Office

Vision Properties, Hana Alternative Asset Management Acquire 70 Hudson Street Office Building in Jersey City for $300M

by Jeff Shaw March 21, 2022

JERSEY CITY, N.J. — Vision Properties and Hana Alternative Asset Management have acquired 70 Hudson Street, a 431,281-square-foot office building located on the Hudson River in Jersey City. A joint venture between Danish institutional investor PFA Pension and Spear Street Capital sold the 12-story asset for $300 million. Built in 2000 and recently renovated with a new lobby and elevators, the asset is less than a block away from both the Paulus Hook river taxi station offering passage to several locations in Manhattan and the PATH light rail stations offering transit to Manhattan and New Jersey. It is only 1.5 miles from the Holland Tunnel as well. There is a Citibike bicycle rental station onsite and its waterfront location grants panoramic views of Lower Manhattan as well. Ground-floor retail tenants include CVS/pharmacy, bakery and restaurant Maman and a gym. Three floors of parking above the lobby and retail areas provide 226 parking spaces. According to the property website, only one 26,650-square-foot suite is currently available to rent, while the rest of the building is fully leased. Cushman & Wakefield’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, along with local leasing …

March 21, 2022

Development Georgia Office Southeast

PCCP, Portman Holdings to Develop 143,500 SF Office Property in Atlanta’s Old Fourth Ward

by Julia Sanders March 18, 2022

ATLANTA — PCCP LLC and Portman Holdings have formed a joint venture with plans to develop O4W Office, a 143,500-square-foot boutique office building in Atlanta’s Old Fourth Ward district along the Atlanta BeltLine’s Eastside Trail. Construction is slated to be complete by the summer of 2023. O4W Office will include three stories of offices, 6,900 square feet ground-floor retail space and two levels of parking. Building amenities will feature a coffee bar, bicycle and scooter storage, restrooms with showers, outdoor terraces and 11,000 square feet of outdoor space. Located at 667 Auburn Ave., the office development is situated three miles south of Midtown and two miles east of downtown Atlanta. Nearby retail to the project includes Krog Street Market and Ponce City Market, which both are walkable along the BeltLine and include food halls and shops.

March 18, 2022

Development Office Texas

Stream Realty Partners Breaks Ground on 350,000 SF Office Project in Uptown Dallas

by Taylor Williams March 18, 2022

DALLAS — Stream Realty Partners has broken ground on The Quad, a 350,000-square-foot project in Uptown Dallas that will consist of a 335,000-square-foot office building and 15,000 square feet of retail and restaurant space. Office amenities will include a fitness center, rooftop terrace, club lounge, conference center and a full acre of outdoor space. Stream acquired the 3.8-acre site, which also houses a 131,000-square-foot office building, in 2019. Delivery of the new space is slated for early 2024. Colby Mueck, Jim Curtin, De’On Collins, Rex Cruz and Kristi Leonard of JLL arranged an undisclosed amount of construction financing through MSD Partners, the investment advisory firm of tech magnate Michael Dell, on behalf of Stream Realty Partners.

March 18, 2022

Sorrento-Ridge-Research-Park-San-Diego-CA

Acquisitions California Life Sciences Office Western

Sterling Bay, Harrison Street Acquire Sorrento Ridge Research Park in San Diego for $34M

by Amy Works March 18, 2022

SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.

March 18, 2022

Indiana Leasing Activity Midwest Office

Spot Signs 42,500 SF Lease for New Office in Indianapolis

by Kristin Harlow March 18, 2022

INDIANAPOLIS — Spot Freight Inc., a logistics company, has signed a 42,500-square-foot lease at Capital Center for its second office in downtown Indianapolis. Spot will occupy the 11th and 12th floors of the newly renovated building and plans to hire more than 200 employees in Indianapolis by 2023. Completion of the tenant’s new office space is slated for the fourth quarter of this year. Mike Semler of Cushman & Wakefield represented Spot. The building owner, Zeller, has invested more than $8 million to renovate Capital Center. Spot’s current headquarters at 141 S. Meridian St. will continue to house the sales and service divisions of the company. Spot currently employs more than 400 employees in the U.S., with additional offices in Charlotte, N.C., and Tempe, Ariz.

