Office

Merritt Properties Completes Redevelopment of 98,640 SF Office Building in Hunt Valley, Maryland

by Julia Sanders December 1, 2021

HUNT VALLEY, MD. — Merritt Properties has completed the speculative redevelopment of Schilling Green III, a 98,640-square-foot office building in Hunt Valley, about 17.9 miles north of Baltimore. Merritt aims for the project to achieve LEED Silver certification and fully open by late February 2022. Located at 226 Schilling Circle, Schilling Green III is a three-story office building that features a community lounge, outdoor patio and surface parking. The property was formerly home to McCormick & Co., a Hunt Valley, Md.-based spice and seasoning company. Now, University of Maryland Orthopaedics has signed on as the building’s first tenant and will move into 16,800 square feet of first-floor space for the use of medical offices, 16 exam rooms and a physical therapy center. The medical practice is relocating from Timonium, a city north of Baltimore. The Schilling Green III project completes Merritt’s Class A campus development at Schilling, which includes neighboring properties Schilling Green I and Schilling Green II. Schilling Green I and II are both LEED Platinum-certified buildings. The Schilling Green business park provides amenities such as an onsite fitness center, community lounge and an outdoor courtyard.

December 1, 2021

Acquisitions Colorado Office Western

Shorenstein Properties Acquires 170,234 SF Rev360 Office Building in Denver

by Amy Works December 1, 2021

DENVER — Shorenstein Properties has purchased Rev360, a newly constructed, five-story office building in Denver’s River North Art District. Terms of the transaction were not disclosed. Located at 3600 Brighton Blvd., Rev360 features 170,234 square feet of Class A office space with large and efficient floorplates with outdoor terraces, exposed high ceilings, ground-floor retail space, a fitness center and a parking garage. CBRE represented the seller in the deal.

December 1, 2021

Connecticut Leasing Activity Northeast Office

Digital Currency Group Signs 90,000 SF Office Lease in Stamford, Connecticut

by Taylor Williams December 1, 2021

STAMFORD, CONN. — Digital Currency Group, which invests in bitcoin and other blockchain technology companies, has signed a 90,000-square-foot office lease in Stamford. The company will occupy two floors at Shippan Landing, a 17-acre, six-building waterfront office campus that is owned by a joint venture between an affiliate of Rubenstein Partners LP and George Comfort & Sons. The lease term is 12 years, and Digital Currency Group plans to relocate from 250 Park Avenue in Manhattan in late 2022. Michael Mathias of Savills represented the tenant in the lease negotiations. Trip Hoffman, Mike Norris and Adam Klimek of Cushman & Wakefield, along with internal agents Peter Duncan and Dana Pike, represented ownership.

December 1, 2021

Acquisitions California Office Western

KBS Sells 99,552 SF Office Building in San Jose to Menlo Equities for $35M

by Amy Works November 30, 2021

SAN JOSE, CALIF. — KBS Real Estate Investment II has completed the disposition of 300 Holger Way, a Class A office building in San Jose. An affiliate of Menlo Equities acquired the property for $35 million. Constructed in 2000 and fully renovated in 2019, the three-story building features 99,552 square feet of office space on 4.8 acres. KBS invested more than $3 million in renovations to the property, including new interiors, upgraded exteriors, landscaping, a new outdoor amenity area, an upgraded parking lot and new HVAC system. The building is part of the eight-building District 237 office park, which KBS originally acquired in 2013. The 300 Holger Way property is the final asset to sell in the office park. Joseph Moriarty, Scott Prosser, Jack Depuy, Brad Zampa and Mike Walker of CBRE represented KBS in the transaction.

November 30, 2021

Connecticut Development Industrial Leasing Activity Northeast Office

JLL Negotiates 80,000 SF Industrial, Office Lease in Shelton, Connecticut

by Taylor Williams November 30, 2021

SHELTON, CONN. — JLL has negotiated an 80,000-square-foot build-to-suit commercial lease in Shelton, located in the southern coastal part of Connecticut. The tenant, Ranpak Corp., a provider of paper-based packaging products, has committed to 33,000 square feet of office space and 47,000 square feet of research and development and warehouse space. Evan Behr, Ian Ceppos and Patrick Lennon of JLL represented the tenant in the lease negotiations. JLL also represented Ranpak in its site selection and is overseeing development of the space, which was designed by Locus Design Collaborative. Construction of the space, which will also house a showroom and innovation center, is expected to be complete by the fourth quarter of next year.

