Office

Arrow Retail Sells 454,843 SF Eastgate Shopping Center in Memphis

by John Nelson January 4, 2023

MEMPHIS, TENN. — Arrow Retail, a Dallas-based investment firm, has sold Eastgate Shopping Center, a 454,843-square-foot mixed-use property located at 835 S. White Station Road in Memphis. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller in the transaction. An affiliate of Gulf Coast Commercial Group purchased the property for an undisclosed price. Situated between downtown Memphis and Germantown, Eastgate comprises 388,489 square feet of retail space and 66,354 square feet of office space. Tenants include The Fresh Market, T.J. Maxx, buybuy Baby, Dollar Tree, Ross Dress for Less, Burlington, Five Below, Michaels, Rack Room Shoes, Tuesday Morning, Plato’s Closet, DXL Men’s Apparel, Firestone, Firehouse Subs and Mellow Mushroom Pizza Bakers. Eastgate’s office component was about 50 percent leased at the time of sale to a diverse mix of tenants.

January 4, 2023

Development Georgia Leasing Activity Mixed-Use Office Southeast

MARTA Signs 130,000 SF Office Lease at Uptown Atlanta’s East Tower

by John Nelson January 4, 2023

ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has signed a 130,000-square-foot office lease at Uptown Atlanta, a 47-acre mixed-use development in Atlanta’s Lindbergh neighborhood. Rubenstein Partners is redeveloping Uptown Atlanta, which is anchored by the Lindbergh Center MARTA Station and home to MARTA’s headquarters. MARTA is moving its Capital Programs, Expansion and Innovation (CPEI) Group to the project’s East Tower. About 540 MARTA employees are relocating to occupy four floors at Uptown Atlanta from 2400 Piedmont Road. Uptown Atlanta features 100,000 square feet of street-level retail space, greenspace and art, as well as 1 million square feet of Class A office space. Rubenstein recently completed the reimagination of the 35,000-square-foot office atrium to include modern amenities and collaborative spaces. Skillshot Media, an esports provider, recently relocated its headquarters to the project and regularly activates the high-tech atrium with global esports events. Rubenstein plans to complete the redevelopment this fall.

January 4, 2023

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 59,530 SF Office Building in Tampa

by John Nelson January 3, 2023

TAMPA, FLA. — CBRE has brokered the sale of Palm Court at Hidden River, a 59,530-square-foot, single-story office building located at 8600 Hidden River Parkway in Tampa. Dale Peterson, Joe Chick, Kristen McFarland Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller, Continental Capital Partners, in the transcation. Built in 1989, the property is located within Hidden River Corporate Park, a 513-acre master-planned development. A private, Orlando-based real estate investment company purchased the building for an undisclosed price.

January 3, 2023

Acquisitions New Jersey Northeast Office

JLL Negotiates $88M Sale of Office Building in Parsippany, New Jersey

by Taylor Williams January 3, 2023

PARSIPPANY, N.J. — JLL has negotiated the $88 million sale of 300 Kimball, a 430,000-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2001 and renovated in 2013, the property sits on a 9.3-acre site within a larger development known as The Center at Morris County and was 87 percent leased at the time of sale. Amenities include a fitness center, tenant lounge, conference center, putting green and golf simulator, walking trails and a cafeteria. Kevin O’Hearn, Jose Cruz, Jeremy Neuer and Peter Kim of JLL represented the seller, Sovereign Partners LLC, in the transaction. The buyer was regional investment firm Signature Acquisitions, which also owns the adjacent building, 100 Kimball.

January 3, 2023

Acquisitions Office Washington Western

Providence Sells 484,039 SF Office Portfolio in Renton, Washington to Seattle Children’s Hospital for $84M

by Amy Works January 3, 2023

RENTON, WASH. — Providence has completed the disposition of the two-building Southgate Campus and four-building Valley Office Park in Renton. Seattle Children’s Hospital acquired the assets for a total of $84 million. Totaling 484,039 square feet, the portfolio includes: Southgate I, a 114,186-square-foot building at 2201 Lind Ave. SW Southgate II, a 160,853-square-foot property at 2001 Lind Ave. SW Valley Office Park, a 209,000-square-foot asset at 1801 Lind Ave. SW Valley Office Park is the current local headquarters of Providence and includes a Pacific Medical Group multi-specialty clinic. Garth Hogan, Kevin Shannon and Cavan O’Keefe of Newmark represented the seller in the transaction.

