Office

Stan Johnson Arranges $3M Sale of Office Building in Arvada, Colorado

by Amy Works May 31, 2022

ARVADA, COLO. — Stan Johnson Co. has facilitated the sale of a Class B office building located at 6850 W. 52nd Ave. in Arvada. A Louisiana-based private investor acquired the property from a Washington-based individual investor for $3 million. Built in 1998 on 2.6 acres, the two-story, 28,492-square-foot property is occupied by multiple tenants, including HomeGuard Services and Venture Financial. At the time of sale, the asset was 91 percent leased. Craig Tomlinson of Stan Johnson Co. represented the buyer in the deal.

May 31, 2022

Acquisitions California Office Western

Newmark Negotiates $39.3M Sale of Transit-Oriented Office Building in Palo Alto

by Amy Works May 27, 2022

PALO ALTO, CALIF. — Newmark has arranged the sale of 250 Cambridge, a three-story, transit-oriented office property in Palo Alto. Tarlton Properties sold the asset to an entity doing business as 250 Cambridge LP for $39.3 million. The new ownership plans to renovate the building. Steven Golubchik, Seth McKinnon, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction. Ramsey Daya and Chris Mortiz, also with Newmark, arranged the acquisition financing for the buyer through a regional bank. The property features 34,558 square feet of office space along with a 29-stall onsite parking garage and is located near Stanford Research Park, a life sciences development that houses tenants such as VMWare, Guardant Health, Kodiak Bioscience, Tesla and SAP.

May 27, 2022

Leasing Activity New York Northeast Office

Clayton, Dubilier & Rice Signs 70,000 SF Office Lease Renewal, Expansion in Manhattan

by Taylor Williams May 27, 2022

NEW YORK CITY — Global private equity firm Clayton, Dubilier & Rice has signed an office lease renewal and expansion at The Seagram Building, a 38-story tower located at 375 Park Ave. in Manhattan. The company now occupies 70,000 square feet across four floors. Andrew Sachs and Ben Shapiro of Newmark represented the tenant, which has been headquartered at the building for nearly three decades, in the lease negotiations. A.J. Camhi and Paul Milunec internally represented the landlord, locally based investment firm RFR.

May 27, 2022

Leasing Activity Midwest Minnesota Office

Northwestern Mutual to Relocate Within Capella Tower in Downtown Minneapolis

by Kristin Harlow May 27, 2022

MINNEAPOLIS — The local Minneapolis firm of Northwestern Mutual will relocate within Capella Tower in downtown Minneapolis. The firm will swap its space on the 29th and 30th floors for newly designed space on the 44th and 45th floors spanning 34,000 square feet. Larissa Bodine and Ann Rinde of CBRE represented ownership, Shorenstein Properties, while Emily Nicoll and Erin Hoeg of CBRE represented the tenant. Shorenstein recently upgraded the 53-story Capella Tower to include a 5,500-square-foot sky deck, first-floor lounge, Mother Dough coffee, wine bar, health club, conference facilities and updates to both security and indoor air quality. More improvements are scheduled in the near future, but no details were provided regarding specific plans. Northwestern Mutual has occupied space at Capella Tower for the past 12 years.

May 27, 2022

Illinois Leasing Activity Midwest Office

ScalpTrade Signs 13,000 SF Office Lease in Chicago’s Central Loop

by Kristin Harlow May 27, 2022

CHICAGO — ScalpTrade, a proprietary trading firm, has signed a 13,000-square-foot office lease at 425 S. Financial Place in Chicago’s Central Loop. The company will occupy space on the 36th floor for its corporate headquarters. CIM Group owns the 40-story, 1 million-square-foot office property, which underwent renovations in 2015 and is certified LEED Gold. In addition to a cafeteria, conference centers, concierge services, tenant lounge and outdoor terrace, the property also houses the Buckingham.AC, a private social and athletic club, and the 21-room Buckingham Hotel.

May 27, 2022

Acquisitions Florida Office Southeast

Marcus & Millichap Negotiates $16.8M Sale of Office Building in Miami Gardens, Florida

by John Nelson May 26, 2022

MIAMI GARDENS, FLA. — Marcus & Millichap has negotiated the $16.8 million sale of Commons Plaza, a three-story office building located at 5901 Miami Gardens Drive in Miami Gardens. Situated on a three-acre lot at the intersection of 183rd Street and 57th Avenue, the 56,601-square-foot property was 99 percent leased at the time of sale. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, an entity doing business as Commons Plaza LLC, and procured the buyer, an entity doing business as MG Office Plaza LLC.

May 26, 2022

Acquisitions Colorado Office Western

Macquarie Asset Management Acquires 76,095 SF Office Building in Denver

by Amy Works May 26, 2022

DENVER — Macquarie Asset Management has purchased One DTC West, a boutique Class A office building located at 4949 S. Niagara St. in Denver. The acquisition was made on behalf of a U.S. separate account mandate by Macquarie Asset Management. Terms of the transaction were not released. Completed in 2018, the four-story building features 76,095 square feet of office space. Situated within the Denver Tech Center submarket, the asset is located near Bellevue Station, an area that houses light rail, 70,000 square feet of retail space and two apartment communities.

May 26, 2022

Development Michigan Midwest Office

KIRCO Completes 140,000 SF Headquarters for Wacker Chemical Corp. in Ann Arbor

by Kristin Harlow May 26, 2022

ANN ARBOR, MICH. — KIRCO has completed a new innovation center and regional headquarters for Wacker Chemical Corp. in Ann Arbor. The 140,000-square-foot project sits on 18 acres at 4950 S. State Road and represents a more than $50 million investment. Wacker chemists, scientists and senior leadership that previously worked out of separate Michigan locations are now able to collaborate in a single environment. The innovation center houses labs, open workspaces, a full-service cafeteria and a fitness center.

May 26, 2022

Acquisitions California Office Western

DivcoWest Buys 320,000 SF Office Building in San Francisco’s Mission Bay

by Amy Works May 25, 2022

SAN FRANCISCO — DivcoWest has purchased 550 Terry Francois Boulevard, a vacant, six-story office building in San Francisco’s Mission Bay neighborhood. Terms of the transaction were not released. Built in 2002, the 320,000-square-foot building recently served the headquarters of fashion retailer Old Navy. DivcoWest plans to invest in the building to further broaden its life sciences appeal. The asset is adjacent to University of California San Francisco’s medical research campus, as well as numerous biotech and healthcare organizations. The building offers 51,000-square-foot floor plates, access to 308 parking spaces and extensive outdoor amenity space. Additionally, the property features waterfront views and proximity to Bay Trail, a 350-mile pedestrian and bike trail linking more than 40 communities around San Francisco Bay.

May 25, 2022

Acquisitions California NAI Office Western

Happy Place Stages Acquires Creative Production Campus in North Hollywood for $14.3M

by Amy Works May 25, 2022

LOS ANGELES — Happy Place Stages LLC, a full-service creative studio, has purchased a warehouse campus located at 5446-5450 Satsuma Ave. in the North Hollywood neighborhood of Los Angeles for $14.3 million. The sales price equates to $380 per square foot. Built in 1952 and renovated in 2017, the property features four buildings: a 13,000-square-foot cargo containers that has been convert to creative office space, a 1,400-square-foot office, an 8,000-square-foot warehouse and a 20,000-square-foot warehouse. Adam Comora with NAI Capital’s Investment Services Group represented the buyer in the deal.

May 25, 2022

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