Office

Following Massive Conversions, New Orleans’ Office Market is Taking Shape

by John Nelson February 8, 2016

The New Orleans office market remains dynamic. The city has obviously changed dramatically in the 10 years since Hurricane Katrina and is on a continued path of change going forward. Positive change. In the past 12 to 18 months, more than 1 million square feet of what used to be considered office space in downtown New Orleans has been converted to retail, hotel, residential or multifamily use. Projects such as 225 Baronne Street, the 1100 block of Tulane Avenue, 600 Carondelet Street, Factor’s Row redevelopment and approximately 130,000 square feet of space at 1250 Poydras Street (a 423,000-square-foot, Class A tower) are just a number of examples. More of this space was unoccupied than occupied at the time of the conversions. The most recent of these conversions, 600 Carondolet Street, resulted in the largest absorption of Class A office space in the market. Additionally, URS, now AECOM, leased approximately 70,000 square feet of space in 1515 Poydras, a 530,000-square-foot building located across from the Mercedes-Benz Superdome. In the central business district (CBD), Class A office occupancy is a healthy 90 percent and average rental rates have increased in the past 12 to 24 months to approximately $19 per square foot. …

February 8, 2016

Connecticut Healthcare Northeast Office

Newmark Holdings Sells 286,713 SF Medical Office Building in Connecticut for $73M

by Amy Works February 5, 2016

NEW HAVEN, CONN. — Newmark Holdings has completed the disposition of a medical office building located at One Long Wharf Drive. Healthcare Trust of America purchased the seven-story property for $73 million. As part of the acquisition, the buyer will also take ownership of a three-acre ground leased lot, located under an adjacent hotel, located at Three Long Wharf Drive. The 286,713-square-foot property was 99 percent occupied at the time of sale. Current tenants include Yale-New Haven Hospital and APT Foundation. David Noonan of Newmark Grubb Knight Frank Capital Markets and Richard Lee of OR&L Commercial represented the seller in the transaction.

February 5, 2016

Industrial Loans New Jersey Northeast Office

Madison Realty Capital Provides Two Loans for New Jersey Properties Totaling $71.1M

by Amy Works February 5, 2016

PARSIPPANY AND GARFIELD, N.J. — Madison Realty Capital (MRC) has provided two first mortgage loans totaling $71.1 million for commercial properties in Northern New Jersey. In the first transaction, Madison Realty provided $45 million in acquisition financing for a 404,515-square-foot office property located at 2 Gateway Drive in Parsippany. The undisclosed borrower plans to re-tenant a portion of the property, modernize the property’s common areas and enhance the building’s amenity package. MRC funded $33 million at closing to facilitate the borrower’s acquisition and reserved a future funding component of $12 million for good-news leasing. In the second transaction, MRC provided a $26.1 million loan for the recapitalization of a 1.1 million-square-foot industrial property located at 141 Lanza Ave. in Garfield. Situated on 33 acres, the industrial property includes a warehouse and self-storage space. The undisclosed borrower plans to continue leasing and asset management efforts to fully stabilize the property.

February 5, 2016

Office Texas

KDC Begins Construction on KPRC Channel 2 Broadcast Facility in Houston

by Haisten Willis February 5, 2016

HOUSTON — KDC has started construction on a 60,000-square-foot office building for KPRC Channel 2, Houston’s NBC affiliate. Located at 8181 Southwest Freeway in Houston’s Sharpstown district, KPRC’s new headquarters will house all aspects of the broadcast business and more than 180 employees. The project is being built 15 feet away from KPRC’s existing broadcast station, allowing utilities to be relocated while the station remains active. Completion is slated for February 2017. The facility will have two new studios with supporting control rooms for broadcasting live news programs. A 9,000-square-foot newsroom will be built as an open concept with 14-foot ceilings and exterior windows, giving employees a view into a courtyard that includes seating areas and an outdoor kitchen. KPRC’s new facility will have a two-story atrium and staircase in the center of the building to provide natural light and a central meeting location. Additional space will be allocated for the sales department and creative services department. Corgan is the project architect, DPR Construction is the general contractor, Bury is the civil engineer, AG&E is the structural engineer, Telios is the MEP engineer and Office of James Burnett is the landscape architect.

