Office

Partnership Buys 523,000 SF Waterfront Office Building in Hoboken

by Taylor Williams January 28, 2022

HOBOKEN, N.J. — A partnership between New York City-based developer SJP Properties and private investor David Werner has purchased Waterfront Corporate Center I, a 523,000-square-foot waterfront office building in Hoboken. The 14-story tower, which also houses 35,000 square feet of retail space that is fully leased, is part of a three-building, 1.5 million-square-foot campus that was originally developed by SJP between 2002 and 2014. With this buyback, SJP now owns and manages the entirety of Waterfront Corporate Center. Miami-based 3650 REIT contributed a $30 million preferred equity investment to the deal. Mack Cali Realty Corp. sold the building for an undisclosed price. Waterfront Corporate Center I was roughly 80 percent leased at the time of sale, while Waterfront Corporate Center II and III are fully leased.

January 28, 2022

Acquisitions Massachusetts Northeast Office

Lincoln Property, Stars Acquire 130,000 SF Office Park in Wellesley, Massachusetts

by Taylor Williams January 28, 2022

WELLESLEY, MASS. — A joint venture between Dallas-based Lincoln Property Co. and Chilean investment firm Stars REI has acquired Newton Wellesley Executive Office Park, a 130,000-square-foot development located on the western outskirts of Boston. The four-building property was constructed in phases between 1960 and 1989 and was 90 percent leased at the time of sale to both traditional office and medical office users. Robert Griffin, Frank Nelson, Michael Greeley and James Tribble of Newmark represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.

January 28, 2022

Development Office Washington Western

Patrinely Group, Dune Real Estate Partners Buy Development Site for Office Tower in Downtown Bellevue, Washington

by Amy Works January 28, 2022

BELLEVUE, WASH. — Patrinley Group, in partnership with affiliates of Dune Real Estate Partners, has acquired a fully entitled development site for a 484,000-square-foot office tower in downtown Bellevue. The joint venture purchased the 0.9-acre site with an advanced building design from an affiliate of FANA Group of Cos. Terms of the transaction were not released. Located at the southeast corner of NE Fourth and 106th Avenue NE, the 21-story FOUR106 office building will feature 480,000 square feet of office space and 6,500 square feet of street-level retail space. Additionally, the tower will offer a fully equipped fitness center with shower and locker facilities, tech capabilities, hands-free elevators and hands-free restrooms. The property has also been designed to meet LEED Gold standards. Construction is slated to commence this spring, with delivery scheduled for fourth-quarter 2024. FOUR106’s project team includes CollinsWoerman, Gensler, Mortenson Construction and DCI. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group will handle leasing for the completed project. Kevin Shannon, Ken White and Tim O’Keefe of Newmark represented the seller in sale of the site. Bill Fishel, Tom Wilson and Rachael Lewis of JLL arranged financing for the project.

January 28, 2022

Acquisitions Office Texas

BH Properties Buys 127,955 SF Vacant Office Building in Metro Houston

by Taylor Williams January 27, 2022

KATY, TEXAS — Los Angeles-based BH Properties has purchased Mason Creek II, a 127,955-square-foot vacant office building in the western Houston suburb of Katy. Jeff Hollinden of JLL represented the undisclosed seller in the transaction. The three-story building was developed in 2015 as the second piece of a speculative project. The first building of that development, a 136,000-square-foot structure, is fully leased to GEICO Insurance. BH Properties has tapped Moody Rambin to lease Mason Creek II.

January 27, 2022

Development New York Northeast Office

Brookfield Properties Tops Out 58-Story Two Manhattan West Office Tower

by Taylor Williams January 27, 2022

NEW YORK CITY — Brookfield Properties has topped out Two Manhattan West, a 58-story office tower located within the eight-acre Manhattan West mixed-use development that opened last fall. Designed by Skidmore, Owings & Merrill, Two Manhattan West will feature more than 2 million square feet of office space upon completion, which is slated for 2023. The building is 25 percent preleased, with law firm Cravath, Swaine & Moore committed as an anchor tenant. Brookfield completed the 67-story, 2.1 million-square-foot One Manhattan West in late 2019.

