Office

TIAA Purchases Historic Boston Seaport Office Portfolio for $224M

by Haisten Willis April 20, 2016

BOSTON — An affiliate of TIAA has purchased a seven-property office portfolio totaling 408,342 square feet in Boston for $224 million, or approximately $550 per square foot. An account advised by New York-based Clarion Partners was the seller of the portfolio, which is located in the Fort Point Channel neighborhood of Boston’s seaport district. Clarion acquired the offices in 2012 for a combined $129.3 million from an affiliate of New York-based Angelo, Gordon & Co. Properties within the 97 percent leased portfolio are located at 263 Summer St.; 332 and 374 Congress St.; and 33-41, 34, 38 and 44 Farnsworth St. The six offices span between five and nine stories and were built between 1890 and 1920, according to the Boston Business Journal. The portfolio also includes a 16-space parking lot. Originally built in the early 1900s, the properties feature high-quality office space with exposed ceilings and natural lighting. Coleman Benedict and director Ben Sayles led the HFF investment sales team, which represented the seller and procured the buyer. According to the Journal, the Farnsworth Street offices will host General Electric Co. (GE) temporarily while the company builds a permanent headquarters on nearby Necco Ct. “TIAA is one of the …

April 20, 2016

New York Northeast Office

JV Completes $29.7M Sale of 148,563 SF Office Building in New York

by Amy Works April 19, 2016

JERICHO, N.Y. — Metropolitan Realty Associates LLC and Angelo Gordon & Co. have completed the sale of Jericho Atrium, an office building located at 500 N. Broadway in Jericho. A Long Island-based real estate company purchased the 148,563-square-foot property for $29.7 million. Situated on 8.6 acres, the two-story building features parking for 690 vehicles, a fitness center, conference center and daytime concierge. Notable tenants include American Investment Planners, Clinical Trial Media, NMS Management and Elias Properties. Jose Cruz, Kevin O’Hearn and Evan Pariser of HFF represented the seller in the transaction.

April 19, 2016

Massachusetts Northeast Office Retail

SVN|Parsons Commercial Group Brokers $7.8M Sale of Office/Retail Property in Massachusetts

by Amy Works April 19, 2016

ASHLAND, MASS. — SVN|Parsons Commercial Group|Boston has arranged the sale of an office/retail property located at 200 Homer Ave. in Ashland. WD Homer LLC acquired the property from NEREEF Ashland LLC for $7.8 million. The buyer plans to upgrade the building to attract more businesses to Ashland. Victor Galvani of SVN|Parsons Commercial Group|Boston represented the seller and buyer in the transaction.

April 19, 2016

Massachusetts Northeast Office

New Dover Associates Negotiates 15,504 SF Sale of Office/R&D Building in Massachusetts

by Amy Works April 19, 2016

NATICK, MASS. — Sunshine Technologies Holding Corp. has acquired an office/R&D building, located at 21 Strathmore Road in Natick. GMG 21 Strathmore Road LLC sold the 15,504-square-foot property for $3.9 million. Scott Hughes of New Dover Associates and Nina Crowley of Boston Signature Homes co-brokered the sale.

April 19, 2016

Maryland Office Southeast

Knott Realty Breaks Ground on Class A Office Building in Baltimore County

by John Nelson April 19, 2016

WOODLAWN, MD. — Knott Realty Group has begun construction on Rolling Run Technology Park, a single-story, 58,000-square-foot office building located at 2270 Rolling Run Drive in Woodlawn, a town in Baltimore County’s Windsor Mill neighborhood. The real estate development and management company expects to deliver the Class A property this fall. The Mullan Contracting Co. will serve as the general contractor for the building. The building will feature 16-foot ceilings, private office entries and a parking ratio of 4.5 spaces per 1,000 square feet. The property will be situated adjacent to the Centers for Medicare & Medicaid Services office complex and will be roughly two miles from I-695.

April 19, 2016

North Carolina Office Southeast

Spectrum Properties, Intercontinental Purchase Two Charlotte Office Buildings for $35.5M

by John Nelson April 19, 2016

CHARLOTTE, N.C. — A joint venture partnership between Spectrum Properties and Intercontinental Real Estate Corp. has purchased two office buildings in Charlotte’s SouthPark submarket for $35.5 million, according to the Charlotte Business Journal. Totaling 178,338 square feet, the Morrison and Roxborough Buildings are located at 6525 Morrison Blvd. and 1901 Roxborough Road, respectively. Lionstone Investments sold the four- and five-story buildings, which were about 95 percent leased at the time of sale to tenants such as Velocity and South State Bank. Ryan Clutter and Scott Humphrey of HFF represented Lionstone Investments in the sale.

April 19, 2016

Michigan Midwest Office

Friedman Arranges 19,723 SF Office Lease in Detroit Suburb

by Christina Cannon April 19, 2016

TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 19,723-square-foot office lease in Troy, approximately 25 miles north of Detroit. Allegis Global Solutions will occupy the space at the North Troy Corporate Park located at 700 Tower Drive. Allegis Global Solutions currently occupies suite 700 and 800 in the building and is expanding its space on the fourth floor. The landlord is 700 NTCC LLC. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the landlord in the transaction.

April 19, 2016

California Office Western

Berkadia Arranges $70M Refinancing for Mills Building in San Francisco

by Nellie Day April 19, 2016

SAN FRANCISCO — Berkadia has arranged a $70 million refinancing for The Mills Building, a 440,000-square-foot, historic building in downtown San Francisco. The landmark structure is located at 220 Montgomery St. The building is 95 percent leased to tenants like the New York Stock Exchange, Pocket Gems, Mazzetti, Seiler LLP, Haworth and the University of California, San Francisco. The 10-year, full-term, fixed-rate loan features interest-only payments. It was used to refinance existing debt on the property. Mitch Thurston and Andy Ahlers of Berkadia secured the financing through Voya Investment Management on behalf of the Swig Co.

April 19, 2016

Loans New York Northeast Office

NorthMarq Capital Secures $10M Refinance for Office Property in New York

by Amy Works April 18, 2016

NEW HYDE PARK, N.Y. — NorthMarq Capital has arranged $10 million in refinancing for X-Cell Realty, an office property located at 3333 New Hyde Park Road in New Hyde Park. The property features 166,931 square feet of office space. The loan features a fully amortizing 20-year term. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through NorthMarq’s relationship with a correspondent life insurance company for the undisclosed borrower.

April 18, 2016

Office Texas

Oldham Goodwin Group Opens New Office Location in San Antonio

by Haisten Willis April 18, 2016

SAN ANTONIO — Oldham Goodwin has opened a new office in San Antonio. This marks the second office expansion in the company’s history. Steve Monroe will be leading the brokerage efforts for Oldham Goodwin Group’s San Antonio office. Steve’s responsibilities include managing the brokerage division of the new office, as well as growing the San Antonio/South Texas office in terms of personnel and property listings for sales, leasing and property management. Steve boasts more than 25 years in the commercial real estate industry. Most of that time was spent with CBRE, where he served as an investment properties specialist and as a managing director responsible for company operations in New Mexico and California. Oldham Goodwin’s new office is located at 1100 N.W. Loop 410, Suite 700. The new office will offer the same services as the corporate headquarters located in Bryan. Services offered will include brokerage, development, management and investment services.

April 18, 2016

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