Office

Construction Begins on $1.7B Miami Worldcenter Mixed-Use Development

by Haisten Willis March 2, 2016

MIAMI — Construction has begun on Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, Paramount Miami Worldcenter. This marks the start of the $1.7 billion, 27-acre development’s retail component. “You are literally going to see six blocks being developed all at the same time. This is basically step one of multiple steps in which you are going to see six buildings going vertical,” says Daniel Kodsi, developer and CEO of Paramount Miami Worldcenter. Miami Worldcenter will include Paramount and six other residential and office buildings, an 1,800-room Marriott Marquis and convention center, an intermodal hub and a retail and restaurant promenade. CoastalTishman, a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, is close to completing the installation of 400 pilings that will support the glass-clad tower designed by Elkus Manfredi Architects in collaboration with Paramount Miami Worldcenter’s in-house design team. Upon completion of the pilings, CoastalTishman will start building the tower’s foundation. The first phase of construction will focus on Paramount Miami Worldcenter, a 700-foot, 60-story residential skyscraper. The $500 million tower will feature one of the largest amenity decks in the country, spanning 90 feet above downtown …

March 2, 2016

scarbrough-building-522-congress-avenue-austin

Office Texas

ECR Arranges Office Lease in Austin

by Haisten Willis March 1, 2016

AUSTIN, TEXAS — ClearDATA, which is a health care cloud-computing software and service provider, has leased 10,536 square feet of office space at the Scarbrough Building, located at 522 Congress Ave. in Austin. Jason Steinberg and Matt Levin of ECR represented the unnamed landlord. Keith Zimmerman with Oxford Commercial represented the tenant.

March 1, 2016

Mixed-Use New York Northeast Office Retail

Cushman & Wakefield Negotiates $17M Sale of Mixed-Use Property in Brooklyn

by Amy Works March 1, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1623 Kings Highway in Brooklyn’s Gravesend neighborhood. The 21,960-square-foot property sold for $17 million in an all-cash transaction. The four-story building is fully occupied by Verizon Wireless, Tiger Schulman’s and Interborough Consulting. Bob Knakal, Alex Svetlakou and Jonathan Hageman of Cushman & Wakefield represented the undisclosed seller, while Chaim Cahane of Forte Capital Management represented the undisclosed buyer in the transaction.

March 1, 2016

Victory Point 14200 Park Meadow Drive Chantilly

Office Southeast Virginia

Goldstar Group, CrossHarbor Capital to Buy Office Building in Metro D.C. for $16.4M

by John Nelson March 1, 2016

CHANTILLY, VA. — A joint venture between The Goldstar Group and Boston-based CrossHarbor Capital Partners LLC has purchased a three-story, 150,000-square-foot office building located within Westfields Office Park in Chantilly for $16.4 million. The property, known as Victory Point, is located at 14200 Park Meadow Drive and was 82 percent leased at the time of sale to tenants such as Travelers Insurance. The former owner, Carr Properties, recently invested more than $2 million to renovate the common area lobby, upgrade the building’s physical plant and install a fitness and health center. Eric Berkman and Steve Gichner of Cushman & Wakefield represented Carr Properties in the sale. Goldstar Group and CrossHarbor Capital were self-represented in the transaction.

March 1, 2016

Georgia Loans Office Southeast

NorthMarq Capital Arranges $5.9M Acquisition Loan for Office Building in Metro Atlanta

by John Nelson March 1, 2016

MARIETTA, GA. — NorthMarq Capital has arranged a $5.9 million acquisition loan for a 106,000-square-foot office building located at 1090 Northchase Parkway in Marietta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq Capital’s Atlanta office arranged the non-recourse loan through a local bank. The loan featured no pre-payment penalties and a 25-year amortization schedule.

March 1, 2016

Illinois Midwest Office

Alex Brown Realty, Ameritus Acquire 150,815 SF Office Property in Chicago

by Christina Cannon March 1, 2016

CHICAGO — A joint venture organized by Alex Brown Realty Inc. and Ameritus LLC has acquired a 150,815-square-foot office building in the medical district of Chicago for an undisclosed price. The Hasting Center was constructed in 1942 and is currently 90 percent occupied. The building is the office component of a larger industrial facility. The four-story building features loft office elements such as 15-foot ceilings, exposed ductwork, open floor plates and 10-foot windows. The joint venture plans to renovate the entrance, lobby and parking ratio.

March 1, 2016

Office Texas

NAI Robert Lynn Arranges Office Lease in Dallas

by Haisten Willis March 1, 2016

DALLAS — Swagit Productions, which specializes in streaming media for government and TV stations, has leased 22,618 square feet of office space at North Central Plaza III, located at 12801 Central Expressway in Dallas. Kent Smith of NAI Robert Lynn negotiated the lease with Laura Maczka and Mark Jordan of JP Realty Partners / Sooner Management.

March 1, 2016

Features Multifamily Office Retail Top Stories

Construction Deliveries Increase Across Property Types, Says Reis

by Christina Cannon March 1, 2016

As 2015 came to an end, construction deliveries for the office, retail and apartment sectors were on the rise, according to Reis. That trend is expected to continue through 2016, the New York-based commercial real estate data firm says. For the fourth quarter of 2015, the apartment sector recorded its third consecutive quarter above 50,000 units delivered. Deliveries for office properties were above 9 million square feet for the third consecutive quarter. Retail deliveries increased for the second consecutive quarter. Apartment Sector Ramps Up “2015 was the highest year for apartment construction since 1999,” says Ryan Severino, senior economist and director of research at Reis. “With the pipeline continuing to swell, completion figures for 2016 are expected to exceed those from 2015.” Texas markets led deliveries for new apartment units, with Houston posting 4,330 new units and Dallas delivering 3,178 units in the fourth quarter of 2015. Behind the Lone Star State is Seattle, posting 2,806 newly constructed units. Los Angeles delivered 2,795 units, and Denver added 2,671 units to the multifamily landscape. Office Sector Stays Steady Office construction has slowly increased over the last few quarters. The fourth quarter of 2015 ended with just under 11 million square feet …

March 1, 2016

Massachusetts Northeast Office

Griffith Properties/Echo Bridge Partners Sell Office Building Massachusetts for $32.5M

by Amy Works February 29, 2016

CHELMSFORD, MASS. — Griffith Properties/Echo Bridge Partners has completed the disposition of an office building located at 5 Omni Way in Chelmsford. A private New York-based investment firm acquired the 131,430-square-foot asset for $32.5 million. The property recently underwent a $15 million redevelopment and renovation. The building will serve as a key regional call center and executive hub for Comcast with 24/7/365 operations and full call center backup redundancy. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction.

February 29, 2016

Connecticut Healthcare Northeast Office

Jacobson Properties, RE/MAX Right Choice Broker $6.1M Sale of Medical Center Property in Connecticut

by Amy Works February 29, 2016

WESTBROOK, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Lakebrook Medical Center in Westbrook. An institutional healthcare real estate investment firm acquired the Class A medical office building for $6.1 million. At the time of sale, the 24,500-square-foot property was leased by Yale Heart & Vascular and Middlesex Hospital. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice handled the transaction. The name of the seller was not released.

February 29, 2016

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