Office

Broe Real Estate Group Begins Second Phase of $200M Cherry Creek North Mixed-Use Development in Denver

by Amy Works November 30, 2022

DENVER — Broe Real Estate Group has unveiled plans for the second phase of its $200 million Cherry Creek North redevelopment project in Denver. 250 Clayton, an eight-story, 175,000-square-foot mixed-use building, will complement 200 Clayton, the company’s eight-story, 76,000-square-foot first phase. Fully preleased, 200 Clayton is on track for delivery in spring 2023. The Beck Group designed 250 Clayton, which will feature retail space and institutional-quality commercial office space with floor plates as large as 27,000 square feet. Construction of the second phase is scheduled to begin in fourth-quarter 2023.

November 30, 2022

Illinois Leasing Activity Midwest Office

Transwestern Negotiates Two Office Leases Totaling 36,000 SF at Chicago’s 191 North Wacker

by Kristin Harlow November 30, 2022

CHICAGO — Transwestern Real Estate Services has negotiated two office leases totaling 36,000 square feet at 191 N. Wacker Drive, a 37-story, 733,759-square-foot building in Chicago’s West Loop. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Manulife Investment Management. Quinn Emanuel Urquhart & Sullivan, an international business litigation law firm, expanded its lease from 18,864 square feet to 26,300 square feet. Kyle Kamin of CBRE represented the tenant. Maron Marvel Bradley Anderson & Tardy LLC, a national litigation defense law firm, inked a new lease for 10,121 square feet within a spec suite. Jeff Liljeberg of JLL represented the tenant.

November 30, 2022

Acquisitions Office Texas

Vertical Ventures Acquires 233,110 SF Office Portfolio in Dallas

by Taylor Williams November 29, 2022

DALLAS — California-based investment firm Vertical Ventures has acquired the DFW Financial Services Office Portfolio, a duo of buildings totaling 233,110 square feet in Dallas. The buildings are located at 4950 Amon Carter Blvd. and 14800 Trinity Blvd. in the CentrePort submarket. Mike Hardage, Brooks Creech and Angela Heidman of Transwestern brokered the deal. The seller was not disclosed.

November 29, 2022

Development Loans Office Washington Western

Developer Evolution Projects Receives $109M Construction Financing for 35 Stone Office Building in Seattle

by Amy Works November 29, 2022

SEATTLE — Seattle-based Evolution Projects has received $109 million in construction financing for the development of 35 Stone, a pre-leased office building in Seattle’s Fremont neighborhood. Canyon Partners Real Estate provided a mezzanine loan to finance the development, concurrent with the closing of a senior construction loan from The Union Labor Life Insurance Co. Slated for delivery in third-quarter 2024, the five-story building will offer 112,700 square feet of office space and 7,500 square feet of retail space. Onsite amenities will include a roof deck, bike parking, locker and shower suites, a central lobby with retail space and 135 parking stalls. Designed to meet Living Building Pilot Program standards, the property will reduce energy usage by at least 25 percent compared to other office buildings and is anticipated to be one of the most energy efficient and sustainable office buildings in Seattle. Brooks Running will occupy the office space in 35 Stone, which is situated within the master-planned Campus Seattle development. Brian Kelly and Eric Lonergan of Savills represented Brooks Running in the lease transaction. Kaden Eichmeier and Bruce Ganong of JLL represented the borrower in the financing.

November 29, 2022

Acquisitions California Healthcare Office Western

Cushman & Wakefield Arranges $7.4M Sale of Loma Starr Medical Office Property in San Diego

by Amy Works November 28, 2022

SAN DIEGO — Cushman & Wakefield has facilitated the sale of Loma Starr, a two-building office and medical office property at 3051-3055 Rosecrans St. and 3065 Rosecrans Place in San Diego’s Midway District. Loma Starr LLC, a private investor group, sold the asset to Crown Point Systems for $7.4 million. Totaling 28,630 square feet, the recently renovated property was 91.7 percent leased at the time of sale. The buyer plans to occupy space at the property for its own offices. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, while Bret Morriss of Cast Capital represented the buyer in the transaction.

