ST. PAUL, MINN. — Kraus-Anderson has completed the interior buildout of the new office for Pope Design Group in St. Paul. The design firm, formerly known as Pope Architects Inc., now occupies a 16,760-square-foot office at the historic Case Building located at 767 N. Eustis St. The open floor plan was designed to maximize collaboration among employees. Kraus-Anderson and Pope have worked together on hundreds of projects over the past 50 years.
ATLANTA — A joint venture between Brand Properties LLC, Highwoods Properties Inc. and Batson-Cook Development Co. has broken ground on 2827 Peachtree, a boutique office building in Atlanta’s Buckhead district. The 135,000-square-foot property, which will feature 11,000 square feet of retail space, is 62 percent preleased. Designed by Atlas Collaborative, the project will include large, elevated patios with Wi-Fi access and private balconies for select offices. The main entrance will feature an archway with a valet drop-off, and amenities will include a fitness center, boardroom, covered parking and efficient operating systems. The project team includes civil engineer Planners and Engineers Collaborative and general contractor Batson-Cook Construction. The joint venture expects construction of 2827 Peachtree to be completed by the third quarter of 2023.
LOS ANGELES — Bellwether Enterprise Real Estate Capital (BWE) has closed a $77 million nonrecourse construction loan for a flex office campus in northern Los Angeles. The borrower plans to develop a 204,600-square-foot building with 35-foot clear heights, specialized office build-out and onsite trailer storage space. Additionally, a new parking structure will be constructed on the site. Tom Kenny, Josh Boehling and Alex Gregoire of BWE’s Irvine, Calif., office originated the financing on behalf of the borrower. The financing was arranged with a bank lender for an initial three-year term, with an optional extension.
COLORADO SPRINGS, COLO. — Tepuy Properties has purchased a three-story office building located at 5825 Delmonico Drive in Colorado Springs. DCP Delmonico LLC sold the asset for $7.9 million. Built in 1985, the 38,638-square-foot property was 90 percent occupied at the time of sale by eight tenants, including USA Triathlon. Eric Rutherford of WK Estate represented Tepuy Properties, while Matt Call of NavPoint Real Estate Group represented the undisclosed seller in the transaction.
FRISCO, TEXAS — The Teachers Insurance and Annuity Association (TIAA) will open a corporate center in Frisco, a move that is expected to create about 2,000 new jobs and constitute a capital investment of approximately $58 million. The site will be located within The Star, the Dallas Cowboys’ 91-acre headquarters and training campus. Founded in 1918, TIAA provides insurance and financial services to employees in the academic, research, medical and governmental fields. The organization, which did not provide a timeline for the move, cited the workforce demographics of North Texas, as well as the amenities at The Star, as major factors behind its specific site selection.
RICHMOND, VA. — CoStar Group Inc. has purchased a five-story, 117,448-square-foot office building in Richmond’s Manchester district. The locally based real estate information and analytics firm acquired the property for $20 million. The seller was not disclosed. Located at 901 Semmes Ave., the office building is situated across James River from CoStar’s planned corporate campus spanning 750,000 square feet. The property was vacant at the time of sale and was formerly anchored by SunTrust Bank (now Truist Financial Corp.), which relocated to an adjacent building. CoStar employs more than 1,200 people in the Richmond area. Over the next five to 10 years, CoStar expects to become the largest tech company and one of the largest private employers in Richmond.
NEW YORK CITY — A joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines has topped out 555 Greenwich, a 16-story office building in Lower Manhattan. Designed by COOKFOX Architects, the 270,000-square-foot building, which is located in the Hudson Square neighborhood, will include ground-floor retail space and 33,000 square feet of outdoor amenity space via 11 terraces. Completion is slated for 2023.
NEW YORK CITY — Social media platform Praxis has signed a 7,462-square-foot office lease at 446 Broadway in Manhattan. The lease term is five years, and the space encompasses the entire third floor. Greg Herman of Cushman & Wakefield represented Praxis in the lease negotiations. David Malawer of Newmark represented the landlord, KPG Funds. The building is now fully leased.
AUSTIN, TEXAS — Newmark has brokered the sale of 823 Congress, a 190,254-square-foot office building in downtown Austin. The recently renovated building was 71 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark represented the seller, a fund backed by New York-based DRA Advisors, in the transaction. David Milestone, Brett Green and Josh Francis of Newmark arranged an undisclosed amount of acquisition financing on behalf of the buyer, Dallas-based Pillar Commercial. The sale included a six-story parking garage located at 900 Brazos St. The building was recently renovated to the tune of $15 million.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $92 million construction loan for a 215,379-square-foot office building that will be located at 1498-1538 Coney Island Avenue in Brooklyn’s Midwood neighborhood. The project will include 51,000 square feet of retail space and a 267-space automated parking structure. Construction is underway and expected to be complete in October 2023. Between the office and retail components, the building is 30 percent preleased. Aaron Birnbaum and Elliott Kunstlinger of Meridian Capital Group arranged the loan through Parkview on behalf of the borrower, an affiliate of locally based developer Baruch Singer.
