Office

Raindrop Turkish House Buys Downtown Arlington Property

by Haisten Willis April 25, 2016

ARLINGTON, TEXAS — The Central Arlington Redevelopment Group, a collection of private investors, has sold a downtown educational property to Raindrop Turkish House, a nonprofit charitable and cultural organization. The 6,624-square-foot building at 602 E. South St. was built in the mid-1950s as an elementary school wing for the former Arlington High School, which was subsequently razed and redeveloped as the headquarters of the Arlington Chamber of Commerce. The seller acquired the property in May 2007 and invested nearly $400,000 into modernizing the structure and re-tenanting it with uses aimed at stimulating investment interest in central Arlington. Raindrop Turkish House previously leased a site at 2102 W. Pioneer Parkway in the nearby town of Pantego. The Houston-based organization, formed in 2000, also has locations in Richardson and nine other Texas cities, as well as centers in Arkansas, Kansas, Oklahoma, Mississippi and New Mexico. The nonprofit addresses social and cultural needs of Turkish-Americans and facilitates integration into American society by cultivating friendships and promoting understanding of diverse cultures. Judy Nitzinger and Eric Anderson of Coldwell Banker Commercial Alliance’s Dallas office represented Central Arlington Redevelopment Group in the transaction. Loren Hillyer of Metro Texas Commercial handled negotiations for the buyer. The single-story …

April 25, 2016

Chevron Partners Acquires Sears Crescent Building in Boston for $23.8M

by Amy Works April 25, 2016

BOSTON — Chevron Partners has acquired the Sears Crescent building, located at 38-68 Cornhill in Boston. Copley Investments sold the historic property for $23.8 million. Located in Boston’s Government Center neighborhood, the 50,300-square-foot office building is 100 percent leased to 14 tenants and offers street-level retail space. Robert Griffin, Edward Maher, Matthew Pullen and Justin Smith of Newmark Grubb Knight Frank represented the seller in the transaction.

April 25, 2016

Mixed-Use Multifamily Office Restaurant Retail Texas

Construction Begins on 800,000 SF Mixed-Use Development Known as The Union Dallas

by Haisten Willis April 22, 2016

DALLAS — RED Development has begun construction on The Union Dallas, an 800,000-square-foot office, residential and retail project scheduled for completion in 2018. First announced in May 2014, the two-tower mixed-use project will offer 417,000 square feet of Class A office space, 309 residential units and 87,000 square feet of retail. StreetLights Residential is leading design and development for the 23-floor residential tower, which will be known as The Christopher. The development will also include a 10,ooo-square-foot restaurant known as The Henry, which will serve breakfast, lunch and dinner. Tenants in the office portion of the development will include Vinson & Elkins, which will lease 82,000 square feet across three floors beginning in 2018. Weaver, the largest independent accounting firm in the Southwest, will move its Dallas office to a 58,000-square-foot space within two floors in the office tower. Located at Field Street and Cedar Springs Road, the mixed-use project is within walking distance of many sports, entertainment, museum and outdoor park venues. Designed by Dallas-based architect HKS Inc., and with DPR as the general contractor, the project will include a 60,000-square-foot Tom Thumb grocery store on the ground floor. Landscape designer Office of James Burnett will design a 21,000-square-foot …

April 22, 2016

Office Texas

Accesso Partners Forms Joint Venture to Own and Operate Office Campus in Austin

by Haisten Willis April 22, 2016

AUSTIN, TEXAS — Accesso Partners and Partners Group have formed a joint venture to own and operate Riata Corporate Park, an eight-building, 688,433-square-foot office campus in northwest Austin. West Point Partners, of New York City, advised Accesso in the transaction. The joint venture gives Partners Group an ownership interest in the 51-acre office park adjacent to Apple’s new $300 million Austin campus. Riata’s major tenants include Accenture, Quality Systems, NetSuite and Xerox among others. The property has room for expansion with a 5.6-acre parcel that is fully permitted and entitled for development of a 64,550-square-foot office building. The building was constructed between 1998 and 2000 with an average parking ratio of five spots per 1,000 square feet.

