Office

RJM Construction Completes Renovation of RBC Plaza at Nicollet Mall in Minneapolis

by Jonathan Mehall July 14, 2015

MINNEAPOLIS — RJM Construction has completed a multi-million dollar renovation of RBC Plaza at Nicollet Mall in downtown Minneapolis. The transformation of the 709,690-square-foot Class A office and retail property took nearly 18 months to finish. RJM Construction converted the former four-story retail and food court space on the 3rd and 4th floors of the Nicollet Mall into a two-story atrium within the 40-story office tower located at 60 S. 6th St. New amenities include a state-of-the art conference center, fitness center with locker room, bike storage area, and meeting areas on the lower level and main lobby. The property also features two levels of retail stores and cafés, including D’Amico & Sons, Sprout Salad Company, Caribou Coffee, The Fresh Market, Affinity Federal Credit Union and management consulting firm Joern Samaha & Associates. KBS owns RBC Plaza, which is operated by KBS Capital Advisors. Mark Stevens of Cushman & Wakefield | NorthMarq represents RBC Plaza.

July 14, 2015

Illinois Midwest Office

Bradford Allen Arranges 11,133 SF Office Lease in Downtown Chicago

by Jonathan Mehall July 14, 2015

CHICAGO — Bradford Allen Realty Services has arranged an 11,133-square-foot office lease for Synthesis Technology in downtown Chicago. The technology firm is relocating from 820 W. Jackson St., where it occupied 7,200 square feet, to the 20th floor of 135 S. LaSalle St., a Class A, 44-story office tower. Craig Nadborne of Bradford Allen represented Synthesis Technology in lease negotiations and Melissa Rubenstein and John Beason of JLL represented the landlord. This is the fifth transaction in 17 years that Nadborne has completed for Synthesis Technology.

July 14, 2015

California Office Western

JSB Development Breaks Ground on Vista Canyon

by Nellie Day July 14, 2015

SANTA CLARITA, CALIF. — JSB Development has broken ground on the first phase of Vista Canyon, a 185-acre mixed-use development comprising close to 1 million square feet of retail, office, residential and hospitality space in Santa Clarita, 30 miles from Los Angeles. Phase I of development will be centered around the main retail street, and will include a Gensler-designed 56,000-square-foot office/retail building, an 18,000-square-foot retail store, a 614-space parking structure and 480 studio, one- and two-bedroom apartment homes. Internal bike and pedestrian paths will connect the community and link to trails throughout Santa Clarita Valley.

July 14, 2015

Loans Mixed-Use Northeast Office Pennsylvania Retail

First Niagara Closes $40M Construction Loan for Mixed-use Property in Pittsburgh

by Amy Works July 14, 2015

PITTSBURGH — First Niagara’s Commercial Real Estate Group has closed a $40 million loan with PMC Property Group for a mixed-use property in downtown Pittsburgh. Proceeds of the loan will go to the continued redevelopment of the property, which will include 241 multifamily units, 133,000 square feet of office space and 6,200 square feet of retail space, including two restaurants and a coffee and juice bar. Located at 425 Sixth Ave., the 30-story skyscraper was originally built in 1953 as the headquarters of the Aluminum Company of America. Being developed by PMC Property Group, the property is slated for completion by March 2016. Strada is the architect of the project.

July 14, 2015

New York Northeast Office

Colliers Arranges 19,939 SF Lease for Marks Paneth Relocation in New York

by Amy Works July 14, 2015

PURCHASE, N.Y. — Colliers International has arranged a long-term relocation and expansion for Marks Paneth LLP. The accounting firm will occupy 19,939 square feet at 4 Manhattanville Road in Purchase starting in January 2016. The property is owned and operated by George Comfort & Sons. Al Gutierrez, Michael Cohen and Andy Roos of Colliers represented the tenant in the transaction. Dana Pike of George Comfort & Sons, along who Hilarie Siles and Stephens Banker of Newmark Grubb Knight Frank, represented the landlord in the transaction.

