Office

Bradford Allen, Essex Broker $4.2M Sale of 27,000 SF Office Building in Chicago

by Christina Cannon October 9, 2015

CHICAGO — Bradford Allen Realty Services and Essex Realty Group have brokered the sale of a 27,000-square-foot office building located at 925 W. Chicago Ave. for $4.2 million. Laurence Elbaum of Bradford Allen and Jason Fishleder of Essex represented the seller, Gamla Cedron Group. The buyer was undisclosed. The three-story building was 66 percent occupied at the time of sale. Tenants include The Lab Dance Studio and Proline Golf. The loft building was originally built in 1905 and was renovated in 2013.

October 9, 2015

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

Port, Diverse Economy Drive Growth in Corpus Christi Real Estate Market

by Haisten Willis October 9, 2015

When people come to Corpus Christi, many of them expect to find a community that has been devastated by the downturn caused by the oversupply of cheap oil and gas. They expect a community with rising unemployment and vacant buildings. Based on the past, they would be correct. However, Corpus Christi and the Coastal Bend have been experiencing a major transformation of their economy, which is now much more diverse. This is partly because of the leadership, hard work and vision of its people, and partly because of good luck caused by the infrastructure that had been put in place by the Port of Corpus Christi. This infrastructure was at the right place at the right time. The Port of Corpus Christi has always been a driving force and major contributor to the economy of Corpus Christi. The port’s leaders knew that if they didn’t make some major changes, they would not remain competitive. The Port of Corpus Christi is the fifth largest port in the U.S. in total tonnage. However, because of the depth of the port channel and the height of the harbor bridge which crosses over the port, the newer, larger ships could not enter the port. …

October 9, 2015

Loans Office Southeast Virginia

HFF Secures $30M Loan for Class A Office Building in Tysons Corner District

by John Nelson October 9, 2015

MCLEAN, VA. — HFF has secured a $30 million bridge loan for a 152,000-square-foot, Class A office building located at 1550 Westbranch Drive in the Tysons Corner area of McLean. Completed in 2001, the six-story building is fully leased to MITRE Corp., a not-for-profit organization, through late 2016. Amenities at 1550 Westbranch include a conference center and break-out area, fitness center with shower facilities, café and a 470-space covered parking garage. Daniel McIntyre led HFF’s debt placement team in arranging the three-year, floating-rate loan through EagleBank on behalf of the borrowers, affiliates of Griffith Properties LLC and Reubenstein Partners. The loan has two one-year extension options and is being used to finance the acquisition and repositioning of 1550 Westbranch.

October 9, 2015

Loans New York Northeast Office

New York REIT Receives $325M in Financing for Office Building in Times Square

by Amy Works October 9, 2015

NEW YORK CITY — New York REIT Inc. has closed on a $325 million in refinancing for 1440 Broadway, an office building located steps away from Times Square. The 25-story building features 755,679 square feet of office space. The completion of the financing is another step in the company’s strategic initiatives plan to build a best-in-class Manhattan real estate portfolio for the benefit of its shareholders.

October 9, 2015

Loans New York Northeast Office Retail

The Singer & Bassuk Group Receives $80M Loan for Office, Retail Property in NYC

by Amy Works October 9, 2015

NEW YORK CITY — The Singer & Bassuk Organization (SBO) has received $80 million in permanent financing for 501 Madison Avenue, a 30-story office and retail property owned by heirs of Cornelius Vanderbilt III. The loan is the last phase of a three-part series of interim, construction and permanent financing, which SBO first started to arrange in 2013, that aggregate to more than $160 million for the 200,000-square-foot asset. The property has undergone numerous renovations, including a new façade for the first- and second-floor retail spaces; new building entrance, lobby, elevators, windows, and cooling tower; electrical-system upgrades; and revitalized multi-tenant common areas. Tenants at the property include Carlo Pazolini, Oscar Heyan Inc., Randi Rahm, Innisfree M&A Inc. and The World Jewish Congress Foundation. The loan was provided by AXA Equitable Life Insurance Company.

