SAN PEDRO, CALIF. – Regus has leased more than 15,000 square feet at Topaz in Downtown San Pedro. The Class A office tower is located at 222 West Sixth Street. The flexible workplaces provider will use this space as an expansion of its South Bay operations, which serve Long Beach, Palos Verdes and the 190th Street Corridor. Regus represented itself in this transaction, while the landlord, Jupiter Holdings, was represented by CBRE’s Tim Vaughan, Dave Smith and Mike Harry.
IRVINE, CALIF. – Citadel Servicing Corporation has leased 14,588 square feet at the Irvine Spectrum Office Plaza. The plaza is located at 15707 Rockfield in Irvine. It is currently 58 percent leased. This renewal and expansion nearly tripled Citadel’s original space at this location. The new lease runs through 2018. The non-qualified mortgage products provider was represented by Oliver Fleener of PM Realty Group. The landlord, PRES Companies, was represented by its own Adam Espinoza.
EL SEGUNDO, CALIF. – Radiology Partners has leased 12,443 square feet of office space in El Segundo. The space is located at 2101 El Segundo Blvd. It was previously occupied by Raytheon Space and Airborne Systems. The integrated radiology practice management company plans to occupy the space next month. It is expanding from its 5,000-square-foot space, which is also in El Segundo. Radiology Partners was represented by Jacob Bobek of Avison Young’s Downtown Los Angeles office. The landlord, Bixby Land Company, was represented by CBRE.
ANDOVER, MASS. — A joint venture between KS Partners and Oaktree Capital Management has acquired Brickstone Square, a three-building office park located in Andover. Originally constructed between 1919 and 1934 as the world headquarters for American Woolen Company, the three buildings are located at 100, 200 and 300 Brickstone Square and total more than 1 million square feet. In 1986, the property was renovated and converted into office space. On-site amenities include a full-service cafeteria, fitness center, on-site daycare center, convenience store and more than 3,000 parking spaces. Kerry Olson Hawkins, Jason Levendusky and Jake Borden of CBRE/New England have been selected to lease the property.
HACKENSACK, N.J. — NAI James E. Hanson has arranged the sale of an office building in Hackensack. AZA Property purchased the 12,000-square-foot building, which is located at 126 State St., for an undisclosed price. The buyer is relocating from Manhattan. Dominic Fittizzi and Michael Walters of NAI Hanson represented the seller, Pisarri, McEnroe & Carerii, in the transaction.
CHARLOTTE, N.C. — Beacon Partners has broken ground on a new five-story, Class A office building located at 1616 Camden Road at the corner of Camden Road and Kingston Avenue in Charlotte’s South End submarket. The property, known as 1616 Center, will feature 10,000 square feet of retail space on the ground floor and 65,000 square feet of office space on the four floors above. Construction began on Oct. 14, which included the demolition of two existing buildings on the site. The project’s construction is estimated to wrap up in the third quarter of 2015. Architect David Furman of Centro Cityworks designed the property to feature a fitness center, locker rooms, a pedestrian plaza, patio space for the restaurants and retail space on the ground floor and an executive conference room overlooking the East/West Lynx Light Rail line. Boatsman Gillmore Wagner has signed a 12,000-square-foot lease at 1616 Center. The design team includes general contractor Edifice and architect Axiom. Charles Swanson and Kristy Venning of Beacon Partners will handle leasing 1616 Center’s office space, and Aaron Ligon of Ligon Commercial Real Estate will handle leasing the project’s retail space.
PENSACOLA, FLA. — One Palafox Place LLC, a group of investors managed by Robert Switzer, has entered into a purchase agreement to acquire a block of commercial space in the Palafox Historic District in downtown Pensacola. The 4.5-acre city corner is bound by Garden, Palafox, Romana and Baylen streets. The purchase includes a parking lot on the west side of Baylen Street and the historic Blount and Brent buildings. One Palafox Place LLC is purchasing the properties from Durnford Enterprises Ltd., which purchased the city block in 1980. The new ownership plans to honor all current tenants’ leases and contracts for their full term.
SAN FRANCISCO – A global investment manager has purchased a 75,523-square-foot creative office property for $48.2 million. The transit-oriented building is located at 1019 Market Street. The space is situated within one block of the Civic Center and Power Street BART/Muni subway stations. It is within two blocks of the future Central Subway project, which will provide access to Caltrain with connections to the Peninsula and Silicon Valley. The building was originally constructed in 1909. It was completely redeveloped in 2013. The space is fully leased to cloud-based customer service firm Zendesk. There is also a small ground-floor, triple-net retail tenant that’s signed on for 10 years. The seller, a joint venture between certain affiliates of Westport Capital Partners LLC and Cannae Partners LLC, was represented by HFF’s Steven Golubchik, Nicholas Bicardo, John Simerlein, Nathan Blair and Josh DiSalle.
LOS ANGELES – Manning & Kass, Ellrod, Ramirez, Trester LLP has renewed its lease for 80,328 square feet of office space in Downtown Los Angeles. The space is located at 801 S. Figueroa Street. The law firm has used the Class A tower as its corporate headquarters since 2006. It occupied floors 12 through 16. This transaction included a restructure of the firm’s existing commitment, as well as a long-term lease extension.
The Atlanta office market’s decline in vacancies continued in the third quarter of 2014, with the quarter ending at 17.9 percent, according to a report by Cushman & Wakefield. This rate is the first drop below 18 percent since the first quarter of 2009. These gains in office occupancy represent a 130 basis point decrease in vacancy from the end of 2013 and a 150 basis point decrease year-over-year. The research presented by Cushman & Wakefield showed healthy absorption totaling more than 450,000 square feet during the third quarter of 2014, giving the Atlanta market 11 consecutive quarters of net occupancy gains. This quarterly absorption brings the total year-to-date to 1.7 million square feet, an increase of 54 percent compared to the pace during the same period in 2013. “Atlanta is seeing consistent momentum in terms of tenant activity and absorption,” says Logan Menne, the research manager of Cushman & Wakefield. “As vacancy continues to tighten, the supply of existing available options is becoming more and more limited. Additionally, due to the increased demand from tenants in the Atlanta market, many landlords are beginning to increase asking rents, particularly in high-demand submarkets like Buckhead and Central Perimeter.” Several large lease …
