Office

Eight Eleven Group Signs 7,500 SF Office Lease at HUB640 in Milwaukee

by Kristin Harlow August 30, 2021

MILWAUKEE — Eight Eleven Group has signed a 7,500-square-foot office lease at HUB640 in Milwaukee’s Westown neighborhood. This will be the second office in Milwaukee for the Indianapolis-based staffing and consulting firm. Eight Eleven employees will temporarily occupy a spec suite within HUB640 while they await the buildout of their permanent location on the third floor. Eight Eleven plans to hire five additional employees this year and seven to 10 more next year. Purchased in 2017 by North Wells Capital, HUB640 was formerly home to the corporate offices of The Bon-Ton Stores Inc. and its longtime Boston Store. Fully renovated in the years following, the 120-year-old property now features a new lobby, amenity floor, rooftop deck and fitness center. The project gets its name from the address, 640 N. 4th St. John Davis and Ned Purtell of Founders 3 Real Estate Services represented North Wells Capital in the lease with Eight Eleven.

August 30, 2021

Acquisitions California Office Western

Shorenstein Properties Buys 427,600 SF Phase I of America Center in North San Jose

by Amy Works August 30, 2021

SAN JOSE, CALIF. — Shorenstein Properties has purchased Phase I of America Center in North San Jose for an undisclosed price. The name of the seller was not released. The asset consists of two six-story, Class A office buildings, totaling 427,600 square feet, and a development parcel at 6001 and 6201 America Center Drive. The development site is entitled for a six-story, 200,000-square-foot office building. At the time of sale, the property was 98 percent leased with a weighted average remaining lease term of 2.9 years. The LEED Gold-certified property features on-site amenities, including exercise options, full-service cafeterias, outdoor trails, a sports park and expansive indoor and outdoor gathering space. The property is situated within the five-building America Center complex.

August 30, 2021

Acquisitions Colorado Office Western

Colorado Christian University Acquires Office Building in Lakewood, Colorado for $5M

by Amy Works August 30, 2021

LAKEWOOD, COLO. — Colorado Christian University has purchased 333 S Allison Parkway, an office and medical building in Lakewood. An undisclosed seller sold the asset for $5 million. Colorado Christian University plans to use the three-story, 35,741-square-foot building for its main offices and future site of its nursing school. Built in 1987, the property was formerly known as KeyBank Plaza. Garrett Neustrom and Jules Sherwood of Kenai Capital Advisors represented the seller, while Bob Pipkin and Jeff LaForte of Fuller Real Estate represented the buyer in the deal.

August 30, 2021

Acquisitions Industrial Office Texas

SkyWalker Property Partners Sells 113,046 SF Flex Building in Irving

by Taylor Williams August 27, 2021

IRVING, TEXAS — SkyWalker Property Partners has sold a 113,046-square-foot flex building located on a 4.7-acre site at 6001 Campus Circle Drive W. in Irving’s Las Colinas district. The property previously served as a data center for Fidelity Investments before the current seller repositioned the building to include warehouse space. Zane Marcell, Chris Stout and Melissa Holland of JLL represented the seller in the transaction. Brett Lewis of Lee & Associates represented the buyer.

August 27, 2021

Acquisitions Colorado Industrial Office Western

Crescent Real Estate Purchases Two-Building, 119,977 SF Office/Retail Property in Denver

by Amy Works August 27, 2021

DENVER — An affiliate of Crescent Real Estate has acquired a two-building, 119,977-square-foot office and retail property, located at 200-250 Columbine St. in Denver, for $82.7 million. PCCP provided a $56.5 million senior loan for the acquisition of the asset. Western Development Co. sold the property. John Jugl of Newmark represented the seller in the deal. Constructed in 2015, the property features 89,195 square feet of office space and 30,782 square feet of retail space. The eight-story building at 200 Columbine St. features all the office space and 9,856 square feet of restaurant and retail space, as well as a two-story subterranean parking garage. The adjacent seven-story building at 250 Columbine St. features the remaining 20,926 square feet of ground-floor retail space. The building also includes 71 residential condominium units that were not part of the acquisition. The office and retail components of the property were fully occupied at the time of sale.

