Office

Buchanan Street Partners Acquires Tollway Plaza in Dallas

by Haisten Willis November 13, 2015

DALLAS — Buchanan Street Partners has acquired Tollway Plaza, an office property located at 15950 and 16000 N. Dallas Parkway in Dallas. This is Buchanan Street’s third purchase in the greater Dallas area this year. Tollway Plaza is a LEED-certified property consisting of two eight-story buildings totaling 370,073 square feet. Onsite amenities include a fitness center, conference facility and café. Buchanan Street is planning upgrades to Tollway Plaza’s campus lobbies, elevators and restrooms to match the design of the property exteriors. Tollway Plaza is located in the Dallas North Tollway submarket and was 95 percent leased at the time of the sale to tenants such as Travis Wolff LLP, Axxess Technology Solutions, HQ Global and Stewart Title. Tommy Nelson, Shannon Brown and Kenzie Killgore of CBRE will handle leasing for Tollway Plaza. HFF’s Dallas investment sales team represented the seller, which was unnamed. Buchanan Street Partners represented itself.

November 13, 2015

Siegel-Gallagher Arranges Two Office Leases Totaling 8,989 SF in Wisconsin

by Christina Cannon November 13, 2015

MILWAUKEE AND GREENFIELD, WIS. — Siegel-Gallagher has arranged two office leases in Wisconsin in separate transactions. In the first transaction, Penrod Software leased 7,151 square feet at the Phoenix Building located at 219-239 N. Milwaukee St. in Milwaukee. Phoenix 219 Investments LLC is the landlord. Shaun Dempsey and Dan Walsh of Siegel-Gallagher brokered the transaction. In the second deal, 2YS & 1K LLC leased 1,838 square feet to Thrivent Financial at Forest Green Executive Center I. The office building is located at 8555 W. Forest Home Ave. in Greenfield. Shaun Dempsey brokered the deal.

November 13, 2015

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

Growing Pains — The History, Revitalization and Relocation to Austin’s CBD

by Haisten Willis November 13, 2015

Operating as our state’s political core and as the “live music capital of the world”, Austin’s real estate market is as distinctive as the people that make this city great. Austin is a one-of-a-kind place that’s unique to Texas and the entire country. It defies stereotypes with its progressive and fiercely entrepreneurial spirit, and continually gets top marks for its quality of life, pro-business culture and pro-environment views. WalletHub recently ranked Austin as the 2015 best large city to live in and the data matches up — the city ranks second among 2015’s fastest-growing cities in the U.S., according to Forbes, behind Houston and ahead of Dallas-Fort Worth. In the era of ‘Walker, Texas Ranger,’ Emmitt Smith and ‘the Dream Team,’ and the release of ‘Dazed and Confused,’ the tech boom of the 1990s drove the Austin office market. During that same time, Austin’s total population increased 35 percent and close to 1,750 companies employed over 110,000 people in technology-related jobs in Austin. By the end of the 90s, Texas’ capital city was widely known as Silicon Hills, home to a critical mass of institutional technology knowledge and major tenants like Dell, IBM, Motorola and other software and gaming companies. …

November 13, 2015

California Office Western

Lincoln Property Completes Renovation of 800 Wilshire Office Building in LA

by Nellie Day November 12, 2015

LOS ANGELES — Lincoln Property Company has completed its renovation of 800 Wilshire, a 226,797-square-foot office tower in Downtown Los Angeles. The 16-story tower is located at 800 Wilshire Blvd. Lincoln acquired the property with its joint venture partner Angelo, Gordon & Co. in 2013. Since then, the company established a new tenant base, upgraded common areas to cater to creative office users, improved the aesthetics of the building and recruited new retailers on the ground floor. Occupancy rose from 65 percent to 95 percent, according to Lincoln. The tower was originally built in 1972. It was last renovated in 2004. Cross Campus recently signed on at 800 Wilshire, as did 800 Degrees Pizza, which now occupies some of the ground-floor retail space. The JV sold the property to Onni Group last month for about $80 million. Marc Renard of Cushman & Wakefield’s Capital Market Group executed the transaction.

November 12, 2015

Northeast Office Pennsylvania

Swope Lees Commercial Brokers Acquisition of 6,000 SF Office Building in Pennsylvania

by Amy Works November 12, 2015

EXTON, PA. — Swope Lees Commercial Real Estate has arranged the acquisition of an office building located at 111 Summit Drive within Whiteland Business Park in Exton. Jacquette Consulting Inc. acquired the property for an undisclosed price. The 6,000-square-foot office building features private offices, restrooms, an open bullpen area, conference room and kitchen. Chuck Swope of Swope Lees Commercial represented the buyer, while Jim Dugan of Newmark Grubb Knight Frank and Eric Stretch of First Liberty Partners represented the seller in the transaction.

