Office

Gantry Arranges $190M in Financing for Carillon Point Mixed-Use Property Near Seattle

by Amy Works September 21, 2021

KIRKLAND, WASH. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.

September 21, 2021

Development New York Northeast Office

EJME, J.P. Morgan Break Ground on 240,000 SF Office Project in Brooklyn

by Taylor Williams September 21, 2021

NEW YORK CITY — Edward J. Minskoff Equities Inc. (EJME) and J.P. Morgan Global Alternatives have broken ground on a 240,000-square-foot office project at 29 Jay St. in Brooklyn’s Dumbo neighborhood. The site originally housed the distribution operations of Arbuckle Coffee & Tea and was rezoned in 2018 to allow for higher-density office use. Architecture firm Marvel designed the building, which will also house 12,000 square feet of retail space. Construction is expected to last about two years.

September 21, 2021

Acquisitions Development New York Northeast Office Top Stories

Google to Acquire St. John’s Terminal Office Redevelopment in Manhattan for $2.1B

by John Nelson September 21, 2021

NEW YORK CITY — Google has announced plans to acquire St. John’s Terminal, a 1.3 million-square-foot office redevelopment underway in Manhattan that will anchor the search engine giant’s Hudson Square campus. Google (NASDAQ: GOOGL) intends to purchase the development site at 550 Washington St., which the company signed a lease agreement for in 2018, for approximately $2.1 billion. The company is exercising its purchase agreement with the landlord and developer, an ownership group comprising Toronto-based Oxford Properties Group and CPP Investments, according to The Wall Street Journal. The Journal also reports the transaction is the most expensive sale of a single U.S. office building since the start of the COVID-19 pandemic, citing data from research firm Real Capital Analytics. The sale is also among the priciest for a single office property in U.S. history. Google plans to open its offices at 550 Washington by mid-2023. Although the company expects to operate the office with a flexible hybrid approach to in-office versus work-from-home concepts in the wake of the COVID-19 pandemic, Google says that “coming together in person to collaborate and build community will remain an important part of our future.” The St. John’s Terminal transaction is expected to close in …

September 21, 2021

Acquisitions Florida Office Southeast

JLL Arranges $37.3M Sale of Medical Office Property in South Florida

by Julia Sanders September 20, 2021

BOYNTON BEACH, FLA. — JLL has arranged the sale of 3301 Quantum, a 100,000-square-foot medical office property in Boynton Beach. Apex Capital purchased the property for $37.3 million. Hermen Rodriguez, Matthew McCormack, Ike Ojala and Max Lescano of JLL represented the seller, a partnership between Fox Ridge Capital LLC and developer/investors Joshua Schrager and Daniel Schwartz, in the transaction. 3301 Quantum is a two-story office building that was recently renovated in 2021. Improvements made by the previous ownership included elevators, HVAC systems, restrooms, common areas and roofing. The property is a single-tenant, triple-net leased property fully leased to NYU Grossman School of Medicine, which operates a division of the NYU Langone Health System onsite. The facility will soon house approximately 900 employees who facilitate the billing, scheduling and telemedicine services for the healthcare group. 3301 Quantum Blvd. sits on an 8.2-acre site within the Quantum Office Park in the center of Palm Beach County. The property is close to Interstate 95 and is located 15.1 miles from West Palm Beach.

September 20, 2021

Acquisitions Healthcare Indiana Midwest Office

Next Realty Acquires 39,000 SF Westridge Office Park in Suburban Indianapolis

by Kristin Harlow September 20, 2021

AVON, IND. — An affiliate of Next Realty LLC has acquired Westridge Office Park in Avon, a western suburb of Indianapolis. The purchase price was undisclosed. The office and medical complex consists of two single-story buildings. Tenants include Indiana University Health Care Associates Inc., Indiana Department of Child Services, Kindred Hospice, Midwest Behavioral Health LLC, Allergy Partners and St. Vincent Medical Group. The acquisition marks the 12th and final acquisition made on behalf of Next Realty Fund IX LP. Kevin Dick, Paul Dick and Nicholas Miller of Bradley Co. represented the seller, Westridge Investments LLC.

September 20, 2021

Development Midwest Missouri Office

Knoebel Construction to Expand Headquarters in Chesterfield, Missouri

by Kristin Harlow September 20, 2021

CHESTERFIELD, MO. — Simultaneous with its 40th anniversary, general contractor Knoebel Construction is expanding its headquarters in Chesterfield by 19,210 square feet. Knoebel, which employs more than 90 people, has purchased a three-acre parcel adjacent to its headquarters at 18333 Wings Corporate Drive. Construction is scheduled to begin this winter with completion slated for next fall. Plans call for an expanded educational and training area, a rooftop terrace, numerous meeting and gathering areas, a gym and offices for all team members. Knoebel specializes in the construction of retail, restaurant, grocery and automotive projects. The company’s anticipated revenue for 2021 is $106 million.

