Office

Turnbridge Equities, Fundamental Advisors Sell Five-Property Office Portfolio in Northern Virginia for $220M

by Katie Sloan August 11, 2022

NEW YORK CITY — A joint venture between two New York City-based investors, Turnbridge Equities and Fundamental Advisors LP, has sold its five-building Northern Virginia Cybersecurity and Defense Infrastructure office portfolio for $220 million. The buyer was undisclosed. The joint venture began assembling the 860,000-square-foot portfolio in 2018 with the goal of mitigating rollover risk related to single-tenant occupancy by creating a multi-tenant portfolio with staggered lease terms. The properties were 96 percent occupied at the time of sale by tenants that include Lockheed Martin Corp., General Dynamics Corp., Boeing and Northrop Grumman Corp. The portfolio includes a 205,074-square-foot property at 460 Herndon Parkway in Herndon; a 84,652-square-foot property at 14700 Lee Road in Chantilly; a 112,623-square-foot building at 21700 Atlantic Blvd. in Sterling; a 184,414-square-foot property at 12450 Fair Lakes Circle in Fairfax; and a 273,713-square-foot complex located at 10302 and 10304 Eaton Place in Fairfax. Eric Berkman, Shaun Weinberg and Kevin Sidney of Cushman & Wakefield represented the seller in the transaction. “Cybersecurity is among the fastest growing areas of government contracting, and the portfolio was assembled to take advantage of these trends with a strong roster of leading tenants that are immune to work-from-home trends …

August 11, 2022

Acquisitions Midwest Office Ohio

Quantum Arranges $13.1M Sale of Office Building in Warrensville Heights, Ohio

by Kristin Harlow August 10, 2022

WARRENSVILLE HEIGHTS, OHIO — Quantum Real Estate Advisors Inc. has arranged the $13.1 million sale of a 45,422-square-foot office building in Warrensville Heights, an eastern suburb of Cleveland. Constructed as a build-to-suit for advertising agency Marcus Thomas in 2011, the property was renovated in 2021. Daniel Waszak of Quantum represented the buyer, a Miami-based private investor. A metro Cleveland-based developer was the seller.

August 10, 2022

Illinois Leasing Activity Midwest Office

Crafty Signs 12,000 SF Office Lease in Chicago

by Kristin Harlow August 10, 2022

CHICAGO — Crafty, a company that assists workplaces in managing food, beverages and supplies, has signed a 12,000-square-foot office lease at 205 W. Wacker in Chicago. Headquartered in downtown Chicago, Crafty is expanding its footprint. The firm previously occupied 3,500 square feet in the West Loop neighborhood. Brian McDonnell and Bill Sheehy of CBRE represented Crafty in the lease transaction.

August 10, 2022

Loans New York Northeast Office

Thorofare Capital Provides $34.5M Construction Loan for Manhattan Office Redevelopment

by Taylor Williams August 10, 2022

NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $34.5 million construction loan for the redevelopment of a 62,428-square-foot office building located at 132 W. 14th St. in Manhattan’s Greenwich Village area. The borrower, KPG Funds, plans to update the building’s structure, façades, lobby, windows and mechanical systems and reposition the property as a boutique office building. Marvel Architects is designing the redevelopment. Aaron Niedermayer led a JLL team that arranged the loan on behalf of KPG Funds.

August 10, 2022

Leasing Activity Northeast Office Pennsylvania

Ace American Insurance Signs 140,585 SF Office Lease Renewal in Philadelphia

by Taylor Williams August 10, 2022

PHILADELPHIA — Ace American Insurance Co. has signed a 140,585-square-foot office lease renewal at The Washington, a historic building located within Philadelphia’s Independence Mall. The owner, Keystone Development + Investment, purchased the 880,000-square-foot building in 2016 and implemented an adaptive reuse program. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented Keystone in the lease negotiations.

August 10, 2022

Denver Lee & Associates Second Quarter Economic Rundown

Content Partner Features Industrial Leasing Activity Lee & Associates Life Sciences Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels August 10, 2022

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …

August 10, 2022

Leasing Activity New York Northeast Office

Capital One Signs 60,000 SF Office Lease Expansion at 114 Fifth Avenue in Manhattan

by Taylor Williams August 9, 2022

NEW YORK CITY — Capital One has signed a 60,000-square-foot office lease expansion to occupy an additional three floors at 114 Fifth Avenue, a 19-story building in Manhattan’s Flatiron District. The 352,000-square-foot building was originally constructed in 1910 and redeveloped in 2014. The lender now occupies 116,296 square feet across six floors. A joint venture between Columbia Property Trust, Allianz Real Estate and L&L Holding Co. owns the property. David Berkey of L&L Holding internally represented the landlord in the lease negotiations. Dale Schlather and Greg Herman of Cushman & Wakefield represented Capital One.

August 9, 2022

Acquisitions California Healthcare Office Western

CBRE Arranges $6.6M Sale of Medical Office Building in Long Beach, California

by Amy Works August 8, 2022

LONG BEACH, CALIF. — CBRE has brokered the sale of a medical office building, located at 200-202 W. Wardlow Road in Long Beach. A private seller sold the asset to an undisclosed buyer for $6.6 million. Bill Maher, Anthony DeLorenzo, Bryan Johnson and Gary Stache of CBRE represented the seller in the deal. Originally constructed in 1964 and remodeled in 2017, the single-story building features 8,691 square feet of medical office space. The buyer plans to convert the medical building with operating rooms into an office building to accommodate the expansion needs of the buyer’s business.

August 8, 2022

Leasing Activity Office Texas

Quanex Signs 16,545 SF Office Lease in Houston’s Memorial City District

by Taylor Williams August 8, 2022

HOUSTON — Quanex Building Products Corp. has signed a 16,545-square-foot office lease at 945 Bunker Hill Road in Houston’s Memorial City district. Brad MacDougall and Warren Alexander internally represented the landlord, MetroNational, in the lease negotiations. Andy Iversen, John Luck and Kaitlyn Duffie of Newmark represented the tenant, which plans to move into the 14-story building in September 2023.

August 8, 2022

Acquisitions New Jersey Northeast Office

Edgewood Properties Buys 250,000 SF Office Building in Basking Ridge, New Jersey

by Taylor Williams August 8, 2022

BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose Cruz, Kevin O’Hearn, Sean Ryan, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the undisclosed seller in the transaction.

August 8, 2022

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