Office

Bernard Financial Group Arranges $125M Acquisition Loan for Office Building in Detroit

by Danielle Everson January 21, 2015

DETROIT — Bernard Financial Group has arranged a $125 million CMBS loan for the acquisition of the Compuware Building, a 15-story, 1 million-square-foot office tower located at One Campus Martius in downtown Detroit. The acquisition includes an adjacent 10-story parking garage with 2,700 spaces. The borrowing entity is 1000 Webward LLC, a joint venture between Bedrock Real Estate Services and Meridian Health Plan. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan.

January 21, 2015

Market Reports Midwest Midwest Market Reports Nebraska Office

Expanding Omaha Businesses Fuel Construction of Class A Office Space

by Danielle Everson January 21, 2015

Omaha’s office market finds itself in a favorable position at the start of 2015. Local economic indicators are solid, absorption has been positive year over year, and vacancies across the board are declining. One big reason is that Omaha businesses are growing. The low vacancy rate of Class A space is driving an appropriate amount of new construction, and Omaha’s abundant supply of quality Class B office space is expected to accommodate demand. Class A Advantage As businesses compete for the best and brightest employees, office space becomes an important hiring tool, causing businesses to look for inviting buildings and spaces in locations with enhanced amenities. This trend has increased activity in Omaha’s Class A office market, driving down the vacancy rate and spurring new construction. Omaha’s Class A vacancy rate stood at 5 percent at the end of the third quarter of 2014. The average asking rent was $24.95 per square foot on a gross basis, up 4 percent since the start of 2014. The uptick in Class A rents is likely to continue Corporate headquarters and speculative buildings are spurring the Class A construction boom. Local businesses such as Millard Refrigerated Services, Tenaska, Gavilon, TD Ameritrade, NorthStar Financial …

January 21, 2015

Loans Maryland Office Southeast

HFF Arranges $103M Refinance of Office Building in Downtown Bethesda

by John Nelson January 21, 2015

BETHESDA, MD. — HFF has secured $103 million in refinancing for an 11-story, 274,526-square-foot office building located at 7200 Wisconsin Ave. in downtown Bethesda. HFF secured the four-year, floating-rate loan with a one-year extension option through SunTrust Bank on behalf of the borrower, The JBG Cos. The office building’s tenants include Edens, Linowes & Blocher, Singapore Economic Development, University Research, Enviva and StonebridgeCarras. Sue Carras, Walter Coker, Brian Crivella, Neil Campbell and Nicole Snarski of HFF made up the debt placement team. The JBG Cos. plans to use the loan to fund tenant and capital improvements, leasing commissions and the construction of additional street-level retail, according to HFF.

January 21, 2015

Features Office Top Stories

DTZ Reports U.S. Office Sector Posts Huge Fourth Quarter for Absorption

by Jeff Shaw January 20, 2015

The U.S. office sector, already on an upward trend for several years, saw even more gains in absorption during the fourth quarter of 2014, according to a report from DTZ, a global commercial real estate service provider. The country saw a net absorption of 22.4 million square feet of office space, a 48 percent increase from the same time a year prior. Meanwhile vacancy fell 30 basis points to 14.5 percent since last quarter. New construction skyrocketed, with 103.8 million square feet under construction — a 74 percent increase over the same time last year. New York City leads the way, with a net absorption of 9.3 million square feet for 2014, more than 3.5 million of that in the fourth quarter alone. It was the metropolis’ third consecutive year of multi-million-square-foot growth. Houston and San Jose saw the next biggest numbers for 2014, with 6.6 million square feet and 4.4 million square feet, respectively. The report suggests that the positive trends will continue into 2015 as a strong economy and low gas prices stoke the fire. Although the report notes that there are some weak economies globally that could have a slowing effect on the U.S., the country has …

January 20, 2015

Illinois Midwest Office

J.C. Anderson Completes 82,000 SF Office Renovations in Chicago

by Danielle Everson January 20, 2015

CHICAGO — J.C. Anderson Inc. has completed an 82,000-square-foot office build-out for Havas Worldwide at 36 E. Grand Ave. in Chicago. The project included renovating the entire third and fourth floors to create an open floor plan. Features of the new space include 17-foot exposed ceilings, a winding staircase to connect the two floors as well as high-end finishes throughout. J.C. Anderson installed a “town hall” area for full company gatherings with expandable bleachers, a broadcast studio, spray-painting station and in-office bike racks. The firm also coordinated the installation of a state-of-the-art AV system throughout the office. Project Executive, Seth Erlich, led the construction team along with Darrel Panfil as project superintendent. Gary Lee Partners provided the architectural services and the construction manager was Mace North America. Founded in 1991, Havas Worldwide is an integrated marketing communications agency headquartered in New York.

