Office

CBRE Brokers Sale of Paces West Office Development in Metro Atlanta

by John Nelson December 21, 2015

SMYRNA, GA. — CBRE has brokered the sale of Paces West, a Class A office development that features two office towers totaling 646,471 square feet. The development is located in Smyrna, a city in Atlanta’s Cumberland/Galleria office submarket. Investcorp and Crocker Partners teamed up to purchase the office development from a joint venture between TIER REIT and funds managed by Oaktree Capital Management LP for an undisclosed price. Formerly Home Depot’s corporate headquarters, Paces West was 90 percent leased at the time of sale to tenants such as Piedmont Healthcare, Reliance Worldwide, British Telecom and Project Time & Cost. The office campus recently underwent an $11.7 million renovation. The sales price was undisclosed.

December 21, 2015

Michigan Midwest Office

Colliers Completes 4,000 SF Office Lease in Historic Downtown Ann Arbor Building

by Christina Cannon December 21, 2015

ANN ARBOR, MICH. — Colliers International has completed a lease in a historic building in downtown Ann Arbor. Danlaw Inc., an engineering firm, will occupy two floors of the building, which will total 4,000 square feet. The property, owned by Dr. Reza Rahmani, is located at 213 S. Main St. and is currently undergoing renovations. Brendan Cavender and Jim Chaconas of Colliers were the sole brokers in the deal.

December 21, 2015

Midwest Office Wisconsin

Siegel-Gallagher Arranges 2,232 SF Office Lease Near Milwaukee

by Christina Cannon December 21, 2015

ELM GROVE, WIS. — Siegel-Gallagher has arranged a 2,232-square-foot office lease in Elm Grove, approximately 10 miles west of Milwaukee. STAFDA Inc. is leasing the space in The Tradesman Building from Building Trades Pension Trust. The property is located at 500 Elm Grove Road. John Dulmes and Dan Walsh of Siegel-Gallagher brokered the transaction.

December 21, 2015

North Carolina Office Southeast

Cousins Signs Bank of America to 922,684 SF Lease Renewal at Gateway Village in Charlotte

by John Nelson December 18, 2015

CHARLOTTE, N.C. — Cousins Properties Inc. has signed a 10-year lease renewal with Bank of America for office space at Gateway Village in Uptown Charlotte. The Charlotte-based bank will continue to lease 922,684 square feet of office space at the 1.06 million-square-foot building. A 50/50 joint venture between Cousins and Bank of America own the office development, located at 800 and 900 W. Trade St.

December 18, 2015

Loans North Carolina Office Southeast

SunTrust Leads Funding of $66.7M Construction Loan for Raleigh Office Tower

by John Nelson December 18, 2015

RALEIGH, N.C. — SunTrust Bank has performed as the lead arranger for a $66.7 million construction loan for a Class A office tower in Midtown Raleigh. The borrower, Kane Realty Corp., will use the loan to develop Midtown Plaza, a 12-story, 330,000-square-foot office tower in North Hills, a 130-acre mixed-use development in Raleigh. Allscripts, a Chicago-based healthcare information technology company, will anchor the new office development. Kane Realty plans to deliver the project in July 2017. SunTrust has funded two other Kane-developed projects in North Hills — CAPTRUST Tower and The Dartmouth.

December 18, 2015

Loans Office Texas

CBRE Arranges $58.5M Acquisition Loan for Signature Exchange in Dallas

by Haisten Willis December 18, 2015

DALLAS — CBRE Capital Markets has arranged acquisition financing for Signature Exchange, two Class A office buildings in north Dallas. CBRE worked on behalf of America’s Capital Partners to obtain the financing. Signature Exchange was constructed in 1982 and went through a renovation in 2013. It is now 92 percent occupied. The property is located two miles north of I-635 on the west side of Preston Road. Greg Greene, Scott Lewis and Taylor Pearce of CBRE’s Dallas office secured the financing on behalf of the borrower. Gary Carr, Robert Hill, John Alvarado and Eric Mackey of CBRE’s Dallas Office investment group represented the seller, CBRE Global Investors.

December 18, 2015

Office Texas

Balfour Beatty to Build Fareground in Downtown Austin

by Haisten Willis December 18, 2015

AUSTIN, TEXAS — Parkway Properties has chosen Balfour Beatty Construction for renovations at One Eleven Plaza, a downtown Austin tower built in 1987. Balfour Beatty will deliver the project alongside landscape architecture firm dwg. and Michael Hsu Office of Architecture. Fareground at One Eleven Congress is the renovation of the plaza and lobby space at One Congress Plaza, located at the corner of 2nd Street and Congress Avenue. Following preconstruction planning by Balfour Beatty, the Fareground at One Eleven Congress project is underway with completion expected in spring 2017.

December 18, 2015

New York Northeast Office

Eastern Consolidated Arranges $43.5M Sale of 70,000 SF Office Building in NYC

by Amy Works December 18, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of a 70,000-square-foot office building located at 22-24 W. 38th St. in Midtown. Dalan Management acquired the asset for $43.5 million. The 12-story property features ground-floor retail space. Ron Solarz and Nataliya Stemakh of Eastern Consolidated represented the seller, 22 West 38th Street Associates LLC, while Ben Tapper, also of Eastern Consolidated, represented the buyer in the transaction. Gary Meese of Eastern Consolidated served as analyst for the deal.

December 18, 2015

Industrial Midwest Minnesota Office

Duke Realty to Develop 134,384 SF Office/Warehouse Build-to-Suit Facility in Plymouth, Minn.

by Christina Cannon December 18, 2015

PLYMOUTH, MINN. — Duke Realty Corp. has agreed to develop a 134,384-square-foot office and warehouse build-to-suit facility for Intereum Inc. in Plymouth, a western suburb of Minneapolis. Intereum supplies commercial office and healthcare furniture, floor coverings and related products to corporations and government entities. As part of the deal, Intereum has entered into a long-term lease agreement with Duke Realty, which will develop the facility on nearly 14 acres that it owns adjacent to Waterford Ponds, an office and retail complex. The building will include nine dock doors, one drive-in door, 152 automobile parking spaces, a 125-foot truck court and a 30,000-square-foot showroom. Construction on the facility is slated to begin in May 2016 and be completed in March 2017. This development marks the fifth time in the last 18 months that Duke Realty has undertaken an industrial build-to-suit project in Minneapolis. Jon Yanta and Brent Erickson of NorthMarq represented Intereum in the build-to-suit transaction. Matt Oelschlager of CBRE represented Duke Realty.

December 18, 2015

Midwest Office Wisconsin

Siegel-Gallagher Arranges 5,362 SF Office Lease in Milwaukee

by Christina Cannon December 18, 2015

MILWAUKEE, WIS. — Siegel-Gallagher has arranged a 5,362-square-foot office lease for The Benedict Center, an interfaith, nonprofit criminal justice agency in Milwaukee. The Benedict Center will lease space at The Ring Building, located at 1849 N. Martin Luther King Jr. Drive. The landlord is 1849 MLK LLC. John Dulmes and Dan Walsh of Siegel-Gallagher represented the tenant in the transaction.

December 18, 2015

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