Office

WealthCap Acquires Two Silicon Valley Office Campuses

by Nellie Day September 30, 2015

LOS GATOS, CALIF. — WealthCap has purchased two newly built office campuses in the Silicon Valley submarket of Los Gatos for an undisclosed sum. The Class A properties are located at 121 and 131 Albright Way. Both buildings are leased to Netflix. They will serve as the global headquarters for the on-demand digital movie and television show streaming company. The acquisition also includes an interest in the surrounding 15-acre campus, including 664 surface parking spaces and shared use of a 930-space structured parking garage. CBRE Global Investors represented WealthCap in the transaction. This is the German-based company’s second acquisition in Silicon Valley over the past 12 months.

September 30, 2015

Healthcare Office Texas

Stage Equity Partners Acquires 37,000 SF MOB in Dallas

by Haisten Willis September 30, 2015

DALLAS — Chicago-based healthcare real estate investment company Stage Equity Partners LLC has purchased a 37,000-square-foot, multi-tenant medical office building in Carrollton, a northern suburb of Dallas. The property is Stage Equity’s fourth medical office acquisition in Dallas and its fifth overall in Texas. The single-story, Class A building was acquired in an off-market transaction from the physician owners of OrthoTexas, an orthopedic practice based in Dallas. As part of the transaction, OrthoTexas leased back the majority of the building under a long-term lease. MetroCrest Surgery Center — a joint venture between USPI, Baylor Scott & White Health and Tenet Health — leases the remainder of the building for the operation of an ambulatory surgery center. American Momentum Bank provided financing for the project. The property, located at 4780 North Josey Lane isfully leased. OrthoTexas has 27 physicians and more than 250 employees, and MetroCrest is a prominent surgery center in the region. The property is within 10 minutes of Baylor Carrollton Hospital and Texas Health Resources Presbyterian Plano Hospital.

September 30, 2015

Massachusetts Northeast Office

bluebird bio Inks Lease for 253,000 SF Build-to-Suit Facility in Cambridge

by Amy Works September 30, 2015

CAMBRIDGE, MASS. — bluebird bio Inc. has signed a 10-year lease with Alexandria Real Estate Equities Inc. to occupy a 253,000-square-foot, build-to-suit property at 60 Binney St. at Alexandria Center at Kendall Square campus in Cambridge. The lease is for the entire 60 Binney Street building except for a ground-floor retail suite. The project is on track to be delivered in late 2016. bluebird bio, a clinical-stage biotechnology company, plans to relocate its headquarters to the new facility, which will also expand its presence in Cambridge. The Alexandria Center at Kendall Square is a fully integrated urban campus featuring 2.3 million rentable square feet of state-of-the-art office/laboratory space and high-quality amenities, including retail and restaurant facilities, a 33,000-square-foot Cambridge Athletic Club and two acres of open space.

September 30, 2015

New Jersey Northeast Office

KPMG Leases 54,341 SF of Office Space in New Jersey

by Amy Works September 30, 2015

SHORT HILLS, N.J. — KMPG, a global accounting firm, has signed a long-term lease for 54,341 square feet of office space at 150 John F. Kennedy Parkway in Short Hills. The 247,476-square-foot property, which is owned by Mack-Cali Realty Corp., recently underwent renovations that included the lobby and an enhanced entryway. Amenities at the property feature lobby-level food service and complimentary Wi-Fi in the café and lobby. With the signing of KPMG, 150 John F. Kennedy Parkway is now 100 percent leased. Jeffrey Babikian, Patrick Murphy and Kenneth Boland of CBRE represented the tenant in the transaction.

September 30, 2015

Illinois Midwest Office

Transwestern Arranges 26,208 SF Lease of Flex Property in Chicago

by Christina Cannon September 30, 2015

CHICAGO — Transwestern has arranged a 26,208-square-foot lease for Noil Petroleum Corp. The office/warehouse building located at 611 – 613 N. Union St. is 58,400 square feet. John Joyce of Transwestern represented the building owner, Gross Props. Noil Petroleum plans to build 15,000 square feet of offices and use the remaining 11,200 square feet for additional vehicle storage. AAA, a client of Noil Petroleum, occupies the building’s remaining 32,000 square feet. The lease brings the building to 100 percent occupancy. Noil Petroleum plans to relocate to the facility on Nov. 1.

