Office

Crescent Communities, KB Venture to Redevelop Historic Alpharetta School as 160,000 SF Office Campus

by John Nelson July 12, 2022

ALPHARETTA, GA. — Crescent Communities and KB Venture Partners have formed a partnership for the adaptive reuse of the former Baily-Johnson School in Alpharetta. The duo will transform the formerly segregated school, which served black students in north Fulton County from its opening in 1950 to its closing in 1967, into a three-building office campus totaling 160,000 square feet. The office campus will include a new 120,000-square-foot mass timber office building, as well as the redevelopment of the main school building and gymnasium. The new campus, dubbed Garren, is named after the school’s namesakes, George Bailey and Warren Johnson. The 4.4-acre site was most recently used as a maintenance facility for Fulton County Schools. Once complete, tenants at Garren will be in close proximity to Avalon and downtown Alpharetta and have access to several amenities on the campus, including outdoor gathering areas, private tenant patios, a tenant lounge, fitness centers, locker room with showers and bike storage. John Zintak and Porter Henritze of Cushman & Wakefield are handling the leasing assignment. A construction timeline was not disclosed.

July 12, 2022

Acquisitions Office Texas

JLL Negotiates Sale of 403,151 SF Office Building in Irving’s Las Colinas District

by Taylor Williams July 12, 2022

IRVING, TEXAS — JLL has negotiated the sale of 1925 West John Carpenter, a 403,151-square-foot office building located within Irving’s Las Colinas district. The six-story, recently renovated building sits on 30 acres and includes a 1,200-space parking garage. The property was fully leased at the time of sale to Vista Energy, which houses its corporate headquarters within the building. JLL represented the seller, JP Realty Partners Ltd., in the transaction. The buyer and sales price were not disclosed.

July 12, 2022

Illinois Leasing Activity Midwest Office

Riverside Inks Leases with Three New Tenants at Office Building in Chicago

by Kristin Harlow July 12, 2022

CHICAGO — Riverside Investment and Development has inked leases with three new tenants for 320 S. Canal, its newest office property in Chicago. Law firm Skadden Arps leased 89,100 square feet, National Futures Association (NFA) leased 55,364 square feet, and insurance company Ullico will occupy 8,445 square feet. NFA is the self-regulatory organization for the U.S. derivatives industry. The new tenants join anchor tenant BMO and two other law firm tenants, Chapman & Cutler and Faegre Drinker, which have already welcomed employees to the property. Developed by Riverside and Convexity Properties and designed by Goettsch Partners, the 52-story building opened in January. The Green, a 1.5-acre, privately owned outdoor park, sits on the west side of the building. Dan McCarthy and Bill Rogers of JLL represented Skadden Arps. Mark Keebler and Brad Serot of CBRE represented National Futures Association, while Brady Wolfe and Bill Sheehy of CBRE represented Ullico. Christy Domin and Drew Neiman represented Riverside on an internal basis.

July 12, 2022

Acquisitions New York Northeast Office

Rosewood Realty Arranges $36M Sale of Office Building in Midtown Manhattan

by Taylor Williams July 12, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36 million sale of a 55,150-square-foot office building located at 62 W. 45th St. in Midtown Manhattan. Built in 1911, the 12-story building features a dozen office suites and one retail space. Aaron Jungreis and Ben Khakshoor of Rosewood represented the seller, Renaissance Properties, in the transaction. LSI Advisors represented the buyer, IT consulting firm Stellar Services, which plans to occupy the entirety of the building.

July 12, 2022

Leasing Activity New York Northeast Office

Paul Smith Signs 12,617 SF Office Lease at 257 Park Avenue South in Manhattan

by Taylor Williams July 12, 2022

NEW YORK CITY — British apparel designer Paul Smith has signed a 12,617-square-foot lease for its new office and showroom at 257 Park Avenue South in Manhattan’s Flatiron District. The 20-story building was constructed in 1912 and spans 226,000 square feet. Will Grover and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Rob Fisher represented the landlord, The Feil Organization, on an internal basis.

