Office

Gantry Arranges $20M Loan for Two-Property Portfolio in Southern California

by Amy Works January 13, 2023

SANTA BARBARA AND PASADENA, CALIF. — Gantry has secured $20 million in financing for a cross-collateralized, two-property, mixed-asset portfolio in Southern California. The portfolio includes a two-building office asset on State Street in Santa Barbara and a 12,500-square-foot retail property located on Colorado Boulevard in Pasadena. Tenants include Zara in Pasadena and Chase Bank in Santa Barbara. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s El Segundo office secured the 15-year permanent loan a private real estate investor. One of Gantry’s regional bank lender relationships provided the capital. The loan has an initial five-year interest-only payment period, followed by 25-year amortization for the remainder of the term.

January 13, 2023

Market Reports Nevada Office Western Western Market Reports

Las Vegas’ Office Market is on the Road to Quality

by Jeff Shaw January 13, 2023

By Patti Dillon, SIOR, Senior Vice President, Colliers While the key measures of the Southern Nevada economy have improved since the COVID lockdowns, some have improved more than others. The future of the office market is strong, but it will be weighted toward newer Class A mixed-use office assets. Employers are feeling the pressure to attract and retain the best talent in a tight labor market. There are plenty of vacant positions. However, available and willing workers are still scarce, which is driving the need for office locations of employers to be more inviting. According to DETR, Southern Nevada’s office job market added 24,000 jobs between May 2021 and May 2022. Unemployment in the Las Vegas-Paradise MSA was 5.2 percent in May 2022. Over the past 12 months, total employment in Southern Nevada increased by 87,100 jobs, a 3 percent increase. After experiencing a significant expansion last quarter, Southern Nevada’s office market cooled at midyear. Net absorption remained positive, at 45,443 square feet, but did not keep pace with the 129,272 square feet of new development. This lifted vacancy to 12.7 percent this quarter from 12.5 percent one quarter ago. Asking rental rates increased to $2.37 per square foot on a full-service …

January 13, 2023

Acquisitions Office Texas

Hall Capital, Pillar Commercial Acquire 190,745 SF Office Building in Allen, Texas

by Taylor Williams January 12, 2023

ALLEN, TEXAS — A joint venture between two investment firms, Oklahoma-based Hall Capital and Dallas-based Pillar Commercial, has acquired One Bethany West, a 190,745-square-foot office building located in the northeastern Dallas suburb of Allen. The building is located within the Watters Creek mixed-use development and is home to tenants such as MD7, Micron Technologies and Highland Residential. The seller was Kaizen Development Partners. JLL arranged acquisition financing through BancFirst on behalf of the new ownership.

January 12, 2023

Acquisitions Industrial New Hampshire Northeast Office

Cushman & Wakefield Brokers Sale of 137,000 SF Office, Industrial Complex in Nashua, New Hampshire

by Taylor Williams January 11, 2023

NASHUA, N.H. — Cushman & Wakefield has brokered the sale of a 137,000-square-foot office and industrial complex in the southern New Hampshire city of Nashua. Denis Dancoes, Craig Estey, Mike Christian, Josh Feldman, Dan Fisk, Scott Goldman and Greg Millwater of Cushman & Wakefield represented the seller, Teledyne FLIR Commercial Systems Inc., in the transaction. Thomas Farrelly and Sue Ann Johnson, also with Cushman & Wakefield, represented the buyer, The Academy for Science and Design Charter School. The new ownership plans to implement a capital improvement program.

January 11, 2023

Leasing Activity New York Northeast Office

Incline Equity Partners Signs 18,000 SF Office Lease at 101 Park Avenue in Manhattan

by Taylor Williams January 11, 2023

NEW YORK CITY — Incline Equity Partners, a Pittsburgh-based private equity firm, has signed an 18,000-square-foot office lease at 101 Park Avenue in Midtown Manhattan. The 49-story building was originally constructed in 1982 and totals roughly 1.3 million square feet. Alexander Chudnoff, Harrison Potter and Kate Roush of JLL represented the tenant in its site selection and lease negotiations. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co.