January 27, 2022

Acquisitions Florida Office Southeast

CBRE Arranges $81.2M Sale of Fairway Office Center in Palm Beach Gardens, Florida

by Julia Sanders January 27, 2022

PALM BEACH GARDENS, FLA. — CBRE has arranged the $81.2 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens. The buyer was a joint venture between Parmenter Realty Partners and an affiliate of Prime Finance. Christian Lee, Jóse Lobón, Tom Rappa and Marcus Minaya of CBRE represented the sellers, NAI Merin Hunter Codman and a joint venture institutional investment manager, in the transaction. Jason Sundook of NAI Merin Hunter Codman assisted in marketing the asset for sale. Fairway Office Center features three Class A office buildings totaling 222,682 square feet. Currently 78 percent leased, the property is located on a 16-acre campus. 7108 Fairway was built in 1989, 7111 Fairway was built in 2003 and 7121 Fairway was built in 2000. Located at 7108, 7111 and 7121 Fairway Drive, the office center is about four miles from downtown Palm Beach Gardens, 14.4 miles from West Palm Beach and 15.7 miles from Palm Beach International Airport. The property is also near retailers and restaurants such as Rocco’s Tacos & Tequila Bar, Brooklyn Water Bagel and Walgreens. The previous owners recently made $1.3 million in improvements to the property. The buyers plan to make even more …

January 27, 2022

Courtyard-Medical-Professional-Center-Hemet-CA

Acquisitions California Healthcare Office Western

Progressive Real Estate Arranges $5.6M Sale of Courtyard Medical & Professional Center in Hemet, California

by Amy Works January 27, 2022

HEMET, CALIF. — Progressive Real Estate Partners has arranged the sale of Courtyard Medical & Professional Center, located at 910-960 N. State St. in Hemet. A Newport Beach-based private investor acquired the asset for $5.6 million. Greg Bedell of Progressive Real Estate Partners represented the seller, while Henry Liu of CBD Investments represented the buyer in the transaction. Built in 1981, the 39,796-square-foot Courtyard Medical & Progressive Center was fully occupied at the time of sale.

January 27, 2022

Acquisitions Development Mixed-Use Office Retail Southeast Tennessee

CBRE Investment Management Acquires Sylvan Supply Mixed-Use Development in Nashville

by Julia Sanders January 26, 2022

NASHVILLE, TENN. — CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, has acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville. The sellers are the project’s developers: FCP and Third & Urban. The sales price was not disclosed. Originally built in 1959, Sylvan Supply was formally used as a specialty wood mill. Between 2018 and 2020, the site was redeveloped by FCP and Third & Urban. Now, the property includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property was 61 percent leased at the time of sale to five restaurants and a variety of other retail tenants, including a brewery, fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors. Located at 4101 Charlotte Ave. on a 7.8-acre site, Sylvan Supply is situated less than four miles from downtown Nashville.

January 26, 2022

Acquisitions California Office Western

Woodstock Development Buys One Bay Plaza Office Building in Burlingame, California for $108M

by Amy Works January 26, 2022

BURLINGAME, CALIF. — Woodstock Development has purchased the remaining ownership stake in One Bay Plaza, a nine-story, Class A office building located on the Bayshore waterfront in Burlingame. With the completion of the transaction, valued at $108 million, Woodstock is now the 100 percent owner of the property. Located at 1250 Bayshore Highway, the property features 196,000 rentable square feet, plus approximately 12,000 square feet of lower-level amenity space. The building is currently 85 percent leased to more than 35 tenants, including Alaska Airlines, Cushman & Wakefield, BTIG and Acco Brands. Woodstock first purchased the property with Iron Point Partners in June 2019. Since 2019, Woodstock has implemented a renovation of building, including new lobbies, restrooms and corridors. Additionally, the company retained Mark Cavagnero Associates to design a 12,000-square-foot amenity area, including conference rooms, collaboration rooms, ping pong, fitness room with showers and lockers, and a social pantry. Eastdil Secured represented Woodstock Development and Iron Point in the transaction.

January 26, 2022

Acquisitions New York Northeast Office Retail

KPG Funds, LaSalle Buy Manhattan Commercial Building, Plan Redevelopment

by Taylor Williams January 26, 2022

NEW YORK CITY— Locally based private equity firm KPG Funds and LaSalle Global Partner Solutions have purchased 480 Broadway in Manhattan’s SoHo neighborhood with plans to redevelop the property into a boutique office building with retail space. The new ownership purchased the building in conjunction with 155 Spring, a nearby office and retail asset, from Maryland-based REIT Vornado Realty Trust (NYSE: VNO). The redevelopment will include rebranding the building as 40 Crosby.

January 26, 2022

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