In the second deal, the company is purchasing a 10-story office building located at 101 Wood Ave. South in Metropark in Edison. Expected to close in May, the asset will be acquired for $82.3 million.
HARRISBURG AND HARLEYSVILLE, PA. — Broadstone Net Lease (BNL) has acquired two office buildings tenanted by Nationwide Mutual Insurance Co. via a sale-leaseback transaction for a combined purchase price of $54.6 million. Located in Harrisburg and Harleysville and totaling 385,000 square feet, the mission-critical properties are tenanted under one master lease for an initial term of 12 years. Steve Marzullo, Justin Marlowe, Adam Silverman, Doug Jackson, Jeremy Shyk and Michael Curran of CBRE represented the seller, Nationwide, while Tones Vaisey PLLC represented BNL.
HOUSTON — The Houston office of JQ has provided structural engineering services for Caress Stadium at Helfman Field, located on The Emery/Weiner School’s 15-acre campus in southwest Houston at 9825 Stella Link Road. Construction was completed in March. The completion of Caress Stadium is part of the school’s Champions Campaign, a capital campaign with the goal of raising $20 million by 2020 to enrich academic programs, extend tuition assistance and to expand facilities to accommodate growth in its athletics and arts programs. The Caress Stadium fieldhouse project includes locker rooms, a weight room, ticket booth, concessions and support functions on the first level, along with a film deck, press box and mechanical mezzanine on the second level. There is also an on-site storage building adjacent to the field along with two wing wall structures on each end of the bleachers that will seat more than 500 spectators.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged a 6,300-square-foot office lease in downtown Grand Rapids. Modustri, a digital precision measurement tool company, will occupy the entire sixth floor at the 35 Oakes building. Mary Anne Wisinski-Rosely and Hillary Woznick of NAI Wisinski of West Michigan represented the landlord, Project 35 LLC, in the transaction. Adam Vranian of North Star Commercial represented Modustri.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-story loft building located at 51 White St. in Tribeca. 51 White Street LLC acquired the property from R.A Cohen & Associates for $22 million, or $1,064 per square foot. The 20,670-square-foot building features 12.5-foot ceiling heights, oversized windows and a sub-cellar, as well as a roof top with views of the Empire State Building and One World Trade Center. At the time of acquisition, the property was vacant. James Nelson, Will Suarez and David Shalom of Cushman & Wakefield represented the seller, while David Friedman of Vertex Realty Group represented the buyer.
ATLANTA — Cousins Properties (NYSE: CUZ) and Parkway Properties (NYSE: PKY) have agreed to a $1.95 billion stock-for-stock merger. The deal will simultaneously spin off of both companies’ Houston-based assets, creating a new publicly traded REIT called HoustonCo. The combined company will operate under the Cousins Properties name and continue to own Class A office towers in Sun Belt markets. The combined portfolio will include 41 properties totaling 15.8 million square feet of space in Atlanta; Austin, Texas; Charlotte, N.C.; Phoenix; and Orlando and Tampa, Fla. Although Parkway currently owns properties in Jacksonville, Fla., a Cousins investor presentation about the merger implied those buildings will be sold. Under the agreement, Parkway shareholders will receive 1.63 shares of Cousins stock for each share of Parkway stock they own. The combined company will create HoustonCo via a special dividend distributed to its shareholders once the merger is complete. Jim Heistand, Parkway’s CEO, will head HoustonCo after the spin-off. Cousins and Parkway shareholders will own about 52 percent and 48 percent, respectively, of both Cousins and HoustonCo. Both companies’ boards of directors approved the transactions unanimously. Affiliates of TPG, which own about 21 percent of Parkway’s outstanding common stock, have also agreed to …