Office

Vinson & Elkins LLP to Move to The Union Dallas in 2018

by Haisten Willis December 14, 2015

DALLAS — The law firm of Vinson & Elkins plans to move its firm to The Union Dallas in 2018. Vinson & Elkins will lease 80,000 square feet and occupy three floors of the 22-floor office building at RED Development’s mixed-use project located at Field Street and Cedar Springs Road. The Union is a new office, residential and retail project totaling 800,000 square feet that will open in 2017. Phil Puckett and Harlan Davis of CBRE represented Vinson & Elkins in lease negotiations, and John Brownlee and Sarah Hinkley of Peloton represented the landlord, along with Paul Rowsey of RED Development. Vinson & Elkins’ office space in the top three floors of the office tower will include balconies with 360-degree views of Uptown, Downtown, the Arts District, Klyde Warren Park, Victory Plaza and the Margaret Hunt Hill Bridge. More than 145 attorneys will occupy the new space. Designed by Dallas-based architect HKS Inc., the project will include a 60,000-square-foot Tom Thumb grocery store on the ground floor. RED Development, the project developer, announced The Union in May 2014, and is also leading the design and construction for the project.

December 14, 2015

NAI Partners Negotiates Sale of 7207 Regency Square Office Building in Houston

by Haisten Willis December 14, 2015

HOUSTON — NAI Partners has negotiated the sale of the 7207 Regency Square office building. The 52,000-square-foot, multi-tenant office property is 10 percent occupied. Doug Pack of NAI Partners facilitated the negotiation between the seller, Malladi Partners, and the buyer, the Ardenwood Group.

December 14, 2015

Office Southeast Virginia

Columbia Property Trust Sells Office Property in Suburban Virginia for $65M

by John Nelson December 14, 2015

RESTON, VA. — Columbia Property Trust has sold a 244,565-square-foot office property in Reston, a Virginia suburb of Washington, D.C., for $65 million. The Class A office building is located at 1881 Campus Commons. Columbia Property Trust sold the office property to a real estate advisor based in Boston. Columbia Property Trust acquired the office building as part of a portfolio in January 2015 and since has increased the property’s occupancy from 79 percent to 91 percent. Columbia Property Trust, a publicly traded REIT, has a roughly $5 billion portfolio spanning 27 office properties in San Francisco, New York and Washington, D.C.

December 14, 2015

Georgia Office Southeast

Parkside Partners to Redevelop Boutique Office Property in Midtown Atlanta

by John Nelson December 14, 2015

ATLANTA — Parkside Partners plans to redevelop a 40,000-square-foot property located at 1280 W. Peachtree St. in Midtown Atlanta. The new $12 million project, known as 16th Station, will be a Class A, boutique office asset located at the southwest corner of West Peachtree and 16th streets. The property will feature exposed brick and concrete beams, large floor-to-ceiling warehouse windows, concrete floors, covered and outdoor patio space and a rooftop terrace with a lounge and firepit. MTSD Inc. designed the loft-style office project, which is schedule for an early 2017 completion. The property’s location within the Midtown Opportunity Zone gives tenants the opportunity to receive job-creation credits of $3,500 per year for each new job created for five years.

December 14, 2015

Michigan Midwest Office

40-Story Cadillac Tower in Motor City Undergoes Renovation Totaling More Than $3.5M

by Christina Cannon December 14, 2015

DETROIT — Cadillac Tower in Detroit is undergoing more than $3.5 million in extensive renovations. Huntington Construction Co. is managing the interior and exterior renovations to the 350,000-square-foot office building. The 40-story asset is located a 65 Cadillac Square on Campus Martius Park. Construction began in May 2015 and is expected to be complete in January 2016. Exterior renovations include new granite, an LED-lit canopy along Cadillac Square and first-floor façade renovations. Interior renovations include an updated entryway, new lobby directories, new tile flooring and wall finishes, new lighting and HVAC system for the lobby, plus a two-story feature wall. Tenants include Detroit Public Lighting Authority, Travelers Aid Society, Rex Worldwide, Midwest Careers Institute and the Mannik & Smith Group, an engineering and environmental consulting firm. Future plans for the building include a potential second-floor restaurant and renovation of the upper floors, common areas and restrooms. Neumann/Smith Architecture is serving as project architect. New York-based Moon Beam Capital and Capital Alliance Investments own the property, and Southfield, Mich.-based Farbman Group serves as the property manager.

