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AcquisitionsColoradoOfficeWestern

Tepuy Properties Acquires Office Building in Boulder, Colorado for $2.6M

by Amy Works

BOULDER, COLO. — Boulder-based Tepuy Properties has purchased a multi-suite office building located at 3050 Broadway St. in Boulder. Attache International Marketing sold the asset for $2.6 million. Built in 1981, the 7,094-square-foot property is currently 100 percent vacant. Tepuy plans to update the property with interior renovations and rooftop patio updates. Eric Rutherford with WK Real Estate represented the buyer, while Chris Jensen of Vista Commercial Advisors represented the seller in the transaction.

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DevelopmentOfficeTexas

Rastegar Property Breaks Ground on 24,700 SF Office Project in East Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based developer Rastegar Property Co. has broken ground on 809 Skyline, a 24,700-square-foot boutique office project in East Austin. The development will consist of two approximately 12,000-square-foot buildings that will be available for either single- or multi-tenant use. Completion is slated for the first quarter of 2023. Stream Realty Partners will lease the buildings.

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LoansMichiganMidwestOffice

Bernard Financial Group Arranges $6.5M in Permanent Financing for Michigan Office Building

by Kristin Harlow

BIRMINGHAM, MICH. — Bernard Financial Group (BFG) has arranged $6.5 million in permanent financing for a 23,500-square-foot, Class A office building in Birmingham, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Chester Street Partners LLC. American United Life Insurance Co. provided the loan, the terms of which were undisclosed.

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Leasing ActivityNortheastOfficePennsylvania

Glenmede Trust Co. Signs 7,989 SF Office Lease in Downtown Pittsburgh

by Taylor Williams

PITTSBURGH — Private wealth management firm Glenmede Trust Co. has signed a 7,989-square-foot office lease at the historic Union Trust Building in downtown Pittsburgh. The move-in is scheduled for May. The Union Trust Building originally opened in 1917 and spans 460,000 square feet. The landlord, The Davis Cos., recently completed a $100 million redevelopment of the property, which also houses 40,000 square feet of restaurant space in addition to a fitness center, conference facility and an auditorium.

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Leasing ActivityOfficeTexas

Houlihan Lokey Signs 74,805 SF Office Lease in Uptown Dallas

by Taylor Williams

DALLAS — Global investment bank Houlihan Lokey has signed a 74,805-square-foot office lease at The Link at Uptown, a 25-story building in Dallas. Houlihan Lokey will occupy the top three floors of the Class A building beginning in early 2023. Travis Ewert of Colliers and Jihane Boury of CBRE represented the Los Angeles-based tenant in the lease negotiations. JLL’s Blake Shipley and Thirty-Four Commercial’s Sarah Kennington and Bryce Jackson represented the landlord, Kaizen Development Partners. Other tenants at The Link at Uptown include global law firm Shearman & Sterling and digital marketing agency PMG.

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AcquisitionsNew YorkNortheastOffice

SL Green Agrees to Purchase 450 Park Avenue in Midtown Manhattan for $445M

by Taylor Williams

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase 450 Park Avenue, a 33-story office building in Midtown Manhattan, for $445 million. The seller, Oxford Properties, is also a tenant in the 337,000-square-foot building, which was originally designed by Emery Roth & Sons. Other office users include Banco Bradesco and BDT Capital Partners, and the retail space will soon house a showroom for luxury automaker Aston Martin. Darcy Stacom, William Shanahan and Doug Middleton of CBRE brokered the deal, which is expected to close in the second quarter.

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AcquisitionsOfficeWashingtonWestern

Innovatus Capital Partners Acquires Triton Towers Office Campus in Renton, Washington

by Amy Works

RENTON, WASH. — Innovatus Capital Partners has purchased Triton Towers, a trio of seven-story office buildings in Renton. Terms of the transaction were not disclosed. Triton Towers features more than 400,000 square feet of Class A office space. At the time of sale, Tower Three was fully occupied, Tower One had 24,413 rentable square feet available, and Tower Two had 48,650 rentable square feet available. The property offers two conference centers, an exercise facility with showers and lockers, outdoor picnic areas, a full-time day porter service, bike storage and free surface parking. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services for the asset.

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Life SciencesLoansMassachusettsNortheastOffice

EagleBridge Capital Arranges $38M in Financing for Office, Lab Complex in Wilmington, Massachusetts

by Taylor Williams

WILMINGTON, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $38 million in debt and joint venture equity financing for a 210,945-square-foot office and lab complex in the northern Boston suburb of Wilmington. Located at 181 and 187 Ballardvale St., the two buildings sit on a combined 15.4 acres and each span approximately 105,000 square feet. Ted Sidel and Brian Walsh arranged the financing, specific terms of which were not disclosed, on behalf of an unnamed borrower.

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Leasing ActivityNew JerseyNortheastOffice

CentralReach to Open 25,000 SF Office at Bell Works in Holmdel, New Jersey

by Taylor Williams

HOLMDEL, N.J. — CentralReach, a provider of electronic medical record software, will open a 25,000-square-foot office at Bell Works, an office and retail campus owned by Somerset Development in the Northern New Jersey community of Holmdel. The company will relocate from its current office in Matawan late this summer. CentralReach employs about 400 people who work remotely on a full-time basis and views the new office as a “collaboration-focused space” that represents “the office of the future.” CentralReach is designing the space in collaboration with G3 Architects and NPZ Style & Décor.

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AcquisitionsIllinoisMidwestOfficeRetail

SVN | Chicago Commercial Brokers $33.5M Sale of Office Portfolio in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — SVN | Chicago Commercial has brokered the sale of a portfolio of office and retail buildings in Chicago’s Fulton Market district for $33.5 million. The portfolio comprises four buildings totaling more than 76,000 square feet as well as deeded parking spaces that can hold up to 58 cars. Scott Maesel, Drew Dillon, Chad Schroedl, Adam Thomas and Logan Parsons of SVN | Chicago Commercial’s Urban Team represented the seller. Buyer and seller information was not provided.

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