November 28, 2022

Loans New York Northeast Office

Newmark Arranges $150M Loan for Refinancing of Midtown Manhattan Office Building

by Taylor Williams November 28, 2022

NEW YORK CITY — Newmark has arranged a $150 million loan for the refinancing of 295 Fifth Avenue, a 19-story, 710,000-square-foot office building in Midtown Manhattan. Dustin Stolly, Jordan Roeschlaub, Christopher Kramer, Nick Scribani, Ben Kroll and Holden Witkoff of Newmark arranged the financing on behalf of the borrower, a partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate. Deutsche Bank provided the loan. The sponsor will use a portion of the proceeds to fund capital improvements such as a remodel of the lobby and an overhaul of the building’s windows, elevators and HVAC systems.

November 28, 2022

Acquisitions Midwest Minnesota Office

Bridge Investment Group Acquires 343,000 SF Office Building in St. Louis Park, Minnesota

by Kristin Harlow November 28, 2022

ST. LOUIS PARK, MINN. — Bridge Investment Group’s subsidiary Bridge Office Fund has acquired 10 West End in the western Minneapolis suburb of St. Louis Park. The sales price was undisclosed. The Class A office building rises 11 stories and spans 343,000 square feet. Ryan Cos. US Inc. sold the property in conjunction with The Excelsior Group and Sotarra LLC. The building opened in January 2021. Amenities include a bike room, onsite parking, electric vehicle charging, a fitness center and sky deck. The property is the first Class A office building constructed in the submarket in the last 18 years, according to Ryan. Tom O’Brien, Avery Ticer, Dan Phoel and Jeff Altenau of Cushman & Wakefield represented Ryan in the sale. Bridge now owns more than 1.4 million square feet of commercial real estate space in the Minneapolis market.

November 28, 2022

Illinois Leasing Activity Midwest Office

CBRE Negotiates Six Leases Totaling 54,183 SF at Office Building in Chicago’s West Loop

by Kristin Harlow November 23, 2022

CHICAGO — CBRE has negotiated six leases totaling 54,183 square feet at 609 W. Randolph St., a speculative office building that was completed in March in Chicago’s West Loop. The property is now 63 percent leased. A national technology company leased 21,339 square feet. The other lease signings included New Markets Trading, NTT DATA, Global Real Estate Fund, Confidential Financial Services and Valenti Builders. Jason Houze of CBRE represented ownership, Vista Property.

November 23, 2022

Acquisitions Nevada Office Western

Patriot Real Estate Holdings Buys 110,974 SF Marnell Corporate Center Office Building in Las Vegas

by Amy Works November 23, 2022

LAS VEGAS — Nashville, Tenn.-based Patriot Real Estate Holdings has purchased Marnell Corporate Center V (MCC5), a five-story, Class A office building within Marnell Corporate Center in Las Vegas. The name of the seller and acquisition price were not released. Located at 6720 Via Austi Parkway, the asset features 110,974 square feet of multi-tenant office space. The building was constructed in 2007. Patriot Real Estate acquired MCC3, a 71,378-square-foot office building, and MCC4, a 93,702-square-foot office building, from Dornin Investment Group in summer 2022 and spring 2018, respectively. The Marnell Corporate Center is a seven-building, 736,000-square-foot, Class A, master-planned business campus. Marlene Fujita Winkel, Rick Reeder, Brad Tecca, Emily Brun and Alex Casingal of Cushman & Wakefield represented the seller in the transaction.

November 23, 2022

Acquisitions Office South Carolina Southeast

Highland Ventures Purchases Boutique Office Building in Downtown Charleston for $16.8M

by John Nelson November 22, 2022

CHARLESTON, S.C. — Highland Ventures has purchased 174 Meeting, a 47,113-square-foot boutique office building in historic downtown Charleston. Cobalt Property Group sold the property to Highland for $16.8 million. Matt Smith, Patrick Gildea, Grayson Hawkins, Robert Hardaway, Charles Carmody and Ryan Carmody of CBRE represented the seller in the transaction. Insite Properties advised Highland Ventures. Built in 2014 near the intersection of Meeting and Market streets, 174 Meeting was fully leased at the time of sale to tenants including Truist Bank, Thrive Co-Working, Stifel Financial Corp. and Evening Post Industries. The property features three levels of office space above a ground-level bank, lobby and parking.

November 22, 2022

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