April 22, 2016

Massachusetts Northeast Office

Integrated Builders Breaks Ground on Office Expansion in Massachusetts

by Amy Works April 22, 2016

NEWTON, MASS. — Integrated Builders, on behalf of Two Wells Avenue LLC, has broken ground on an expansion at an office building located at Two Wells Ave. in Newton. The new three-story addition will require extensive demolition on the north and west portions of the existing facility and will increase the building’s total size from 69,000 square feet to 127,000 square feet. The updated facility will feature a modern design with a glass exterior, an expanded parking lot, new utilities and an underground storm water infiltration system. Additionally, a 3,162-square-foot common corridor will connect the new and existing buildings. Spagnolo Gisness & Associates is providing architectural services for the project, which is slated for completion in December.

April 22, 2016

Maryland Office Southeast

U.S. Nuclear Regulatory Commission Renews 347,922 SF Lease in Metro D.C.

by John Nelson April 21, 2016

NORTH BETHESDA, MD. — The General Services Administration (GSA), on behalf of the U.S. Nuclear Regulatory Commission, has renewed a 347,922-square-foot lease at Two White Flint North, a 10-story office building in North Bethesda. The GSA occupies the entire property as well as its sister property, the 18-story One White Flint North. The GSA inked the lease renewal with Two White Flint North’s ownership group, Lerner Enterprises and The Tower Cos.

April 21, 2016

Illinois Loans Midwest Office

HFF Arranges $99.5M Loan for 573,276 SF Office Building in Chicago

by Christina Cannon April 21, 2016

CHICAGO — HFF has arranged a $99.5 million loan for a 573,276-square-foot office building in Chicago. Borrowers Blue Star Properties and the Wolcott Group LLC will use the loan proceeds to payoff existing financing and complete building renovations. The building, located at 125 S. Clark St., was constructed in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago. The property is currently undergoing a renovation and rebranding as The National. The 20-story, steel and concrete building will feature loft office space, an outdoor terrace, an artisanal marketplace and lounge, record shop and fitness center. HFF arranged the floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. Christopher Carroll, Michael Kavanau and Christopher Knight of HFF represented the borrower.

April 21, 2016

New York Northeast Office Top Stories

SL Green, Citigroup Agree on Early Purchase of Office Campus in Manhattan

by John Nelson April 21, 2016

NEW YORK — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has reached an agreement with an affiliate of Citigroup Inc. (NYSE: C) to accelerate the sale of the global bank’s office campus at 388-390 Greenwich St. in Manhattan’s Tribeca neighborhood. The early sale is pursuant to the $2 billion purchase option that Citigroup exercised in January. Separately, SL Green announced that it has reached an agreement for the early termination of Citigroup’s lease at the property as a result of the sale acceleration. The sale is now scheduled to close in June. SL Green will realize approximately $1.8 billion in sale proceeds at closing, including the lease termination payment. The REIT plans to repay a portion of its corporate credit facility and retire the $1.45 billion mortgage on the office campus. “We are pleased to reach an agreement on the early sale of 388-390 Greenwich Street. In addition, by retiring approximately $1.8 billion of debt, we further strengthen our balance sheet and enhance our liquidity position to in excess of $1.4 billion,” says Marc Holliday, CEO of SL Green. “Our longstanding, multi-faceted relationship with Citi, one of the world’s leading financial institutions, has been …

April 21, 2016

California Office Western

Auto Club Relocates Insurance Claims Unit Within Valencia

by Nellie Day April 20, 2016

VALENCIA, CALIF. — The Automobile Club of Southern California is relocating its insurance claims operation to a Class A office building in the Summit At Valencia on Turnberry Lane. Mark Esses, a broker with California Realty Group who represented the Auto Club, said the company was looking for a new home for six to nine months. Esses represented the Auto Club along with Keith Kleinman. The company’s current operations are situated on Tourney Road. Kevin Fenenbock and John Erickson of Colliers International represented the landlord, Great Point Investors, in this transaction. The Auto Club absorbed the building’s entire ground floor, which equated to 29,000 square feet. The lease represents roughly half of the entire building. AAA is expected to move its regional insurance claims unit and other related groups to the new office by the third quarter of this year, said a spokesperson for the insurance group. The AAA member’s branch will continue to operate on Valencia Boulevard. There is no change for Auto Club members.

April 20, 2016

Industrial Loans Office Texas

Cohen Financial Secures $6.8M CMBS Loan for Allen Tech Center

by Haisten Willis April 20, 2016

ALLEN, TEXAS — Casey Townsend of Cohen Financial, a national real estate capital services firm, has arranged a $6.8 million CMBS loan to acquire the Allen Tech Center. The 84,936-square-foot, one-story office/flex property is located in Allen. Townsend placed the 10-year, fixed-rate loan through Morgan Stanley.

April 20, 2016

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