FORT WORTH, TEXAS — Elevate Credit Services has signed a 73,984-square-foot office lease renewal at Overton Centre, a 417,465-square-foot development in southwest Fort Worth. The two-building complex features a renovated lobby, fitness center and an auditorium/conference center. Cribb Altman and Cannon Camp of JLL, along with Mike Wyatt of Cushman & Wakefield, represented the tenant in the lease negotiations. Matt Carthey and Jake Neal of Holt Lunsford Commercial represented the landlord, an entity doing business as FLDR/TLC Overton Centre LP.
WELLESLEY, MASS. — Newmark has negotiated the sale of Park 9, a 375,058-square-foot office campus in Wellesley, a western suburb of Boston. The four-building development is leased to tenants such as Sun Life, Morgan Stanley and Boston Children’s Hospital and includes a 120,000-square-foot structure with immediate life sciences conversion potential. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, BentallGreenOak on behalf of Sun Life, in the transaction and procured the buyer, Beacon Capital Partners.
BLUE BELL, PA. — Pennsylvania-based investment firm Endurance Real Estate Group has sold a three-building, 130,942-square-foot office complex in Blue Bell, a northern suburb of Philadelphia. The property, which was built in 1988 and renovated in 2015, sold for $12.7 million. Mike Margolis, David Dolan, Ryan Guittare, Angelo Brutico and Jim Dugan of Newmark represented Endurance Real Estate in the transaction and procured the undisclosed buyer.
SUNNYVALE, CALIF. — Tishman Speyer has sold a 719,037-square-foot office campus in the Moffett Park submarket of Sunnyvale, just west of San Jose, to CommonWealth Partners. While the price was not disclosed, Tishman Speyer acquired the asset in April 2021 for $356 million, and soon leased the entire campus to Meta, the parent company of social media networks Facebook and Instagram. Google occupies a multi-building campus immediately adjacent to the site. The property features four modern office buildings, two parking structures and outdoor recreational space. Campus amenities include a gym with a basketball court, lockers and showers; outdoor volleyball court; executive briefing center; full-service cafeteria; multiple kitchens; break centers; phone rooms; and other common areas. This acquisition more than doubles CommonWealth Partners’ holdings in the Moffett Park submarket to over 1.2 million square feet of LEED Gold- or Platinum-certified trophy office space. “The sale and the lease demonstrate that Silicon Valley remains a global center of innovation,” says Rob Speyer, CEO of Tishman Speyer. “Moreover, this deal demonstrates that the market for highly collaborative, well-designed office space with accessible green space and top-level amenities is still strong.” Kevin Shannon, Steven Golubchik, Phil Mahoney, Jonathan Schaefler and Darren Hollak of Newmark …
FEDERAL WAY, WA. — An entity of Atlanta-based Truist Securities has purchased an office building located at 3201 S. 323rd St. in Federal Way. DaVita Inc. sold the asset for $93.5 million in a sale-leaseback transaction. At the time of sale, the seller signed a long-term lease for the entire facility. Constructed in 2021 on 11.2 acres, the 160,493-square-foot property serves as DaVita’s primary revenue operations office, staffing roughly 800 employees. The mission-critical facility is located approximately 20 minutes south of Seattle-Tacoma International Airport. The property served to consolidate operations from around the region under one roof and was designed to be expanded by 40,000 square feet at the option of the occupant in the future. Scott Briggs of Stan Johnson Co. represented the seller in the deal.
LAS VEGAS — Avison Young has arranged the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas. Nashville, Tenn.-based Montecito Cos. acquired the assets from a group of six physician owners for $8.4 million, or $400 per square foot. Advanced Orthopedics and Sports Medicine fully occupy the two 21,000-square-foot properties. The seller signed a 15-year lease for the space. Built in 2009 and renovated in 2019 and 2020, the Class A properties feature orthopedic examination rooms, radiology and physical therapy spaces. The buildings are part of a three-building campus that includes an ambulatory surgery center building. Barton Hyde of Avison Young represented the seller in the deal.
Granite Properties Receives Construction Financing for 143,500 SF Office Project in Southlake, Texas
SOUTHLAKE, TEXAS — Granite Properties has received an undisclosed amount of construction financing for Granite Place II at Southlake Town Square, a 143,500-square-foot office project in metro Dallas. Granite Properties is developing the five-story building in partnership with N5B Capital. Amenities will include outdoor work and meeting space, a corporate living room, fitness center and a grab-and-go food service. Trey Morsbach and Jim Curtin of JLL arranged the financing through Bank OZK. DPR Construction is the general contractor for the project. Sitework is underway, and completion is slated for March 2023.
BOSTON — GI Partners has acquired 451 D Street, a state-of-the-art life sciences, data center and creative office building in Boston’s Seaport District. The price was not disclosed, but the seller, Related Fund Management, bought the asset for $276 million in 2018, according to reports by the Boston Business Journal. The nine-story, 479,000-square-foot building recently underwent two phases of lab conversion that total over half of the building’s rentable area. The property offers 536 parking spaces; a conference center; amenity center with a lounge, kitchen and games; an onsite cafe; bicycle storage; and a 3,000-square-foot fitness center. Current tenants include AT&T, J.P.Morgan, Silicon Therapeutics, Elektrofi, BT, Inozyme Pharma, Cellink, Stevanato Group Pharmaceutical Systems, Joyn Bio, Sensei Biotherapeutics, DermBoint and Dewpoint Therapeutics. Related will maintain a minority interest in the property and Related Beal will continue to serve as property manager. Eastdil Secured represented the seller in the transaction and placed debt financing for the new ownership group. “The Seaport has become a bona fide life sciences innovation hub and 451 D exemplifies our focus on serving the needs of small and medium-sized lab tenants through Class A reusable buildouts,” says John Sheputis, managing director at GI Partners and head of acquisitions for …
NEW YORK CITY — PNC Bank has signed a 70,000-square-foot office lease renewal at 340 Madison Avenue in Manhattan. The lease comprises 64,941 square feet of office space across several floors and a 5,336-square-foot retail branch. William Elder, Andrew Ackerman and Alexandra Budd represented the landlord, RXR Realty, on an internal basis. David Simson and David Falk of Newmark represented the tenant. PNC Bank has been a tenant at the building since 2008.
BOCA RATON, FLA. — The CBRE team of John Criddle, Joe Freitas and Allie Lancashire have executed 20 lease deals totaling 99,015 square feet at Mizner Office Tower & Plaza, two office buildings within Mizner Park in Boca Raton. The largest lease deals were a new 26,429-square-foot lease with San Diego-based Robbins Geller Rudman & Dowd at Mizner Park Office Tower and a lease renewal with coworking giant Regus for 16,624 square feet at Mizner Park Plaza Real. Other deals include new leases and renewals with law firms, medical tenants, real estate companies and financial services firms. All together the deals bring Mizner Park Office Tower to 96 percent occupied and Mizner Park Plaza Real to 93 percent occupied. In addition to offices, Mizner Park features retail, residential and cultural space, as well as a 5,000-person-capacity amphitheater. Notable tenants include iPic, a high-end movie theather that includes its Tanzy dining concept and bowling alley Strike 10, as well as restaurants Loch Bar, Yard House, KaPow!, Max’s Grille, Villaggio Restaurant and Ruth’s Chris Steak House.