Office

Cielo Property Group Buys Downtown Austin Office Building

by Haisten Willis April 6, 2016

AUSTIN, TEXAS — Cielo Property Group has purchased a five-story office building located at 900 Congress Ave. in downtown Austin. The 64,000-square-foot building includes nine levels of off-site accessory parking at 816 Colorado St. Cielo purchased a 15-story office tower located across the street at 823 Congress Ave. in 2014. The company plans to upgrade the Art Deco-style building with a renovation of the lobby and elevators, as well as improvements to its streetscape and canopy. This is the sixth downtown Austin property that Cielo has acquired since it was founded in 2010. The company also owns three historic mixed-use buildings at 315, 319 and 323 Congress Ave., as well as 601 W. Third St., where it plans to break ground on a 29-story office tower called Third + Shoal later this year.

April 6, 2016

Binswanger Brokers Sale of 204,346 SF Office/Flex Building in Austin

by Haisten Willis April 6, 2016

AUSTIN, TEXAS — Binswanger has arranged the sale of a 204,346-square-foot office-flex building located on 18.9 acres at 6800 Burleson Road in Austin. Holmes Davis of Binswanger’s Dallas office represented the seller, DivcoWest Real Estate Services Inc. Roger Shipp represented the buyer, Capital Commercial Investments, internally. Built in 1985 and renovated in 1995, the property was a part of the former Lockheed Martin campus near Austin’s-Bergstrom International Airport.

April 6, 2016

Alabama Office Southeast

Adler Kawa, PointOne Holdings Acquire Office Complex in Metro Birmingham for $30M

by John Nelson April 6, 2016

HOOVER, ALA. — A joint venture between PointOne Holdings and Adler Kawa Real Estate Advisors (AKREA) purchased Riverchase Center, a 306,725-square-foot, single-story office complex in Hoover, a suburb of Birmingham. The venture purchased the property from a fund managed by DRA Advisors for $30 million. The asset was 89 percent leased at the time of sale to tenants such as Frito-Lay, Progressive Insurance, Walgreens, BioHorizons Implant Systems, Gentiva Health Services and WideOrbit Inc. Justin Parsonnet and Will Yowell of CBRE’s Atlanta office represented the seller in the transaction. PointOne Holdings and AKREA have retained David Fullington and Phil Yost of CBRE’s Birmingham office to manage and lease Riverchase Center. PNC Bank provided a seven-year, non-recourse acquisition loan to PointOne and AKREA.

April 6, 2016

Illinois Midwest Office

MB Real Estate Arranges 11,000 SF Lease Expansion at Michigan Plaza in Chicago

by Christina Cannon April 6, 2016

CHICAGO — MB Real Estate Services Inc. has arranged an 11,000-square-foot lease expansion at 205-225 N. Michigan Ave. in Chicago for Intouch Solutions. The company, a Kansas City-based pharmaceutical marketing agency, has occupied space at Michigan Plaza since 2012. This is the third expansion for Intouch Solutions within the building. Michigan Plaza is a Class A, two-building property that totals 2 million square feet. The plaza is 88 percent occupied. Fujikawa Johnson & Associates designed the complex, which is comprised of a 44-story tower and a 25-story tower. Building amenities include a 10,000-square-foot fitness center, a 4,000-square-foot conference center and an emergency child care facility. Kathleen Bertrand and Mark Buth of MB Real Estate Services represented the ownership in the transaction. Steven Joseph of CBIZ Gibraltar Real Estate Services LLC represented Intouch Solutions.

April 6, 2016

Midwest Office Top Stories Wisconsin

Associated Bank Purchases Milwaukee Center for $60.5M

by Haisten Willis April 6, 2016

MILWAUKEE — Associated Bank (NYSE: ASB) has purchased the Milwaukee Center office building at 111 E. Kilbourn Ave. in downtown Milwaukee. The purchase price was not disclosed, but the Milwaukee Business Journal reported it was $60.5 million. Chicago-based Hub Milwaukee River Center Properties sold the 28-story downtown building to Milwaukee Center Management LLC, a Green Bay, Wis.-based affiliate of Associated. Reinhart Boerner Van Deuren represented Associated Bank in the transaction. Associated will occupy between one-fourth and one-third of the building when the lease on its current regional office expires in 2022. Around 320 Associated employees currently occupy 97,000 square feet of the Plaza East towers at 330 East Kilbourn Ave. “Our purchase of this iconic, city-center building aligns with our efforts to become the city’s hometown bank,” says Philip Flynn, president and CEO of Associated Bank, which is based in Green Bay. The Class A property was built in 1988 and is 426 feet tall, with a total size of 373,000 square feet. It was 81.7 percent leased at the time of sale. Milwaukee Center is attached to a 220-room InterContinental hotel, Milwaukee Rep Theaters and Pabst Theater. Amenities include three on-site dining options and an on-site fitness studio. Associated Bank’s stock …

