WASHINGTON, D.C. — JLL has closed the $766 million sale of a 12-property office portfolio totaling 2.3 million square feet in metro Washington, D.C., and Virginia. Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir, Dave Baker and Chris Capece of JLL represented the seller, WashREIT. Brookfield Asset Management was the buyer. The portfolio sale, which was announced in mid-June, includes six office properties across Northern Virginia and six in Washington, D.C.’s central business district. WashREIT is a Washington, D.C.-based owner and operator of office, retail and multifamily properties in the metro Washington area. The firm has a portfolio of 31 properties with 7,059 multifamily apartment units and about 1 million square feet of commercial space. The sale goes along with WashREIT’s multi-year plan of transforming into a multifamily REIT. The company also plans to sell its remaining eight retail assets and expects to complete that sale in the third quarter of this year.
RALEIGH, N.C. — A joint venture between Trammell Crow Co., High Street Residential, AECOM-Canyon Partners and HM Partners has broken ground on 400H, a 365,000-square-foot mixed-use development in Raleigh. Vancouver-based QuadReal Property Group provided an undisclosed amount of financing for the development. The 20-story tower, designed by Gensler, will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. Construction is scheduled for completion by the fall of 2023. Located at 400 Hillsborough St., 400H is situated close to Union Station, the Morgan Street Food Hall and a Publix grocery store. The project’s Hillsborough Street location also provides the east-west connection to North Carolina State University and the state capital’s government complex. 400H will have residential units on floors 10 through 20. Community amenities will include a pool and SkyHub amenity on the ninth floor with indoor and outdoor space. Offices will include 14- to 20-foot floor-to-floor heights, full-height glass windows and parking ratios of 4-to-1,000. Also, outdoor seating is planned for several restaurants located within the retail space. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon …
JACKSONVILLE, FLA. — Cushman & Wakefield has negotiated the sale of 6651 Gate Parkway, a 120,407-square-foot office building in Jacksonville. Mike Davis, Karl Johnston, Rick Brugge, Rick Colon, Dominic Montazemi, Zach Eicholtz and Chloe Strada of Cushman & Wakefield represented the seller, Real Capital Solutions, in the transaction. Aventura, Fla.-based MG3 REIT LLC acquired the property for $43.8 million. Located in the heart of Deerwood Park, the four-story building is fully leased to McKesson Corp., a provider of healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care and healthcare information solutions. Built-to-suit for McKesson in 2019, 6551 Gate Parkway houses nearly 800 employees and features collaborative workspace, lake views, highway visibility and walkable amenities. Additionally, 6551 Gate Parkway has received WELL and LEED Silver certifications.
THE WOODLANDS, TEXAS — Fortune 500 energy firm Entergy has signed a 107,614-square-foot office lease expansion at Hughes Landing, a 79-acre development located in The Woodlands, about 30 miles north of Houston. The company is expanding by 53,604 square feet within the Lake Front North campus at Hughes Landing to provide additional space for its 650-plus employees. Bob Parsely, Norm Munoz, Jillian Fredricks and Connor Duffy with Colliers International represented the landlord, The Howard Hughes Corp., in the lease negotiations. Hugh Herman, Carla Williams and Andy Ghertner with Cushman and Wakefield represented Entergy.
HOUSTON — Colliers International has brokered the sale of Atrium 10 Tower, a 79,956-square-foot office building located on Houston’s east side. The six-story property is situated on a 2.4-acre site that fronts Interstate 10 and Loop 610. David Carter of Colliers represented the undisclosed seller in the transaction. Guy Brown of Texas Overland represented the buyer, an entity doing business as 11811 Properties.
NEW YORK CITY — Harbor Group International (HGI) has entered into an agreement to buy 51 West 52nd Street, an office building in Midtown Manhattan known as the CBS Building, for $760 million. As the former owner-occupier, ViacomCBS will lease back its space on a short-term basis. The deal marks the first sale of the building since it originally opened in 1964. HGI plans to implement a significant capital program to reposition the property in support of a long-term leasing plan. Updates will include significant upgrades to the lobby and other tenant amenities. CBRE leases the building. The deal is expected to close by the end of the year.
NEW YORK CITY — Cushman & Wakefield has arranged a $106 million acquisition loan for an office condominium located at 12 MetroTech Center in downtown Brooklyn. The condo consists of five floors totaling 186,000 square feet that are situated within a larger building whose lower 25 floors are owned by the City of New York. Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez of Cushman & Wakefield arranged the five-year, interest-only loan through Starwood Property Trust on behalf of the borrower, an entity doing business as 60 Guilders. Doug Harmon, Adam Spies, Adam Doneger, Dan OBrien, Rachel Humphrey and Meaghan Philbin of Cushman & Wakefield brokered the sale of the asset.
NEW YORK CITY — Law firm Freehill Hogan & Mahar has signed a 17,333-square-foot office lease renewal at 80 Pine Street, a 1.2 million-square-foot building that occupies a full city block in Lower Manhattan. Howard Nottingham and Allyson Bowen of Savills represented the tenant in the negotiations for the 11-year lease. Kevin Daly represented the landlord, The Rudin Family, on an internal basis. The deal coincides with the completion of the first phase of Rudin’s capital improvement program, which included the renovation of the lobby and entrances.
By Justin Wybenga, vice president of asset services, GMH Communities Every day, we see the world constantly changing. Whether it’s advancements in technology, culture, arts or sciences, there are many things to look forward to as life and business return to normal. One sector of commercial real estate that continues to experience breakthroughs is life sciences. Case in point: Mayor Bill de Blasio and the NYC Economic Development Corp. announced that the organization would double its investment to $1 billion to establish New York City as the global leader in life sciences. With the increasing demand for research and lab space comes an emerging need for innovative housing that supports the rapidly growing population of researchers, professors, graduate students and third-shift workers. Historically, amenities and services for this group have been an afterthought. We saw a void in this space and recently launched a completely new vertical called “Innovative Living.” Innovative Living takes best practices from conventional multifamily and student housing, including cutting-edge technology and best-in-class amenities and services, and tailors those features to accommodate the specific needs of professionals and graduate and postgraduate students working or learning in major innovation hubs. Understand Residents’ Needs Fostering a collaborative living environment …
PLANO, TEXAS — Trintech, a locally based provider of financial software products, has signed a 70,000-square-foot office lease for its new headquarters space at Granite Park Seven in Plano. Craig Wilson and Randy Cooper of Stream Realty Partners represented the tenant in the lease negotiations. Union Investment owns the asset, having purchased it from Granite Properties in 2018.