November 12, 2015

North Carolina Office Southeast

CBRE | Raleigh Brokers $20M Sale of Office Building in Raleigh

by John Nelson November 12, 2015

RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of Carolina Place, a five-story, 99,181-square-foot office building located at 2626 Glenwood Ave. in Raleigh. The Class A building was 90 percent leased at the time of sale. Houston-based Griffin Partners purchased the asset from New Boston Fund for $20 million, according to the Triangle Business Journal. Ben Kilgore of CBRE | Raleigh, along with John Boylan and J.D. McNeil of Spectrum Properties, represented New Boston Fund in the sale.

November 12, 2015

Market Reports Midwest Midwest Market Reports Missouri Office Uncategorized

Tight Office Conditions Lead to Much-Needed New Construction in St. Louis

by Christina Cannon November 12, 2015

Improving real estate fundamentals in the St. Louis office market are opening the floodgates to new construction that is greatly needed as large occupiers are finding limited, if any, existing available options. Over the past few years, the gap between rent for existing office properties and new properties was too great to justify construction. Until now, that is. The St. Louis employment base is finally reaching a pre-recession level with continued growth in the healthcare, information technology and engineering industries. The centrally located and more affluent residential areas — the West County and Clayton submarkets in particular — are experiencing higher occupancies and increasing rental rates. Clayton historically has been the best-performing submarket in St. Louis and still is today, while West County is situated near mid- to upper-level income workers. Development has and will continue to follow these highly sought after submarkets as they offer the metro area’s best real estate fundamentals and returns. Add to all of those factors a lack of new product in the past several years — plus a Class A vacancy rate of 10 percent — and you have an ideal climate for new construction. Pivotal project is catalyst The announcement that St. Louis-based …

November 12, 2015

Industrial Multifamily Office Retail Texas

Fort Worth Sperry Van Ness Offices Merge into Sperry Van Ness / Trinity Advisors

by Haisten Willis November 11, 2015

FORT WORTH, TEXAS — Commercial brokers Steve Fithian and James Blake have merged their Fort Worth Sperry Van Ness offices together into Sperry Van Ness / Trinity Advisors. The merger brings together Fithian’s Sperry Van Ness / Visions Commercial office and Blake’s Sperry Van Ness / Summit Commercial office. The newly merged office, located at 5601 Bridge St., Ste. 504 in Fort Worth, provides commercial real estate brokerage, leasing, consulting and property management on all commercial property types. Fithian has more than 25 years of commercial real estate experience. His specialty primarily has been in multifamily, but has lately also focused on retail and office properties. Fithian also organizes, manages and acts as the general partner in real estate syndications. Blake has more than 30 years of commercial real estate experience. His primary focus is retail and industrial income-producing properties. He also specializes in single-tenant net lease retail and is working to put together a single-tenant net lease team at Sperry Van Ness / Trinity Advisors to represent clients in the purchase and sale of these properties. The company has a total of six advisors and eight employees.

November 11, 2015

New Hampshire Northeast Office

NAI Norwood Group Brokers $3.5M Acquisition of Office Property in New Hampshire

by Amy Works November 11, 2015

MERRIMACK, N.H. — NAI Norwood Group has arranged the acquisition of an office building located at 237 Daniel Webster Highway in Merrimack. Shellback Harbor LLC purchased the property from C&I Investment Associates for $3.5 million. Situated on 9.5 acres, the 68,870-square-foot property was formerly home to Fairpoint Communications. Shellback Harbor, dba BES&T Global Commissioning, will use the property as its world headquarters. Aron Brown of NAI Norwood Group represented the buyer, while Norton Asset Management represented the seller in the transaction.

November 11, 2015

Connecticut Northeast Office

O,R&L Commercial Negotiates $2.6M Sale of Office Building, Parking Lot in Connecticut

by Amy Works November 11, 2015

NEW HAVEN, CONN. — O,R&L Commercial LLC has negotiated the sale of an office building and adjacent parking lot, located at 189-191, 201 Orange St. and 115 Court St. in New Haven. The investment properties sold for $2.6 million. Frank Hird of O,R&L Commercial represented the seller, O’Keefe Associates, Manhattan Associates and Euclid/O’Connor Associates, while Charlotte Goldblatt of Goldblatt Associates represented the buyer, Bulkhead Investments LLC.

November 11, 2015

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