Office

TMRW Life Sciences Inks 38,000 SF Lease Expansion at 250 Hudson Street in Manhattan

by Taylor Williams August 16, 2021

NEW YORK CITY — TMRW Life Sciences, which provides management systems and solutions for in vitro fertilization, has signed a 38,000-square-foot lease at 250 Hudson Street in Manhattan. The tenant currently occupies a portion (5,500 square feet) of the seventh floor of the 15-story building and will relocate from that space to occupy the entire sixth floor and part of the ground floor. Mitti Liebersohn of Avison Young represented TMRW Life Sciences in the lease negotiations. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis.

August 16, 2021

Loans Office Southeast Tennessee

Natixis Provides $51.5M in Financing FedEx Logistics Headquarters in Downtown Memphis

by Julia Sanders August 16, 2021

MEMPHIS, TENN. — Natixis, a France-based financial services firm, has provided $51.5 million in floating-rate financing for FedEx Logistics headquarters in downtown Memphis. The financing was provided to the subsidiaries of SomeraRoad Inc. The financing will refinance the FedEx Logistics headquarters building, a 193,836-square-foot, Class A office building located at 145 Lt. George W Lee Ave. in downtown Memphis. SomeraRoad will also use the financing to fund the renovation of the parking lot across the street near the FedEx Forum. The office building serves as the new global headquarters for FedEx Logistics, the supply chain and trade arm of FedEx Corp. The building was formerly a Gibson Guitar factory. FedEx Logistics moved its global headquarters to the Memphis office building in April 2020.

August 16, 2021

Acquisitions California Office Western

Newmark Negotiates $70M Sale of Creative Office Building in El Segundo, California

by Amy Works August 16, 2021

EL SEGUNDO, CALIF. — Newmark has brokered the sale of 2221 Park Place, a two-story creative office property located in downtown El Segundo. 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures, sold the asset for $70 million, or $778 per square foot. The undisclosed buyer intends to occupy the 90,000-square-foot building, which was recently constructed. The building features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper-level patios and contemporary technology for health and efficiency. Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White of Newmark represented the seller in the off-market transaction.

August 16, 2021

Development Healthcare Office Southeast Virginia

Trammell Crow to Develop 383,000 SF Seniors Housing, Medical Office Property in Metro D.C.

by Julia Sanders August 13, 2021

ALEXANDRIA, VA. — Trammell Crow Co. (TCC) plans to develop a 383,000-square-foot mixed-use development in Alexandria. Located at 765 John Carlyle St., the Class A project will include a 268,000-square-foot seniors housing property and a 115,000-square-foot medical office building. The buildings will be constructed above a common podium offering a mix of retail uses and a 440-space parking garage. Construction is slated to begin in the third quarter of 2022 and will be completed by the end of 2024. The 18-story seniors housing building will include approximately 215 residences that will offer independent living, assisted living and memory care options. The medical office building will rise 10 stories and include 12,000 square feet of ground-floor retail space. The project will be located about 9.5 miles from downtown Washington, D.C., and 4.4 miles from Ronald Reagan Washington National Airport. JM Zell Partners and CBRE Global Investors will be co-developers on the project. The majority investor, TCC will team up with Senior Resource Group, a luxury senior living operator and developer, on the senior living component of the project. Remedy Medical Properties, a medical office real estate investment firm, will be a partner on the medical office component. Perkins Eastman is the …

August 13, 2021

Company News District of Columbia Office Southeast

Merchants Capital Opens New Office in D.C., Fifth Location Nationwide

by Julia Sanders August 13, 2021

WASHINGTON, D.C. — Merchants Capital, a Carmel, Ind.-based affordable housing lender, has opened a new office in Washington, D.C., that will be the company’s fifth location nationwide. Located at 505 9th St. NW, Suite 800, the new office serves as a hub for a dozen team members and is part of the company’s strategy to expand its national lending footprint with a concentration on the East Coast. “We are excited to be positioned in downtown Washington, D.C., as it is a natural fit for the firm to be in close proximity to Fannie Mae, Freddie Mac, the Department of Housing and Urban Development (HUD) and other landmark institutions that support affordable multifamily housing across the nation,” says Dwayne George, the executive vice president and national head of production for Merchants Capital. The new office follows the announcement that Merchants Capital was named the No. 4 affordable multifamily lender nationwide in 2020 by the Mortgage Bankers Association. Last year, Merchants Capital closed $2.2 billion in affordable housing loans across 188 transactions, with an average transaction size of $11.8 million.