January 3, 2023

Peninsula-Life-Science-Center-Gemini-Rosemont

Acquisitions California Life Sciences Office Western

Gemini Rosemont Buys Peninsula Life Science Center in Burlingame, California for $59.3M

by Amy Works December 23, 2022

BURLINGAME, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Peninsula Life Science Center in Burlingame from Sansome Street Advisors and Gordon Brothers for $59.3 million in an all-cash transaction. The acquisition was fully funded in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Located at 1828 El Camino Real, the eight-story building features 65,804 square feet of office space. At the time of sale, the property was 98 percent leased and anchored by three life sciences tenants. Built in 1974 and most recently renovated in 2022, the property features floor-to-ceiling windows, an above-market parking ratio and a nearby BART train stop. Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield represented the sellers, while Gemini Rosemont was self-represented in the transaction. David Wilson, a property manager with Gemini Rosemont, will manage the asset.

December 23, 2022

Development Florida Leasing Activity Office Southeast

Kirkland & Ellis Signs 115,000 SF Office Lease at 830 Brickell in Miami

by John Nelson December 23, 2022

MIAMI — Law firm Kirkland & Ellis has signed a lease at 830 Brickell, a 55-story office building located in downtown Miami’s Brickell district. The firm will occupy a six-floor, 115,000-square-foot space at the property, which was developed by OKO Group and Cain International. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord in the lease negotiations. Neil Goldmacher, Mitchell Millowitz and Ryan Rosalsky of Newmark and Kevin Kushner of CBRE represented Kirkland & Ellis. Other tenants at the building, which is expected to be 100 percent leased at the time of opening early next year, include Citadel, CI Financial, Microsoft, Thoma Bravo, AerCap and Marsh Insurance. Amenities at the office tower will include a rooftop bar/lounge and restaurant, a health and wellness center, conferencing facilities, an outdoor terrace, cafés and street-level retail space. Adrian Smith + Gordon Gill acted as architect for the project, with interiors by Italian firm Iosa Ghini Associati.

December 23, 2022

Leasing Activity New York Northeast Office

Choyce Peterson Negotiates 39,649 SF Office Lease in Purchase, New York

by Taylor Williams December 23, 2022

PURCHASE, N.Y. — Connecticut-based brokerage firm Choyce Peterson has negotiated a 39,649-square-foot office lease in Purchase, about 30 miles north of Manhattan. John Hannigan and Charlene O’Connell of Choyce Peterson represented the tenant, Triton International, a provider of intermodal container leasing services, in the lease negotiations. The name and representative of the landlord were not disclosed.

December 23, 2022

Leasing Activity New York Northeast Office

GameChanger, Dick’s Sporting Goods Sign 25,600 SF Office Lease in Midtown Manhattan

by Taylor Williams December 23, 2022

NEW YORK CITY — GameChanger, a provider of livestreaming and communications services for youth sports, and its parent company, Dick’s Sporting Goods, have signed a 25,600-square-foot office lease in Midtown Manhattan. The tenants will occupy the entire 17th and 18th floors at Zero Irving, a 176,000-square-foot building owned by RAL Development. Mitchell Konsker, Ben Bass, Dan Turkewitz, Kristen Morgan and Carlee Palmer of JLL represented the landlord in the lease negotiations. Simon Landmann, also with JLL, represented GameChanger and Dick’s Sporting Goods.

December 23, 2022

Acquisitions Development Multifamily New York Northeast Office Top Stories

Newmark Arranges $535.8M Financing for Office-to-Residential Conversion Project in Lower Manhattan

by John Nelson December 23, 2022

NEW YORK CITY — Newmark has arranged a $535.8 million loan for the acquisition and redevelopment of 25 Water Street, a 1.1 million-square-foot office building in Lower Manhattan, New York City’s historic Financial District. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan through MSD and Apollo. The seller was not disclosed, but multiple media outlets have reported that Edge Funds sold the asset. The borrowers, GFP Real Estate, Metro Loft Management and Rockwood Capital, will use the funds to convert the 22-story office building into a residential tower housing 1,300 apartments ranging in size from studios to four-bedroom units. The project represents the largest ever office-to-residential conversion in U.S. history, according to Newmark. The office building, formerly known as 4 New York Plaza, was once anchored by JPMorgan Chase & Co. The financial giant recently unveiled plans for its newly revamped headquarters at 270 Park Ave. in Manhattan. Built in 1969, 25 Water Street features 12-foot, 4-inch slab-to-slab ceiling heights and 40,330-square-foot floor plates, which will give future residents direct views of the Lower Manhattan skyline and the New York Harbor from all floors. The property is situated on a double-wide street corridor with the widest …

December 23, 2022

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