Office

Newmark Arranges $32.5M Sale of Westside Los Angeles Office Building

by Amy Works June 10, 2022

LOS ANGELES — Newmark has brokered the sale of 640 North Sepulveda Blvd., an office property located in Westside Los Angeles. Vectra Management Group sold the building to an undisclosed buyer for $32.5 million. Built in 1987, the two-story, 45,630-square-foot office building underwent a $3 million renovation in 2019. The property offers nearly 12,000 square feet of outdoor work and recreation space, including an open courtyard, outdoor patio, barbecue area, basketball court, designated pet area, water features, ping pong tables, fire pit and lounge area. At the time of sale, the building was 27 percent occupied. Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller, while David Kluth and Aliya Coher of Newmark represented the buyer in transaction.

June 10, 2022

California Company News Lee & Associates Office Western

Lee & Associates Expands Downtown Los Angeles Presence With New Office

by Amy Works June 10, 2022

LOS ANGELES — Lee & Associates has grown its Southern California presence with the opening of a new office in downtown Los Angeles. The office will specialize in industrial, office and investment brokerage, with plans to strategically recruit teams that will grow its capabilities in multifamily and retail. Led by Jack R. Cline Jr., Lee & Associates Los Angeles – Downtown consists of 13 brokerage professionals, including Doug Cline, Tony Naples, Evans Jurgensen, Matt Eddy, Miles Solomon, Loren Kaplan, Everett Phillips, Mattison Behr, David Cox, Sam Rinkov and Allan Roman. Additional team members include Madeline Segura, Andy Baquerizo, Maggie Kusumawathy, Ebe Puyolt and Lori Thor. The 5,000-square-foot Lee & Associates Los Angeles – Downtown office is located at 1201 N. Main St. As the office expands, the firm has the option to take additional, adjacent square footage totaling 7,500 square feet.

June 10, 2022

Illinois Leasing Activity Midwest Office

Echo Global Logistics, VSA Partners Renew Leases at Office Property in Chicago’s River West

by Kristin Harlow June 10, 2022

CHICAGO — Echo Global Logistics and VSA Partners have renewed their office leases at 600 West Chicago, an office and retail property owned by Sterling Bay in Chicago’s River West submarket. Echo, a provider of technology-enabled transportation and supply chain management services, will remain in its 185,000-square-foot space that it has called home since its inception in 2005. VSA, a global creative agency and tenant in the building since 2008, restructured its lease to 25,000 square feet. Andrea VanGelder, Kellen Monti, Matt Carolan and Paul Giannopoulos of JLL represented Echo, while Steven Livaditis and Jon Milonas of CBRE represented VSA. Russ Cora and Austin Lusson represented Sterling Bay on an internal basis.

June 10, 2022

Acquisitions Illinois Midwest Office

Greenstone Partners Brokers $16M Sale of Office Portfolio in Suburban Chicago

by Kristin Harlow June 10, 2022

NAPERVILLE AND WARRENVILLE, ILL. — Greenstone Partners has brokered the sale of a three-building office portfolio in Naperville and Warrenville for $16 million. Named the Cantera-Naperville Office Portfolio, the collection of assets totals 130,000 rentable square feet and is 86 percent leased. The properties are located at 4300 and 4580 Weaver Parkway in Warrenville and 1601 Bond St. in Naperville. Jason St. John and Paul Tesdal of Greenstone represented the seller, a Naperville-based real estate operator. The duo also procured the buyer, a Chicagoland-based family office that completed a 1031 exchange.

June 10, 2022

Leasing Activity Office Texas

Elevate Credit Services Signs 73,984 SF Office Lease Renewal in Fort Worth

by Taylor Williams June 10, 2022

FORT WORTH, TEXAS — Elevate Credit Services has signed a 73,984-square-foot office lease renewal at Overton Centre, a 417,465-square-foot development in southwest Fort Worth. The two-building complex features a renovated lobby, fitness center and an auditorium/conference center. Cribb Altman and Cannon Camp of JLL, along with Mike Wyatt of Cushman & Wakefield, represented the tenant in the lease negotiations. Matt Carthey and Jake Neal of Holt Lunsford Commercial represented the landlord, an entity doing business as FLDR/TLC Overton Centre LP.

