Office

HFF Arranges $78M Sale of Richmond Tower in Downtown Richmond

by John Nelson January 12, 2016

RICHMOND, VA. — HFF has brokered the $78 million sale of Richmond Tower, a 207,000-square-foot office tower located at 200 S. 10th St. in downtown Richmond. Completed in 2010, the 15-story property was 98 percent leased at the time of sale. Law firm Williams Mullen occupies roughly 82 percent of the office tower, which is situated adjacent to Kanawha Plaza and a few blocks from the Virginia State Capitol. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction. Adam Vaisman of Butters Construction and Development and Richard Ostrovsky of MEK Management Services Inc. advised the buyer, Kireland South 10th Street LLC. Cary Abod of HFF’s debt placement team arranged $52 million in fixed-rate acquisition on behalf of the buyer.

January 12, 2016

Florida Loans Office Southeast

Ready Capital Structured Finance Closes $8.8M Acquisition Loan for Orlando Office Building

by John Nelson January 12, 2016

ORLANDO, FLA. — Ready Capital Structured Finance has provided an $8.8 million acquisition loan for a six-story, 82,892-square-foot Class B office building in Orlando’s central business district. The unnamed sponsor purchased the asset to renovate and upgrade the lobby and common areas, and to lease up the remaining vacant office space. The non-recourse loan features a three-year term with a one-year extension, which is inclusive of a facility to provide for future tenant improvements, leasing commissions and capital expenditures.

January 12, 2016

Loans Office Texas

Grandbridge Arranges $6.2M Loan for Office Building in Houston

by Haisten Willis January 11, 2016

HOUSTON — Adam Lipkin of Grandbridge Real Estate Capital’s Miami team has secured a $6.2 million bridge loan for a Houston-area office building. A sovereign wealth fund operated by the Republic of Nauru owns the property. A direct small-balance commercial real estate lender provided the two-year loan to the Nauru Phosphate Royalties Trust, a subsidiary of Nauru Realty Trust. With just under 10,000 inhabitants, Nauru is the world’s smallest island nation. Its government developed the Nauru Phosphate Royalties Trust to invest proceeds from a state-owned mining company. The loan facilitated by Lipkin provides a short-term financing solution for the Houston office building, which is occupied by Jacobs Technology, a wholly owned subsidiary of publicly traded NASA contractor Jacobs Engineering Group. Jacobs provides technical, professional and construction services to various industrial, commercial and governmental clients. The Jacobs office building is located at 2224 Bay Area Blvd. at the hard corner of Bay Area Boulevard and Space Center Boulevard in the Clear Lake area of Houston.

January 11, 2016

Office Texas

Moody Rambin Arranges Office Lease in Houston

by Haisten Willis January 11, 2016

HOUSTON — Weeks Marine has leased 8,266 square feet at the Columbia Centre building located at 11011 Richmond Ave. in the Westchase submarket of Houston. Griff Jaggard and Kurt Kistler of Moody Rambin represented the building owner, DIG Columbia Centre, in the lease. Andre Granello with Cresa Partners represented the tenant in negotiations. Weeks Marine is a marine construction and dredging company.

January 11, 2016

Loans Maryland Office Southeast

PCCP Provides $34.1M Acquisition Loan for Office Property in Metro D.C.

by John Nelson January 11, 2016

ROCKVILLE, MD. — PCCP has provided a $34.1 million loan for the acquisition and lease-up of Park Plaza I and II, a 264,285-square-foot office campus located in Rockville, a Maryland suburb of Washington, D.C. Park Plaza I was 86 percent leased at the time of sale to tenants such as Northrop Grumman and Monument Bank, and Park Plaza II was 14 percent leased at the time of sale, offering the only available contiguous block of Class A office in Rockville exceeding 100,000 square feet. John Campanella of Cushman & Wakefield arranged the loan through PPC on behalf of the borrower, an affiliate of Marcus Capital Partners Fund II LP.

January 11, 2016

Connecticut Loans Northeast Office

Mission Capital Advisors Arranges $24.5M Loan for Office Building in Connecticut

by Amy Works January 11, 2016

STAMFORD, CONN. — Mission Capital Advisors has arranged a $24.5 million loan for an office building located 9 W. Broad St. in Stamford. The borrower was a joint venture between certain funds managed by Westport Capital Partners and Forstone Capital. The 191,000-square-foot property was recently repositioned and upgraded by the ownership, which acquired the nearly vacant property in 2013. The property now features a ground-floor cafeteria, fitness center, conference rooms, lobbies and common areas. Additionally, the building features 540 on-site parking spaces and a shuttle service to the Stamford Transportation Center. Jordan Ray, Ari Hirt, Steven Buchwald and Lexington Henn of Mission Capital represented the borrower in the financing.

