Office

Partnership Breaks Ground on 270,000 SF Life Sciences Building in Houston

by Taylor Williams October 8, 2021

HOUSTON — A partnership between Chicago-based investment firm Harrison Street, 2ML Real Estate Interests and local developer Hines has broken ground on a 270,000-square-foot life sciences building in Houston. The building, which represents the first phase of the Levit Green mixed-use development, is located on a 53-acre site adjacent to Texas Medical Center. Additional uses at Levit Green will include retail, residential and office space. DE Harvey Builders is the general contractor for the project, which is slated for a fourth-quarter 2022 delivery. JLL is marketing the space for lease.

October 8, 2021

Development Office Texas

Ryan Cos. to Develop 400,000 SF Office Building at Legacy West in Plano

by Taylor Williams October 7, 2021

PLANO, TEXAS — Minneapolis-based developer Ryan Cos. will build a 400,000-square-foot office building at Legacy West, a mixed-use development located on the northern outskirts of Dallas in Plano. The 24-story building will offer amenities such as a fitness center, tenant lounge, café, multiple conference rooms and open green space. Gensler is designing the project, construction of which is scheduled to begin in the first quarter of next year and to wrap up by the first quarter of 2024. The building is already 50 percent preleased to global tax services and software provider Ryan LLC, and JLL is marketing the remaining space for lease.

October 7, 2021

Acquisitions Florida Office Southeast

IP Capital, Edge Principal Acquire 242,690 SF Fountain Square Office Property in Boca Raton, Florida

by Julia Sanders October 7, 2021

BOCA RATON, FLA. — IP Capital, in a joint venture with Edge Principal Advisors, has acquired Fountain Square, a Class A office campus totaling 242,690 square feet in Boca Raton. Bridge Investment Group’s office subsidiary Bridge Office Fund Manager and joint venture partner Ascentris sold the property for an undisclosed price. Christian Lee and José Lobón of CBRE represented the sellers in the transaction. Chris Drew, Maxx Carney, Reid Carleton and Jimmy Calvo of JLL arranged a $56.5 million, floating-rate acquisition loan through CIBC Bank USA on behalf of the borrower. Situated on roughly 15 acres at 2600–2700 N. Military Trail, Fountain Square is surrounded by 2 million square feet of retail amenities, including One Boca Place, which is home to 180,000 square feet of retail and 18 restaurants. Fountain Square is located close to Interstate 95 and the Florida Turnpike. Bridge and Ascentris purchased the property in 2017 and recently completed a $4.9 million capital improvement plan that included new lobbies, restrooms and common area corridors, conference center, outdoor pavilions and signage, along with 23,000 square feet of spec suites. Current tenants at the property include banking, legal, medical, dental, real estate and financial services firms.

October 7, 2021

Acquisitions Industrial New York Northeast Office

Phoenix Investors Acquires 4 MSF Former IBM Campus in Endicott, New York

by Taylor Williams October 7, 2021

ENDICOTT, N.Y. — An affiliate of Wisconsin-based Phoenix Investors has acquired the 4 million-square-foot former IBM headquarters campus in Endicott, located near the New York-Pennsylvania border. The site, which consists of 29 buildings on 130 acres and is currently known as the Huron Campus, houses industrial, office and R&D users. The campus was first converted to a multi-tenant development in the early 2000s and today serves as the workplace of more than 2,800 people, though IBM still maintains a presence on the property. The seller was not disclosed.

October 7, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

Berkeley Investments to Undertake 105,000 SF Life Sciences Conversion Project in Metro Boston

by Taylor Williams October 7, 2021

WATERTOWN, MASS. — Locally based developer Berkeley Investments will undertake a project to convert a building at 64 Pleasant St. in the western Boston suburb of Watertown into a 105,000-square-foot life sciences facility. The two-story building offers a conference room, rooftop deck, fitness center and outdoor gathering spaces. Berkeley will upgrade the property’s utility and mechanical systems, elevate the ceiling heights, introduce reinforced concrete floors and add lab space. SGA is the project architect. The development team hopes to complete core and shell construction by the end of next year. Newmark has been tapped to market the building for lease.

