Office

Kamber Management Unveils $20M Capital Improvement Plan for Tower 45 in Manhattan

by Amy Works June 15, 2016

NEW YORK CITY — Kamber Management Co. has launched a $20 million capital investment plan for Tower 45, a 40-story Class A office building located at 120 W. 45th St. in Manhattan. Kohn Pederson Fox will redesign the entrance, façade, lobby and elevator cabs of the 458,446-square-foot property. Additionally, Milo Kleinberg Design Associates is creating new interior design concepts for common areas, including hallways, bathrooms and a new pre-built suite program. Current office tenants at the 26-year-old property include Procter & Gamble, TIBCO Software, Shrodinger, Lipsky Goodkind and Co., and Bobby Van’s Steakhouse.

June 15, 2016

Northeast Office Pennsylvania

Five Real Estate Firms Form Capital Markets Real Estate Network

by Amy Works June 15, 2016

CONSHOHOCKEN, PA. — A group of like-minded real estate practitioners have formed Capital Markets Real Estate Network to serve investor clients nationwide in all the commercial real estate industry property sectors, including office, industrial, retail, multifamily and self-storage facilities. The new network will target investment sales, financing and 1031 exchanges nationwide, allowing members to win business in institutional and non-institutional commercial real estate sectors. In addition to new business generation, the network will serve members as an information exchange on market conditions, trends, property pricing, sharing best practices and more. The founding firms and members are Edward Ginn, Ken McEvoy and Bart Delfiner of Equity Retail Brokers; Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial; Colin Flynn of The Flynn Company; Gerard O’Malley and Tim McGinley of Duquesne Commercial Funding; and Matthew May of May Realty Advisors. The network plans to identify and recruit broker members in dozens of primary, secondary and tertiary markets nationwide in the next few years.

June 15, 2016

New York Northeast Office

NAI Long Island Announces New Division, NAI Queens

by Amy Works June 15, 2016

NEW YORK CITY — NAI Long Island has announced its expansion with the formation of a new division, NAI Queens. The division will specialize in the sale of investment properties in the Queens market, as well as provide other real estate services to Queens clients. Brian Sarath has joined the new division as a senior director. Most recently, Sarath serviced as director of the capital markets group of Massey Knakal, subsequently Cushman & Wakefield, since 2000. To date, Sarath has sold more than 220 buildings and loans with an aggregate value of $620 million.

June 15, 2016

Massachusetts Northeast Office

FirstService Residential Expands to Boston, Acquires The Niles Company

by Amy Works June 15, 2016

BOSTON — FirstService Corp. has expanded its residential property management operations to Boston with the acquisition of The Niles Company, a property management firm that was founded in 1907. The transaction will add more than 80 properties to FirstService Residential’s existing property management portfolio, which totals approximately 7,500 properties comprising more than 1.6 million residential units throughout North America. Terms of the transaction were not disclosed.

June 15, 2016

Illinois Loans Midwest Office

Cohen Financial Arranges $15.5M Acquisition Loan for Two Office Buildings in Oak Brook, Illinois

by Christina Cannon June 15, 2016

OAK BROOK, ILL. — Cohen Financial has closed a $15.5 million acquisition loan for two office buildings in Oak Brook, approximately 20 miles west of Chicago. Oak Brook Place I & II are each three stories and 90,000 square feet. The buildings were constructed in 1980 and 1981 and were 94 percent occupied at the time of sale. Cohen Financial placed the floating-rate, three-year loan with Prime Financial Partners. The borrower was an affiliate of American Landmark Properties Management LLC.

June 15, 2016

California Office Western

New York Life, Harvest Buy One Bay Plaza in Burlingame for $53.4M

by Nellie Day June 15, 2016

BURLINGAME, CALIF. — A joint venture between New York Life Real Estate Investors and Harvest Properties has acquired One Bay Plaza, a 196,139-square-foot office property in Burlingame, for a reported $53.4 million. The Class A plaza is located at 1350 Bayshore Highway. The nine-story building has frontage along the San Francisco Bay with unobstructed water views. It also has an on-site café, fitness center and access to waterfront jogging trails. The property is among the newest vintage buildings in the submarket. The seller was Hudson Pacific.