June 10, 2022

Acquisitions Massachusetts Northeast Office

Newmark Negotiates 375,058 SF Sale of Office Campus in Wellesley, Massachusetts

by Taylor Williams June 10, 2022

WELLESLEY, MASS. — Newmark has negotiated the sale of Park 9, a 375,058-square-foot office campus in Wellesley, a western suburb of Boston. The four-building development is leased to tenants such as Sun Life, Morgan Stanley and Boston Children’s Hospital and includes a 120,000-square-foot structure with immediate life sciences conversion potential. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, BentallGreenOak on behalf of Sun Life, in the transaction and procured the buyer, Beacon Capital Partners.

June 10, 2022

Acquisitions Northeast Office Pennsylvania

Endurance Real Estate Sells 130,942 SF Office Complex in Blue Bell, Pennsylvania

by Taylor Williams June 10, 2022

BLUE BELL, PA. — Pennsylvania-based investment firm Endurance Real Estate Group has sold a three-building, 130,942-square-foot office complex in Blue Bell, a northern suburb of Philadelphia. The property, which was built in 1988 and renovated in 2015, sold for $12.7 million. Mike Margolis, David Dolan, Ryan Guittare, Angelo Brutico and Jim Dugan of Newmark represented Endurance Real Estate in the transaction and procured the undisclosed buyer.

June 10, 2022

Acquisitions California Office Top Stories Western

Tishman Speyer Sells 719,037 SF Silicon Valley Office Complex Leased to Meta

by Jeff Shaw June 10, 2022

SUNNYVALE, CALIF. — Tishman Speyer has sold a 719,037-square-foot office campus in the Moffett Park submarket of Sunnyvale, just west of San Jose, to CommonWealth Partners. While the price was not disclosed, Tishman Speyer acquired the asset in April 2021 for $356 million, and soon leased the entire campus to Meta, the parent company of social media networks Facebook and Instagram. Google occupies a multi-building campus immediately adjacent to the site. The property features four modern office buildings, two parking structures and outdoor recreational space. Campus amenities include a gym with a basketball court, lockers and showers; outdoor volleyball court; executive briefing center; full-service cafeteria; multiple kitchens; break centers; phone rooms; and other common areas. This acquisition more than doubles CommonWealth Partners’ holdings in the Moffett Park submarket to over 1.2 million square feet of LEED Gold- or Platinum-certified trophy office space. “The sale and the lease demonstrate that Silicon Valley remains a global center of innovation,” says Rob Speyer, CEO of Tishman Speyer. “Moreover, this deal demonstrates that the market for highly collaborative, well-designed office space with accessible green space and top-level amenities is still strong.” Kevin Shannon, Steven Golubchik, Phil Mahoney, Jonathan Schaefler and Darren Hollak of Newmark …

June 10, 2022

Acquisitions Net Lease Office Washington Western

Truist Securities Buys Office Building in Federal Way, Washington for $93.5M

by Amy Works June 9, 2022

FEDERAL WAY, WA. — An entity of Atlanta-based Truist Securities has purchased an office building located at 3201 S. 323rd St. in Federal Way. DaVita Inc. sold the asset for $93.5 million in a sale-leaseback transaction. At the time of sale, the seller signed a long-term lease for the entire facility. Constructed in 2021 on 11.2 acres, the 160,493-square-foot property serves as DaVita’s primary revenue operations office, staffing roughly 800 employees. The mission-critical facility is located approximately 20 minutes south of Seattle-Tacoma International Airport. The property served to consolidate operations from around the region under one roof and was designed to be expanded by 40,000 square feet at the option of the occupant in the future. Scott Briggs of Stan Johnson Co. represented the seller in the deal.

June 9, 2022

Acquisitions Healthcare Net Lease Nevada Office Western

Avison Young Brokers $8.4M Sale-Leaseback of Two Medical Office Buildings in Las Vegas

by Amy Works June 9, 2022

LAS VEGAS — Avison Young has arranged the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas. Nashville, Tenn.-based Montecito Cos. acquired the assets from a group of six physician owners for $8.4 million, or $400 per square foot. Advanced Orthopedics and Sports Medicine fully occupy the two 21,000-square-foot properties. The seller signed a 15-year lease for the space. Built in 2009 and renovated in 2019 and 2020, the Class A properties feature orthopedic examination rooms, radiology and physical therapy spaces. The buildings are part of a three-building campus that includes an ambulatory surgery center building. Barton Hyde of Avison Young represented the seller in the deal.

June 9, 2022

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