March 18, 2022

Acquisitions New York Northeast Office

B6 Real Estate Arranges $12.3M Sale of Midtown Manhattan Office Building

by Taylor Williams March 18, 2022

NEW YORK CITY — Locally based brokerage firm B6 Real Estate Advisors has arranged the $12.3 million sale of a 15,550-square-foot office building located at 8 E. 41st St. in Midtown Manhattan. The eight-story building includes 1,550 square feet of retail space. Christopher Cavorti of The Corcoran Group represented the buyer, Piyush Golia, in the transaction. Brock Emmetsberger, Zachary Redding and Marshall Dickson of B6 Real Estate Advisors, along with Nancy Cibrano of The Wings Group, represented the seller, Meir Levy.

March 18, 2022

Loans New York Northeast Office Retail

Emerald Creek Provides $9.3M Loan for Refinancing of Office, Retail Building in Scarsdale, New York

by Taylor Williams March 18, 2022

SCARSDALE, N.Y. — New York City-based bridge lender Emerald Creek Capital has provided a $9.3 million loan for the refinancing of a 14,225-square-foot office and retail building in Scarsdale, located north of the city. The property was fully leased at the time of the loan closing. Jeff Seidler of Emerald Creek Capital originated the financing. The borrower was not disclosed.

March 18, 2022

Acquisitions Development Office Texas

Kilroy Realty Acquires Office Development Site in North Austin for $40M

by Taylor Williams March 17, 2022

AUSTIN, TEXAS — Los Angeles-based REIT Kilroy Realty Corp. (NYSE: KRC) has acquired a 2.9-acre site near The Domain in North Austin that is zoned for the development of a 493,000-square-foot office building. The sales price was $40 million. The seller was not disclosed. Entitlements have been fully secured, and construction could commence as soon as this summer, with delivery occurring in 2024.

March 17, 2022

Agoura-Hills-Business-Park-Los-Angeles-CA

Acquisitions California Office Western

Harbor Associates, Gemdale USA Buy Agoura Hills Business Park Near Los Angeles for $29.7M

by Amy Works March 17, 2022

LOS ANGELES — Harbor Associates and Gemdale USA have purchased Agoura Hills Business Park, an office campus located at 30401–30501 Agoura Road in the Agoura Hills submarket of Los Angeles, for $29.7 million. Built in 1987 on six acres, the 113,991-square-foot campus consists of two two-story office buildings around a central plaza and a 193-car parking lot. The acquisition represents the recapitalization of the office property, which Harbor Associates originally purchased in January 2020 in a joint venture with a Kansas City-based real estate investment firm. The sale represents Harbor’s exit from the investment after meeting its business plan. Matt Heyn and Caitlin Hoffman of CBRE will lease the property on behalf of Gemdale USA and Harbor. Andrew Harper, Will Poulsen, Matt McRoskey and Chad Solomon of JLL represented the seller in the transaction.

March 17, 2022

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 57,790 SF Office Property in Metro Miami

by Julia Sanders March 17, 2022

CORAL GABLES, FLA. — CBRE has arranged the sale of 2990 Ponce, a 57,790-square-foot office building in Coral Gables, about six miles from Miami. Black Diamond Equities LLC, an affiliate of Mexico-based BEA Equities, purchased the property for an undisclosed price. Christian Lee, Amy Julian and Tom Rappa of CBRE Capital Markets represented the undisclosed sellers. 2990 Ponce is a six-story building with 6,617 square feet of ground-floor retail space. Built in 2012, the property features contemporary finishes, a floor-to-ceiling curved glass curtain wall and a rooftop lounge offering views of Coral Gables and downtown Miami. The property’s tenants include Zubi Advertising, FirstBank Puerto Rico, Hunt Mortgage Group, Mas Group, Altermark and Collection Hair Studio. Located at 2990 Ponce De Leon Blvd., the property is situated 13 miles from Miami Beach, 2.5 miles from the University of Miami and 5.5 miles from Miami International Airport.

March 17, 2022

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