Office

Pacific Development Partners Sells Concorde Career College Office Building in Garden Grove, California for $14M

by Amy Works September 7, 2022

GARDEN GROVE, CALIF. — Pacific Development Partners has completed the disposition of Concorde Career College, a two-story office property in Garden Grove. Brooklyn Cos. acquired the asset for $14 million. The transaction also included rights to 4.2 acres of land in Garden Grove. Located at 12951 S. Euclid St., the building features 45,451 square feet of office space. At the time of sale, the property was fully leased to Concorde Career College. The asset has served as a medical and dental vocational school since 1999. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones and Brandon White of Newmark represented the seller in the in the deal. Norman Lee and Jason Roth of Newmark secured financing for the buyer.

September 7, 2022

Leasing Activity Office Texas

Invesco Signs 180,218 SF Office Lease Extension at Greenway Plaza in Houston

by Taylor Williams September 6, 2022

HOUSTON — Atlanta-based investment management firm Invesco has signed a 180,218-square-foot office lease extension at Greenway Plaza, a 52-acre development located in between Houston’s Uptown and downtown districts. The tenant has re-committed to Eleven Greenway Plaza for a term in excess of 10 years. Amanda Nebel represented the landlord, Parkway, in the lease negotiations on an internal basis. John Shlesinger of CBRE represented Invesco. The 31-story, 745,871-square-foot building is now 87 percent leased.

September 6, 2022

Development Office Texas

Moody Rambin Breaks Ground on 167,141 SF Office Building in West Houston

by Taylor Williams September 6, 2022

HOUSTON — Locally based development and management firm Moody Rambin has broken ground on Town Centre Two, a 167,141-square-foot office building in Houston. Moody Rambin is developing the project, which is part of a two-building initiative that will be situated within the 41-acre Town and Country Village development on the city’s west side, in partnership with American National Insurance Co. Kirksey Architecture designed the eight-story building, with DBR Engineering and Hoar Construction respectively serving as the civil engineer and general contractor. Frost Bank provided construction financing. Completion is slated for the third quarter of 2023.

September 6, 2022

Acquisitions Midwest Office Ohio

Cooper Group Negotiates $5.6M Sale of Office Complex in New Philadelphia, Ohio

by Kristin Harlow September 6, 2022

NEW PHILADELPHIA, OHIO — The Cooper Commercial Investment Group has negotiated the $5.6 million sale of Monroe Centre in New Philadelphia, about 85 miles south of Cleveland. The 78,743-square-foot complex is home to office, medical and General Services Administration (GSA) tenants. The New Philadelphia VA Clinic, which recently renewed its lease for five years, anchors the property. Additional tenants include the Social Security Administration, Ohio BMV, OhioMeansJobs and Fresenius Medical Care. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. An Ohio-based private investor was the buyer. The property sold at about 96 percent of the list price.

September 6, 2022

Acquisitions California Office Western

Swig Co. Buys 96,085 SF Value-Add Office Building in Santa Monica

by Amy Works September 6, 2022

SANTA MONICA, CALIF. — The Swig Co. has acquired 3130 Wilshire Boulevard, a value-add office building in Santa Monica, for an undisclosed price. The building features 96,085 square feet of office space and five levels of attached, secured parking. The transaction also includes a surface parking lot located approximately one block from the asset. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum of Newmark represented the undisclosed seller in the deal. Sean Fulp and Ryan Plummer of Newmark’s Private Capital group assisted with the sale.

September 6, 2022

Acquisitions District of Columbia Office Southeast Top Stories

Boston Properties Sells 601 Massachusetts Avenue Office Building in D.C. for $531M

by John Nelson September 6, 2022

WASHINGTON, D.C. — Boston Properties Inc. (NYSE: BXP) has sold 601 Massachusetts Avenue, an approximately 480,000-square-foot office building in Washington, D.C., for $531 million. The buyer was not disclosed, but the Washington Business Journal reports that it was an affiliate of Mori Trust Co., a real estate development and investment firm based in Tokyo. Boston Properties originally developed the 11-story property in 2015. The firm will continue to provide property management services at 601 Massachusetts, which was 98 percent leased at the time of sale. 601 Massachusetts Avenue is situated in Washington, D.C.’s Mount Vernon Triangle neighborhood. Nearby attractions include the White House, Capital One Arena, Metro stations and the Walter E. Washington Convention Center. According to online property listings, the property includes a nine-story glass atrium, onsite fitness center, roof terrace and retail space leased to RPM Italian, Soul Cycle and lunch restaurant Devon & Blakely. Boston Properties structured the disposition as part of a reverse like-kind exchange under Section 1031 of the Internal Revenue Code with its $730 million acquisition in May of Madison Centre, a 37-story office tower in Seattle. “This disposition demonstrates continued investor demand for premier, well-leased office properties,” says Owen Thomas, chairman and CEO …

