NEW YORK CITY — Boston Properties (NYSE: BXP) has acquired 350 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan. Enterprise Asset Management sold the 20-story building for approximately $300 million. The new ownership plans to implement a capital improvement program to enhance building systems, work suites and common areas. Boston Properties also secured a $220 million loan for the refinancing of the existing debt attached to the property.
ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.
FORT WORTH, TEXAS — Hillwood will develop a 135,000-square-foot speculative office building within the 900-acre Alliance Town Center development in Fort Worth. Hillwood Commons II is the first of two planned sister buildings and will be expandable to up to 270,000 square feet. The building will feature increased air filtration, bipolar ionization systems, touchless doors, electric vehicle charging stations and connectivity to the outdoors via the Alliance Town Center trail network and park system. Completion is slated for February 2023.
RICHMOND, VA. — CoStar Group Inc., a Washington, D.C.-based provider of online real estate marketplaces, information and analytics, plans to expand its research and technology center in Richmond to exceed 1 million square feet campus. The new corporate campus is expected to bring together over 3,000 employees focused on next generation technology, research and development, marketing, sales and operations in support of the real estate industry. Over the next five to 10 years, the planned growth would make CoStar Group the largest technology company and one of the largest private employers in Richmond, according to the company. The planned corporate campus, situated on the James River, will comprise 750,000 square feet across two new planned buildings, combined with CoStar’s current building at 501 S. 5th St. The campus is expected to include a new 26-story LEED Platinum-certified office tower and a six-story, mass timber building to be used as a multipurpose campus hub for employee and community amenities. Amenities at the CoStar campus will include conference space, fitness and wellness amenities, an auditorium, 50,000 square feet of occupiable green roof terraces, shops and a variety of restaurants and dining options, as well as over 2.7 acres of outdoor green space. …
DURHAM, N.C. — Durham-based Pickett Sprouse Commercial Real Estate has brokered the $3.4 million sale of 3114 Croasdaile Drive, an office building in Durham that will be redeveloped into a new Veterans Outpatient Clinic. The 45,000-square-foot office building is situated on 3.7 acres just off Interstate 85. Jerry Gambill of Pickett Sprouse represented the seller, an entity doing business as HBR Properties LLC, in the sale of the property to the buyer, an entity doing business as VAF 3114 Croasdaile Drive LLC. Pickett Sprouse, which offers commercial real estate brokerage and property management services, is the commercial real estate division of West & Woodall Real Estate.
WESTPORT, CONN. — CBRE has negotiated the sale of two medical office buildings and a boutique office building in Westport, located in the southern coastal part of the state, for a combined $19.4 million. Locally based investment firm HB Nitkin purchased the healthcare assets, which were 89 percent leased at the time of sale, while Greenhouse Offices purchased the third property. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Richard Gatto, Fahri Ozturk and Travis Langer of CBRE represented the seller, Leifer Properties, in the deals. CBRE also procured the buyer in the first transaction.
CHICAGO — Skender has topped out construction of a 233,000-square-foot office and retail building in Chicago’s Fulton Market. Known as Three Four Five, the project rises 11 stories and is located at 345 N. Morgan St. Completion is slated for fall 2022. Amenities will include private outdoor terraces, a 5,000-square-foot roof deck, bar and lounge, fitness center, coworking library and high-tech conference spaces. Sterling Bay is the developer and owner. Eckenhoff Saunders Architects is the project architect.
CHICAGO — LifeSpice Ingredients, a global research, developer and manufacturer of proprietary seasoning blends for the food industry, has signed a 16,995-square-foot office lease at 213 West Institute Place in Chicago’s River North neighborhood. KBS Growth & Income REIT owns the property, which rises seven stories and spans 155,385 square feet. Built in 1888, 213 West Institute Place was originally developed for a bicycle manufacturer that eventually became the car company American Motors Corp. KBS has made a number of improvements to the property’s common areas, including a 2,000-square-foot tenant lounge. Scott Sessa of Ameritus represented KBS in the lease transaction.
CHARLOTTE, N.C. — PRP Real Estate Investment Management has acquired the global corporate headquarters of Honeywell International Inc. (NYSE: HON) in Charlotte for $275 million. Lincoln Harris and Goldman Sachs Asset Management were the sellers. The property, which opened earlier this month, is dubbed the smartest building in the world given the advanced Honeywell technology implemented in the design, according to PRP. Located at 855 S. Mint St. in Charlotte’s central business district, the headquarters spans 373,921 square feet and rises 23 stories. The building is adjacent to Bank of America Stadium, home of the National Football League’s Carolina Panthers. The property is part of Legacy Union, a 10-acre mixed-use project developed by Lincoln Harris and Goldman Sachs that comprises two city blocks on the former site of The Charlotte Observer. The building design showcases proprietary Honeywell technology, supported by a unit within the company that develops building management solutions, including energy conservation, enhanced security systems, surveillance, health monitoring, air quality measuring and network-based infrastructure. The property can house up to 1,300 Honeywell employees. The building includes ground-floor retail space, terraces on the 22nd and 23rd floors and a podium parking garage with 814 spaces. “Infill trophy office properties like …
ORLANDO, FLA. — Cushman & Wakefield has arranged the $315 million sale of SouthPark Center, a 10-building suburban office park in Orlando totaling approximately 1.3 million square feet. PPF Real Estate, part of PPF Group, acquired the property. The property is located near John Young Parkway and Sand Lake Road. The property was sold for the highest amount ever for the office market in Orlando, according to the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zach Eicholtz, Brooke Tulley and Ryan Jenkins of Cushman & Wakefield represented the seller, Boston-based AEW Capital Management, in the sales transaction. Additionally, Brian Linnihan, Jason Hochman, Mike Ryan and Ron Granite of Cushman & Wakefield arranged $233 million in acquisition financing on behalf of PPF Real Estate.