July 14, 2015

Florida Office Southeast

CPA:18-Global Acquires Office Building in Jacksonville for $17M

by John Nelson July 14, 2015

JACKSONVILLE, FLA. — CPA:18-Global, a non-traded REIT sponsored by W. P. Carey Inc., has purchased an 88,000-square-foot office building located in Jacksonville’s Southside submarket. The Class A property is triple-net leased to Acosta Inc., an affiliate of The Carlyle Group, for 12 years. Built in 2001 as a build-to-suit for Acosta, the property serves as Acosta’s corporate headquarters and houses 400 employees.

July 14, 2015

Industrial Office Texas

Colliers Arranges Sale of 17.4 Acres in Metro Houston

by Haisten Willis July 13, 2015

TOMBALL, TEXAS — Colliers International has arranged sale of a 17.4-acre tract of land at the southwest corner of Hufsmith-Kohrville and Spell roads in Tomball for the relocation and consolidation of Packers Plus Energy Services Inc.’s Houston-based operations to a single campus. The $21 million project, the first for the Tomball Business and Technology Park, will be constructed in phases and consist of a 50,000-square-foot research and development center, a 237,000-square-foot manufacturing building and a multi-story, 40,000-square-foot corporate office building. The seller was Tomball Economic Development Corp. Tom Condon Jr. of The Woodlands office of Colliers International represented the seller. Brandi McDonald of Newmark Grubb Knight Frank represented the buyer. Jane Matthews with Stewart Title Tomball coordinated the closing. Packers Plus is an international oil and gas service company. The new facility in Tomball is expected to create 353 new full-time jobs in Tomball, with 172 of the jobs being created in the first five years of operation.

July 13, 2015

Connecticut Loans Northeast Office

Integra Real Estate Capital Advises $65M Acquisition Loan for Office Complex

by Amy Works July 13, 2015

HARTFORD, CONN. — Integra Real Estate Capital has advised a $65 million loan for the acquisition of Constitution Plaza in Hartford. The five-building complex offers 665,000 square feet of office space and 1,743 parking spaces. Meyer Perlman of Integra advised the borrower, a New York-based investment group, on the three-year non-recourse loan, which was provided by a national balance sheet lender.

July 13, 2015

Connecticut Northeast Office

Building and Land Technology Inks 68,500 SF of Office Leases at Merritt on the River

by Amy Works July 13, 2015

NORWALK, CONN. — Building and Land Technology has signed 68,500 square feet of office leases at Merritt on the River, a 225,000-square-foot office building located at 20 Glover Ave. in Norwalk. Rocaton Investment Advisors signed a new leased for 21,228 square feet. The company will relocate to the new space this fall from Merritt 7 Corporate Park. Ed Tonnessen and Ethan Rice of JLL represented the tenant in the deal. Wilton Re is also relocating to Merritt on the River from 187 Danby Road in Wilton, Conn. Kevin Foley and William Montague of Cushman & Wakefield represented the tenant in the 21,480-square-foot transaction. Additionally, Aetna renewed its 5,934-square-foot lease and McKesson Health Solutions renewed its 10,859-square-foot lease. Paul Tortora and William Fitzgerald of JLL represented Aetna, and Kevin McCarthy of CBRE represented McKesson in the transactions.

July 13, 2015

Florida Market Reports Office Southeast Southeast Market Reports

Growth in Miami’s Urban Office Market is Spilling Into Suburban Markets

by John Nelson July 13, 2015

Downtown Miami is on fire by any measure. The neighborhood is home to more construction cranes than any other place in the U.S., businesses are moving in and expanding on an almost daily basis, hotel room rates and occupancy levels are at all-time highs, and new residents are relocating here from all over the world. A recent study by the Miami Downtown Development Authority found that greater downtown Miami’s residential population has literally doubled in size — from 40,000 people to 80,000 people — since 2000. Another 200,000 people commute to the area each day for business. The area’s commercial real estate market has closely followed this trajectory of growth, with Downtown Miami and the Brickell Financial District welcoming more than 2 million square feet of new Class A office product in the last five years. Strong demand among domestic and multinational companies, along with an improving economy, has resulted in positive absorption and record-setting lease rates in excess of $50 per square foot for premium space. Land values in downtown are also reaching new heights as developers spend as much as $125 million for one acre on the water. All of this is creating a steep barrier to entry …

July 13, 2015

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