January 11, 2016

Northeast Office Pennsylvania

Shorenstein Properties Acquires 1700 Market Street Building in Philadelphia

by Amy Works January 11, 2016

PHILADELPHIA — Shorenstein Properties LLC has acquired the 848,000-square-foot 1700 Market Street building, located in Philadelphia’s Center City submarket. The Philadelphia Business Journal reported the asset was purchased for just under $200 million. The 32-story office tower is located at the intersection of Market and 17th streets and provides more than 675 parking spaces and 30,000-square-foot floor plates. Shorenstein plans to renovate and upgrade the building. Amenities at 1700 Market Street include a fitness center, a child care facility, dry-cleaning facility, travel agency, restaurants, florist, pharmacy and branch bank.

January 11, 2016

Midwest Office Ohio

Rubenstein Partners Sells Seven-Building Office Portfolio Near Cleveland for $30M

by Christina Cannon January 11, 2016

FAIRLAWN, OHIO — Rubenstein Partners LP, along with an affiliate of Mark Munsell, has sold a seven-building office portfolio in Fairlawn, approximately 30 miles south of Cleveland, for $30 million. Embassy Park Akron LP, an affiliate of Group RMC, acquired the Class A portfolio. The properties are known collectively as the Embassy Parkway Portfolio. John Dellagnese & Associates built the seven assets, which total 400,000 square feet. The portfolio was approximately 80 percent occupied at the time of sale. Russell Rogers and Thomas Gustafson of Colliers International brokered the deal. Colliers International also brokered the transaction in 2012 when Rubenstein Partners acquired the portfolio.

January 11, 2016

Georgia Office Southeast

Shorenstein Properties Acquires 1.3 Million SF Bank of America Plaza in Atlanta

by Christina Cannon January 8, 2016

ATLANTA — Shorenstein Properties LLC, acting on behalf of Shorenstein Realty Investors Eleven, has acquired the 1.3-million-square-foot Bank of America tower in Atlanta. According to the Atlanta Business Chronicle, the plaza was appraised at $236.5 million and that someone close to the deal indicated a $220 million purchase price. CWCapital, which acquired the building in 2012 after BentleyForbes lost the tower to foreclosure, was the seller. The 55-story building is currently the 11th tallest building in the United States. Built in 1992, the Bank of America Plaza is located at 600 Peachtree St. NE. The building is currently 45 percent leased and provides over 1,200 parking spaces and floor plates that range from 20,000 to 25,000 square feet. The 1,023-foot building was designed by Kevin Roche John Dinkeloo and Associates. Amenities include a conference center, 4,000-square-foot auditorium, bank with ATMs, Gallery Café and a 17,000-square-foot health club and spa. Shorenstein plans to make investments to the lobby and amenity areas, as well as cosmetic improvements and upgrades throughout the building.

January 8, 2016

Office Texas

Regent Properties to Invest $100M in Corporate Campus Renovation in Plano

by Haisten Willis January 8, 2016

PLANO, TEXAS — Regent Properties plans to redevelop Legacy Central, a mixed-use campus located at Legacy Drive and Central Expressway in Plano. Regent acquired the property on Dec. 17, 2015. The $100 million campus renovation will accommodate office tenants ranging from 25,000 to 1 million square feet in four existing buildings on 84 acres. The buildings will be retrofitted while undeveloped land will be readied for complementary uses, such as restaurants, a hotel and retail, as well as additional mid-rise office buildings in the future. The site is entitled for up to 3.7 million square feet, allowing office tenants an expansion opportunity via additional office buildings on a build-to-suit basis. A ground breaking is planned for the second quarter of 2016. The property was acquired from Texas Instruments (TI), which had owned the site since the 1980s and built the four office buildings and fitness center for its own use. TI will lease back two of the buildings through 2016, finalizing a phase-out from the campus. The renovations will include indoor and outdoor conference rooms, a 150-seat auditorium, 30,000-square-foot fitness center, yoga rooms, lap swimming pool, sand volleyball court, tennis court, rock climbing wall, indoor basketball court, one-mile jogging/biking trail, …

January 8, 2016

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