December 14, 2015

California Office Western

Xchange Solutions Buys Office Building in California for $3.3M

by Nellie Day December 11, 2015

ORANGE, CALIF. — Xchange Solutions has purchased a 25,900-square-foot office building in Orange for $3.3 million. The building is located at 2230 W Chapman Ave. It is situated on 1.1 acres. Chris Migliori of DAUM’s Orange County office represented both the buyer and seller, Wells Fargo Bank, N.A. in this transaction.

December 11, 2015

North Carolina Office Southeast

Heritage Properties to Develop Office Building in Raleigh

by John Nelson December 11, 2015

RALEIGH, N.C. — Heritage Properties Inc. plans to develop Legacy at Brier Creek, a 121,000-square-foot, Class A office building in Raleigh. The development will be situated at the corner of TW Alexander and Brier Creek Parkway. The office building’s amenities will include a tenant lounge on the first floor with a coffee bar and Wi-Fi, fitness center and yoga studio, locker rooms with showers and an outdoor terrace with seating and grills. The building is designed with 15-foot floor-to-ceiling heights on each floor, allowing tenants the option of having an exposed 15-foot ceiling or a traditional 10-foot drop ceiling. The property features land for the development of an additional 45,000 square feet of office space. Heritage Properties has selected Colliers International to lease the project.

December 11, 2015

Illinois Loans Midwest Office

HFF Brokers $168.2M Sale of Office Building in Chicago

by Christina Cannon December 11, 2015

CHICAGO — Holliday Fenoglio Fowler (HFF) has arranged the $168.2 million sale of an office building in Chicago’s West Loop. 200 West Adams is a 32-story, LEED Gold-certified building that spans 683,730 square feet. Sterling Equities and Lincoln Property Co. sold the asset to Gerding Edlen. The buyer also secured a $133.9 million acquisition loan through AEW Capital Management LP. The floating-rate loan is for a period of three years. 200 West Adams is located at the northwest corner of Adams and Wells Streets and was built in 1985. The building is 91 percent occupied by tenants such as the Government Services Administration, BMO Harris Bank and law firm Lowis & Gellen. The retail space on the lobby level is leased to Starbucks, Walgreens and Au Bon Pain. Jeff Bramson and Jaime Fink of HFF represented the seller in the transaction. Tim Joyce of HFF originated the loan.

December 11, 2015

Midwest Office Wisconsin

Siegel-Gallagher Arranges 5,202 SF Office Lease in Waukesha, Wisconsin

by Christina Cannon December 11, 2015

WAUKESHA, WIS. — Siegel-Gallagher has arranged a 5,202-square-foot office lease in Waukesha, approximately 20 miles west of Milwaukee. The building, Crossroads XIV, is located at 20300 Water Tower Blvd. Lueder Financial Group LLC (also known as Northwestern Mutual) is the tenant, and Janesville LLP is the landlord. Shaun Dempsey of Siegel-Gallagher brokered the deal.

December 11, 2015

California Office Western

Investcorp Acquires Tower Plaza in San Mateo as Part of $400M Portfolio Buy

by Nellie Day December 10, 2015

SAN MATEO, CALIF. — Investcorp has purchased Tower Plaza, a multi-tenant office complex in the San Francisco submarket of San Mateo. The Class B property was purchased as part of a nationwide office and industrial portfolio acquisition that was valued at $400 million. Tower Plaza contains a 12-story office tower; three, two-story plaza buildings; one single-story plaza building; and a five-story parking garage. The property is located at 2121 S. El Camino Real. It is situated between San Francisco and Silicon Valley. The other assets are located in Atlanta and Wilmington, Mass. The properties were purchased in four separate transactions. The portfolio contains a total of more than 5.5 million square feet, with an average occupancy rate of about 85 percent. Investcorp plans to add value to the properties through upgrades, renovations and capital investment.

December 10, 2015

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