June 15, 2016

Market Reports Northeast Northeast Market Reports Office

NYC Sees Rising Office Rents, Development Activity Picks Up Across Boroughs

by Jaime Lackey June 15, 2016

In New York City, sizable tenants are renewing their office leases and expanding work space. Citywide, office space searches are being driven by new businesses that need to establish presence. These dynamics have the office market operating as powerfully and effectively as possible. New York City organizations are slated to create 80,000 new jobs this year, expanding total employment by 1.9 percent. Major companies like Google, Facebook and Amazon have recently committed to large blocks of space, which are becoming notably rare as office vacancy levels in the Big Apple continue to tighten. Vacancy will slip 10 basis points to 9.6 percent this year as firms absorb more than 3.8 million square feet. As a result of office vacancies continuing to tighten, builders have started to add to the pipeline, which New York City will see come to fruition this year with the opening of 10 Hudson Yards, Related Cos.’ long-awaited office building project in Manhattan’s West Side. Overall, developers will complete 3.6 million square feet of office space this year, with nearly half at 10 Hudson Yards. Located near Hell’s Kitchen, Chelsea and the Penn Station area, the building is part of the Hudson Yards urban renewal project. Manhattan …

June 15, 2016

Healthcare New Jersey Northeast Office

NAI Hanson Arranges Sale of 45,912 SF Medical Office Building in New Jersey

by Amy Works June 14, 2016

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a medical office building located at 155 Polifly Road in Hackensack. Polifly Group acquired the 45,912-square-foot property from Polifly Plaza Associates for an undisclosed sum. The three-story building was 50 percent vacant at the time of sale. Hackensack University Medical Center currently occupies the first floor, leaving 20,269 square feet available for new tenants. The third floor is currently vacant, offering 15,000 square feet of contiguous office space. Randy Horning and Darren Lizzack of NAI Hanson represented the seller, while Anthony Cassano, also of NAI Hanson, represented the buyer in the deal.

June 14, 2016

Midwest Office Wisconsin

Walker & Dunlop Arranges $11.6M Loan for Office Park in Madison, Wisconsin

by Christina Cannon June 14, 2016

MADISON, WIS. — Walker & Dunlop has arranged an $11.6 million loan for the acquisition of High Point Office Park in Madison. The 217,814-square-foot office park includes 11 buildings, which vary from one to three stories. Amenities in the office park include a fitness center, walking paths, a pond, gazebos and picnic areas. The 10-year, fixed-rate loan features a debt-service coverage ratio of 1.67. The borrower was a Chicago-based investment firm. Justin Nelson of Walker & Dunlop placed the financing with a Midwest-based correspondent life company.

June 14, 2016

Illinois Midwest Office

VSA Partners Renews 51,422 SF Lease at Office Building in Chicago

by Christina Cannon June 14, 2016

CHICAGO — VSA Partners has renewed its office lease for 51,422 square feet of space at 600 West Chicago. VSA Partners, a branding and marketing company, began occupying space at the building in 2011. Renovations at 600 West Chicago, which is located along the Chicago River, are underway and include a rooftop deck, renovated plaza, expanded river walk and water taxi service. The 1.4 million-square-foot building is currently 100 percent leased. Other tenants at the office building include Groupon, Lightbank Cos., Uptake, rEvolution, Innerworkings, Freeman Decorating and IntegraMed. 600 West Chicago was built in 1901 as the Montgomery Ward catalog building. In 2001, it was repurposed as an office building. Chicago-based Equity Commonwealth has owned the building since 2012. Jack O’Brien and Matt Pistorio of The Telos Group represented the owner in the transaction. Thomas Volini and Sven Sykes of Colliers International represented VSA Partners.

June 14, 2016

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