CHICAGO — I.M. Construction Group (IMCG) has completed an office renovation at 1101 W. Monroe in Chicago for Belgravia Group Ltd. The project included the demolition and build-out of two floors with the addition of private offices, open workspaces, a design center and conference rooms with full-height glass doors. Additionally, IMCG constructed two breakrooms featuring quartz countertops and stainless steel appliances. Belgravia Group is relocating to the new office space from space in Chicago’s River North district. Bob Nomellini of IMCG led the construction team and Len Corso, also of IMCG, was the project superintendent. Hirsch Associates provided architectural services for the project.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail building located at 92-06/08 Jamaica Ave. in the Woodhaven neighborhood of Queens. The 7,760-square-foot building sold for $1.8 million, or $238 per square foot, in an all-cash transaction. The property features 3,200 square feet of first-floor retail space and two 2,280-square-foot office/storage spaces on the second and third floors. Brian Sarath of Cushman & Wakefield arranged the transaction. The names of the seller and buyer were not released.
PHILADELPHIA — Rubenstein Partners has closed three new office leases, totaling 36,738 square feet, at One Washington Square in Philadelphia’s Center City. Berkshire Hathaway HomeServices Fox & Roach REALTORS has relocated to 20,443 square feet; The Foundation for Individual Rights in Education Inc. has leased 12,605 square feet; and AKRF Inc. has leased 3,690 square feet at the 850,000-square-foot office property. Affiliates of Rubenstein acquired the property in late 2013 and launched a rebranding campaign, as well as a capital investment program, for the property. Jack Soloff, Jim Mullarkey and Les Haggett of Newmark Grubb Knight Frank represented Rubenstein Partners in the transaction. Berkshire Hathaway HomeServices Fox & Roach was represented by Jim Wilson of Mahoney Realty Group; The Foundation for Individual Rights in Education was represented by Neil Brazitis and Sid Smith of Newmark Grubb Knight Frank; and AKRF was represented by Cindy Weiner of The Flynn Company.
The Atlanta office market continues to gain steam. Although Atlanta was slower to rebound from the recession than many U.S. markets, it was only a matter of time before the city’s numerous strengths — including its low cost of living, pro-business environment, excellent labor pool, above-average household income and strong university systems — placed it on a path of sustained recovery. The Atlanta office market has posted 13 consecutive quarters of occupancy gains. Strong absorption and limited development are exerting upward pressure on rental rates, particularly in the Class A market. There are also some significant new trends. While there was previously a clear “flight to quality” that enabled tenants to take advantage of rent bargains and concessions at Class A properties, diminishing space options and the pricier rental rate environment are causing tenants to consider Class B properties as a more economically viable alternative. Still, it is yet another sign of the overall recovery in Atlanta’s office sector that we are seeing an increase in rental rates and a decrease in landlord concessions in the Class B sector as well. The rebound of Atlanta’s office sector is not lost on investors. Strong tenant demand and the rise in rental …
HOUSTON — NAI Partners has represented Pexco LLC in the disposition of its 129,325-square-foot industrial office and warehouse facility on 11.9 acres located at 12955 Emmett Road in Houston. John Ferruzzo and Nick Peterson of NAI Partners represented the seller, Pexco, during the negotiations, while Barrett Gibson and Jason English with Colliers International represented the buyer, Parker-Hannifin Corp.
CHARLOTTE, N.C. — Marcus & Millichap has brokered the $9.3 million sale of a two-story office building at 2800 Westoak Drive in Charlotte. The property is located within the Westoak Business Park, which is within one mile from Charlotte-Douglas International Airport. The 48,000-square-foot property is fully leased to Acosta Inc., a national sales and marketing company for consumer packaged goods companies. Douglas Mandel, Scott Sandelin and Marcos Puente of Marcus & Millichap represented the seller, a limited liability company based in Ponte Verda Beach, Fla. The buyer is a partnership based in San Diego.
LOS ANGELES – Illusion LLC has renewed its lease for 6,987 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Illusion LLC is a records storage facility. The building is owned by the Swig Company.
CHICAGO — Chicago-based Amata Office Solutions has completed the renovation of its shared office/co-working center at 150 N. Michigan Ave. in Chicago’s East Loop. The renovation included the upgrades of 55 private offices and the reconfiguration of common areas to offer a greater variety of workspaces catering to the increasingly mobile workforce. The renovated center features modern lounges with breakout rooms, micro offices for short-term use and a separate workroom with unassigned seating for persons participating in Amata’s co-working program, which offers 24/7 access to all common areas and amenity spaces.
ATLANTA — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has sold a 17-story office building located at 201 17th St. in Atlantic Station, a mixed-use district in Midtown Atlanta. Since acquiring the property in 2012, the fund has increased the building’s occupancy from 48 percent to 91 percent. Technology companies migrating to Midtown Atlanta comprise the majority of the newly added tenants at the office tower, according to CBRE. In December, Worldpay US, an online card processing services firm based in London, leased six floors at 201 17th St. for its U.S. headquarters.
ISELIN, N.J. — HFF has secured $18.5 million in refinancing for Centra, an office building located at 100 Wood Ave. in Iselin. On behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF also placed in November 2010 for the redevelopment of the property. The four-story 110,700-square-foot property is 95 percent leased to a variety of tenants, including JP Morgan Chase, MetLife, Grant Thornton and Net App. Michael Klein and Jon Mikula of HFF represented the borrower in the transaction.