October 7, 2021

California Loans Office Western

Swig Co. Receives $190M Loan to Refinance 633 Folsom Street Office Building in San Francisco

by Amy Works October 6, 2021

SAN FRANCISCO — The Swig Co. has obtained $190 million in refinancing for 633 Folsom Street, an office building in the SOMA submarket of San Francisco. Bruce Ganong, Lillian Roos and Spencer Bergthold of JLL Capital Markets secured the seven-year, fixed-rate loan through Bank of China for the borrower. Originally developed in 1967, the building underwent significant a renovation and expansion, which was completed in 2021. The project added five new floors, all new building systems, exterior façade and an outdoor plaza. Asana, a cloud-based application for workplace management and team collaboration, fully leases the 271,000-square-foot property.

October 6, 2021

Leasing Activity New York Northeast Office

Lowenstein Sandler Signs 125,700 SF Office Lease Renewal, Expansion in Manhattan

by Taylor Williams October 6, 2021

NEW YORK CITY — National law firm Lowenstein Sandler has signed a 125,700-square-foot office lease renewal and expansion at 1251 Avenue of the Americas in Manhattan. The 54-story, 2.3 million-square-foot office tower is situated atop the Rockefeller Center subway hub in the borough’s Midtown area. David Falk, Peter Shimkin, Eric Cagner and Nick Berger of Newmark represented the landlord, Mitsui Fudosan America, in the lease negotiations. Michael Goldman and Philip Weiss of AttentivRE represented Lowenstein Sandler, which is extending its current lease and taking an additional 25,000 square feet on the 19th floor.

October 6, 2021

Acquisitions Florida Life Sciences Office Southeast

Cousins Properties Acquires Heights Union Office Property in Downtown Tampa for $144.8M

by Julia Sanders October 6, 2021

TAMPA, FLA. — Atlanta-based Cousins Properties has acquired Heights Union, a 294,000-square-foot office property in downtown Tampa, for $144.8 million. Atlanta-based TPA Group and Heights master developer SoHo Capital were the sellers, according to the Tampa Business Journal. Built in 2020, Heights Union features two six-story buildings with parking provided. The office property is currently 93.4 percent leased with life sciences users representing 66 percent of the rent roll. Pfizer leases 106,000 square feet for a Global Capability Hub, and Axogen leases 75,000 square feet for its second headquarters and lab space. Additionally, White & Case leases 40,000 square feet for a mission critical global operations center. The office property is located within The Heights neighborhood, which is a live-work-play district located near the 2.6-mile Tampa Riverwalk that runs alongside the Hillsborough River. The district is also anchored by Armature Works, an adaptive reuse project of the former Tampa streetcar facility that includes 73,000 square feet of mixed-use space and over 20 restaurants and bars.

October 6, 2021

Illinois Leasing Activity Midwest Office

Headline Solar Signs 15,690 SF Office Lease at Bell Works Chicagoland

by Kristin Harlow October 6, 2021

HOFFMAN ESTATES, ILL. — Headline Solar has signed a 15,690-square-foot office lease at Bell Works Chicagoland, the redevelopment of the former AT&T campus in Hoffman Estates. The solar panel installation company will make the office its national headquarters. Headline Solar currently operates in Texas and Illinois and plans to expand to Virginia, Florida and the Carolinas by 2023. The company expects to take occupancy of its new space in the first quarter of 2022. Headline Solar joins office tenants Platinum Home Mortgage, CPA Advisors Group, Mosquito Hunters and The Next Unicorn at Bell Works Chicagoland. Somerset Development is the owner and developer.

October 6, 2021

Loans New York Northeast Office Top Stories

Tishman Speyer Receives $425M Green Bond Refinancing for JACX Office Building in Queens

by Taylor Williams October 6, 2021

LONG ISLAND CITY — Locally based developer Tishman Speyer has received a $425 million green bond refinancing for The JACX, a 1.2 million-square-foot office complex in the Long Island City neighborhood of Queens. Built in 2019 and fully leased at the time of closing, The JACX consists of two 26-story office towers connected by a five-story base. According to the developer, the property represents the single largest addition to the supply of office space in Long Island City since the opening of the Citicorp Building in 1990. The development houses more than 50,000 square feet of retail space, including a food hall with nine culinary concepts, a restaurant by chef Dan Kluger and an upscale grocer. Other amenities include a fitness center operated by The Wright Fit, a landscaped public plaza, access to multiple public transit lines and a 175-space bike parking area with showers. MdeAS Architects designed the building to LEED Silver certifications, and environmentally friendly features include a 100,000-gallon stormwater reclamation system and an air filtration system. These assets made the property eligible for the green bond refinancing, which Bank of America originated. The transaction retires existing construction debt with permanent CMBS financing. “Tishman Speyer is dedicated to …

October 6, 2021

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