August 13, 2021

Acquisitions Illinois Midwest Office

North Wells Capital, Skydeck Capital Acquire Five-Story Office Building in Chicago’s River North

by Kristin Harlow August 13, 2021

CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.

August 13, 2021

Connecticut Leasing Activity Northeast Office

Encompass Digital Media Signs 136,366 SF Office Lease in Stamford, Connecticut

by Taylor Williams August 13, 2021

STAMFORD, CONN. — Encompass Digital Media has signed a 136,366-square-foot office lease at Shippan Landing, a six-building waterfront office campus that is located on a 17-acre site in Stamford. David Block, Steven Greenbush and Joe Coleman of CBRE represented the tenant in the lease negotiations. Trip Hoffman, Adam Klimek and Mike Norris of Cushman & Wakefield represented the owner, a joint venture between developers George Comfort & Sons and Rubenstein Partners LP. Peter Duncan and Dana Pike of George Comfort & Sons also worked on the deal on an internal basis. Encompass Digital Media has occupied space at the campus since 1994, and this transaction extends its commitment term for six more years.

August 13, 2021

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $12.5M Sale of Office Building in Summit, New Jersey

by Taylor Williams August 13, 2021

SUMMIT, N.J. — Marcus & Millichap has brokered the $12.5 million sale of a 19,971-square-foot office building in Summit, located about 25 miles west of New York City. Alan Cafiero, Ben Sgambati and David Cafiero of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction. Energy Capital Partners occupies the building.

August 13, 2021

Development Industrial Office Southeast Virginia

Wegmans Plans $175M Distribution Facility, Office in Hanover County, Virginia

by Julia Sanders August 12, 2021

HANOVER COUNTY, VA. — Wegmans Food Markets Inc., an upscale supermarket chain based in Rochester, N.Y., has purchased nearly 221 acres in Hanover County for $4 million. The grocer plans to build a $175 million distribution facility on the site, which is located along Sliding Hill and Ashcake roads and is accessible by Interstate 95. The 1 million-square-foot center will support Wegmans’ Mid-Atlantic stores and will include 30,000 square feet of office space. Wegmans has a total of 106 stores across seven states, including 13 stores in Virginia. J.R. Burdette and Donny Self with Coldwell Banker Commercial Elite represented Wegmans in the land transaction. The seller was Air Park Associates LP, according to Richmond Biz Sense. The news outlet also reported that the facility will support 700 new jobs.

August 12, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield Brokers Sale of $39M Vacant Office Facility in Scottsdale, Arizona

by Kristin Harlow August 12, 2021

SCOTTSDALE, ARIZ. — Cushman & Wakefield has brokered the sale of a vacant corporate headquarters facility in Scottsdale for $39 million in an off-market transaction. The new owner, Dansons, will relocate from its current headquarters in central Phoenix to the two-story, 200,000-square-foot office building. Dansons, a privately held company with over 400 employees, is the maker and distributor of grills and smokers, including Pit Boss and Louisiana Grills. The building was formerly occupied by a Fortune 100 insurance company. Located at 8877 N. Gainey Center Drive, the building features multiple two-story lobby entrances, large open floor plates, mature landscaping, an onsite cafeteria and test kitchen, ample surface visitor parking, along with three levels of underground garage parking. The property provides convenient access to the Loop 101 freeway and enjoys an abundance of upscale amenities, retail services and entertainment venues in the Gainey Ranch area. Cushman & Wakefield’s Dave Carder and Scott Boardman represented Dansons in the transaction. Lee & Associates’ Fred Darche and Spencer Nast represented the private seller.

August 12, 2021

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