Office

New Office/Warehouse Flex Development Planned in Metro Dallas

by Haisten Willis July 30, 2015

ALLEN, TEXAS — JaRyCo Development plans to begin construction on the first of three office/flex buildings known as Tech Center One at the company’s Tech Center on Greenville project in Allen. Construction will begin in September on the 94,000-square-foot project. JaRyCo Development is based in Allen, and the 38,000-square-foot Tech Center One is the 10th development project for the company in the city. Plans call for the project to be developed in phases unless tenant demand requires otherwise. Tech Center One will be built on the south end of the master-planned campus. A landscaped setback along Greenville Avenue with screened loading areas and a parking ratio in excess of code requirements will provide a new home for a variety of companies. An interior clear height of 18 feet, loading doors and a dock-high loading area will allow for product storage. The Tech Center on Greenville is located just north of the intersection of Bethany Drive and Greenville Avenues.

July 30, 2015

California Office Western

Cruzan Buys Lakehills Corporate Park in Laguna Hills for $40M

by Nellie Day July 29, 2015

LAGUNA HILLS, CALIF. — Cruzan has purchased Lakehills Corporate Park, a 223,467-square-foot office campus in Laguna Hills, for $40 million. The park is located at 23332-23422 Mill Creek Drive and 24411-24461 Ridge Route Drive. This is Cruzan’s first Orange County purchase. The company will redevelop Lakehills into a modern office campus. CBRE’s Kevin Shannon, Paul Jones, Bob Smith and Blake Bokosky represented the seller, AEW Capital Management. AEW sold the property on behalf of one of its separate account clients.

July 29, 2015

Maryland Office Southeast

HFF Arranges $29.4M Sale of Three Office Buildings in Metro D.C.

by John Nelson July 29, 2015

GAITHERSBURG, MD. — HFF has arranged the $29.4 million sale of three office buildings located at 25, 35 and 45 W. Watkins Mill Road in Gaithersburg, a Maryland suburb of Washington, D.C. The three office/lab buildings span 139,938 square feet and were cumulatively 95 percent leased at the time of sale to tenants such as MedImmune and Amplimmune, which are both wholly owned subsidiaries of AstraZeneca. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matthew Nicholson of HFF represented the seller, an affiliate of Equus Capital Partners Ltd., in the transaction. In addition, HFF arranged $19.2 million in acquisition financing on behalf of the buyer, Tritower Financial Group. Cary Abod led HFF’s debt placement team to arrange the 10-year, fixed-rate loan through an unnamed life insurance company.

July 29, 2015

Office Southeast Virginia

Rubenstein, Griffith Purchase Office Building in Northern Virginia for $27.8M

by John Nelson July 29, 2015

TYSONS CORNER, VA. — A joint venture between Rubenstein Partners LP and Griffith Properties has purchased The Rappahannock Building, a six-story, Class A office building located at 1550 Westbranch Drive in Tysons Corner. The joint venture purchased the 152,000-square-foot office building from Corporate Office Properties Trust for $27.8 million. Built in 2001, the property has been fully leased to The MITRE Corp. since it was built, but the company plans to move to another office campus in Tysons Corner in 2016. Once vacated, Rubenstein and Griffith plan to renovate the office building to attract new tenants. Malcolm Schweiker of CBRE represented the joint venture in the transaction. Schweiker will also handle leasing the office building.

July 29, 2015

New York Northeast Office

KZA Realty Group Brokers Two Sales Totaling $4.7M in the Bronx

by Amy Works July 29, 2015

NEW YORK CITY — KZA Realty Group has brokered two sales transactions totaling $4.7 million in the Bronx. In the first purchase, The Transit Worker’s Union acquired a three-story, 34,456-square-foot building located at 2475 Westchester Ave. for $3 million. The buyer will use the property to provide counseling on affordable housing, healthcare services, representation and related service to Transit Worker’s Union members. Michael Gilbert of Gilco Realty represented the seller, 437 East 165th Street Realty Corp., in the transaction. In the second deal, Azimuth Development Group purchased a 6,691-square-foot licensed parking lot for $1.7 million. The buyer plans to use the lot as a development site. David Simone of Cushman & Wakefield represented the seller, 1164 Wheeler Avenue LLC, in the transaction. Kathy Zamechansky of KZA Realty Group represented the buyers in both deals.

