Office

Reed Construction Completes 35,500 SF Office Build-Out in Arlington Heights, Ill.

by Danielle Everson April 7, 2015

ARLINGTON HEIGHTS, ILL. — Reed Construction has completed a 35,500-square-foot renovation for SVM at 3727 Ventura Drive in Arlington Heights. Founded in 1997, SVM handles the sales, marketing and distribution of gift cards for most major gasoline companies. The firm relocated its headquarters to Arlington Heights from 200 E. Howard Avenue in Des Plaines, Ill. The project included an interior demolition, the addition of office space and a new secure vault. The finished office features high bay ceilings in the common areas, new interior glazing and updated locker rooms. A steel mezzanine conference room suspends from existing crane rails, which overlooks the open floor plan. Bryan Krueger was the principal and Dan Cohen was the project manager for Reed Construction. Wefing Deegan Studios provided the architectural services.

April 7, 2015

Office South Carolina Southeast

DTZ Brokers $39.5M Sale of Three Office Buildings in Metro Charlotte

by John Nelson April 7, 2015

FORT MILL, S.C. — DTZ has brokered the $39.5 million sale of three Class A office buildings in Fort Mill, a suburb of Charlotte. The three office assets are located in Kingsley Park, a corporate office campus. Rob Cochran and Jared Londry of DTZ represented the seller, a joint venture partnership between Childress Klein and The Springs Co. Omaha-based Waitt Co. purchased the buildings for $222 per square foot. Kingsley Park is Waitt Co.’s first real estate investment in the Carolinas.

April 7, 2015

Florida Office Southeast

Crocker Launches $8M Renovation to Jacksonville Office Park, Signs 70,000 SF Lease

by John Nelson April 7, 2015

JACKSONVILLE, FLA. — Crocker Partners has launched an $8 million renovation of the 752,000-square-foot Prominence office park at Baymeadows Road and I-95 in Jacksonville. The capital improvement program will include a new main park entry with monument signage and landscaping, as well as exterior and common area renovations. Crocker Partners has also signed NGA Human Resources to a 70,000-square-foot lease in Building 400 of Prominence. The two-and-a-half floor office space for NGA will house roughly 450 employees. Jesse Shimp of JLL represented Crocker Partners in the lease transaction. Kaycee Gardner of JLL represented NGA Human Resources, a provider of payroll and HR services and software. The Jacksonville office park will serve as NGA’s North American headquarters.

April 7, 2015

Multifamily New York Northeast Office

Triangle Equities Completes Construction of Residential/Office Building in Queens

by Amy Works April 7, 2015

NEW YORK CITY — Triangle Equities has completed the development of a nine-story mixed-use building located at 42-05 Parsons Blvd. in the Flushing neighborhood of Queens. The 28,546-square-foot condominium building features 14 residential units and five office units. The lower level of the building is being offered as a community facility space, totaling 6,755 square feet in five separate units. The space features 13-foot ceilings, a separate elevator and staircase and a private entryway. The top floors offer 14 two-bedroom/bathroom condos and two three-bedroom/bathroom penthouses on the top two floors. Ranging in price from $550,000 to more than $1 million, the residential condos feature hardwood floors, private balconies/terraces, walk-in closets, stacked washer/dryers and a video intercom entry system. Block & Lot Real Estate & Management is representing the ownership in all residential sales, while Cushman & Wakefield is handling the sale of the community facility space.

April 7, 2015

Massachusetts Northeast Office

Biogen Leases 80,000 SF Lab/Office Space in Cambridge

by Amy Works April 7, 2015

CAMBRIDGE, MASS. — Biogen has signed a 10-year lease for 80,000 square feet of Class A laboratory and office space at BioMed Realty Trust Inc.’s 301 Binney St. property in Cambridge. Biogen — which develops, markets and manufactures therapies for neurological, autoimmune and hematological disorders — plans to use the space to expand its drug discovery efforts. This lease brings BioMed Realty’s property to 100 percent leased.

