Office

Boston Office Market: Can 2015 Top a Blockbuster 2014?

by Jaime Lackey March 11, 2015

By all measures, 2014 was the strongest year in recent memory for the Boston office market. With an approximate 1.8 million square feet of positive net absorption, nearly 5 million square feet of tenant demand, and continued development around the city, Boston remained one the country’s strongest markets. It’s not news that proximity to parking, public transportation, restaurants, bars and other amenities keeps employees happy. But Boston’s escalating prices mean cost-conscious companies must evaluate their downtown options — which means they have begun trading other items of importance, such as locational cachet, space configuration, look, feel and ultimately building type, for access to amenities. As a result, if 2013 was the year of the Seaport, then 2014 was the year of Downtown Crossing (DTX). With the renovation of 10 Summer Street and Havas’ 120,000-square-foot move to the Millennium redevelopment complete, other companies have followed suit. The third and fourth quarters brought more than 250,000 square feet of deals to 500 Washington Street. Carbonite and Sonos took 52,000 square feet and 170,000 square feet, respectively, in the third quarter, while Safari Books Online took 30,000 square feet in the fourth. Prominent national non-profit Year Up also consolidated its headquarters near DTX …

March 11, 2015

Florida Loans Office Southeast

CBRE Arranges $95M Acquisition Loan for 1.6M SF Office Portfolio

by John Nelson March 10, 2015

MIAMI — CBRE’s capital markets debt and structured finance team has arranged a $95 million acquisition loan for a portfolio of five single-tenant office properties totaling 1.6 million square feet in the Southeast. The properties, which are all leased by Wells Fargo, include 3579-3585 Atlanta Ave. in Atlanta; 401 Linden St. in Winston-Salem, N.C.; 809 W. 4½ St. and 801 W. 4 St. in Winston-Salem; 101 Greystone Blvd. in Columbia, S.C.; and 7711 Plantation Road in Roanoke, Va. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office secured the financing on behalf of the borrower, a private family interest in Brazil. Guggenheim Partners provided the 10-year loan with a 30-year amortization schedule at 65 percent loan-to-value.

March 10, 2015

California Office Western

La Jolla Medical Office Building Sells for $7M

by Nellie Day March 10, 2015

SAN DIEGO – A 17,800-square-foot medical office building in La Jolla has sold to Monarch La Jolla LLC for $7 million. The property is located at 7630 Fay Ave. The LLC intends to convert the building into an upscale assisted living facility. The seller, Executive Leasing of Nevada LLC, was represented by Brandon Keith of Voit Real Estate Services’ San Diego office and Stephen Dok of Lee & Associates. The buyer also operates as Monarch Living and Monarch Communities.

March 10, 2015

California Market Reports Office Western Western Market Reports

San Diego’s Office Landscape is Changing

by Nellie Day March 10, 2015

San Diego’s core commercial office markets continue to tighten. Less than 1 million square feet was added last year, while more than 1.2 million square feet was absorbed. In 2014, construction commenced on the first speculative high-rise office project since Hines’ La Jolla Commons I in 2008. The Irvine Company plans to deliver a 306,000-square-foot, Class A development called One La Jolla Center in UTC this year. This project follows on the heels of the adjacent 415,000-square-foot, build-to-suit for LPL. This activity points to a strengthening market as developers, equity partners and lenders believe the benefit outweighs the risk of speculative development. Sorrento Mesa also received 410,000 square feet of new office space at 10001 Pacific Heights Blvd. last year that was pre-committed by owner-user Qualcomm. The overall vacancy rate for the core markets in three San Diego regions (Downtown, Central and North County) was reduced to 11.5 percent by year’s end, indicating a tight market for users. Rent spikes can be anticipated when vacancy rates shrink to single digits. This should occur this year in submarkets like the Uptown area (5.5 percent), Poway (5.4 percent), Rancho Bernardo (6.8 percent), North Beach Cities (5.7 percent), Torrey Pines (8.0 percent), Sorrento …

March 10, 2015

Arizona Office Western

Canyon Village Office Development in Scottsdale Sells for $18.7M

by Nellie Day March 9, 2015

SCOTTSDALE, ARIZ. – Canyon Village, a mixed-use office project in Scottsdale has sold to Laurus Corp. for $18.7 million. The Class A project is located at 18801, 18835, 18867 and 18899 N. Thompson Peak Parkway. It is situated within the 8,800-acre, master-planned DC Ranch at the base of the McDowell Mountains. Canyon Village is primarily composed of office tenants, but also includes high-end medical office, retail and restaurant users like Ciao Wine Bar & Bistro and the Village Health Club’s hot yoga studio. It was 75.9 percent occupied at the time of sale. The seller, Canyon Village LLC, an entity of DMB, was represented by JLL’s Dennis Desmond and Brian Ackerman. DMB’s Michael Burke and T.A. Shover also participated in this sale, as did Alfred Hackbarth of SRS Real Estate Partners and JLL’s John Bonnell and Brett Abramson.