September 20, 2021

Loans Office Top Stories Washington Western

JLL Arranges $468.7M Construction Loan for Amazon-Leased Office Tower in Metro Seattle

by Taylor Williams September 20, 2021

BELLEVUE, WASH. — JLL has arranged a $468.7 million construction loan for The Artise, a 25-story office tower that will be located in the Seattle suburb of Bellevue. The 609,000-square-foot building is 100 percent preleased to a global e-commerce tenant, which Bloomberg reports is Amazon. New York City-based global investment firm KKR provided the loan to the borrower, a joint venture between developer Schnitzer West and Boston-based The Baupost Group. Specific loan terms were not disclosed. Slated for a fourth-quarter 2023 completion, The Artise will house 4,783 square feet of retail space and 1,158 parking spaces. The building’s location at 788 106th Ave. in the downtown area puts it one block north of Bellevue’s main pedestrian corridor and the site of the future East Link Light Rail extension. Additionally, The Artise will be located two blocks from Bellevue Transit Center and three blocks from the Interstate 405. Global architecture firm NBBJ designed the building, which will seek LEED Gold certification. Mike Tepedino, Geoff Goldstein and Tom Wilson of JLL arranged the debt. “The Artise will cultivate Bellevue’s position as a critical business hub in the Puget Sound area and deliver in-demand, Class A office space with features that allow the …

September 20, 2021

Industrial Market Reports Mississippi Office Southeast Southeast Market Reports Tennessee

Memphis is Well-Established for Industrial Owners and Users to Win

by John Nelson September 20, 2021

Momentum in the local industrial market has been maintained because of Memphis’ world-class infrastructure offering the “four Rs” of transportation: river, road, rail and runway. Thanks to Memphis’ central location, truck freight can reach 65 percent of the nation’s population in 24 hours. The Port of Memphis is the fifth-largest inland port in the United States and an east-west highway spans the width of the country. As home to FedEx Global Headquarters and a UPS hub, Memphis International Airport surpassed Hong Kong International Airport this year as the busiest cargo airport in the world. The direct vacancy rate of the metro industrial market went from 6.5 percent in 2020 to 4.8 percent by mid-2021. Currently, there is 13.7 million square feet of inventory under construction with over 75 percent of it being speculative. The demand and recent growth continue to improve in 2021. Net absorption is above 5.3 million square feet with tenants like Yeti, Walgreens, Hamilton Beach and Amazon moving into new facilities mid-year. Rents have also continued to rise faster than the national average in many years. The average rent growth over the past 12 months is 6.9 percent, or $4 per square foot. Large preleased facilities are …

September 20, 2021

Georgia Leasing Activity Office Southeast

KBS Signs Lease Extension for Law Firm at Atlantic Station Office Property in Atlanta

by Julia Sanders September 17, 2021

ATLANTA — KBS, on behalf of PRIME US REIT, has signed a four-floor lease extension with business law firm Arnall Golden Gregory LLP for headquarters office space in Atlanta. The 510,268-square-foot, Class A office building is situated at 171 17th St. within Atlantic Station, a mixed-use village in Atlanta’s West Midtown district. Built in 2004, the office property is a 21-story building that includes an onsite café, EV car-charging stations, onsite carwash/detail, conference center and shuttle service, valet and outdoor tenant patio amenity space. KBS recently completed several improvements to 171 17th Street, including transforming the café, changing the patio into an outdoor tenant lounge and completing an upgrade to the conference room. The property is also the first LEED Silver Core & Shell-certified building constructed in the world, according to KBS. The property is part of Singapore-based PRIME US REIT’s portfolio. Newport Beach, Calif.-based KBS serves as the U.S.-based asset manager for the portfolio. Glenn Kolker and Sonia Winfield of Cushman & Wakefield represented KBS in the lease transaction. Greg Katz and Taylor Senter of Newmark represented the tenant.

September 17, 2021

Acquisitions Massachusetts Northeast Office

Newmark Brokers $180M Sale of Cambridge Highlands Office, R&D Campus in Cambridge

by Taylor Williams September 17, 2021

CAMBRIDGE, MASS. — Newmark has brokered the $180 million sale of Cambridge Highlands, a 228,592-square-foot office and R&D campus located on a 9.7-acre site in the greater Boston area. The four-building campus serves as the headquarters of Raytheon BBN Technologies, a division of global aerospace and defense giant Raytheon. Robert Griffin, Edward Maher, Matthew Pullen, Michael Byrne, Samantha Hallowell and Thomas Greeley of Newmark represented the seller, New York-based Clarion Partners, in the transaction. The team also procured the undisclosed buyer.

September 17, 2021

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