September 6, 2022

Market Reports Office Southeast Southeast Market Reports Virginia

Smart Office Development Poises Richmond for Further Investment and Growth

by John Nelson September 6, 2022

The high quality of life and relatively low cost of living in Richmond, coupled with sustained investment in live-work-play infrastructure, has led to population growth and a surge in investor interest in the city. The job market is showing strong signs of recovery with an unemployment rate of 3.2 percent, which is 40 basis points below the national average. Although office-using employment remains elevated at 3 percent from pre-pandemic levels, office vacancy rates remain relatively stable at 11.2 percent. Live-work-play rules the day Richmond has become a hot spot for millennials, boasting a low cost of living, high quality of life and amenity-rich neighborhoods. While the broader Richmond market has recorded 10 percent population growth since 2010, key submarkets in the urban core are growing at a faster pace, with Scott’s Addition recording 23 percent population growth during the same period. Developers have capitalized on this increased demand for city living, building out the urban core with multifamily and mixed-use developments in trendy submarkets. Scott’s Addition and Manchester — which have more breweries per capita than any other neighborhood — have added a combined 3,000 apartment units in the last five years, with an additional 1,300 units currently under construction. …

September 6, 2022

Kentucky Leasing Activity Office Southeast

Inxeption Opens 18,000 SF Office at PNC Tower in Downtown Louisville

by John Nelson September 2, 2022

LOUISVILLE, KY. — Inxeption, a Silicon Valley-based industrial commerce and supply chain digitization firm, has opened its new offices at PNC Tower in downtown Louisville. The firm, which supports software and several apps for the logistics industry, is occupying 18,000 square feet on the 29th floor. Inxeption says the new regional headquarters space will be able to accommodate up to 200 employees over the next five years. Kentucky Gov. Andy Beshear and Louisville Mayor Greg Fischer are scheduled to appear at a ribbon-cutting ceremony for the office. Inxeption’s operations, sales and technology employees at PNC Tower will have immediate access to the nearby Fourth Street Live! and Louisville Slugger Field, home of the Louisville Bats Minor League Baseball team. “In the last two years, Inxeption has integrated itself into the business community in Louisville, a crucial logistics hub,” says Josh Allen, Inxeption’s chief compliance officer and first Louisville employee. “We continue to undergo substantial growth, so we have strategically renewed our commitment to the city by relocating to a space that can scale as we expand our supply chain operations in support of more industrial businesses.” The new offices come on the heels of Inxeption’s latest financing round at a …

September 2, 2022

Development Loans Multifamily New York Northeast Office

Brookfield Provides $272.5M Construction Loan for Manhattan Multifamily Conversion Project

by Taylor Williams September 2, 2022

NEW YORK CITY — Brookfield Real Estate Financial Partners has provided a $272.5 million construction loan for a project that will convert a 530,000-square-foot office building at 160 Water Street in Manhattan’s Financial District into a 588-unit apartment community. The redevelopment, a tentative completion date for which was not disclosed, will add six levels to the 24-story building. The new apartment building will feature units with stainless steel appliances, quartz countertops and individual washers and dryers, as well as amenities such as a lobby lounge, coffee bar, fitness center and rooftop deck. Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus of Cushman & Wakefield arranged the loan on behalf of the borrower, Vanbarton Group.

September 2, 2022

Acquisitions California Office Western

Montana Avenue Capital Partners Divests of Creative Office Building in El Segundo for $27.3M

by Amy Works September 2, 2022

EL SEGUNDO, CALIF. — Montana Avenue Capital Partners has completed the sale of 621 Hawaii Street, a two-story creative office building in El Segundo. BLT Enterprises acquired the asset for $27.3 million. Sean Fulp, Ryan Plummer, Mark Schuessler and Geoff Ludwig of Newmark’s private capital group represented the seller in the deal. At the time of sale, the property was 100 percent leased to Nexon America. The building serves as the North American headquarters of Nexon Co. Ltd., the parent company, which is South Korea’s largest video game developer and publicly traded in Japan.

September 2, 2022

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