October 9, 2015

Massachusetts Northeast Office

Longfellow Real Estate Acquires Office Building for $11.3M, Plans Redevelopment

by Amy Works October 9, 2015

BEDFORD, MASS. — Longfellow Real Estate Partners has acquired 1 Patriots Park, an office building located at 40-42 Wiggins Ave. in Bedford, for $11.3 million, or $78 per square foot. The company plans to redevelop the 144,230-square-foot property into a Class A laboratory building, with repositioning scheduled to start this fall. Chris Skeffington, John Wilson, Jon Varholak and Roy Sandeman of Transwestern | RBJ negotiated the sale and sourced the buyer. The name of the seller was not released.

October 9, 2015

Loans Office Washington Western

HFF Arranges $88M Construction Loan for Office Development in Seattle

by Nellie Day October 9, 2015

SEATTLE — HFF has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot office development in Seattle. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story boutique office building featuring 284,357 square feet of office space, 6,725 square feet of ground-floor retail space and a 392-space subterranean parking garage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be divided into smaller meeting spaces. The development is scheduled for completion in March 2016. The developer is Schnitzer West. HFF’s Michael Tepedino, Jennifer Keller and Tom Wilson arranged the loan through Blackstone Real Estate Debt Strategies and Bank of the Ozarks.

October 9, 2015

California Office Western

MetLife, Partners to Develop Office Tower Near Transbay Transit Center in San Francisco

by Nellie Day October 9, 2015

SAN FRANCISCO — A joint venture between MetLife, the John Buck Company and Golub Real Estate have announced plans to build Park Tower at Transbay, a 743,000-square-foot office tower near the Transbay Transit Center in San Francisco. The Class A tower will be located at Howard and Beale streets. The project will be a component of the Transbay Transit Center, a multi-billion-dollar redevelopment project that will feature residential, commercial and transportation facilities just three blocks from the San Francisco Bay. Park Tower at Transbay will feature 14 sky decks, as well as a ground-level park and a three-story lobby. The completion of the office complex is expected to coincide with the scheduled completion of the Transbay Transit Center. MetLife is an equity investor in the partnership, while John Buck and Golub are the developers. JLL is handling the project’s leasing.

October 9, 2015

Nevada Office Western

MDL Group Joins Corfac in Southern Nevada

by Nellie Day October 9, 2015

LAS VEGAS — MDL Group has joined Corfac International as a domestic affiliate in Southern Nevada. Hayim Mizrachi will act as president and principal of MDL Group/Corfac International. He will also be the principal point-of-contact to Corfac International and will manage MDL Group’s brokerage services practice. MDL Group was co-founded in 1989 by Carol Cline-Ong and Curt Anderson. The firm expanded its brokerage services practice in 2013 when it added Mizrachi and Jarrad Katz as principals. Mizrachi and Katz had previously operated the NAI Global Las Vegas office. MDL Group/CORFAC International is a full-service operation with 38 professionals, 13 of which are brokers. The firm closed more than $70 million in industrial, office and retail transactions and land sales in 2014. It currently manages more than 8 million square feet of commercial properties for third-party owners.

October 9, 2015

Office Texas

Alliance Architects to Design New Office Building in Plano

by Haisten Willis October 8, 2015

PLANO, TEXAS —Alliance Architects Inc. has been selected to design a new regional office facility for APCON, a provider of network monitoring solutions. APCON is relocating to a new facility in Plano. Situated along President George Bush Turnpike, the three-story building features 58,000 square feet of Class A office space. APCON will occupy a significant portion of the building and the additional space will be available for other tenants. Building amenities will include a gym, elevated terrace and a ground-level outdoor patio. The building was designed using metal, stone, concrete and glass materials. These materials are utilized in the two-story atrium and continue throughout offices, technology labs, conference rooms and gathering spaces. Alliance Architects’ team members include Chad Michel, Barb Caires, Zach Weldy, Joseph Amos, Scott Franckowiak, Jordan Raymond and Kelsey Kupish. Hill & Wilkinson is providing general construction services.

October 8, 2015

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