Office

HFF Arranges Sale, Financing of Office Portfolio in Metro Dallas

by Haisten Willis January 22, 2015

DALLAS AND ADDISON, TEXAS — HFF has arranged the sale and financing of a three-building office portfolio totaling 465,703 square feet in Addison. HFF marketed the property on behalf of the seller, Harbert Management Corp. DRA Advisors LLC purchased the asset for an undisclosed price. HFF assisted DRA in securing three separate three-year, floating-rate loans through OneWest Bank. The portfolio includes 5000 Quorum Drive in Dallas and Quorum Place and Quorum North in Addison. Situated on nearly five acres between the Dallas North Tollway and Inwood Road, the 165,434-square-foot 5000 Quorum has seven stories and is 77 percent leased. At nine stories and 181,737 square feet, Quorum Place is the largest of the three in the portfolio. The 78.2-percent-leased building is situated on 5.4 acres at 14901 Quorum Drive in Addison. Quorum North, located at 13201 Spectrum Drive in Addison, is situated on 2.8 acres northeast of the other two properties in the portfolio. At 118,532 square feet, the five-story, 75.7-percent-leased office building is the smallest in the portfolio. Colby Mueck, Matt Kafka, Steve Heldenfels and Sarah Baccich led HFF’s debt placement team.

January 22, 2015

ALTUS Arranges 3,263 SF Lease of Retail/Office Space in Middleton, Wis.

by Danielle Everson January 22, 2015

MIDDLETON, WIS. — ALTUS Commercial Real Estate Inc. has arranged the lease of 3,263 square feet of retail/office space in Middleton, a northwestern suburb of Madison. The property is located at 6301 University St. Dr. Joe Cristoforo and Dr. Ken Neidhart have joined together to create The Center for Periodontics & Dental Implants Clinic, which will serve at this new location. The practice is set to open in March. Jeff Jansen represented the landlord in the transaction.

January 22, 2015

Loans New Jersey Northeast Office

HFF Secures $65.5M Loan for 351,684 SF Office Park in New Jersey

by Amy Works January 22, 2015

FLORHAM PARK, N.J. — HFF has secured $65.5 million in financing for Park Place, an office park located in Florham Park. The firm worked on behalf of the borrower, Normandy Real Estate Partners, to secure the loan with First Niagara Bank and Principal Real Estate Investors. The borrower plans to use loan proceeds to retire existing debt, upgrade amenities and fund leasing costs for new tenants. Situated on 30 acres at 200-230 Park Ave., the four-building park offers 351,684 square feet of Class A office space. On-site amenities include a cafeteria, fitness center, 70-seat conference center and parking for 1,045 vehicles. The park is occupied by a variety of tenants, including Fairleigh Dickinson University, M&T Bank, Sun Bank and several law firms. Jon Mikula and Mike Lachs of HFF represented the borrower in the transaction.

January 22, 2015

California Office Western

De Haro Place in San Francisco Sells for $92.7M

by Nellie Day January 21, 2015

SAN FRANCISCO — ASB Capital Management has acquired De Haro Place, a 138,430-square-foot creative office building in San Francisco, for $92.7 million. The building is located at 488 De Haro Street in the South of Market (SoMa) neighborhood. De Haro Place was originally built in 1927. The Class A building was completely transformed and renovated in 2013 to create a work environment that targeted technology and creative users. The seller, Ares Management, was represented by DTZ’s Robert Gilley and Steve Hermann.

January 21, 2015

Texas-A&M-Francis-Hall-Satterfield-&-Pontikes

Office Texas

S&P Completes Renovation of Historic Building at Texas A&M

by Haisten Willis January 21, 2015

COLLEGE STATION, TEXAS — Satterfield & Pontikes Construction has completed a $7 million renovation of Texas A&M University’s Francis Hall. The building will house the school’s construction science department’s 900 students and 30 faculty members. Francis Hall was built in 1918 and spans 32,500 square feet. The renovated Francis Hall includes specialty labs, classrooms, a 120-room auditorium, exhibit hall, student lounge, conference room and administrative suites. Brown Reynolds Waterford Architects provided design services for the project.

