Office

Patterson-Woods Completes $20.4M Lease with U.S. Bankruptcy Court in Delaware

by Amy Works February 4, 2016

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has completed a 65,941-square-foot office lease at 824 N. Market St. in Wilmington for the U.S. Bankruptcy Court for the district of Delaware. The new 10-year lease has a gross value of $20.4 million. The U.S. Bankruptcy Court premises comprise the third, fifth, sixth floors, as well as a portion of the second floor of the 196,969-square-foot office building. Bart Mackey of Patterson-Woods represented the landlord, NNN 824 North Market Street LLC, while the General Services Administration represented the tenant in the transaction.

February 4, 2016

irving-music-factory-the-pavilion-las-colinas-texas

Mixed-Use Office Restaurant Retail Texas

Skanska Awarded $94M Construction Contract for Irving Music Factory in Metro Dallas

by Haisten Willis February 3, 2016

LAS COLINAS, TEXAS — Skanska has signed a $94 million contract with the ARK Group of Charlotte, N.C., to build the Irving Music Factory in Las Colinas. Skanska will convert the existing 16.8-acre greenfield site into an entertainment destination. The new project will include an 8,000-seating capacity indoor/outdoor concert hall called the Pavilion operated by Live Nation. The venue includes seven buildings offering more than 250,000 square feet of entertainment, retail and restaurant space and an eight-screen Alamo Drafthouse Cinema. Additionally, there will be a four-story, 100,000-square-foot office tower sitting atop a six-level, 1,200-space parking garage. The project also features a 50,000-square-foot plaza and four outdoors stages. The venue is designed to host a variety of events, including music performances, fashion shows, farmers markets and food festivals throughout the year. Gensler is the architect for the project. Construction for the venue is expected to commence this month and is slated for completion in June 2017.

February 3, 2016

Georgia Office Southeast

Grady Health System Expands Footprint at Hurt Building in Downtown Atlanta

by John Nelson February 3, 2016

ATLANTA — Grady Health Systems has expanded its lease by 23,970 square feet at Hurt Building, a 17-story, 436,340-square-foot office building located at 50 Hurt Plaza in downtown Atlanta. Grady’s footprint at Hurt Building totals more than 80,000 square feet. Grady Health System consists of the 953-bed Grady Hospital, six neighborhood health centers, Crestview Health & Rehabilitation Center and Children’s Healthcare of Atlanta at Hughes Spalding, which is operated as a Children’s affiliate. David Barry and Adam Blue of Boxer Property represented Grady in the lease transaction.

February 3, 2016

Illinois Midwest Office

MB Real Estate Arranges 10,000 SF Office Lease in Chicago

by Christina Cannon February 3, 2016

CHICAGO — MB Real Estate has arranged a 10,000-square-foot office lease for ReviewTrackers, a software company that gathers consumer-generated data for businesses. ReviewTrackers has relocated to the new space from a 3,300-square-foot building at 415 N. Aberdeen St., nearly tripling its footprint. ReviewTrackers new location is at 320 W. Ohio St. Craig McCaw of MB Real Estate represented ReviewTrackers in the transaction. Jason Schulz of The J. Rich Co. represented the sub-landlord, Red Frog Events.

February 3, 2016

Industrial Loans Multifamily New Jersey Northeast Office Retail

Prudential Mortgage Capital Co. Provides $14.6B in Financing in 2015

by Amy Works February 3, 2016

NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.

February 3, 2016

New Jersey Northeast Office

Mack-Cali Realty Acquires 196,128 SF Office Building in New Jersey

by Amy Works February 3, 2016

EDISON, N.J. — Mack-Cali Realty has acquired Metroview, a 10-story office building located at 333 Thornall St. in Edison for an undisclosed price. Situated on 11.5 acres, the 196,128-square-foot office building features 21,000-square-foot floor plates and was 96 percent occupied at the time sale. Major tenants include AXA Equitable, ICAP Securities, Cohn Reznick, Lincoln National, Merrill Lynch and United Healthcare. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 3, 2016

Connecticut Northeast Office

Angel Commercial Brokers Two Deals in Connecticut Totaling $10.8M

by Amy Works February 3, 2016

WESTPORT, CONN. — Southport, Conn.-based Angel Commercial has arranged the sales of two properties in Westport owned by the Kowalsky family for a combined value of $10.8 million. In the first deal, a limited liability company controlled by Investment Capital Holdings LLC acquired a 42,624-square-foot multi-tenant office building at 1777 Post Road East for $6.8 million. In the second transaction, a limited liability company controlled by Coastal Construction Group purchased a 9,184-square-foot office building located at 1141 Post Road East for $4 million. Coastal Construction Group plans to develop a mixed-use development on the 5.4-acre site. Jon Angel and Brett Sherman of Angel Commercial represented the seller and buyers in the transactions, which both closed the last week of January.

February 3, 2016

Connecticut Market Reports Northeast Northeast Market Reports Office

Tenants Have the Upper Hand in Stamford Office Market

by Jaime Lackey February 3, 2016

The Stamford, Connecticut, office market has everything going for it: proximity to New York City, a good transportation system, a wonderful quality of life, a superior public school network, great recreational possibilities being on Long Island Sound and great professionals. The one negative: almost zero growth in the state for the past 25 years in terms of both population and office-using jobs. This lack of growth has led to a very soft economic climate as it relates to office space. The vacancy rate for class A office space has hovered at more than 20 percent for the last seven years or more and has dipped below that only a few times since 1990. Vacancy Rate Favors Tenants In Fairfield County, the point of equilibrium is an office vacancy rate of approximately 15 percent. In other words, when the vacancy rate is 15 percent, neither landlords nor tenants have the upper hand in the negotiation of a lease transaction. In Stamford, the current vacancy rate resides at just over 23 percent — and that gives significant negotiating leverage to tenants that are looking for space. Interestingly enough, landlords of some of the better Class A institutional buildings are willing, and able, …

February 3, 2016

Delaware Healthcare Northeast Office

Emory Hill Real Estate Services Acquires Glasgow Medical Center in Delaware for $13.8M

by Amy Works February 2, 2016

GLASGOW, DEL. — 2600 Glasgow LLC, an affiliate of NAI Emory Hill Real Estate Services, has acquired Glasgow Medical Center, located at 2600 Glasgow Ave. in Glasgow. GMC LLC sold the property for $13.8 million. The 109,000-square-foot building offers medical office suites ranging from 1,475 to 6,800 square feet. Current tenants include Ambulatory Surgery Center and Medical Aid Unit, laboratory facilities and various specialty medical practices and administrative support functions. Emory Hill provided in-house representation for the buyer, while the seller was represented by Tactix. David Morrison of NAI Emory Hill is handling leasing activities for the property.

February 2, 2016

Office Texas

Senderra RX Relocates, Expands Headquarters in Dallas

by Haisten Willis February 2, 2016

DALLAS — Senderra RX, a disease state management specialty pharmacy, has signed a long-term lease that will move its corporate office to Lake Highlands Tower, a Class A office building located at 9330 Lyndon B. Johnson Freeway in Dallas. Senderra RX will occupy 21,642 square feet of the 15-story office building, having outgrown its existing facility. Amenities at the property include a full-service bank, barber shop, dry cleaner, conference center and on-site security. Cushman & Wakefield’s Dan Harris and Craig Wilson represented Senderra RX in the transaction. Blake Shipley and Jay Bailey of JLL represented the landlord, Gregory & Malouf Interests.

February 2, 2016

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