Office

NGKF Arranges Office Lease for Tech Firm in Washington Center in D.C.

by John Nelson January 8, 2016

WASHINGTON, D.C. — Newmark Grubb Knight Frank (NGKF) has arranged a 26,500-square-foot office lease at Washington Center, a 355,000-square-foot, Class A office building located at 1001 G St. N.W. in Washington, D.C. The new tenant is Optoro, a local tech firm serving the retail industry. The 12-story Washington Center office building has direct internal access to the newly renovated Grand Hyatt Hotel, as well as a private entrance to the Metro Center Metrorail station. Brendan Owen, George Vogelei and Rafael Notario of NGKF represented Washington Center’s ownership, Quadrangle Development Corp. and Oxford Property Group, in the lease deal. Harry Klaff, Jay Farmer and Andy O’Brien of JLL represented Optoro.

January 8, 2016

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

Strong Economic Growth Continues in Waco

by Haisten Willis January 8, 2016

Greater Waco’s economy is on a roll. Positioned halfway between Dallas and Austin, Waco is a prime destination for companies and individuals wanting access to large metro areas without the hassles of traffic, expensive real estate and labor shortages. With newly completed facilities such as Baylor University’s McLane Stadium and major downtown redevelopment projects, Waco is hitting the radar for new development opportunities. October 2015 marked 43 months of positive economic growth for the area, with 4.8 percent growth in the third quarter of 2015 alone. Major organizations, including Baylor, continue to aid in elevating the status of Waco as a dominant player in the Central Texas region. Just as Texas has seen significant growth since 2008, so too has Waco. One major contributor to Waco’s economic success has been employment growth. Employers are creating new jobs in the area, with 1,600 more positions now in place, 113,700 compared to 112,100 in October 2014. Construction, manufacturing, healthcare, hospitality and logistics remain strong drivers for the economy. The result is a community with a 4.8 percent unemployment rate and residents with more disposable income. In fact, real median household income for the Waco MSA grew 5.8 percent, to $43,184, between the …

January 8, 2016

Office Texas

Davis Commercial Arranges Sale of Office Building in Houston

by Haisten Willis January 7, 2016

HOUSTON — Davis Commercial has arranged the sale of a 5,955-square-foot office building on a 15,625-square-foot tract of land at 1214 Elgin St. in Houston. Bassak Investments was the buyer. The property was previously known as “The Lynch Building” where the law offices of Robert A. Lynch Jr. were headquartered. The buyer, Lance Kassab of Bassak Investments, will continue to use the building as law offices for the Kassab Law Firm. Ryan Neyland of Davis Commercial represented the seller, The Estate of Robert Lynch.

January 7, 2016

New York Northeast Office Retail

Savanna Closes on Acquisition of 135,000 SF Office/Retail Building in Harlem

by Amy Works January 7, 2016

NEW YORK CITY — Savanna has closed on the acquisition of a 135,000-square-foot office and retail building located at 1825 Park Ave. in Harlem’s 125th Street corridor. Giscombe Realty Corp. sold the property for an undisclosed price. The 12-story building is adjacent to the Harlem 125th Street station on the Metro North train line and one block from the 4, 5 and 6 subway lines. Savanna has a comprehensive capital improvement program slated for the property that will reposition the building as an institutional-quality property in Harlem’s supply-constrained office market. Jack Bick and Erik Otema of S. Charatan Realty represented the seller in the transaction. Laurie Grasso and Anthony Bonan of Hunton & Williams provided legal counsel for Savanna.

January 7, 2016

Industrial New Hampshire Northeast Office

Brady Sullivan Properties Acquires Two Multi-Building Portfolios Totaling 775,000 SF in New Hampshire

by Amy Works January 7, 2016

NASHUA, HUDSON, CONCORD AND MANCHESTER, N.H. — Brady Sullivan Properties has acquired two multi-building portfolios totaling 775,000 square feet in New Hampshire. In the first transaction, the company purchased a five-building, 500,000-square-foot office and industrial portfolio in Nashua and Hudson from Chicago-based RREEF Property Trust for $17.5 million. The portfolio includes Birch Pond Office Park, a 73,000-square-foot office building; 22 Cotton Road, a 154,000-square-foot office and R&D facility; 472 Amherst St., a 98,000-square-foot flex building; and 15 Trafalgar Square, a 34,000-square-foot office building, all of which are located in Nashua. The portfolio also includes 5 Wentworth Drive, a 140,000-square-foot medical device facility occupied by Atrium Medical Corp., in Hudson. Tom Farrelly, Denis Dancoes, Sue Ann Johnson and Matt Pullen of Cushman & Wakefield represented the undisclosed seller in the transaction. In the second deal, Brady Sullivan acquired a five-building office portfolio totaling 275,000 square feet for $11.5 million. The portfolio includes One and Two Capital Plaza and Eagle Square in Concord; 146 Main Street in Nashua; and 2 Wall Street in Manchester. Farrelly, Dancoes, Johnson and Pullen of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