January 21, 2015

Office Texas

Capital Square Acquires Medical Office Portfolio in Dallas

by Haisten Willis January 21, 2015

ARLINGTON AND MANSFIELD, TEXAS — Capital Square Realty Advisors LLC has acquired a portfolio of two medical office buildings located in the Dallas suburbs of Arlington and Mansfield. Both properties are 100 percent leased to Arlington Orthopedic Associates. The two-story Arlington building is located at 800 Orthopedic Way and includes 37,100 square feet of space. Built in 2003, the property is adjacent to Baylor Surgicare at Arlington, one block south of Pioneer Parkway and two miles north of I-20. The facility includes general exam rooms, imaging services, physical therapy space and features a carriage porch entrance for patient delivery and departures. The Mansfield property is located at 2801 E. Broad St. and includes 12,560 square feet of medical office space. The single-story building was developed in 2012 on the campus of the 168-bed Methodist Mansfield Medical Center. The facility houses imaging and physical therapy services and is accessible via State Routes 287 and 360.

January 21, 2015

Loans Michigan Midwest Office

Bernard Financial Group Arranges $125M Acquisition Loan for Office Building in Detroit

by Danielle Everson January 21, 2015

DETROIT — Bernard Financial Group has arranged a $125 million CMBS loan for the acquisition of the Compuware Building, a 15-story, 1 million-square-foot office tower located at One Campus Martius in downtown Detroit. The acquisition includes an adjacent 10-story parking garage with 2,700 spaces. The borrowing entity is 1000 Webward LLC, a joint venture between Bedrock Real Estate Services and Meridian Health Plan. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan.

January 21, 2015

Market Reports Midwest Midwest Market Reports Nebraska Office

Expanding Omaha Businesses Fuel Construction of Class A Office Space

by Danielle Everson January 21, 2015

Omaha’s office market finds itself in a favorable position at the start of 2015. Local economic indicators are solid, absorption has been positive year over year, and vacancies across the board are declining. One big reason is that Omaha businesses are growing. The low vacancy rate of Class A space is driving an appropriate amount of new construction, and Omaha’s abundant supply of quality Class B office space is expected to accommodate demand. Class A Advantage As businesses compete for the best and brightest employees, office space becomes an important hiring tool, causing businesses to look for inviting buildings and spaces in locations with enhanced amenities. This trend has increased activity in Omaha’s Class A office market, driving down the vacancy rate and spurring new construction. Omaha’s Class A vacancy rate stood at 5 percent at the end of the third quarter of 2014. The average asking rent was $24.95 per square foot on a gross basis, up 4 percent since the start of 2014. The uptick in Class A rents is likely to continue Corporate headquarters and speculative buildings are spurring the Class A construction boom. Local businesses such as Millard Refrigerated Services, Tenaska, Gavilon, TD Ameritrade, NorthStar Financial …

January 21, 2015

Loans Maryland Office Southeast

HFF Arranges $103M Refinance of Office Building in Downtown Bethesda

by John Nelson January 21, 2015

BETHESDA, MD. — HFF has secured $103 million in refinancing for an 11-story, 274,526-square-foot office building located at 7200 Wisconsin Ave. in downtown Bethesda. HFF secured the four-year, floating-rate loan with a one-year extension option through SunTrust Bank on behalf of the borrower, The JBG Cos. The office building’s tenants include Edens, Linowes & Blocher, Singapore Economic Development, University Research, Enviva and StonebridgeCarras. Sue Carras, Walter Coker, Brian Crivella, Neil Campbell and Nicole Snarski of HFF made up the debt placement team. The JBG Cos. plans to use the loan to fund tenant and capital improvements, leasing commissions and the construction of additional street-level retail, according to HFF.

January 21, 2015

Features Office Top Stories

DTZ Reports U.S. Office Sector Posts Huge Fourth Quarter for Absorption

by Jeff Shaw January 20, 2015

The U.S. office sector, already on an upward trend for several years, saw even more gains in absorption during the fourth quarter of 2014, according to a report from DTZ, a global commercial real estate service provider. The country saw a net absorption of 22.4 million square feet of office space, a 48 percent increase from the same time a year prior. Meanwhile vacancy fell 30 basis points to 14.5 percent since last quarter. New construction skyrocketed, with 103.8 million square feet under construction — a 74 percent increase over the same time last year. New York City leads the way, with a net absorption of 9.3 million square feet for 2014, more than 3.5 million of that in the fourth quarter alone. It was the metropolis’ third consecutive year of multi-million-square-foot growth. Houston and San Jose saw the next biggest numbers for 2014, with 6.6 million square feet and 4.4 million square feet, respectively. The report suggests that the positive trends will continue into 2015 as a strong economy and low gas prices stoke the fire. Although the report notes that there are some weak economies globally that could have a slowing effect on the U.S., the country has …

January 20, 2015

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