Office

Austin’s Largest Single Foundation Poured at Site of Planned Office Tower

by Haisten Willis April 24, 2015

AUSTIN, TEXAS — Trammell Crow Co. and Principal Real Estate Investors have reached a significant construction milestone for their new office tower in Austin, and they’ve made history in the process. To lay the foundation for 500 W. 2nd Street, the 29-story, 500,000-square-foot office tower located at San Antonio and 2nd streets, construction manager The Beck Group coordinated downtown Austin’s largest-ever continuous concrete foundation pour, placing more than 10,680 cubic yards of concrete in just over 24 hours. The foundation slab is over nine feet deep and holds more than 1,200 tons of rebar support. The office tower will soon begin vertical construction, with two tower cranes to erect on-site within the next two weeks. Owners Trammell Crow Co. and Principal Real Estate Investors are co-developing the project. Gensler is the project architect and The Beck Group is the construction manager.

April 24, 2015

Reed Construction Completes Office Renovation, Expansion for Rise Interactive

by Danielle Everson April 24, 2015

CHICAGO — Reed Construction has completed a 20,000-square-foot renovation and expansion for Rise Interactive at 1 S. Wacker in Chicago. The build-out included the addition of an internal steel staircase with glass handrails, connecting the third and fourth floors, as well as the installation of a reclaimed wood barn door at the suite’s entry. In addition, two large meeting rooms were built-out and now feature a bar for internal company meetings and client entertainment. Reed Construction also built 10 additional private offices, eight conference rooms and two on-site cafés. Steve Sandquist was the project manager for Reed Construction. Hydzik Schade Associates provided architectural services. Rise Interactive is a digital marketing agency that specializes in traffic generation and web analytics.

April 24, 2015

Illinois Midwest Office

Bradford Allen Arranges 18,222 SF Office Lease in Des Plaines, Ill.

by Danielle Everson April 24, 2015

DES PLAINES, ILL. — Bradford Allen Realty Services has arranged a lease renewal and restructure of 18,222 square feet for Ex Libris Group in Des Plaines. The library automation solutions company will occupy space in a 244,049-square-foot office space located at 1350 E. Touhy Ave., just north of the Allstate Arena, between I-90 and Mannheim Road. The property recently underwent renovations. Ben Azulay and Joel Berger represented the tenant. Fred Ishler of Transwestern represented ownership, Steinco Inc.

April 24, 2015

Loans New York Northeast Office

New York Life Real Estate Investors Originates $205M Loan for Manhattan Office Tower

by Amy Works April 24, 2015

NEW YORK CITY — New York Life Real Estate Investors has originated $205 million in financing for an office tower, located at 757 Third Ave. in Midtown Manhattan. Multi-Employer Property Trust, as advised by Bentall Kennedy (U.S.) Limited Partnership, owns the 503,000-square-foot Class A office property. The loan has a term of 15 years. Eric Becher of New York Life Real Estate Investors’ New York regional office negotiated the transaction.

April 24, 2015

New Jersey Northeast Office

Colliers Arranges 30,000 SF Relocation for Paychex to One Centennial Plaza

by Amy Works April 24, 2015

PISCATAWAY, N.J. — Colliers International has arranged a long-term 30,000-square-foot lease for Paychex North America Inc. to relocate to One Centennial Plaza in Piscataway. Paychex, a provider of payroll, human resource and benefits outsourcing solutions for small to medium-sized businesses, will relocate to a portion of the first floor of the three-story, 236,961-square-foot office building this fall. The property features a conference and training center, security desk, on-site property management, 24/7 access, a full-service cafeteria and an outdoor seating area. Richard Madison and Jack Callahan of Colliers represented the landlord, while Michael Maroon of Acclaim Group represented Paychex in the transaction.

