Office

Hartwell Realty Arranges Sale of Raleigh Office Building

by John Nelson February 10, 2015

RALEIGH, N.C. — Hartwell Realty Inc., a Raleigh-based boutique commercial real estate firm, has brokered the sale of a 42,010-square-foot Class A office building located at 4001 Weston Parkway in Raleigh. The office building is the headquarters of Kruger USA, the U.S. headquarters for Veolia, a municipal solutions and technologies firm for wastewater management and drinking water treatment. Kruger recently took full occupancy of the building. Brenda Compton, Jason Stegall and Matt Raiford of Hartwell Realty put together the off-market transaction.

February 10, 2015

Office Southeast Virginia

Akridge, RTC Partnership to Build $210M Office Tower in Metro D.C.

by John Nelson February 9, 2015

RESTON, VA. — Akridge and RTC Partnership LLC have formed a joint venture to develop 1760 Reston Parkway, a $210 million, Class A office tower in the Reston Town Center mixed-use development outside Washington. The approximately 420,000-square-foot, 22-story building will reach 330 feet, nearly 115 feet taller than the next tallest building in Reston Town Center. As a result, 1760 Reston Parkway will offer tenants panoramic views from the Blue Ridge Mountains to downtown Washington. 1760 Reston Parkway will be located six miles east of the Washington Dulles International Airport and approximately 20 miles west of Washington. The site is currently home to a five-story, 61,000-square-foot office building that will need to be demolished prior to construction, according to the Washington Business Journal. The newspaper says that Akridge has not ruled out building on spec, but plans to prelease an anchor tenant for at least 150,000 square feet before proceeding with construction. RTC Partnership LLC acquired the property in 2005 and guided 1760 Reston Parkway through the entitlement process. Whealen retained Mike Shuler of Avison Young to structure a joint venture with a top office developer, leading to the joint venture with Akridge, a full-service commercial real estate company that …

February 9, 2015

Florida Office Southeast

Colliers Arranges 236,250 SF Office Lease at EverBank Center in Downtown Jacksonville

by John Nelson February 9, 2015

JACKSONVILLE, FLA. — Colliers International Northeast Florida has arranged a 236,250-square-foot office lease at EverBank Center, a 30-story, 956-201-square-foot office tower in downtown Jacksonville. Chuck Diebel, Preston Phillips and Lisa McLatchey of Colliers International Northeast Florida represented the landlord, Amkin West Bay LLC, in the lease transaction. Cushman & Wakefield represented the tenant, Citizens Property Insurance Corp. The new lease brings the office tower’s occupancy to more than 90 percent.

February 9, 2015

Dadeland @ 9700 Dadeland Florida Eastern National Bank

Florida Office Southeast

Avison Young Brings Miami Office Building to Full Occupancy with 21,492 SF Lease

by John Nelson February 9, 2015

MIAMI — Avison Young has arranged a new 21,492-square-foot lease for the relocation of Eastern National Bank’s corporate headquarters relocation. The company is moving its footprint from Miami’s Brickell district to Dadeland @ 9700, an 11-story, 67,142-square-foot office building at 9700 S. Dixie Highway. The move brings the office building to 100 percent occupancy. Donna Abood, Joe Abood and Ericka Witkowski of Avison Young represented the landlord, Dadeland Executive Plaza LLC, in the transaction.

February 9, 2015

Office Texas

Moody Rambin Arranges Lease of Office Building in Houston

by Haisten Willis February 9, 2015

HOUSTON — London Offshore Consultants has leased 8,054 square feet at the Imperial 20 building, which is located at 16800 Imperial Valley Drive in the Greenspoint submarket of Houston. Kurt Kistler of Moody Rambin represented the owner, 16800 Imperial LLC. Chad Beck of Cushman & Wakefield represented the tenant in the transaction.