January 11, 2023

Acquisitions California Office Western

Griffin Realty Trust Sells Creative Office Building in Irvine, California to Rexford Industrial for $40M

by Amy Works January 11, 2023

IRVINE, CALIF. — Griffin Realty Trust has completed the disposition of a creative office property, located at 16752 Armstrong Ave. in Irvine, to Rexford Industrial Realty for $40 million. Griffin originally acquired the asset in October of 2013 for $27.2 million. Fox Head, which Vista Outdoor recently acquired, occupies the entire 82,645-square-foot building. Vista Outdoor is the parent company of more than 40 brands of outdoor apparel and equipment. Situated on 6.5 acres, the property features abundant parking, a BMX track, a skate park, gathering spaces and firepits. The building offers two floors of creative office space, including conference rooms, common areas, abundant natural light, an open floor-to-ceiling lobby area and designated workspaces. Kevin Shannon, Paul Jones, Bret Hardy, Ken White and Brandon White of Newmark represented the seller in the transaction.

January 11, 2023

Acquisitions Colorado Office Western

Marcus & Millichap Brokers Sale of 22,424 SF Concorde Place Office Building in Centennial, Colorado

by Amy Works January 10, 2023

CENTENNIAL, COLO. — Marcus & Millichap has arranged the sale of Concorde Place, a Class B office property in Centennial. A limited liability company sold the asset to an undisclosed buyer for $2.4 million. Situated on a 1.38-acre site at 7208 S. Tucson Way, Concorde Place features 22,424 square feet of office space. Brandon Kramer and Chadd Nelson of Marcus & Millichap’s Denver office represented the seller in the deal.

January 10, 2023

Leasing Activity Office Texas

Ecobat Signs 28,258 SF Office Sublease at PwC Tower in Dallas

by Taylor Williams January 10, 2023

DALLAS — Ecobat, a provider of battery recycling services, has signed a 28,258-square-foot office sublease at PwC Tower in Dallas. Rick Hughes and Joel Zandstra of Cushman & Wakefield represented Ecobat, which is subleasing the space from the namesake tenant, accounting giant PricewaterhouseCoopers (PwC), in the lease negotiations. Ben Davis and Harlan Davis of CBRE represented PwC. MetLife Investment & Management owns the 20-story, 500,000-square-foot building.

January 10, 2023

Leasing Activity New Jersey Northeast Office

Avis Budget Group Signs 155,234 SF Office Headquarters Lease in Parsippany, New Jersey

by Taylor Williams January 10, 2023

PARSIPPANY, N.J. — Avis Budget Group has signed a 155,234-square-foot office headquarters lease in the Northern New Jersey community of Parsippany. The holding company of the car rental agency will occupy space at LATITUDE, a two-building, 35-acre campus. Jon Meisel and Joseph Sarno of CBRE represented Avis in the lease negotiations. David Simson and Jaime Drummond of Newmark represented the landlord, a joint venture between Rubenstein Partners and Vision Real Estate Partners, which acquired the property in 2018 and implemented a capital improvement program.

January 10, 2023

Development Florida Loans Mixed-Use Multifamily Office Retail Southeast

Bank OZK Provides $252M Construction Loan for Mixed-Use Condominium Tower in St. Petersburg, Florida

by John Nelson January 10, 2023

ST. PETERSBURG, FLA. — Bank OZK has provided a $252 million construction loan for The Residences at 400 Central, a 46-story mixed-use residential tower underway in downtown St. Petersburg. New York-based Red Apple Real Estate is the developer behind the 1.3 million-square-foot project, which will feature 301 luxury condos, as well as shops, restaurants and 40,000 square feet of office space. The Residences at 400 Central will also feature 35,000 square feet of private indoor and outdoor amenities. The general contractor, Suffolk Construction Co. Inc., recently finished the project’s foundation and plans to start vertical construction in March. Michael Saunders & Co. and Red Apple established a sales gallery for the community nearby in October.

January 10, 2023

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