Office

Finmarc Acquires Industrial, Data Center Portfolio in Springfield, Virginia for $127.5M

by John Nelson June 17, 2022

SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.

June 17, 2022

Acquisitions Office Texas

Newmark Brokers Sale of 673,150 SF Office Complex in North Dallas

by Taylor Williams June 17, 2022

DALLAS — Newmark has brokered the sale of Element Towers, a two-building, 673,150-square-foot office complex located at 3010 and 3030 LBJ Freeway in North Dallas. Element Towers sits on seven acres, and both buildings feature newly renovated lobbies, fitness centers, conference facilities and full-service cafeterias. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller in the transaction. David Milestone, Brett Green and Josh Francis, also with Newmark, arranged acquisition financing on behalf of the buyer, California-based Stanton Road Capital. Element Towers was 68 percent leased at the time of sale.

June 17, 2022

Development New Jersey Northeast Office

Columbia Property Trust Completes Redevelopment of 680,000 SF Office Building in Jersey City

by Taylor Williams June 17, 2022

JERSEY CITY, N.J. — Columbia Property Trust has completed the redevelopment of 95 Columbus, a 680,000-square-foot office building in Jersey City. The project centered on the revamping of the lobby to allow more natural light and provide more efficient seating and meeting areas. Columbia Property Trust also augmented the landscaping at the building’s entrance and upgraded the lobby’s windows and flooring, among other features. The developer also modernized various building systems to promote health and wellness, including the installation of touchless doors, bipolar ionization air filtration and destination dispatch elevators. Lastly, Columbia added a bike storage room, additional shower facilities and a 500-space attached garage. Cushman & Wakefield is leasing the building post-renovation.

June 17, 2022

Acquisitions California Office Western

Madison Capital, Meadow Partners Acquire Ford Point R&D Property in Richmond, California for $103.7M

by Amy Works June 17, 2022

RICHMOND, CALIF. — New York-based Madison Capital and Meadow Partners have purchased Ford Point, a creative R&D building located at 1414 Harbour Way S. in Richmond. Orton Development sold the asset for $103.7 million. At the time of sale, the 478,761-square-foot property was 83 percent leased to a variety of tenants, including SunPower, Mountain Hardwear and California Closets. Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive $40 million renovation of the entire building, installing new building systems and undertaking an extensive seismic upgrade. Since 2008, the company invested an additional $11.3 million for an ungraded roof, electric vehicle charging stations, asphalt repaving and one mega-watt rooftop solar system. Designed in 1930 by Albert Kahn, Ford Point was built as the Ford Motor Co. Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center. Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California …

June 17, 2022

Leasing Activity New Jersey Northeast Office

Siemens Signs 65,500 SF Office Lease in Iselin, New Jersey

by Taylor Williams June 17, 2022

ISELIN, N.J. — Industrial technology firm Siemens has signed a 65,500-square-foot office lease at 200 Wood Avenue South, an office building located within the Metropark development in the Northern New Jersey community of Iselin. The 270,000-square-foot building features a newly renovated lobby, fitness center, collaborative common areas and landscaped outdoor amenity spaces. Jeff Babikian of CBRE represented Siemens in the lease negotiations. Wes Moore, also with CBRE, represented the landlord, SJP Properties.

June 17, 2022

Creekside-Plaza-Office-Park-San-Leandro-CA

Acquisitions California Office Western

Cushman & Wakefield Negotiates Sale of 227,803 SF Creekside Plaza Office Park in San Leandro, California

by Amy Works June 17, 2022

SAN LEANDRO, CALIF. — Cushman & Wakefield has arranged the sale of Creekside Plaza Office Park, a three-building office campus and development site in San Leandro. An institutional investor purchased the asset from a privately held real estate development company for an undisclosed price. Built in phases between 2002 to 2010, Creekside Plaza Office Park features 227,803 square feet of Class A, multi-tenant office space. Owned by the original developers for the more than 20 years, this is the first time Creekside Plaza was marketed for sale. Ryan Venezia, Barry Cohn, Seth Siegel, Steve Hermann, Rick Ryan, Kevin Flemming and David Englert of Cushman & Wakefield represented the seller in the transaction.

June 17, 2022

Development Office Texas

Gensler Completes Repositioning of CIM Group’s 188,000 SF Office Building in East Austin

by Taylor Williams June 16, 2022

AUSTIN, TEXAS — Architecture and design firm Gensler has completed the repositioning of Fifth + Tillery, a 188,000-square-foot office building in East Austin that is a redevelopment of an industrial facility. The owner, CIM Group, acquired the property in October 2019 shortly after construction began, and the initial construction was completed in August 2020. Spaces at Fifth + Tillery are marketed to creative office users featuring outdoor balconies with heightened levels of natural light. The building also offers a landscaped courtyard with various outdoor amenities.

June 16, 2022

Leasing Activity New York Northeast Office

Prosek Partners Signs 34,000 SF Office Lease in Midtown Manhattan

by Taylor Williams June 16, 2022

NEW YORK CITY — Corporate communications and public relations firm Prosek Partners has signed a 34,000-square-foot office lease at 28 East 28th Street in Manhattan’s Midtown South area. The tenant plans to relocate to the 15th floor of the newly renovated building, which houses a Whole Foods Market on the ground floor, from 105 Madison Avenue in the fourth quarter. Barry Zeller, Jonathan Serko and Barry Garfinkle of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Partners Realty, on an internal basis.

June 16, 2022

Industrial Leasing Activity Midwest Office Ohio

Boston Group to Relocate Headquarters to Ravenna, Ohio

by Kristin Harlow June 16, 2022

RAVENNA, OHIO — Boston Group, which designs and manufactures custom metal and plastic displays for retail stores, hospitals and pharmacies, has unveiled plans to relocate its headquarters from Boston to Ravenna, about 15 miles east of Akron. The company will also relocate from an existing manufacturing facility in Hubbard, Ohio. The new headquarters and manufacturing facility will span 308,000 square feet of office and warehouse space. The property owner, Industrial Commercial Properties, acquired the asset in March 2021 and renovated interiors and exteriors. David Stubblebine and David Skinner of The Stubblebine Co. and Kevin Joseph of Weber Wood Medinger/CORFAC International represented Boston Group in the transaction.

June 16, 2022

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Cushman & Wakefield Arranges $193M in Development Funding for The Confidential Mixed-Use Project in Seattle

by Amy Works June 16, 2022

SEATTLE — Cushman & Wakefield has procured a $193 million development funding package on behalf of Seattle-based Security Properties. The package includes a $65.2 million joint venture equity investment with MetLife Investment Management and $115.3 million in construction financing from Bank OZK for The Confidential, a 29-story, 212-unit, 374,000-square-foot mixed-use building being developed in the Belltown submarket Located at 2315 Fourth Ave., at the corner of Bell Street, The Confidential will feature 212 apartments, 17,500 square feet of office space, 8,000 square feet of ground-floor retail space and 243 parking spaces. Planned community amenities include a fitness center, lounge and theater. Currently under construction, The Confidential is expected to open in 2024. Design of The Confidential is being provided by VIA Architecture. Communita Atelier is the landscape architect and Exxel Pacific is the general contractor.

June 16, 2022

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