Office

M&M Arranges Sale of Office Building in Houston

by Haisten Willis January 8, 2016

HOUSTON — Marcus & Millichap has arranged the sale of an office property located in Houston. The building consists of 53,472 rentable square feet on a 2.4-acre parcel. Keith Lloyd of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Derek Hargrove and Justin Miller, also of the firm’s Houston office, secured the buyer, a Houston-based investor. The property is located at 2411 Fountain View Drive just to the north of Westheimer Road in Houston’s Uptown/Galleria area.

January 8, 2016

CBRE, Advocate Commercial Real Estate Advisors Arrange 71,813 SF Office Lease in Chicago

by Christina Cannon January 8, 2016

CHICAGO — CBRE, in conjunction with Advocate Commercial Real Estate Advisors, has arranged a 71,813-square-foot office lease in Chicago. Clark Hill PLC will be relocating from its 36,848-square-foot space at 150 N. Michigan Ave. The law firm will begin occupying space at the Prudential Plaza, located at 130 E. Randolph St., in late 2016. The lease is for the top three floors of the office building. William Truszkowski, Matthew Pistorio and Caroline Colnon of The Telos Group represented the landlord. Todd Lippman and Bill Sheehy of CBRE, along with Craig Braham of Advocate Commercial Real Estate Advisors, represented Clark Hill in the transaction.

January 8, 2016

New Jersey Northeast Office

Mack-Cali Realty Corp. Buys 147,241 SF Office Building in New Jersey

by Amy Works January 8, 2016

PARSIPPANY, N.J. — Mack-Cali Realty Corp. has acquired a vacant office building located at 3 Sylvan Way in Parsippany. The 147,241-square-foot, three-story property features 50,000-square-foot plates with a saw-tooth design and large open spaces. The property, along with 1 and 5 Sylvan Way, will repositioned as an interconnected three-building mini campus, as part of the overall 600-acre Mack-Cali Business Campus. The total campus includes 15 Class A office properties totaling approximately 2.1 million square feet of space. The three buildings will undergo significant renovations, including lobby renovations, the creation of a full-service fitness center with yoga rooms and a golf simulator, an upgraded business-class conference center and numerous dining options, including a full-service café and coffee bar.

January 8, 2016

Delaware Northeast Office

NAI Emory Hill Negotiates Sale of 45,399 SF Office Building in Delaware

by Amy Works January 8, 2016

WILMINGTON, DEL. — NAI Emory Hill has brokered the sale of Stoney Batter Office Building at 5301 Limestone Road in Wilmington. 5301 Properties LLC acquired the property from Rockford Capital Partners for an undisclosed price. Built in 1987, the 45,399-square-foot Class A property is situated on 6.1 acres. Current tenants of the fully occupied building include Simon Eye Care, Lab Corp., Edward Jones & Co., Meridian Bank, and Crown Cork and Seal. Jim O’Hara Jr., Jim O’Hara II and Kevin O’Hara of NAI Emory Hill represented the buyer and seller in the transaction.

January 8, 2016

District of Columbia Office Southeast

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

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