SOUTHFIELD, MICH. — Sandler & Travis Trade Advisory Services Inc. has signed a 38,773-square-foot lease at the Galleria Officentre in Southfield, approximately 17 miles northwest of Detroit. Sandler & Travis will occupy space on the first and fourth floors of the 350,000-square-foot building. The five-story, Class A office building was constructed in 1987. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the ownership in the transaction.
CHICAGO — CIM Group, a Los Angeles-based real estate investment firm, has agreed to acquire Four40, a 39-story, 1 million-square-foot office tower located at 440 S. LaSalle St. in Chicago’s financial district. Dallas-based TIER REIT Inc. (NYSE: TIER) is reportedly selling the asset for $200 million, according to Crain’s Chicago. Sources say the deal has not closed, however, and CIM Group declined to comment. Crain’s also reports that between 2013-2014 the REIT sold the other three Chicago assets that it purchased in a four-property portfolio transaction in 2007. According to its 2015 financial results, TIER REIT’s goal for 2016 includes selling $200 million to $400 million of “non-strategic properties.” Built in 1984 and renovated in 2014, the office tower features a 40,000-square-foot amenity floor for tenants, 45,000-square-foot landscaped plaza, café, underground parking, 150-seat conference room, 24-hour staffed security and bay windows that offer 180-degree views. The tower also houses the Chicago Stock Exchange, the Arciel bar and lounge, The Everest Room and The Buckingham Club and Hotel. The Chicago Stock Exchange Inc. (CHX) signed a long-term lease renewal in May 2014 for 33,000 square feet within Four40, a consolidation of its original footprint. In addition to the office tower, new …
WASHINGTON — U.S. commercial property transaction volume is expected to decline over the next three years to $475 billion in 2018, according to a new economic forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate. The latest ULI Real Estate Consensus Forecast, a semi-annual outlook, is based on a survey of 48 of the industry’s top economists and analysts representing 36 of the country’s leading real estate investment, advisory and research firms and organizations. The survey provides forecasts on broad economic indicators such as real estate capital markets, property investment returns, vacancy and rental rates and housing starts and prices. The recently released consensus forecast calls for continued economic expansion over the next three years, but at a somewhat slower pace than the prior two years. It also anticipates continued commercial price appreciation and positive returns, but at more subdued and decelerating rates, and above average but decelerating rent growth rates in all property sectors. “Compared to six months ago, real estate researchers are predicting slower economic growth, slipping real estate fundamentals and lower returns from both the public and private markets,” says William Maher, ULI leader, survey participant and director of North American strategy for …
DALLAS — All Risks Ltd. has leased 10,168 square feet at 3 Park Central located at 12700 Park Central Drive in Dallas. Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton represented the landlord, McKnight Realty Partners, in the extension of 5,110 square feet and expansion of 5,058 square feet for the wholesale specialty insurance broker.
IRVING, TEXAS — SMB Suite has leased 5,000 square feet of office space at One Panorama Center, located in Irving at 7701 Las Colinas Ridge. SMB Suite is a software developer providing cloud-based solutions. Todd Noonan and Tyler Maner of Stream Realty represented the tenant, while Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties, in the transaction.
SANTA CLARA, CALIF. — KT Properties Urban has purchased a 70,520-square-foot R&D office building in Santa Clara for $19 million. The building is located at 3055 Patrick Henry Drive. It was vacant at the time of sale. Tom Trombatore of Colliers International represented KT Properties. The seller was Hudson Pacific Properties.
FORT LAUDERDALE, FLA. — Blackhawk Properties & Investment LLC has selected Berger Commercial Realty to lease and manage the new seven-story 550 Building that is set to break ground in downtown Fort Lauderdale. Scheduled to begin construction this summer and open in fall 2017, the 70,000-square-foot, Class A office tower will be located at 550 S. Andrews Ave., the former site of the 32,500-square-foot Justice Building. The project will have an attached parking garage and ground-floor retail space. Roughly 10,000 square feet of 550 Building’s office space has been pre-leased. The development team includes Blackhawk, Collins Capital Partners, Craven Thompson & Associates, Douglas Management and Falkanger, Snyder, Martineau and Yates. Steve Hyatt, Joseph Byrnes and Stephanie Bernota of Berger Commercial Realty are the leasing agents for both the office and retail components at the 550 Building.
CHICAGO — Leopardo Companies Inc. has broken ground on a 290,000-square-foot office building in Chicago’s Fulton Market neighborhood. Fulton West, which will be located at 1330 W. Fulton St., will be a nine-story building. The property will include balconies, a private roof deck, 610 onsite parking spaces and an adjacent 20,000-square-foot mini-park. Sterling Bay is the project developer, and Gensler is the architect of record. The speculative building is slated for completion in spring 2017.
OKLAHOMA CITY — Marcus & Millichap has arranged the sale of Mid America Business Park, a three-story, 84,373-square-foot office building located in Oklahoma City. Cody Payne of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a Fort Worth-based private partnership. The buyer is a private investor utilizing a 1031 tax-deferred exchange. Ron Hebert of Marcus & Millichap’s Dallas office partnered with Payne on the sale. Tom Mann of the firm’s Tulsa office is Marcus & Millichap’s broker of record in Oklahoma. Built in 2002, the property is located at 7919 Mid America Blvd., a few miles from downtown Oklahoma City. The Veterans Administration and CNI Administration Services anchor the property and account for 65 percent of the gross leasable area. Other tenants include AAR Services, Deaconess Home Care and Edward Jones.
ARLINGTON, TEXAS — General Assembly Inc. has leased a single-tenant building in Dallas’ Great Southwest Industrial District in a move that will keep its operations in Arlington and get the entire business under one roof. General Assembly will relocate its operations to 1011 Oakmead Drive. The 6,615-square-foot office/warehouse space, located near I-30, more than doubles the amount of warehouse space for the professional merchandising services firm, which supports the retail industry with locations in 19 states and the District of Columbia. The company assembles high-end consumer products. The headquarters team is moving from the Vandergriff Town Center at 200 N. Mesquite St. and warehouse workers are relocating from 320 Dixon Lane. The new location has two loading docks, grade-level doors and enough parking for the entire workforce. A local investor, who was represented by Jim Hazard of E. Smith Realty Partners in the lease deal, owns the new location.