February 5, 2016

Mixed-Use Office Restaurant Retail Texas

Yeager to Build New Mixed-Use Development in Plano

by Haisten Willis February 5, 2016

PLANO, TEXAS — Yeager has broken ground on a 48,300-square-foot mixed-use development in Plano known as Yeager at Rasor Pointe. The Indiana-based developer expects to complete the project, which includes 39,750 square feet of office suites and 8,550 square feet of retail and restaurant space, by early August. The property will be located on a 3.8-acre lot at the northeast corner of Rasor Boulevard and Ohio Drive.

February 5, 2016

Florida Office Southeast

PRP Sells Office Complex in West Palm Beach for $20.5M

by John Nelson February 5, 2016

WEST PALM BEACH, FLA. — PRP LLC, a specialized real estate opportunity fund manager and value-add investor, has sold The Forum, a 278,367-square-foot, three-building office complex located in West Palm Beach. An undisclosed buyer purchased the asset for $20.5 million. Located at 1655-1675 Palm Beach Lakes Blvd., the office property is located a quarter-mile east of I-95 and three miles north of Palm Beach International Airport. PRP completed a substantial renovation of the three 10-story buildings in 2013. The Forum was 61 percent leased at the time of sale. Ike Ojala, Herman Rodriguez and Jorge Portela of HFF represented PRP in the transaction.

February 5, 2016

Office Texas

Bazaarvoice to Move into New Headquarters in Austin

by Haisten Willis February 4, 2016

AUSTIN, TEXAS — Bazaarvoice, an Austin-based tech company specializing in user-generated content marketing, will move to a new headquarters in the Quarry Oaks business park in north Austin. The new, 137,615-square-foot building will be home to Bazaarvoice’s 600 Austin employees, with room for future expansion. Austin-based Riverside Resources will develop the new headquarters. The Class A structure will feature outdoor decks, curtain wall glass, steel beams and exposed interior concrete. In addition to working with Riverside Resources, CBRE’s workplace strategy team partnered with Bazaarvoice to design the space. HKS designed the building’s shell, lauckgroup handled interior design and Harvey-Cleary served as the general contractor. CBRE represented Bazaarvoice in the site search and lease negotiations. The new office also features a Whole Foods Market Café.

February 4, 2016

Healthcare Office Texas

Henry S. Miller Negotiates Medical Office Lease in Dallas

by Haisten Willis February 4, 2016

DALLAS — Rebecca Harrell of Henry S. Miller represented Nguyen Family Medicine in the lease of a medical office in Dallas. Nguyen Family Medicine will be opening a new family clinic at 8420 Abrams Road in the Town Creek Shopping Center, located at the corner of Abrams Road and Royal Lane. Steve Music of The Steve Music Co. represented Town Creek Shopping Center in the lease.

February 4, 2016

Loans Midwest Missouri Office

HFF Arranges $13.3M in Financing for Office Building in Downtown St. Louis

by Christina Cannon February 4, 2016

ST. LOUIS, MO. — HFF has arranged $13.3 million in financing for a Class A office building in downtown St. Louis. The capital is being used to acquire and fund future capital improvements on the 20-story, St. Louis Place. The 337,088-square-foot building is located at 200 N. Broadway. Working on behalf of Mariner Real Estate Management, HFF placed the five-year, floating-rate loan with a division of NBH Bank, Bank Midwest. St. Louis Place is 63 percent leased to 12 tenants including Fleishman-Hillard, General Services Administration, Peckham Guyton and Albers & Viets. Matthew Schoenfeldt and Brock Cannon of HFF arranged the financing for the undisclosed borrower.

February 4, 2016

California Office Western

Kaiser Center in Oakland Undergoes Recapitalization

by Nellie Day February 4, 2016

OAKLAND, CALIF. — Kaiser Center, a 975,000-square-foot office complex in downtown Oakland, has undergone a recapitalization. The transaction terms were not disclosed. The complex is located at 300 Lakeside Drive. It includes an 845,000-square-foot office tower, in addition to two low-rise retail/office buildings that total about 130,000 square feet. BART, the University of California and Kaiser Foundation Health Plan currently occupy the property. Affiliates of Rockpoint Group and the Swig Company plan to reposition the asset. This will include major renovations to the lobbies, common corridors, landscaping and retail amenities.

February 4, 2016

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