April 24, 2015

California Office Western

Gerald J. Sullivan & Associates Renews Lease at Pacific Financial Center in Los Angeles

by Nellie Day April 23, 2015

LOS ANGELES – Gerald J. Sullivan & Associates has renewed its lease for 28,668 square feet of office space at Pacific Financial Center in Downtown Los Angeles. The Class A office tower is located at 800 W. Sixth Street. It is fully occupied. The insurance brokerage firm has resided within the Pacific Financial Center since 1987. It occupies the top two floors of the property. The firm was represented by Jonathan Larsen of Avison Young. The landlord, Pacific Financial Equities, was represented by John Anthony of Charles Dunn Company.

April 23, 2015

Office Texas

Texas Children’s Hospital to Expand With 19-Story Tower

by Haisten Willis April 23, 2015

HOUSTON — Texas Children’s Hospital, in collaboration with FKP Architects, will add a $506 million, 19-story patient tower to its campus as part of a $575 million capital investment. The new tower will sit on top of an existing six-story base adjacent to Texas Children’s Pavilion for Women. FKP’s Houston office will lead planning and design for the project, which is expected to be complete in 2018. Pediatric Tower E will initially offer 129 beds for pediatric and cardiovascular intensive care, along with new operating rooms. It will also be the home of the relocated Texas Children’s Heart Center, including a new outpatient clinic, cardiovascular operating rooms, dedicated cardiology beds and catheterization labs. The Heart Center will move out of the West Tower, making way for additional acute care beds. The project will be funded in part from the Texas Children’s Promise Campaign.

April 23, 2015

New Jersey Northeast Office

NAI Mertz Brokers Three Transactions in Cherry Hill’s Golden Triangle

by Amy Works April 23, 2015

CHERRY HILL, N.J. — NAI Mertz has brokered three transactions in Cherry Hill. In the first transaction, Byrn Mawr Investments purchased a 28,000-square-foot office building, located at 706 Haddonfield Road, from Multiple Sclerosis Association of America for an undisclosed price. The buyer plans to redevelop the property into retail use by demolishing a portion of the building and converting it into parking spaces. Jeff Sloan of NAI Mertz negotiated the transaction. Sloan also represented Multiple Sclerosis Association of America in the acquisition of a 14,400-square-foot office building located at 375 N. Kings Highway. The seller was 375 NKH LLC. In the third deal, SportsArena Employees 137 Welfare Fund sold a two-story 11,683-square-foot office building, located at 1012 Haddonfield Road, to Several Properties and First American Exchange. Marc Cutler and John Brown of NAI Mertz were the sole brokers in the transaction. The prices for the transactions were not released.

April 23, 2015

Florida Office Southeast

CBRE Brokers $23.8M Sale of Boutique Office Property in Boca Raton

by John Nelson April 23, 2015

BOCA RATON, FLA. — CBRE has brokered the $23.8 million sale of Glades Twin Plaza, a 98,312-square-foot boutique office building located at 2300 Glades Road in Boca Raton. Built in 1982 and renovated in 2010, the office property was 77 percent leased at the time of sale. Christian Lee, Jose Lobon, Charles Foschini, Chris Apone and Michael Erickson of CBRE represented the seller, a fund managed by BlackRock, in the transaction. The buyer was Dallas-based L&B Realty Advisors.

April 23, 2015

North Carolina Office Southeast

Frontier Capital to Occupy Top Floor of 19-Story Office Tower in Charlotte

by John Nelson April 23, 2015

CHARLOTTE, N.C. — Co-owners Grubb Properties and New York Life Real Estate Investors have signed Frontier Capital, a growth equity firm based in North Carolina, to a long-term lease for the top floor of 525 North Tryon Street, a 19-story office building in Uptown Charlotte. Frontier will use the 12,600-square-foot space as its new headquarters beginning in September. Andy Horsey of Cresa Charlotte represented Frontier Capital in the lease transaction. Jonathan Nance of Grubb Properties, along with Meredith Ball and Mark Holoman of Cushman & Wakefield | Thalhimer, represented the ownership group.

April 23, 2015

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