November 30, 2021

Development Industrial New York Northeast Office

Micatu to Open 40,000 SF Manufacturing Facility in Horseheads, New York

by Taylor Williams November 30, 2021

HORSEHEADS, N.Y. — Micatu Inc., a provider of optical sensing technology, will open a 40,000-square-foot manufacturing facility in the Upstate New York community of Horseheads. The company also recently completed an expansion of its office and training facilities. Upon completion of the project, which is scheduled for the first quarter of next year, Micatu’s total footprint will span 50,000 square feet. The company also expects to hire about 25 new employees.

November 30, 2021

California Market Reports Office Western Western Market Reports

San Diego County’s Office Market Positions for Pandemic Recovery

by Jeff Shaw November 30, 2021

By Christopher Reutz, Research Director, Colliers It’s no secret the San Diego County office market experienced unprecedented conditions in 2020. Yet, brighter days may be ahead for the local office market. The COVID-19 pandemic caused many “non-essential” businesses to adopt work-from-home policies. San Diego’s office market took an incredible hit from this in early 2020, amounting to 450,000 square feet of negative net absorption. This was the biggest drop in local demand in more than six years. Last year recorded 1.8 million square feet of negative net absorption, while the first quarter of 2021 posted nearly 400,000 square feet of additional negative demand. The forecast for San Diego’s office market, though, is cautiously poised for an upswing. Demand began to pick up this last quarter as the percentage of vaccinated employees increased. Demand for office space also increased with net absorption totaling 16,000 square feet, signifying the wave of move-outs had finally passed. Additionally, while vacancy during the recession increased from 9.9 percent to a current rate of 14.2 percent, it still remains lower than historical rates recorded during the Great Recession. From late 2008 through mid-year 2011, vacancy remained in the 15 percent to 16 percent range. While the national conversation has focused …

November 30, 2021

Acquisitions California Office Top Stories Western

ViacomCBS Agrees to Sell CBS Studio Center in Los Angeles for $1.85B

by John Nelson November 30, 2021

LOS ANGELES — ViacomCBS Inc. (NASDAQ: VIAC, VIACA) has entered into a definitive agreement to sell CBS Studio Center in Los Angeles to a partnership formed by Hackman Capital Partners LLC and Square Mile Capital Management LLC. The sales price of approximately $1.85 billion includes associated businesses of CBS that operate within the 1 million-square-foot complex. Situated on a 55-acre site in the Los Angeles neighborhood of Studio City, the property includes 22 stages, production offices and support buildings, third-party tenant offices, the Broadcast Center and filmable backlot locations. Shows filmed at the studio over the years have included Seinfeld, Mary Tyler Moore, Parks and Recreation, The Talk, It’s Always Sunny in Philadelphia, That 70’s Show and Gunsmoke. At closing, ViacomCBS subsidiary CBS Broadcasting Inc. will enter into a long-term leaseback of the Broadcast Center, which is home to TV stations CBS 2 and KCAL 9. ViacomCBS will continue to occupy stages and produce content on the lot, as well as enter into a short-term leaseback of certain portions of the property in order to manage the transition of its employees to other locations. “This sale is part of an ongoing optimization of ViacomCBS’ real estate and operations portfolio and …

November 30, 2021

Acquisitions Florida Mixed-Use Office Retail Southeast

Joint Venture Acquires 120,000 SF Mixed-Use Property in North Palm Beach, Florida

by Julia Sanders November 29, 2021

NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.

November 29, 2021

Acquisitions Florida Healthcare Office Southeast

SRS Brokers $2.9M Sale of Single-Tenant Medical Office Property in West Palm Beach

by Julia Sanders November 29, 2021

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has brokered the $2.9 million off-market sale of a single-tenant medical office property fully occupied by Heartland Dental in West Palm Beach. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the deal. Richard Dorfman of SRS represented the buyer, a Massachusetts-based private investor. Located at 8961 Okeechobee Blvd., the 3,533-square-foot medical office property is located near a Publix, Mobil gas station and T-Eka Photo electronics store. Built in 2000, the property previously was a Truist Bank property and now is currently being renovated by Heartland Dental, which recently signed a 10-year lease for the property. The asset was acquired by the new ownership during the renovation process and prior to the rent commencement date.

November 29, 2021

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