Office

Parkview Financial Provides $92M Construction Loan for Brooklyn Office Building

by Taylor Williams May 2, 2022

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.

May 2, 2022

Alabama Market Reports Office Southeast Southeast Market Reports

Birmingham Landlords Prepare as Workforce Transitions Back to the Office

by John Nelson May 2, 2022

While the Birmingham market never fluctuates too heavily in either direction, it typically remains relatively stable compared to national trends. Such has been the case with the effects of COVID-19. Birmingham is well-positioned for a return to the office, thanks in large part to our economy’s heavy makeup of local and regional businesses. Most smaller businesses have been in the office for some time, while large national enterprises still wrestle with what normal operations will look like moving forward. General market information Birmingham saw some positive absorption in 2021, with the occupancy rate holding steady at 81 percent, around the historical average. Birmingham comprises approximately 20 million square feet of office space with five main submarkets. Midtown, comprising mostly mid-size, Class A office buildings, remains the strongest submarket with an occupancy rate over 92 percent and rental rates in the mid to high $20s per square foot ($24.12 per square foot average). The Central Business District has seen companies leave for suburban submarkets like Midtown and Highway 280/Interstate 459, however the occupancy rate of 78 percent has remained relatively stable over the past couple of years, with rents in the low to mid $20s per square foot ($21.07 per square …

May 2, 2022

Acquisitions California Office Western

Davlyn Investments Sells Office Building in San Diego to DivcoWest for $76.1M

by Amy Works April 29, 2022

SAN DIEGO — Davlyn Investments has completed the sale of Northridge Summit, a Class A office property located at 12220 Scripps Summit Drive in San Diego’s Scripps Poway Parkway submarket. DivcoWest purchased the asset for $76.1 million. At the time of sale, the single-tenant, 130,000-square-foot building was fully leased. The property features 43,000-square-foot rectangular floorplates, one level of below-grade parking, electric vehicle charging stations and a courtyard. Nick Psyllos, Lynn LaChapelle and Kurt Luedtke of JLL Capital Markets represented the seller in the deal.

April 29, 2022

Acquisitions Colorado Office Western

Tepuy Properties Sells 43,770 SF Flex Building in Louisville, Colorado

by Amy Works April 29, 2022

LOUISVILLE, COLO. — Tepuy Properties has completed the disposition of a property located at 385 S. Pierce Ave. in Louisville. Centre Point Properties acquired the asset for $8.7 million. The property features 43,770 square feet of flex space. Tepuy originally purchased the property for $2.5 million. Jaime Pletcher of Gibbons White represented the seller, while Cody Stambaugh and Mark Alley of Pinnacle Real Estate represented the buyer in the deal.

April 29, 2022

Acquisitions Office Southeast Virginia

Douglas Development Purchases 70,000 SF Office Property in Alexandria, Virginia

by John Nelson April 29, 2022

ALEXANDRIA, VA. — Douglas Development has purchased 515 King St., a 70,000-square-foot office property in Alexandria. JLL represented the undisclosed seller in the $12 million transaction. The office property recently had renovations completed, including a lobby renovation, ground-floor retail renovation, designated office suites and the upgrade of coworking spaces. Additional plans called for refreshing the public spaces and incorporating a gym and locker rooms. Douglas Development is currently negotiating with perspective tenants for the retail spaces, with the anticipation of a restaurant opening. Located in the heart of Old Town Alexandria, 515 King St. is situated about nine miles from Washington, D.C.

April 29, 2022

Development Illinois Midwest Office

Skender Completes Construction of 15-Story Office Building in Chicago’s West Loop

by Kristin Harlow April 29, 2022

CHICAGO — Skender has completed construction of 609 W. Randolph, a 15-story boutique office building in Chicago’s West Loop. Developed by Vista Property, the building spans more than 100,000 square feet and includes a tenant lounge, rooftop terrace, executive conference room, wellness studio and meeting spaces. The property has received WELL and LEED certifications and features high-performance air filters, motion-sensor restroom fixtures and touchless, automatic doors. CBRE is the leasing agent. Antunovich Associates designed the base of the building, while Partners by Design handled the design of the spec office suites.

