Office

Grubb Properties, New York Life Acquire Office Tower in Uptown Charlotte

by John Nelson January 6, 2015

CHARLOTTE, N.C. — Grubb Properties has partnered with New York Life Real Estate Investors to acquire a 19-story office building in Uptown Charlotte. The partnership purchased the 405,000-square-foot office tower located at 525 N. Tryon St. from Parkway Properties Inc. for an undisclosed price. The office tower is located adjacent to the new SkyHouse apartment tower that Grubb is developing with Novare Group and Batson-Cook Development Co. The office building features a conference center, café, on-site management, 24-hour security surveillance and a vacant restaurant site.

January 6, 2015

Florida Office Southeast

Law Firm Renews, Expands Office Lease in Downtown Miami

by John Nelson January 6, 2015

MIAMI — Stearns Weaver Miller Weissler Alhadeff & Sitterson PA has renewed and expanded its office footprint in Museum Tower, a Class A office building located at 150 W. Flagler St. in downtown Miami. The law firm has increased its office space to 110,000 square feet, a 7,000-square-foot expansion. Carol Brooks and Steven Hurwitz of CREC represented Stearns Weaver Miller in the lease transaction. Kirk Fetter of Gaedeke Group represented Museum Tower’s owner, Gaedeke Holdings Limited.

January 6, 2015

New York Northeast Office

RFR Holding LLC Acquires 281 Park Avenue South in NYC’s Midtown South

by Amy Works January 6, 2015

NEW YORK CITY — RFR Holding LLC, along with Real Estate Capital Partners, has acquired 281 Park Avenue South, a landmark building formerly known as the Church Mission House in Midtown South. RFR purchased the six-story, 45,000-square-foot building from the Federation of Protestant Welfare Agencies for $50 million. Following upgrades that will include new storefronts, mechanical systems and a new office lobby with entrance on 22nd Street, the building will be repositioned as a showpiece for a single office user requiring 28,000 to 40,000 square feet. The building features approximately 6,700-square-foot rentable floor plates, ceiling heights up to 20 feet, a cooper and terra-cotta roof, marble mosaic flooring, stained glass windows, wood wainscoting and plaster ornamentation.

January 6, 2015

California Market Reports Office Western Western Market Reports

OC Office Market Recovers

by Nellie Day January 6, 2015

The Orange County office market continues to experience steady growth as it moves into 2015, with three straight years of positive net absorption under its belt. The county’s unemployment rate has dropped to 5.4 percent over the past 12 months, while the job growth rate has averaged 1.8 percent over the same period. The overall signs for the office market are very positive as we head into the growth phase of this real estate cycle. Orange County’s office market has experienced almost 1.7 million square feet of net absorption in the past 12 months, according to CoStar. This net absorption has been spread out evenly over Class A and B properties. The current vacancy rate of 11.4 percent has steadily declined on an average of 1 percent per year for the past four years. Based on current absorption trends, the office vacancy could dip below 10 percent in 2016, which may usher in significant speculative development. The majority of the tenant activity is home grown, with limited growth from companies outside of Orange County. Net absorption is mainly due to recent larger space transactions. These occupiers include Pacific Investment Management absorbing 380,000 square feet, Belkin International (128,000 square feet), Yokohama …

January 6, 2015

Office Texas

Cousins Properties Sells Office Tower in Fort Worth

by Haisten Willis January 5, 2015

FORT WORTH, TEXAS — Cousins Properties Inc. has sold 777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, for $167 million. Cousins purchased 777 Main for $160 million in September of 2013 as part of its Crescent Texas acquisition, which included the 4.3 million-square-foot Greenway Plaza office complex in Houston. Cousins is a fully integrated, self-managed real estate investment trust. The Atlanta-based company primarily invests in Class A office assets located in Georgia, Texas and North Carolina.

January 5, 2015

Michigan Midwest Office

Colliers International Ann Arbor Arranges Sale of 8,662 SF Office Building

by Danielle Everson January 5, 2015

ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of an 8,662-square-foot office building in Ann Arbor. Sleeping Bear Press purchased the property, located at 2395 S. Huron Parkway, for an undisclosed sales price. The children’s book publisher is relocating its Ann Arbor offices to this location. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented both the undisclosed seller and the buyer in the transaction.

January 5, 2015

Michigan Midwest Office

Dental Practice Buys Freestanding Office Building in Southfield, Mich.

by Danielle Everson January 5, 2015

SOUTHFIELD, MICH. — Gerdom Realty & Investment has arranged the sale of a 3,400-square-foot, two-story office building in Southfield. A dental practice in the area purchased the freestanding office asset located at W. 10 Mile Road for an undisclosed sales price. Tjader Gerdom of Gerdom Realty & Investment represented the seller, a private owner, and procured the buyer.

January 5, 2015

Florida Office Southeast

Fairlead Commercial Acquires Class A Office Building in Tampa

by John Nelson January 5, 2015

TAMPA, FLA. — Fairlead Commercial Real Estate has purchased Westshore 500, a Class A, 129,728-square-foot office building in Tampa. The asset is located at 500 N. Westshore Blvd. in Tampa’s Westshore submarket. Fairlead Commercial acquired the asset along with equity partner Bridge Investment Group Partners, managers of the ROC Funds, for an undisclosed price. Christian Lee, Dale Peterson, Charles Foschini and Marcos Minaya of CBRE’s capital markets group represented the seller in the transaction. Fairlead has selected Claire Calzon and Joanne LeBlanc of Colliers International to lease Westshore 500.

January 5, 2015

Midwest Missouri Office

Lee & Associates Brokers $2.7M Sale of 18,500 SF Office Building

by Danielle Everson December 29, 2014

LEE’S SUMMIT, MO. — Lee & Associates has brokered the $2.7 million sale of an 18,500-square-foot office building in Lee’s Summit. The property is located at 3350 Ralph Powell Road. Jon England and Nathan Anderson of Lee & Associates’ Kansas City office represented the seller, MJB of Missouri LLC. Valley Oaks Investments LLC, a private investment company, purchased the multi-tenant property.

December 29, 2014

California Office Western

Gaw Capital Partners Buys Yeon Building in Portland

by Nellie Day December 24, 2014

PORTLAND, ORE. – Gaw Capital Partners has acquired the Yeon Building, a 126,885-square-foot creative office building in Portland, for an undisclosed sum. The historic building is located at 522 SW Fifth Ave. It was originally built in 1911 and renovated in 2011. The Yeon Building contains 114,113 square feet of office, 11,332 square feet of retail space and 1,440 square feet of amenity space. It is 85.6 percent leased to tenants in the technology, entertainment/gaming, legal, nonprofit, engineering, counseling, music, financial and real estate industries. The seller, an affiliate of Jonathan Rose Companies, was represented by HFF’s Nick Kucha and Michael Leggett.

December 24, 2014

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