IRVING, TEXAS — Locally based developer KDC has topped out the 850,000-square-foot office campus in Irving’s Las Colinas district that will serve as the new regional headquarters for Wells Fargo. The campus will consist of two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces, all on a 22-acre site. The San Francisco-based bank is consolidating its regional real estate footprint and expects to employ about 3,000 people at the campus, inclusive of the hiring of 650 new staffers. Completion is slated for late 2025. Project partners include architect Corgan, civil and landscape engineer Kimley-Horn and general contractor Austin Commercial.
Office
QUINCY, MASS. — Locally based investment firm FoxRock Properties has acquired 1200 Crown Colony, a 236,491-square-foot office building in Quincy, a southern suburb of Boston. The building is located within a larger development known as Crown Colony Office Park, which is situated adjacent to a public transit station and the I-93 and U.S. Route 3 interchange. Amenities include a newly renovated lobby, fitness center, exercise lawn, coffee bar and a full-service café. The seller and sales price were not disclosed.
Douglas Capital Partners Acquires 385,000 SF Office, Industrial Portfolio in Metro Columbus for $25M
GROVE CITY AND DUBLIN, OHIO — Michigan-based real estate investment firm Douglas Capital Partners has acquired three Columbus-area properties from American National Insurance Co. and Brookfield for $25 million. The three-property portfolio totals 385,000 square feet and is comprised of SouthPark XX, a Class A industrial asset in Grove City, and two office buildings in Dublin. The office assets include the Emerald Professional Building and Upper Metro Place. The acquisitions mark the first investments outside of Michigan for Douglas Capital Partners.
LOS ANGELES — Colliers has arranged the $13.5 million sale of 1001 Towne Avenue, a mixed-use retail and office building in the Fashion District of Los Angeles. Mark Schuessler, Sean Fulp and Ryan Plummer of Colliers represented the undisclosed seller, while Mark Hong of KORUS Real Estate represented the buyer, a local private individual, in the transaction. The four-story building offers 43,700 square feet of retail and office space in suites ranging in size from 481 square feet to 4,843 square feet. At the time of sale, the property was 82 percent leased to a mix of retail and wholesale apparel businesses.
DALLAS — General contractor Michael Walker Construction has completed the multimillion-dollar renovation of 2515 McKinney Avenue, an 18-story, 178,970-square-foot office building in Uptown Dallas. The project delivered a full facelift of the lobby and added new tenant amenities, including a fitness center, conference center, outdoor patio areas and expanded food-and-beverage options. Entos Design served as the project architect. Stream Realty Partners leases the building, which is owned by institutional investors advised by J.P. Morgan Global Alternatives.
ARLINGTON, TEXAS — PDMS Design Group Inc. has signed an 8,653-square-foot office lease renewal at Arlington Downs Tower. According to LoopNet Inc., the building totals 87,411 square feet and was constructed in 1974. Erik Blais and Richmond Collinsworth of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations on an internal basis. The tenant representative was not disclosed.
JLL Arranges $135M in Financing for Cross Creek Ranch Mixed-Use Property in Malibu, California
by Amy Works
MALIBU, CALIF. — JLL Capital Markets has arranged $135 million in first lien financing for Cross Creek Ranch, a 122,324-square-foot, Class AA, mixed-used property in Malibu. The property offers 71,605 square feet of retail space and 50,719 square feet of creative office space. John Marshall, Spencer Seibring, Allie Black and Tim Donald of JLL Capital Markets’ debt advisory team secured the five-year loan from Torchlight Investors for the borrower, Pacific Equity Partners. Located at 23465 Civic Center Way on 13 acres, Cross Creek Ranch is adjacent to a Whole Foods Market in the core of Malibu’s shopping district, which also includes Malibu Country Mart, Malibu Village and Malibu Lumber Yard. The center is approximately 13 miles from the Santa Monica pier and 21 miles northwest of Los Angeles International Airport.
SUGAR LAND, TEXAS — JLL has brokered the sale of The Offices at Kensington, a 171,055-square-foot office complex located in the southwestern Houston suburb of Sugar Land. The complex consists of two four-story buildings that had a combined occupancy rate of 84 percent at the time of sale. Rick Goings and Marty Hogan of JLL represented the seller, California-based investment firm Buchanan Street Partners, in the transaction. Michael Johnson and Michael King, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing on behalf of the buyer, Houston-based private equity firm DML Capital.
DALLAS — Accounting firm Carter & Co. has signed a 7,205-square-foot office lease renewal in North Dallas. The company renewed a year before the expiration of its lease at Highland Park West, a 51,847-square-foot complex that is now 96 percent leased. Jared Laake and Richmond Collinsworth of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Bill Zei of McLeod-Zei Inc. represented the tenant.
HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated a 6,874-square-foot office lease at The Meadows at Interwood in North Houston. According to LoopNet Inc., the building was constructed in 1984 and spans 146,685 square feet. John Hornbuckle of Cypressbrook represented the tenant, ABM Insurance & Benefit Services, in the lease negotiations. Valere Costello of Brummett & Co. represented the landlord.