July 12, 2022

Acquisitions Office South Carolina Southeast

NAI Earle Furman Brokers Sale of 25-Story Landmark Office Tower in Downtown Greenville

by John Nelson July 11, 2022

GREENVILLE, S.C. — NAI Earle Furman has brokered the sale of the Landmark Building, a 25-story office tower located at 301 N. Main St. in downtown Greenville. Built in 1966, the property spans 331,000 square feet and is the tallest building in the city. A locally based investment group managed by CAPA Management purchased the tower from a Columbia, S.C.-based entity doing business as Tower on Main LLC. The sales price was not disclosed. Keith Jones, McNeil Epps, Jake Van Gieson and Gaston Albergotti of NAI Earle Furman represented the buyer in the transaction. The locally based brokerage and services firm has also been retained to manage and lease the building. First Reliance Bank provided an undisclosed amount of acquisition financing for the deal. The buyer plans to make immediate capital improvements to the tower.

July 11, 2022

Acquisitions New Jersey Northeast Office

Regal Ventures Sells Five Metro Philadelphia Office Buildings for $51M

by Taylor Williams July 11, 2022

MOUNT LAUREL, N.J. — Philadelphia-based investment firm Regal Ventures has sold a quintet of office buildings totaling 398,460 square feet in Mount Laurel, about 20 miles east of Philadelphia. California-based Top Terraces Inc. purchased the portfolio for $51 million. Each of the buildings totals 79,692 square feet, with four of the buildings currently occupied by affiliates of defense contractor Lockheed Martin and one currently vacant. Illinois-based brokerage firm The Boulder Group negotiated the deal. Regal Ventures originally purchased the properties in September 2021 for $35 million.

July 11, 2022

Acquisitions Arizona Office Western

Edgewood REIT Acquires Two Office Properties in Scottsdale, Arizona for $85M

by Amy Works July 11, 2022

SCOTTSDALE, ARIZ. — North Dakota-based Edgewood Real Estate Investment Trust has purchased two office properties in Scottsdale from Wentworth Property Co. and Northwood Investors for $85 million. Barry Gabel and Chris Marchildon of CBRE represented the sellers in the transaction. Developed in 2008 and 2009, Terra Verde I and Tower at Scottsdale Landing, located at 16767 N. Perimeter Drive and 8660 E. Hartford Drive, total 269,064 square feet. The two Class A properties are 92 percent leased to a variety of tenants, including Pulte Homes, BOK Financial, Annexus Management, Sagicor Life Insurance and Pulice Construction. The office buildings offer recent capital improvements, high-end tenant finishes, garage parking, building storage and Loop 101 Freeway exposure. Both properties are located within the 260-acre, master-planned Perimeter Center Business Park.

July 11, 2022

Acquisitions Midwest Minnesota Office Top Stories

Cushman & Wakefield Arranges Sale of 1.7 MSF Normandale Lake Office Park Near Minneapolis

by Taylor Williams July 11, 2022

BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of Normandale Lake Office Park, a 1.7 million-square-foot complex in the southern Minneapolis suburb of Bloomington. The price was not disclosed, but the property sold for $370 million when last it traded hands in 2014, according to the Star Tribune. David Knapp, Jeremiah Olsen, Tom O’Brien, Avery Ticer, Sam Maguire, Dan Phoel and Adam Spies of Cushman & Wakefield represented the seller, a partnership between insurance giants MetLife Investment Management and Allstate, in the transaction. The buyer was New York City-based Opal Holdings. Normandale Lake Office Park consists of five buildings that were developed between 1983 and 2009. The structures vary in height from 11 to 17 stories and range in size from 242,598 to 467,016 square feet. Amenities include a wellness center, fitness center with locker rooms, multiple conference rooms, heated executive parking structures and walking and biking trails. In addition, the development offers several services for tenants, such as a floral shop, childcare center, car wash and hair salon. Normandale Lake Office Park is also home to a fine dining restaurant, two casual dining concepts and a Caribou Coffee location. At the time of sale, the property was 91 …

July 11, 2022

Acquisitions California Civic Development Office Western

Partnering With Parents Buys Office Park in Oceanside for $11.8M, Plans Conversion to Charter School Campus

by Amy Works July 8, 2022

OCEANSIDE, CALIF. — Sunrise Capital has completed the disposition of a vacant office campus situated on six acres at 1305-1320 Union Plaza Court in Oceanside. Partnering With Parents, doing business as The Classical Academies, acquired the asset for $11.8 million. The buyer, an organization of tuition-free California public charter schools in North San Diego County, plans to convert the four-building, 99,968-square-foot office park into a school campus. Peter Curry, Jason Kimmel and Tim Winslow of Cushman & Wakefield represented the seller, while Jon Walters and Jim Benson of Kidder Mathews represented the buyer in the deal.

July 8, 2022

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