July 29, 2015

Connecticut Market Reports Northeast Northeast Market Reports Office

Connecticut Office Market Offers an Abundance of Choices for Large Tenants

by Jaime Lackey July 29, 2015

Large blocks of space in the Connecticut office market have typically been associated with financial services firms and the wide open trading floors found in investment bank offices. However, for a new breed of tenant looking for sprawling, open and contiguous office space, the state of Connecticut currently offers a myriad of choices across multiple submarkets — from Trumbull to Norwalk to Stamford. And recent leasing figures suggest that prospective tenants are taking note. TAMI — or technology, advertising, media and information — tenants are no longer a Manhattan-only phenomenon. CBRE’s Westchester/Fairfield Counties office is increasingly seeing these tenants joining financial services tenants in cherry picking from an abundant group of large spaces. These TAMI tenants often favor the open spaces and giant floorplates that have become known for increasing collaboration and productivity among their employees. They can also offer consolidation and cost savings for companies. One of the most notable recent examples was 2014’s largest lease transaction for Fairfield County, which saw information technology firm Datto lease 100,398 square feet of space at Norwalk’s Merritt 7 Corporate Park. CBRE’s Paul Jacobs, Colin Reilly and Barbara Segalini represented Datto in the lease at the 22-acre campus, which Datto said it …

July 29, 2015

California Office Western

Miller Global Properties Purchases Ocean Ridge in Carlsbad

by Nellie Day July 28, 2015

CARLSBAD, CALIF. — Miller Global Properties has purchased Ocean Ridge, a 75,000-square-foot office building in Carlsbad, for an undisclosed sum. The building is located at 5796 Armada Drive. It is currently 77 percent occupied. Notable tenants include MorganStanley, Charles Schwab, West Development and Maketa Investment Group. CBRE’s Louay Alsadek, Larry Cambra, Roger Carlson and Hunter Rowe represented both the buyer and seller, an institutional pension fund advisor, in the transaction.

July 28, 2015

Office Texas

Regis Property Management Acquires Office Building in Houston

by Haisten Willis July 28, 2015

HOUSTON — Regis Property Management has acquired 770 S. Post Oak Lane, a mid-rise office building located seven miles from downtown Houston and 24 miles from Houston Intercontinental Airport. The six-story building is located in the Galleria area, surrounded by restaurants, hotels and other amenities. Regis Property Management is an affiliate of Pillar Income Asset Management and manages 34 commercial properties comprising more than 6 million square feet of office, warehouse, industrial and retail space. Regis was selected to manage the property portfolios for three publicly traded companies as well as several affiliated and non-affiliated private companies.

July 28, 2015

Office Texas

Q Real Estate Holdings Purchases 2400 N. Glenville in Metro Dallas

by Haisten Willis July 28, 2015

RICHARDSON, TEXAS — Q Real Estate Holdings, the real estate affiliate of Fort Worth-based Q Investments, has purchased 2400 N. Glenville in Richardson. The property is now open for tours and new leases for the first time in its history. It opened in 1989 as a build-to-suit for Verizon, then known as MCI, and is located in the heart of Galatyn Park Urban Village, a mixed-use development in Richardson’s Telecom Corridor. Verizon will remain in the property until the fourth quarter of 2016 when Q Real Estate plans to begin renovations to reposition the property for new tenants. DTZ’s Trey Smith and Clint Madison will oversee leasing services for the 388,600-square-foot facility. Comprising four interconnected 100,000-square-foot buildings, 2400 N. Glenville is one of the largest contiguous blocks of available office space in the Dallas market.

July 28, 2015

Michigan Midwest Office

Grand Offices in Novi, Mich. Now 100 Percent Occupied

by Jonathan Mehall July 28, 2015

NOVI, MICH. — The two-story Grand Offices office building located at 44725 Grand River Ave., between Novi and Taft roads, filled its last three vacancies in the second quarter of 2015. Novi is located 30 miles northwest of Detroit. The most recent tenants to join the office are a regional office for O.C. Tanner and Desco Properties, a relocation of a local property management company. Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented the landlord in these transactions. It took Grand Offices less than three years to go from 0 percent occupancy to 100 percent occupancy.

July 28, 2015

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