March 9, 2015

New York Northeast Office

Savanna, Hornig Capital Partners Buy 172,000 SF Commercial Building in the Bronx

by Amy Works March 9, 2015

NEW YORK CITY — Savanna and Hornig Capital Partners has acquired a commercial loft building located at 2415 Third Ave. in the Mott Haven neighborhood of the Bronx for an undisclosed price. The eight-story, 172,000-square-foot building features 22,000-square-foot floor plates with 12-foot ceiling heights. The buyers plan to implement a $12 million capital improvement plan and re-brand the property. DY Realty Services represented the seller, Madhatters Realty, in the transaction. The acquisition was financed by CapitalSource, with Mission Capital as placement agent for the loan.

March 9, 2015

Massachusetts Northeast Office

DTZ Brokers Sales of Two Office Buildings in Lowell for $14.6M

by Amy Works March 9, 2015

LOWELL, MASS. — DTZ has brokered the sale of Connector Park, two office buildings located in Lowell. Hudson Advisors sold the 199,783-square-foot property for $14.6 million to KS Partners. The asset consists of 41 Wellman Street, which is 100 percent leased on a long-term basis to three tenants, and 59 Lowes Ways, which is a 66 percent leased multi-tenant office building. David Pergola and Brian Doherty of DTZ Boston represented the seller in the transaction.

March 9, 2015

New York Northeast Office

Boddewyn Gaynor Architects Designs Office Integration for Amida Care in Manhattan

by Amy Works March 9, 2015

NEW YORK CITY — Boddewyn Gaynor Architects has designed a 60,000-square-foot facility for Amida Care Inc. in midtown Manhattan. Located at 14 Penn Plaza, the facility, which includes a data center, features a reception area, interview rooms, a 30-person boardroom, an executive office suite, offices, workstations, lunchroom, and copy and mail facilities, as well as meeting rooms with movable walls. Vanguard Construction & Development served as general contractor for the newly completed project.

March 9, 2015

Illinois Midwest Office

I.M. Construction Group to Complete 10,000 SF Office Renovation

by Danielle Everson March 9, 2015

CHICAGO — I.M. Construction Group will complete a 10,000-square-foot office renovation on behalf of the Belgravia Group Ltd. at 1101 W. Monroe in Chicago. IMCG was selected to complete the demolition and build-out of two complete floors at the property for Belgravia’s new offices. Belgravia Group develops residential, mixed-use and retail properties. The firm owns and manages 1101 W. Monroe and is relocating its offices from River North to this new location. Construction includes the addition of private offices, conference rooms, break rooms and open work areas. The new space will feature traditional loft styling including high ceilings with exposed timber and brick walls. Belgravia is expected to take occupancy of the new space in spring 2015. Bob Nomellini, president of IMCG, is the project executive leading the construction team. Len Corso is serving as the project superintendent. Hirsch Associates is providing architectural services for the project.

March 9, 2015

Office Texas

NAI Robert Lynn Represents Altair Global in 13,960 SF Expansion in Metro Dallas

by Haisten Willis March 9, 2015

PLANO, TEXAS — NAI Robert Lynn represented Altair Global in a 13,960-square-foot expansion deal for its corporate headquarters. Altair Global is a global assignment and relocation management company offering mobility solutions. Located at 7800 N. Dallas Pkwy. in Plano, the Class A office building allows Altair Global to expand its headquarters’ presence in the area. The office building is in close proximity to the company’s original headquarters building located at 7500 N. Dallas Pkwy. The new office provides access to the Dallas North Tollway and also is a short drive to The Shops at Legacy. Dan Jardine III and Tom Lynn of NAI Robert Lynn represented Altair Global in the transaction.

March 9, 2015

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