Office

Pharmaceutical Sector Dominates Suburban New Jersey Relocation Activity

by Jaime Lackey June 29, 2016

By many measures, 2015 was Northern New Jersey’s best year for its office market in quite some time. Tenants leased 11.7 million square feet, the strongest annual activity since 2003. Business confidence improved and companies showed a growing willingness to invest in their workforce and workplace. The number of larger leases dropped off a bit in 2015, though, as many of the largest space searches were fulfilled and fewer quality space options remained in some of the most sought after areas. Tenants have no shortage of options in much of Morris County and Newark, but steady leasing in Metropark and Jersey City’s waterfront has pushed availability below 15 percent. Smaller and mid-sized tenants can still find space in these locations, but there are far fewer big blocks of quality space remaining. There were fewer larger leases in 2015, but tenants were very mobile: relocations outnumbered renewals by two to one with 12 firms opting to move and six renewing. An analysis of larger leases (deals over 40,000 square feet) signed since 2009 shows that larger tenants renewed slightly less than 50 percent of the time (81 firms moved and 75 renewed). From a supply perspective, market conditions have been ideal …

June 29, 2016

Office Texas

K2 Construction to Build Out Three Office Spaces for Prominent Tenants in Downtown Dallas

by Katie Sloan June 28, 2016

DALLAS — K2 Construction will serve as the general contractor for new downtown Dallas offices for Chubb Insurance, Compass Professional Healthcare Services (CPHS) and El Centro College. Chubb Insurance will relocate within its current building at Bryan Tower to accommodate the company’s recent acquisition by ACE Group. Chubb will shift its offices from the 33rd and 34th floors to the 3rd, 35th and 36th floors. Dallas-based K2 Construction will collaborate with Spire Realty and moran & murphy architects to build approximately 90,000 square feet of office space for the move. Sam Williamson with Spire Realty is the construction manager for this project. Meanwhile, CPHS has leased two floors in the Bank of America Plaza. The relocation of its operations from the Centrum on Oak Lawn Avenue will require 60,000 square feet on the 57th and 58th floors of the new location. Interior Architects designed the space. Darrell Payne with Peloton Commercial and Kris Hopson with CBRE are the construction managers for this project. El Centro College, a sector of Dallas County Community College District, has leased two floors in One Main Place tower located at 1201 Main St. The 10th and 11th floors will provide El Centro with approximately 57,000 …

June 28, 2016

Office Texas

Marcus & Millichap Brokers Sale of Flex Office Building in Dallas

by Katie Sloan June 27, 2016

DALLAS — Marcus & Millichap has brokered the sale of a 20,000-square-foot flex office property located at 14209-14223 Proton Road in Dallas. Built in 1973 and renovated in 2010, the single-story asset features an exterior loading dock with 14-foot ceilings. The property was 88 percent leased at the time of sale. Ron Hebert and Joe Santelli of Marcus & Millichap’s Dallas office represented the seller, an international limited liability company, in the transaction. The buyer, a limited liability company, purchased the property in a reverse 1031 exchange.

June 27, 2016

Office Texas

Investcorp Selects Transwestern to Lease One Westchase Center in Houston

by Katie Sloan June 27, 2016

HOUSTON — New York-based owner Investcorp has tapped Transwestern to lease One Westchase Center, a 466,000-square-foot office building located at 10777 Westheimer Road in Houston’s Westchase Business District. Doug Little, Louann Paereira and Amanda Lee App of Transwestern will lead the leasing efforts. The Class A office building features a fully furnished conference facility, fitness center with men’s and women’s showers, deli, 24-hour security and on-site property management.

June 27, 2016

North Carolina Office Southeast

Joint Venture Sells Two Office Properties in Metro Raleigh for $35.2M

by John Nelson June 27, 2016

CARY, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold two office buildings in Cary for a combined $35.2 million The office assets are located at 100 and 200 Regency Forest Drive within Regency Park. Totaling 207,347 square feet, the properties are leased to tenants such as Cadence Design, MicroMass Communication, MercuryGate International, Crown Castle and Garmin International. Scot Humphrey, Ryan Clutter and Chris Norvell of HFF represented the joint venture in the transaction and procured the buyer, True North Management Group LLC.

June 27, 2016

Colorado Office Western

LLC Buys LSI Logic Building in Fort Collins for $5.6M, Plans Conversion to Office Space

by Nellie Day June 27, 2016

FORT COLLINS, COLO. — 2001 Danfield LLC has purchased the LSI Logic building, a 158,000-square-foot office building in Fort Collins, for $5.6 million. The building is located at 2001 Danfield Court. It previously served as a computer chip manufacturing facility for LSI Logic. The LLC plans to convert the space into a multi-tenant office building. CBRE’s Peter Kast and Ham Southworth represented the seller, LSI Corp., in this transaction.

June 27, 2016

Illinois Midwest Office

Fulcrum Assets Advisors Acquires 484,328 SF of Office Space in Metro Chicago

by Christina Cannon June 27, 2016

DEERFIELD, ILL. — Fulcrum Assets Advisors has acquired three office buildings in Deerfield, approximately 27 miles northwest of Chicago, for an undisclosed price. The facilities are located within the Parkway North complex, a six-building complex that was constructed between 1988 and 2000. The Class A, 1 million-square-foot property is located between the Lake Cook Road and Deerfield Road interchanges at I-94. The John Buck Company sold the three buildings, which total 484,328 square feet. Tenants at Parkway North include Mondelez International, CF Industries, GCG Financial, Walgreens, Lundbeck and Essendent. Fulcrum plans to upgrade the buildings. Colliers International is overseeing leasing for the property.

June 27, 2016

Office Southeast Top Stories Virginia

The Meridian Group Acquires International Place Office Building Near D.C. for $106.5M

by Nellie Day June 27, 2016

ROSSLYN, VA. — The Meridian Group has acquired International Place, a 293,539-square-foot office building in Rosslyn, for $106.5 million. Beacon Capital Partners sold the building, which is located at 1735 N. Lynn St. in an area of Northern Virginia that sits directly across the Potomac River from Georgetown. International Place is across from the Rosslyn Metro station, which contains Blue, Orange and Silver lines and is only one stop away from Washington, D.C. The Pentagon, Reagan National Airport, Tysons and Dulles International Airport are also in close proximity. The LEED-Gold certified building’s amenities include a new ground-floor, 4,376-square-foot fitness center, conference facility and management office. International Place also has “the largest potential for balconies and outdoor space in the Rosslyn-Ballston Corridor,” according to the buyer. The building overlooks the Jefferson Memorial, Memorial Bridge and Potomac River. It also features a centralized location near JBG Cos.’ newly constructed Central Place Development. This project features a 17,000-square-foot public plaza, a 377-unit residential tower and 45,000 square feet of ground-level retail. Bill Collins, Paul Collins, Drew Flood and Shaun Weinberg of Cushman & Wakefield represented the seller in this transaction. — Nellie Day

June 27, 2016

Alabama Market Reports Office Southeast Southeast Market Reports

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

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