September 30, 2015

PSX Corporate Office Building Covington Louisiana

Louisiana Office Southeast

Gulf States Breaks Ground on Two Office Buildings in Louisiana

by John Nelson September 30, 2015

COVINGTON, LA. — Gulf States Real Estate and Construction Services has begun construction on two new office buildings in the Tammany West Multiplex Business Park located along I-12 and Highway 1077 in Covington, roughly 41 miles north of New Orleans. The larger project is the 22,000-square-foot PSX Corporate Office Building, an owner-occupied project that will house PSX Corporate’s offices, a warehouse and an assembly facility. PSX Corporate provides visual arts and special effects for casinos and other entertainment venues. The second building is a 10,450-square-foot project that Gulf States is developing for Durham Properties LLC. This building will be available for lease. Gulf States expects to complete both buildings in late spring 2016. These buildings are the fourth and fifth office projects developed by Gulf States this year.

September 30, 2015

New York Northeast Office Retail

Shorenstein Properties Begins $30M Renovation Program at 1407 Broadway in NYC

by Amy Works September 29, 2015

NEW YORK CITY — Shorenstein Properties has undertaken a $30 million renovation and enhancement program at 1407 Broadway, a 1.1 million-square-foot office/retail building in New York. Designed by Fogarty Finger, the capital improvement program will include a new lobby and building entrance, façade improvements, elevator cab upgrades and updated retail storefronts. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lighthouse in April 2015 for $330 million. Shorenstein has retained CBRE as the exclusive office space leasing agent. SRS Real Estate Partners will lead all retail brokerage activity.

September 29, 2015

New York Northeast Office

Strathspey Crown Quadruples Space at 570 Lexington Avenue in NYC

by Amy Works September 29, 2015

NEW YORK CITY — Strathspey Crown Holdings LLC has signed a 10-year lease to quadruple its space at 570 Lexington Avenue in New York City. The Newport Beach, Calif.-based firm will now occupy 16,000 square feet of office space at the landmark Art Deco building. Comprising the 27th, 28th and 35th floors, the new space will feature high-end finishes and an architecturally distinctive stairwell between the 27th and 28th floors. David Turino provided in-house representation for the property owner and manager, The Feil Organization, while Strathspey was represented in-house for the transaction.

September 29, 2015

Midwest Office Wisconsin

833 East Office Building in Milwaukee Adds New Tenants

by Christina Cannon September 29, 2015

MILWAUKEE — Irgens’ 833 East, an 18-story office building in Milwaukee scheduled to open in March 2016, is adding new tenants. Major League Baseball and Commissioner Emeritus Allan H. Selig, Heck Capital Advisors and Grace Matthews Inc. are some of the tenants to recently sign leases at the Class A office building under construction at 833 E. Michigan St. Jason Inc. will be expanding its lease from 12,506 square feet to 26,043 square feet. An undisclosed tenant will occupy 2,758 square feet. 833 East also has letters of intent for two additional tenants totaling more than 37,000. These three undisclosed tenants will comprise 65 percent of the building. Lyle Landowski of Colliers International brokered the deal with Jason Inc. Steve Palec of Colliers International brokered the deal with Heck Capital. David Pudlosky of JLL brokered the deal with Grace Matthews. Previously disclosed tenants include Colliers International, Godfrey & Kahn, Irgens, Catalyst, First American Title and Rare Steakhouse. The general contractor for the project is CG Schmidt. The architect is Kahler Slater Inc. The lenders are Private Bank, Associated Bank, Anchor Bank and Bank Mutual. Colliers International is responsible for the leasing and management of 833 East.

September 29, 2015

Office Texas

Lee & Associates Negotiates 17,387 SF Office Sale in Metro Dallas

by Haisten Willis September 29, 2015

RICHARDSON, TEXAS — Lee & Associates has arranged the sale of a 17,387-square-foot office building located at 3313 Essex Drive in Richardson. Mark Graybill of Lee & Associates’ Dallas/Fort Worth represented the buyer, Denkmann Associates. Brett McMillian of Paladin Partners represented the seller, Vantage Development.

September 29, 2015

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