April 7, 2015

California Office Western

Sorrento Mesa Office Campus in San Diego Sells for $85.5M

by Nellie Day April 7, 2015

SAN DIEGO — Invesco Real Estate and Cruzan have acquired a 311,305-square-foot office campus in the Sorrento Mesa submarket of San Diego for $85.5 million. The two-building campus is located at 6450 Sequence Drive. Amenities at the campus include secured lobbies, a cafeteria, gym, showers, basketball and volleyball courts, and several patios that serve as outdoor lounge and dining areas. Cruzan plans to renovate the campus. Renovations will include a contemporary café, a fully integrated fitness center, an outside amphitheater, and new passive and active spaces. The buyers represented themselves in this transaction. The seller, a publicly traded company, was represented by CBRE’s Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck. Mark McGovern and Scott Peterson of CBRE Debt & Structured Finance secured a $70-million, four-year, variable rate loan for the buyers. It was provided by Cornerstone RE Advisors.

April 7, 2015

Market Reports Nevada Office Western Western Market Reports

Las Vegas Office Market Recovery Gains Momentum

by Nellie Day April 7, 2015

The Las Vegas office market continues to recover and stabilize, capping off 2014 with the 12th consecutive quarter of positive net absorption. Initially slow to recover following the recession, the area’s rebound has recently quickened. The market has an unemployment rate of 7.1 percent, with 2014 being the first year since 2008 to see a rate below 8 percent. Office-related jobs represented 20 percent of the workforce, second only to hospitality, proving the office market is an important part of the area’s growth and vitality. Class A office space along the I-215 Beltway currently shows strong activity. Las Vegas is home to two suburbs that historically were among the fastest-growing communities in the nation: Green Valley in the southeast and Summerlin in the west. Initially built as a means to connect the populations of these communities, the Beltway now extends around the city, connecting to I-15 in the northern valley. Notable recent developments along the Beltway include Krausz Companies’ and WGH Partners’ Gramercy, a mixed-use office, retail and multifamily project in the southwest that added 175,000 square feet of Class A office space in the third quarter of 2014, and The Howard Hughes Corporation’s Downtown Summerlin, a mixed-use project that …

April 7, 2015

California Office Western

Northridge Office Park Sells for $6.1M

by Nellie Day April 6, 2015

LOS ANGELES – A 143,000-square-foot office park in the Los Angeles submarket of Northridge has sold to a local developer for $6.1 million. The building is located at 8350–8454 Reseda Blvd. It is currently occupied by three tenants in six buildings. The buyer, Harridge Capital Group, was represented by Lynwood Fields of Madison Partners. The seller, Lehr Properties, was represented by David Young and Chad Gahr of NAI Capital.

April 6, 2015

California Office Western

Admiral Capital Group Sells Santa Clara Office Building

by Nellie Day April 6, 2015

SANTA CLARA, CALIF. – Admiral Capital Group has sold a 74,276-square-foot office property in Santa Clara for an undisclosed sum. The buyer was not named. The building is located at 4500 Great America Parkway. It was built in 1983. Admiral’s joint venture partner in this transaction was South Bay Development Company.

April 6, 2015

New York Northeast Office

NorthStar Realty Finance Closes €1.1B Pan-European Office Portfolio

by Amy Works April 6, 2015

NEW YORK CITY — New York City-based NorthStar Realty Finance Corp. has closed the acquisition of a €1.1 billion ($1.2 billion U.S.) pan-European office portfolio that the company entered into an agreement to purchase in 2014. The approximately 186,000-square-meter (2 million-square-foot) portfolio comprises 11 Class A office properties located in seven of Europe’s top markets: London, UK; Paris, France; Hamburg, Germany; Milan, Italy; Brussels, Belgium; Amsterdam and Rotterdam, Netherlands; and Gothenburg, Sweden. NorthStar Realty financed the acquisition with €530 million of the seven year senior mortgages, denominated primarily in the local currencies of the respective properties, with a current weighted average interest rate of approximately 1.8 percent. NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm.

April 6, 2015

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