August 27, 2021

Acquisitions California Industrial Net Lease Office Western

Skyline Group Buys 273,180 SF Glen Bell Way Office/R&D Campus in Irvine, California

by Amy Works August 27, 2021

IRVINE, CALIF. — Taiwan-based Skyline Group International has acquired Glen Bell Way, a Class A office and R&D campus located in downtown Orange County’s Irvine Spectrum. The 273,180-square-foot campus includes: 1 Glen Bell Way, a five-story office building; 3 Glen Bell Way, a one-and-two story R&D and office headquarter building; and 5 Glen Bell Way, a four-level, 911-stall parking structure. The campus is 100 percent triple-net-leased to Yum! Brands and Ford Motor Co. There are 91,457 square feet of remaining entitlements associated with the campus that can be utilized for potential future expansion/office intensification for 3 Glen Bell Way. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Brandon White of Newmark represented the undisclosed seller in the deal. The acquisition price was not released.

August 27, 2021

Leasing Activity New York Northeast Office

Cedar Signs 66,753 SF Office Lease at 32 Avenue of the Americas in Manhattan

by Taylor Williams August 27, 2021

NEW YORK CITY — Cedar, a locally based healthcare financial technology firm, has signed a 66,753-square-foot office lease at 32 Avenue of the Americas in Manhattan’s Tribeca neighborhood. The lease term is five years, and the space encompasses the entire 18th and a portion of the 17th floors of the 1.2 million-square-foot building. Cedar is quadrupling its 17,000-square-foot footprint at 95 Morton Street and plans to take occupancy of its new space in the fourth quarter. Mitti Liebersohn and Evan Foley of Avison Young represented the tenant in the lease negotiations. Robert Steinman represented the landlord, The Rudin Family, on an internal basis.

August 27, 2021

Acquisitions Massachusetts Office Top Stories

MetLife, Norges Bank Acquire One Memorial Drive Office Tower in Cambridge, Massachusetts for $825.1M

by Julia Sanders August 27, 2021

CAMBRIDGE, MASS. — MetLife Investment Management, the institutional asset management business of MetLife Inc., and Norges Bank Investment Management, the asset management division of Norges Bank, have acquired One Memorial Drive, a Class A office building in Cambridge, for $825.1 million. Oxford Properties Group and a fund advised by J.P. Morgan Global Alternatives sold the property for over $2,000 per square foot. Located on the Charles River about 0.7 mile from the Massachusetts Institute of Technology, One Memorial Drive is a 17-story building with 409,422 square feet of leasable space. Built in 1986 and renovated in 2018, the fully occupied property has two long-term tenants, InterSystems Corp., a Cambridge-based data technology provider, and Microsoft Corp., a Redmond, Wash.-based computer software and electronics retailer. In 2017, the previous owner increased the leasable area of the building by more than 10 percent by converting an entire floor of underutilized parking into office space. The new transformed office space was then leased to InterSystems. “We continue to see significant areas of opportunity within the commercial real estate sector despite the challenges posed by the pandemic over the last 18 months,” says Robert Merck, global head of real estate and agriculture at MetLife Investment …

August 27, 2021

Acquisitions California Industrial Office Western

Grosvenor Americas Purchases 218,645 SF R&D/Office Property in North San Jose, California

by Amy Works August 26, 2021

SAN JOSE, CALIF. — Grosvenor Americas has acquired Orchard-Trimble, an office and R&D campus located at Orchard Parkway and West Trimble Road in North San Jose’s Golden Triangle. The acquisition price and name of the seller were not released. Toshiba America Electronic Components, the U.S. storage and semiconductor division of Toshiba Corp., occupies the 218,645-square-foot property, which features R&D lab space. The campus is near San Jose International Airport and provides access to downtown San Jose via the VTA Light Rail.

August 26, 2021

Leasing Activity Office Texas

Weaver Signs 60,000 SF Office Lease in Houston’s Galleria District

by Taylor Williams August 26, 2021

HOUSTON — Accounting firm Weaver has signed a 60,000-square-foot office lease for its new headquarters at Five Post Oak Park, a 28-story building in Houston’s Galleria district. Weaver will relocate from a 43,000-square-foot space at Wesleyan Tower beginning in May 2022. CP Group, a developer and operator of mixed-use projects throughout the Southern United States, recently purchased the building in partnership with Miami-based Rialto Capital.

August 26, 2021

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