January 7, 2016

Office Oregon Western

Urban Renaissance Group Buys Four-Asset Portland Office Portfolio

by Nellie Day January 7, 2016

PORTLAND, ORE. — Urban Renaissance Group (URG) has purchased a four-asset office portfolio based in Portland for an undisclosed sum. The acquisition brings URG’s portfolio to more than 10 million square feet throughout the Portland, Seattle and Colorado areas. The new assets include the 522,000-square-foot Pacwest Center; the 277,000-square-foot Liberty Centre; the 398,000-square-foot Moda Tower; and the 240,000-square-foot One Pacific Square. The seller was Langley Investment Properties (LIP). LIP plans to refocus its efforts on new investment and development opportunities, in addition to related portfolio asset management.

January 7, 2016

California Office Western

Swift Real Estate Partners Buys San Diego Office Portfolio for $30.4M

by Nellie Day January 7, 2016

SAN DIEGO — Swift Real Estate Partners has purchased a three-property office portfolio in the San Diego submarket of Carlsbad for $30.4 million. The acquisition includes the 61,578-square-foot Carlsbad Airport Plaza; the 53,982-square-foot Camino West Corporate Park; and the 80,506-square-foot La Place Court. The portfolio was about 65 percent leased at the time of sale. Swift represented itself in this transaction, while CBRE’s Louay Alsadek, Hunter Rowe, Andrew Taylor, Roger Carlson and Larry Cambra represented the seller, Brandywine Realty Trust. Carlson and Cambra were retained by Swift to handle the leasing for Camino West Corporate Park.

January 7, 2016

Arizona Office Western

Biltmore Financial Center in Phoenix to Undergo Complete Renovation

by Nellie Day January 7, 2016

PHOENIX — The Biltmore Financial Center, a 635,000-square-foot office campus in Phoenix, is set to undergo a multi-million-dollar renovation. The Class A campus is located at the northwest corner of 24th Street and Camelback. Owner ViaWest Group plans to add eight new speculative suites to the campus, in addition to a new 3,500-square-foot tenant lounge. It will also renovate Biltmore’s one-acre plaza and gym. The café’s offerings will be upgraded, as will elements of the lobby, corridors, bathrooms and elevators. The renovation commences this month. It is scheduled for completion in July. ViaWest purchased the Biltmore Financial Center this past summer for $163.1 million. At the time, the transaction was the largest multi-tenant office sale in the Phoenix area since 2007, and was the third largest sale ever in the metropolitan area, according to CoStar.

January 7, 2016

Illinois Loans Midwest Office

Alpha Alternative Arranges $18.3M Bridge, Preferred Equity Loan for Office Building in Chicago Suburb

by Christina Cannon January 7, 2016

ROLLING MEADOWS, ILL. — Alpha Alternative LLC has arranged an $18.3 million bridge and preferred equity loan for an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. 1600 Corporate Center is a 12-story, Class A multi-tenant office building that is located at 1600 Golf Road. The asset has 255,440 rentable square feet and was built in 1986. Bank of America recently signed a lease to occupy more than one-third of the building, which brought the total occupancy to 89 percent. Alpha Alternatives utilized a securitized lender and private equity lender to provide the interest-only financing for a combined rate of 500 basis points over LIBOR. Anthony Longo of Alpha Alternative arranged the 85 percent loan-to-cost financing.

January 7, 2016

Office Southeast Tennessee

CBRE Group Inc. Acquires CBRE | Memphis

by John Nelson January 7, 2016

MEMPHIS, TENN. — Los Angeles-based CBRE Group Inc. has acquired CBRE | Memphis, a commercial real estate services firm that has served as CBRE’s affiliate firm in Memphis since 1996. The firm has more than 100 employees on staff and leases and/or manages roughly 14 million square feet of commercial property in the metro Memphis area, as well as Arkansas and Jackson, Miss. CBRE | Memphis and CBRE’s existing corporate staff in the Memphis region totals more than 500 employees. After acquiring affiliate firms in Charleston, Columbia, Greenville and Louisville, CBRE Group now has 14 offices in the Southeast totaling more than 3,200 employees.

January 7, 2016

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