April 6, 2016

Industrial Office Texas

Ad Agency Renews 138,000 SF Office/Warehouse Lease in Fort Worth

by Haisten Willis April 5, 2016

FORT WORTH, TEXAS — May Group International has renewed a 138,000-square-foot lease at Carter Industrial Park in Fort Worth. The advertising agency has leased two office/warehouses spanning 60,000 square feet and 78,000 square feet at 1200 Forum Way S. since 2013, when it inked a sale-leaseback with Hangover Opportunity Fund LLC. May Sound Crazy is the landlord of record. The 11.5-acre tract is situated off Everman Parkway near I-35 West. The May Group maintains a 10,000-square-foot headquarters in the smaller building. The sister structure is divvied into 500 square feet of office and 77,500 square feet of warehouse space. The complex is also used for design, shipping and warehousing functions. Theron Bryant of Coldwell Banker Commercial Alliance DFW handled negotiations for the lease transaction.

April 5, 2016

New York Northeast Office

Equity Office Invests $25M for Capital Improvement Program at Park Avenue Tower in NYC

by Amy Works April 5, 2016

NEW YORK CITY — Equity Office is executing a $25 million capital improvement program at Park Avenue Tower, a 300,000-square-foot office tower in Midtown. The renovations include a reinvented lobby by Gonzalez Architects; new transom windows on every floor; and The Club, a 20,000-square-foot amenity space for all tenants. The new space will include a state-of-the-art fitness center with executive locker room facility, a business and recreation lounge, conference center, a curated grab-and-go food service and innovative building technology. Additional renovations include a building within a building design concept; an outdoor plaza with bar/café designed by Moed De Armas & Shannon; 12-foot 9-inch ceiling heights; three-story office penthouse with 360-degree views; and iVisitor lobby technology, including iPad-carrying security guards to greet guests. The renovations are slated for completion by fourth quarter 2016.

April 5, 2016

Hospitality Loans Office Retail Top Stories Western

Developers Receive $225M Loan to Finance The Bloc Mixed-Use Project in Downtown Los Angeles

by Nellie Day April 5, 2016

LOS ANGELES — The developers of The Bloc, a 1.1 million-square-foot office, retail and hospitality redevelopment in downtown Los Angeles, have received a $225 million permanent loan to finance the project. The Bloc is located at 700 S. Flower Street. The site was originally built in 1973 as a traditional mall. The redevelopment will transform the space into an open-air urban complex. It will be the largest mixed-use property in Los Angeles, according to developers The Ratkovich Company, National Real Estate Advisors and Blue Vista Capital. The Bloc is scheduled to open this summer. A renovated flagship Macy’s will anchor the center. The Bloc will also offer a variety of artisanal retailers and restaurants, as well as creative-leaning office space and a newly renovated, 496-room Sheraton Los Angeles Downtown. The new loan replaces an existing CMBS loan inherited when the property was purchased in 2013, with a final payoff amount of about $121.6 million. It also provides additional proceeds to finalize the redevelopment and fund leasing costs at the property. “This financial commitment lends further credence to the vibrant revitalization underway in downtown and lays the foundation for continued growth in the decades ahead,” says Jeff Kanne, president of National …

April 5, 2016

Loans New York Northeast Office

Meridian Capital Secures $160M in Refinancing for Manhattan Office Building

by Amy Works April 4, 2016

NEW YORK CITY — Meridian Capital Group has arranged $160 million in permanent financing for the refinancing of an office building located at 245 Fifth Ave. in Manhattan. The borrower was 245 Fifth Owner LLC. The seven-year loan, which was provided by a life insurance company, features three years of interest-only payments and a 3.99 percent fixed rate. Built in 1926, the 26-story, 314,000-square-foot Class A office property features 12,652 square feet of retail space. Drew Anderman and Alan Blank of Meridian Capital Group arranged the financing.

April 4, 2016

Massachusetts Northeast Office

Related Sells 235,000 SF One Lovejoy Wharf in Boston

by Amy Works April 4, 2016

BOSTON — Related Beal has completed the sale of One Lovejoy Wharf in Boston. Union Investment Real Estate GmbH, on behalf of its open-ended real estate fund Unilmmo: Global, has acquired the 235,000-square-foot waterfront office property, formerly known as the Hoffman Building, for an undisclosed price. Acquired by Related Fund Management in 2012 and redeveloped by Related Beal, the office building now serves as Converse’s headquarters under a long-term lease and features wharf-level retail space. This acquisition marks Union’s first entry into the Boston office market.

April 4, 2016

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