Office

CBRE Arranges Sale of 176,601 SF Northchase at Midtown Office Park in Raleigh

by John Nelson November 18, 2022

RALEIGH, N.C. — An entity doing business as JPB Raleigh Holdings LLC has sold Northchase at Midtown, an office park comprising two buildings totaling 176,601 square feet at 6501 and 6601 Six Forks Road in Raleigh. Ben Kilgore, Chandler Hawkins and Leslie Holmes of CBRE, along with with NAI Tri Properties’ Jimmy Barnes, represented the seller in the transaction. Rachael Gaston and Sesha Debnam of Debnam Commercial Real Estate represented the buyer, local investor Dean Debnam. The sales price was not disclosed. Fully renovated in 2014 and 2015, Northchase at Midtown was 95 percent leased at the time of sale to companies including Merz North America, Globant, Redline and HITT Construction.

November 18, 2022

Acquisitions Georgia Industrial Office Southeast

Atlanta Property Group Acquires Three Industrial Facilities, One Office Asset in Metro Atlanta for $48.7M

by John Nelson November 17, 2022

KENNESAW, GA. — Atlanta Property Group (APG) has acquired three industrial facilities and one office property in the northwest Atlanta suburb of Kennesaw for $48.7 million. The seller was not disclosed. The portfolio comprises three warehouse facilities totaling 305,000 square feet located near Chastain Road and I-75. The rear-load buildings, which were constructed in the mid-1990s, feature 24-foot clear heights and were fully leased at the time of sale to six tenants. The lone office property spans 72,000 square feet and was 73 percent leased at the time of sale. Built in 2000, the property is situated near Kennesaw State University and the I-75/I-575 interchange. Austin Chase and Grace Thompson of APG are handling leasing of the office building.

November 17, 2022

Leasing Activity Office Texas

CBRE Negotiates 19,074 SF Office Lease in The Woodlands, Texas

by Taylor Williams November 17, 2022

THE WOODLANDS, TEXAS — CBRE has negotiated a 19,074-square-foot office lease at Wildwood Corporate Centre in The Woodlands, about 30 miles north of Houston. The two-building, 330,000-square-foot complex was built in phases between 2014 and 2016 and offers a fitness center and conference facilities. Steve Rocher and Jason Presley of CBRE represented the landlord, an entity doing business as GeoSouthern Budde Road LLC, in the lease negotiations. Greg Usher of Cypressbrook Co. represented the tenant, FCC Environmental Services.

November 17, 2022

Acquisitions Office Texas

BDP Holdings Acquires 265,942 SF Sabre Headquarters Office Building in Southlake, Texas

by Taylor Williams November 16, 2022

SOUTHLAKE, TEXAS — New Jersey-based investment firm BDP Holdings has acquired a 265,942-square-foot office building in Southlake, located north of Fort Worth, that houses the headquarters of Sabre. The travel software and technology firm has occupied the five-story building, which offers a cafeteria, outdoor courtyard and a fitness center, since 2002. JLL represented the seller, a joint venture between Dallas-based Cawley Partners, Staubach Capital and Los Angeles-based PCCP LLC, in the transaction. JLL also arranged an undisclosed amount of acquisition financing through Wells Fargo on behalf of BDP Holdings.

November 16, 2022

Development Georgia Office Southeast

Sterling Bay, Asana Break Ground on 14-Story Spec Office Building in Atlanta’s West Midtown

by John Nelson November 16, 2022

ATLANTA — Chicago-based Sterling Bay and Charlotte-based Asana Partners have broken ground on 1050 Brickworks, a 14-story office building located at West Marietta Street and Brady Avenue in Atlanta’s West Midtown district. The co-developers are building the 225,000-square-foot property on a speculative basis. The duo recently secured an undisclosed amount of construction financing from Bank OZK. The design-build team includes architect HKS and general contractor Gilbane. The local Stream Realty Partners team of Bryan Heller, Peter McGuone and Parker Welton are leasing the property on behalf of Sterling Bay and Asana. 1050 Brickworks will feature a fitness center, private tenant balconies, open-air conference spaces and lounges and 14,000 square feet of retail space. The property will also feature creative office space with floor plates averaging 33,000 square feet. Upon completion, which is set for early 2024, 1050 Brickworks will anchor Asana’s adjacent Brickworks campus that currently features 166,000 square feet of shops and restaurants.

