Office

Onyx Equities, Rubenstein Partners Completes $9M Renovation of New Jersey Office Property

by Amy Works December 9, 2015

BASKING RIDGE, N.J. — Onyx Equities and Rubenstein Partners have completed a $9 million renovation of a 300,000-square-foot office property located at 211 Mount Airy Road in Basking Ridge. The repositioning program included a new multistory lobby with a 15-foot media wall, refurbished common areas, a fitness center with locker rooms, a cafeteria and a 127-seat auditorium. Additionally, the building’s façade was removed and replaced with a glass curtain wall allowing more natural light and views of the 52-acre campus. Newmark Grubb Knight Frank is handling leasing for the property, which is owned by Onyx and Rubenstein.

December 9, 2015

Loans New York Northeast Office

Newmark Holdings Receives $100M Refinancing for Manhattan Office Building

by Amy Works December 8, 2015

NEW YORK CITY — Newmark Holdings has received $100 million in refinancing for 560 Broadway, a six-floor, 122,454-square-foot office building in Manhattan’s Soho neighborhood. The funding will be used for a major capital improvement plan that will reposition and upgrade the property. The property, which Newmark Holdings purchased in 1986, is currently 100 percent occupied with a tenant roster that includes Converse, Dean & Deluca and Lerer Hippeau Ventures. The funding was provided by TD Bank and BNY Mellon.

December 8, 2015

Maryland Office Southeast

Lantian Development Acquires Office Campus in Maryland for $11.5M

by John Nelson December 8, 2015

CLARKSBURG, MD. — Lantian Development has purchased the 204-acre COMSTAT campus in Clarksburg for $11.5 million. Lantian Development acquired the 496,000-square-foot facility from LCOR in an all-cash transaction. The building was constructed in 1969 as the research facility for COMSTAT Corp., which was created by the Communications Satellite Act of 1962. COMSTAT sold the property back in 1997 in a $46 million sale-leaseback deal. The property features 3,600 feet of frontage on I-270, a vacant main building and three special purpose buildings totaling 36,000 square feet. Avison Young represented the seller in the transaction, and John Wang of RE/Max represented Lantian Development.

December 8, 2015

Office Southeast Virginia

Cambridge Property Group Brokers $21.5M Sale of Office Building in Tysons Corner

by John Nelson December 7, 2015

TYSONS CORNER, VA. — Cambridge Property Group LLC has brokered the $21.5 million sale of a 101,440-square-foot office building located at 1760 Old Meadow Road in Tysons Corner. Built in 1999, the Class A office building features a two-story marble lobby and a five-level parking garage connected to the building via a covered breezeway. The buyer, Galaxy Metro LLC, plans to make capital improvements to the property and rename the building Cambridge Metro Outlook. Galaxy Metro has also retained Cambridge Property Group to manage and lease the five-story property. Galaxy Metro purchased the asset from TIAA-CREF. HFF represented the seller, and Cambridge Property Group represented the buyer in the transaction.

December 7, 2015

Northeast Office Pennsylvania

Workspace Property Trust Buys 41 Office, Flex Buildings in Horsham, Pa., for $245.3M

by Amy Works December 7, 2015

HORSHAM, PA. — Workspace Property Trust (WPT) has acquired 41 office and flex buildings in Horsham from Liberty Property Trust for $245.3 million. The portfolio comprises 2.3 million square feet of mixed property types and tenants. The acquisition is the first real estate transaction by WPT and represents the beginning of a strategic plan to build a portfolio of high-quality, well-positioned suburban real estate assets in the Northeast. The acquisition was financed with a $200 million loan provided by JPMorgan Chase Bank. Mike Tepedino, Michael Gigliotti, Ryan Ade and James Conley of HFF arranged the acquisition financing. A privately held, vertically integrated, full service commercial real estate company, WPT is a partnership between Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital. The trust specializes in the development, management and operation of office and flex space in the Northeast.

December 7, 2015

Illinois Industrial Midwest Office

Avison Young Arranges Sale of 63,305 SF Flex Space in Chicago Suburb

by Christina Cannon December 7, 2015

NORTHBROOK, ILL. — Avison Young has brokered the sale of a 63,305-square-foot showroom and warehouse in Northbrook, approximately 25 miles northwest of Chicago. The asking price for the property was $4.6 million, but the final sales price was not disclosed. Underwriter Laboratories acquired the property located a 750 Anthony Trail from Damar Natural Stone, which previously occupied the building. The asset is situated on a 4.2-acre site in the Sky Harbor Industrial Park. The building includes 12,000 square feet of office space, 34-foot clear heights and 72-foot deep loading docks. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the seller in the transaction. Al Caruana and Britt Casey of Cushman & Wakefield represented the buyer.

December 7, 2015

California Office Western

Scripps Health, Irvine Co. Launch Retail Clinic in University City

by Nellie Day December 4, 2015

UNIVERSITY CITY, CALIF. — Scripps Health and Irvine Co. have opened Scripps HealthExpress, a retail health clinic at The Plaza, Irvine Co.’s office complex in University City. Located at 4350 La Jolla Village Drive, the 1,691-square-foot facility will feature four exam rooms and a variety of medical and wellness services on an appointment and walk-in basis. Scripps Clinic will operate the facility. The is the first healthcare facility in San Diego County to open in a workplace community.

December 4, 2015

Healthcare Office Texas

Henry S. Miller Arranges Sale of Medical Office Building in Arlington

by Haisten Willis December 4, 2015

ARLINGTON, TEXAS — Rebecca Harrell of Henry S. Miller represented Town Oak Properties in the sale of a 3,150-square-foot medical office building located at 919 W. Randol Mill Road in Arlington. Alavi Legacy Foundation purchased the building for a pain management clinic scheduled to open in January 2016. The building is located across the street from Texas Health Arlington Memorial Hospital.

December 4, 2015

Office Texas

Colliers International Negotiates Sale of Development Site in Houston

by Haisten Willis December 4, 2015

HOUSTON — Colliers International has arranged the sale of 4.5 acres located at 5555 W. Sam Houston Parkway to CKS Land Development LLC. The property is located on the west side of Sam Houston Parkway between Clay and Tanner roads, and it will be used for the construction of a 54,500-square-foot corporate building for CKS Land Development. Plans call for construction to begin in the first quarter of 2016. Archway 5555 WSHT Ltd. was the seller and was represented by Marshall Clinkscales, Greg Cizik and Edward Edson of Colliers International. Dylan Schopper of Northwinds Commercial Realty represented the buyer.

December 4, 2015

District of Columbia Office Southeast

Cushman & Wakefield Brokers $107.9M Sale of Office Building in D.C.

by John Nelson December 4, 2015

WASHINGTON, D.C. — Cushman & Wakefield has brokered the $107.9 million sale of a 218,923-square-foot office building located at 1575 Eye St. in Washington, D.C. The property is located one block from the White House and adjacent to the McPherson Square Metrorail Station, Hay Adams, St. Regis, Capital Hilton and Hyatt Place. Two federal agencies anchor the office building: the Department of Veterans Affairs and the Federal Aviation Administration. The property’s amenities include a conference center, rooftop terrace, fitness center, parking garage and a deli. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cushman & Wakefield represented the seller, 1575 Eye Street Associates LP, in the transaction. The seller is majority-owned by the American Society of Association Executive, an anchor tenant and investor of the office building since it was delivered in 1979. Carr Properties, which manages the selling partnership, has been retained by the new owner to manage the office building.

December 4, 2015

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