January 20, 2015

Office Texas

NAI Arranges 4,000 SF Office Lease in Houston

by Haisten Willis January 20, 2015

HOUSTON — NAI Partners has arranged the lease of 4,000 square feet of office space at 1500 S. Dairy Ashford in Houston. Drew Crawford of NAI Partners represented the landlord, Aque Investment Group, while Wyatt McCulloch and Lucian Bukowski o CBRE represented the tenant.

January 20, 2015

Atlanta Downtown Improvement District 34 Peachtree

Georgia Office Southeast

Atlanta Downtown Improvement District Relocates to 34 Peachtree

by John Nelson January 20, 2015

ATLANTA — The Atlanta Downtown Improvement District (ADID), a public-private partnership founded in 1995, has relocated its headquarters from the Olympia Building near Woodruff Park to 34 Peachtree St. in Atlanta. The Olympia Building had been ADID’s home for the past six years, but Illinois-based CSH-23 Peachtree LLC acquired the historic building in late 2013 and has begun renovating the property to bring a super-sized Walgreens to the neighborhood. ADID’s new headquarters occupy 8,200 square feet of space on the first floor and lobby level of 34 Peachtree, just one block north of Five Points. The Creations Group, in partnership with Fairlead Commercial Real Estate LCC, purchased 34 Peachtree around the same time that the Olympia Building was sold.

January 20, 2015

Office Texas

Vanguard Arranges Sale of Office Building in Metro Dallas

by Haisten Willis January 19, 2015

ROCKWALL, TEXAS — Vanguard Real Estate Advisors, a Dallas-based real estate advisory firm, has arranged the sale of the Rockwall Commons office building. The property is located in the Dallas suburb of Rockwall. Jordan Cortez of Vanguard marketed the asset on behalf of an affiliate of the seller, Tabani Group. Bowman Investment Group LLC was the buyer. The Class A property was built in 2008 in conjunction with the Rockwall Commons mixed-use development, which includes a 202-unit luxury apartment community and retail suites located along Ridge Road, 1.5 miles north of I-30. The building was 100 percent leased at the time of sale to a mix of national and local tenants. The buyer assumed an existing CMBS loan as part of the transaction.

January 19, 2015

Illinois Midwest Office

IMPACT Strategies Completes Construction on TAMAR II Office Building in Shiloh, Ill.

by Danielle Everson January 19, 2015

SHILOH, ILL. — IMPACT Strategies has completed construction of the TAMAR II Office Building in Shiloh. The property is located at 1116 Hartman Lane. The $2 million project began in July 2014 and was completed three weeks ahead of its scheduled completion in January. TAMAR Properties is the owner and developer. The office building will primarily serve as HSHS Medical Group’s new 5,500-square-foot multi-specialty medical clinic. The building’s additional space will be occupied by Fulford Homes starting in March. IMPACT Strategies project manager Will Stajduhar managed the project along with project assistant Kari Stevens and superintendent Jason Jones. EWR Associates Inc. of Fairview Heights provided architectural services for the project.

January 19, 2015

California Office Western

ASML US Leases Space at THE Campus in San Jose

by Nellie Day January 19, 2015

SAN JOSE, CALIF. – ASML US has leased 92,842 square feet of creative office space at THE Campus in San Jose. The property is located at 399 Trimble Road. This building is also occupied by Verizon Corporate Services. ASML US was represented by Jeff Ramirez of Newmark Cornish & Carey. Bixby Land Company was represented by CBRE’s Christian Marent, Rob Shannon and Vincent Scott.

January 19, 2015

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