February 9, 2015

Illinois Midwest Office

Foresite Realty Partners Arranges Lease of 7,196 SF Office Space in Chicago

by Danielle Everson February 6, 2015

CHICAGO — Foresite Realty Partners LLC has arranged the lease of a 7,196-square-foot office space in Chicago. Alliance of Chicago Community Health Service, L3C has signed a 10-year, seven-month lease renewal at the space located at 215 West Ohio. The Alliance provides health information technology to support more than 40 non-profit health centers nationally. Foresite Reality Partners represented the landlord. Trevor Marticke of Cushman & Wakefield represented the tenant.

February 6, 2015

New York Northeast Office Retail

Meadow Partners Converts 866 United Nations Plaza into Commercial Condo Property in NYC

by Amy Works February 6, 2015

NEW YORK CITY — Meadow Partners, through an affiliate, has converted 866 United Nations Plaza, a 471,000-square-foot office building, into a commercial condominium property containing office, retail and garage space. Located at the base of two 32-story residential towers on 48th Street in New York City, the property offers six 78,000-square-foot floors and units ranging in size from less than 1,000 to more than 50,000 square feet. Additionally, units can be combined and demised to accommodate users of varying sizes. Sale prices range from under $1 million to more than $60 million, depending on unit size, view and floor plan. Built in 1965, the property features two lobbies, 24/7 security, 17-foot travertine walls and polished granite floors, six elevators, a separate service entrance with loading dock and oversized freight elevator, and an underground parking garage. Rudder Property Group is marketing the building, which is managed by Jones Lang LaSalle.

February 6, 2015

Market Reports Office Texas Texas Market Reports

What Does Oil Price Fallout Mean for Houston?

by Haisten Willis February 6, 2015

It’s safe to say that the recent drastic drop in oil prices is a hot topic everywhere, and it certainly dominates the discussion in Houston real estate. As we read market predictions of how long it will take for the price of oil to rebound and the impact it will have on the economy, we must try to predict on a micro level what the consequence will be to tenants and landlords. With the price of oil below $50 per barrel and still declining, it is understandable why the uncertainty of the market is causing many tenants to put their space requirements on hold or reconsider their occupancy plans altogether. Despite the Greater Houston Partnership’s projection for 63,000 new jobs to be added in Houston in 2015 and the countless construction cranes that can be seen all over the city, the daily announcements of layoffs, reduced capital expenditure plans and mergers leave considerable room for doubt and uncertainty about the market. Although the Houston economy is more diverse today than it was 30 years ago, a strong correlation between the price of oil and office rental rates remains. The Houston employment and real estate market will, however, benefit from its …

February 6, 2015

California Office Western

Civic Center Place in Fremont Sells for $39.2M

by Nellie Day February 6, 2015

FREMONT, CALIF. — Healthcare Realty Trust has acquired Civic Center Place, a 110,679-square-foot medical office building in Fremont, for $39.2 million. The center is located at 39141 Civic Center Drive. Civic Center Place was built in 1999. It is situated on 3.9 acres on the east side of the San Francisco Bay. The center was 98 percent leased at the time of closing. It is mostly occupied by healthcare-related tenants, as the center sits adjacent to the Washington Township Hospital Campus and Kaiser Permanente Fremont Medical Center. The facilities are situated along the future “Gateway” to the city’s downtown district. The transaction was executed by Marcus Muirhead, Greg Guglielmino and Steve Gonzalez of the Colliers Muirhead-Guglielmino-Gonzalez Investment Team. The seller was Berkeley Land Company.

February 6, 2015

California Office Western

Calabasas Office Building Sells for $4.4M

by Nellie Day February 5, 2015

CALABASAS, CALIF. – A 19,000-square-foot office building in the Los Angeles submarket of Calabasas has sold to SDK Properties for $4.4 million. The building is located at 24003 Ventura Blvd. It was 90 percent occupied at the time of closing. SDK Properties was represented by Mitchell Stokes of Madison Partners. The seller was Calabasas Storage LLC.

February 5, 2015

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