November 16, 2022

Leasing Activity Office Texas

Strike Construction Signs 43,230 SF Office Lease in The Woodlands, Texas

by Taylor Williams November 16, 2022

THE WOODLANDS, TEXAS — General contractor Strike Construction has signed a 43,230-square-foot office lease at Wildwood Corporate Centre in The Woodlands, about 30 miles north of Houston. The two-building, 330,000-square-foot complex was built in phases between 2014 and 2016 and offers a fitness center and conference facilities. Steve Rocher and Jason Presley of CBRE represented the landlord, an entity doing business as GeoSouthern Budde Road LLC, in the lease negotiations. Jon Silberman of Partners represented the tenant. Wildwood Corporate Centre is now fully leased.

November 16, 2022

Development New York Northeast Office

Shearman & Sterling Completes Renovation of 340,000 SF Office Space in Manhattan

by Taylor Williams November 16, 2022

NEW YORK CITY — Global law firm Shearman & Sterling has completed the renovation of its 340,000-square-foot office headquarters space at 599 Lexington Avenue in Midtown Manhattan. The redesigned workspace houses apportioned offices, improved boardroom acoustics, new artwork and various health and wellness features. Perkins & Will served as the architect of the project, which was conceived in advance of the pandemic and took approximately two years to complete. L&K Partners served as the construction manager, and MEP provided engineering services.

November 16, 2022

Acquisitions California Industrial Office Western

JJ&W Acquires Three-Building Montague Crossing Office Asset in San Jose for $94.7M

by Amy Works November 16, 2022

SAN JOSE, CALIF. — JJ&W has purchased Montague Crossing, an office and R&D asset in San Jose. Four Corners Properties and Rockwood Capital sold the property for $94.7 million in an off-market transaction. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE Capital Markets represented the buyer in the deal. Situated on a 12.4-acre campus, Montague Crossing features 209,425 square feet of space spread across three buildings at 2520 and 2540-2560 Junction Ave. and 541-555 E. Trimble Road. At the time of sale, the campus was fully leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.

November 16, 2022

Acquisitions Office Oregon Retail Western

Norris & Stevens Brokers $5.1M Acquisition of River Road Plaza Office/Retail Asset in Eugene, Oregon

by Amy Works November 16, 2022

EUGENE, ORE. — Norris & Stevens has arranged the purchase of River Road Plaza, an office and retail property located at 155 Silver Lane in Eugene. KH Properties acquired the asset from River Road Plaza LLC for $5.1 million. Situated in Eugene’s Santa Clara neighborhood, River Road Plaza features 32,548 square feet of space. At the time of sale, the property was 92 percent occupied. Todd VanDomelen of Portland-based Norris & Stevens represented the buyer, while CPX LLC represented the seller in the deal.

November 16, 2022

Georgia Leasing Activity Office Southeast

Cushman & Wakefield Arranges 63,600 SF Office Lease in Atlanta’s Cumberland-Galleria Submarket

by John Nelson November 15, 2022

ATLANTA — Cushman & Wakefield has arranged an office lease extension and expansion for Sterling Seacrest Pritchard at 2500 Cumberland, a 144,335-square-foot office building in Atlanta’s Cumberland-Galleria submarket. The tenant will now occupy 63,600 square feet at the office building, which is situated inside the I-285 perimeter near The Home Depot’s headquarters. Annie Lewis, Jon Mayeske and Clinton McKellar of Cushman & Wakefield represented Sterling Seacrest Pritchard in the lease negotiations. John Zintak and Sonia Winfield, also with Cushman & Wakefield, represented the landlord, Noro Management. Sterling Seacrest Pritchard is a privately held insurance brokerage firm and operates its corporate headquarters out of 2500 Cumberland. The firm will add its signage at the top of the building as per the lease agreement. In addition to securing the anchor, Noro Management is updating the building’s amenities to include a new conference facility, outdoor terrace and a grab-and-go café.

November 15, 2022

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