KING OF PRUSSIA, PA. — Locally based investment firm Equus Capital Partners has sold a 150,466-square-foot office campus in King of Prussia, located north of Philadelphia. Built in 1978, the two-building complex was 95 percent leased at the time of sale. Brett Grifo and Keith Braccia of Cushman & Wakefield represented Equus, which acquired the property in 2018 and invested roughly $5 million in capital improvements, in the transaction. The buyer and sales price were not disclosed.
SAN ANTONIO — Houston-based investment firm Fuller Realty Interests has purchased Parkway Plaza, a 189,390-square-foot office complex located adjacent to San Antonio International Airport. The complex comprises five single-story buildings that were constructed between 1999 and 2002. Bryan Leonard of Northmarq arranged an undisclosed amount of acquisition financing through a regional bank on behalf of Fuller Realty Interests. The seller was not disclosed.
CHARLOTTE, N.C. — Gigabit-speed internet provider Google Fiber has signed a 10-year lease at Camp at North End, a 76-acre adaptive reuse development in north Charlotte. The company will occupy 5,884 square feet at the historic Gama Goat Building, located at 1801 N. Graham St. John Christenbury of CBRE represented Google Fiber, which will relocate from its current Charlotte headquarters space at the Phillip Carey building in Uptown’s First Ward Park neighborhood. Jessica Brown and David Dorsch of Cushman & Wakefield represented the landlords, ATCO Properties & Management and Shorenstein Properties LLC. Other office tenants at Camp at North End include Kingsmen Software, Centene Corp., Ally Financial, AON and CloudGenera. Google Fiber is working with Alliance Architecture and Swinerton on the build-to-suit space at the Gama Goat Building, which the firm will occupy beginning in early 2023.
MILWAUKEE — The U.S. Department of the Interior’s Bureau of Land Management (BLM) has signed a 15-year lease for 8,797 square feet on the 11th floor of Two-Fifty, an office tower in Milwaukee. The property rises 20 stories and spans 200,000 square feet at 250 E. Wisconsin Ave. within the city’s central business district. The BLM is responsible for sustaining the health, diversity and productivity of public lands. Ned Purtell and John Davis of Founders 3 Real Estate Services represented the landlord, Buffalo Grove, Ill.-based Millbrook Real Estate Co. Since purchasing Two-Fifty in 2015, Millbrook has invested more than $8.5 million in improvements, including a new tenant lounge, conference center and lobby renovation. The building is currently home to tenants such as HNTB, Associated Bank and the Milwaukee Bar Association.
CARLSBAD, CALIF. — Oxford Properties has expanded its life sciences portfolio in metro San Diego with the acquisition and long-term leaseback of Ionis Pharmaceuticals’ 18.4-acre life sciences campus and corporate headquarters in Carlsbad. As part of the transaction, Ionis will lease the properties for a minimum of 15 years. Additional terms of the transaction were not released. The three-building campus offers 250,000 square feet of existing office and life sciences space with chemistry labs, biology labs and R&D support systems, as well as a modern office space. The buildings were constructed between 2011 and 2021. Founded in 1989, Ionis is a publicly traded biotech company and a leader in discovering and developing RNA-targeted therapeutics.
JERSEY CITY, N.J. — A partnership between The Birch Group and 2020 Vision has purchased 101 Hudson Street, a 42-story office building in Jersey City. Also known as The Merrill Lynch Building, the waterfront property spans 1.3 million square feet within the city’s Exchange Place district. The seller and sales price were not disclosed. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE advised on the new ownership’s assumption of $250 million in existing CMBS debt and secured a $78 million preferred equity investment from New York City-based SKW Funding.
MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and locally based developer Scotto Properties has topped out the new headquarters project for Valley National Bank in the Northern New Jersey community of Morristown. Construction began in early 2022, and full completion is slated for spring 2023. Upon delivery, Valley National Bank will relocate from Wayne, N.J. The company ultimately plans to employ about 650 people at its new campus, which will also house 14,500 square feet of commercial space, including a Valley National retail branch. Gensler designed the project.
ATLANTA — The City of Atlanta has received approval for $39 million in acquisition financing for the purchase of Two Peachtree Street, a 41-story office building located in downtown Atlanta. The city’s economic development authority, Invest Atlanta, will purchase the building, which the city plans to convert to a mixed-income, mixed-use development. Invest Atlanta is acquiring the property on behalf of the city and plans to hold the property until a redevelopment partner is selected. Built in 1968, the building is currently owned by the State of Georgia.
WASHINGTON, D.C. — Mitsui Fudosan America (MFA) has signed a partnership agreement with Industrious, a flexible workplace company, for the use of 40,653 square feet of space at The Homer Building, an office building located at 601 13th St. NW in Washington, D.C. Located on the 12th floor, the space will feature private offices and a total of over 500 seats. The Industrious space at The Homer is scheduled to open in early 2023. Located atop Metro Center Station in D.C.’s East End neighborhood, The Homer Building features a rooftop deck, modernized elevator mechanicals and cabs, a four-level parking garage, full-service fitness center and a Panera Bread and coffee shop on the ground level.
ATLANTA — The Ardent Cos. has executed five new leases, 11 renewals and one expansion at Piedmont Center, a 2 million-square-foot office campus located in the Buckhead neighborhood of Atlanta. New tenants at Piedmont Center, which will absorb 35,650 square feet of space, include Emory Investment Management, Harry Norman, Maxis, Findling Law and Relatient. Chad Koenig and Katelyn Fabien of Cushman & Wakefield represented Emory Investment Management, John Winter of Cushman & Wakefield represented Harry Norman, Jill Goldberg of Goldberg O’Malley and Steve Barton of CBRE represented Maxis, and Relatient was represented by Joey Kline of JLL in the lease negotiations. Hudson Lambert Parrott Walker LLC added 4,426 square feet of space to its occupancy of Tower 15 at the campus. The lease renewals and expansion account for 42,359 square feet. JLL and Cushman & Wakefield handle leasing for Piedmont Center on behalf of Ardent Cos.