April 29, 2022

Kansas Leasing Activity Midwest Office

Dynamic Logistix Signs 44,483 SF Office Lease in Overland Park, Kansas

by Kristin Harlow April 29, 2022

OVERLAND PARK, KAN. — Dynamic Logistix has signed a lease totaling 44,483 rentable square feet of office space at Overland Park Xchange, a 733,400-square-foot office building in Overland Park. The third-party provider of shipping technology and freight solutions is relocating its headquarters from 7220 W. 98th Terrace in Overland Park. The company is scheduled to take occupancy of its new space today (Friday, April 29). Ryan Schneider of JLL negotiated the lease. Occidental Management owns Overland Park Xchange.

April 29, 2022

Acquisitions Midwest Office Wisconsin

Marcus & Millichap Arranges $3.2M Sale of Office Building in Brookfield, Wisconsin

by Kristin Harlow April 29, 2022

BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of a 31,067-square-foot office building in the Milwaukee suburb of Brookfield for $3.2 million. Nu-Art Dental Lab occupies the net-leased property, which is located at 160 Bishops Way within the Bishop’s Woods Office Park. Nu-Art has occupied the building since 2013. The Rowlett Group of Marcus & Millichap’s Milwaukee office represented the seller, a private investor. The Rowlett Group and Tom Gommels of Marcus & Millichap’s Minneapolis office represented the buyer, an out-of-state limited liability company. The tenant had more than seven years remaining on its lease term at the time of sale.

April 29, 2022

Acquisitions Development Office Top Stories Washington Western

Hudson Pacific Buys Development Site in Seattle for 546,000 SF Office Project

by John Nelson April 29, 2022

SEATTLE — Hudson Pacific Properties Inc. (NYSE: HPP) has completed its purchase of Washington 1000, a fully entitled office development site in Seattle, for $85.6 million. The Los Angeles-based REIT will break ground immediately on a 546,000-square-foot office tower at the site. The total project costs, including the purchase price of the land, is anticipated to range from $340 million to $360 million. Washington 1000 is located at 1000 Olive Way within Seattle’s Amazon-anchored Denny Triangle submarket. The project will sit directly adjacent to the $1.9 billion Washington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood. Project architects LMN and Callison RKTL are designing Washington 1000 to achieve LEED Gold and Fitwel certifications. The design will appeal to post-pandemic office needs with enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. The design will also allow for flexibility with 36,500-square-foot, column-free floorplates, as well as maximum natural light with high ceilings and floor-to-ceiling windows. The project will feature more than 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby. The property will also have an end-of-trip facility that …

April 29, 2022

California Development Office Western

SHVO Unveils Plans for Transamerica Pyramid Center Expansion in San Francisco

by Amy Works April 28, 2022

SAN FRANCISCO — SHVO and architects Foster + Partners have unveiled plans for Three Transamerica at 545 Sansome St. in San Francisco, including the expansion and upgrade of the building to a contemporary, high-design office building. Built in the 1930s, the historic Art Deco structure was originally designed for the California Ink Co. The building’s new design emphasizes sustainability while revitalizing the historic structure. The building’s interior will be completely modernized and brought up to date with current building codes while preserving the integrity of the historic structure. Its two Art Deco façades will be restored, and the building floor plates extended toward Washington Street and Redwood Park creating double-height office spaces. Additionally, new office space will be created above the existing building, set back from the historic Sansome Street façade, creating an additional 50,000 square feet of office space. Estimated development costs were not disclosed. The 10-story building is part of Transamerica Pyramid Center, which also includes an iconic, 48-story, pyramid-shaped anchor building built in 1972. SHVO bought the two buildings and the small, urban park between them in October.

April 28, 2022

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