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10445-Pacific-Center-Ct-San-Diego-CA
CaliforniaDevelopmentIndustrialLife SciencesOfficeWestern

Sterling Bay West, Harrison Street to Acquire Life Sciences Portfolio in Sorrento Mesa, Plan 1.1 MSF Development

by Amy Works

SAN DIEGO — Sterling Bay West and Harrison Street have agreed to acquire an office and life sciences portfolio in San Diego’s Sorrento Mesa submarket. City Office REIT is selling the assets for an undisclosed price. Located at 10390-10445 Pacific Center Court, 5910 Pacific Center Blvd. and 9985 Pacific Heights, the portfolio comprises four life sciences lab buildings, an empty building ready for speculative office/lab space, two office buildings totaling 420,229 square feet and five acres of excess land. The buyers plan to develop up to 1.1 million square feet of ground-up, Class A life sciences campus facilities on the site. Construction is slated to begin in 2023 and will be completed in phases.

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AcquisitionsIndustrialOfficeTexas

Provident Realty Advisors Sells 176,000 SF Plano Commerce Park

by Taylor Williams

PLANO, TEXAS — Locally based investment and financial services firm Provident Realty Advisors has sold Plano Commerce Park, a 176,000-square-foot industrial development located on the northern outskirts of Dallas. Plano Commerce Park consists of two buildings that comprise about 132,000 square feet of manufacturing and warehouse space and 44,000 square feet of office space. Stephen Bailey, Dustin Volz and Zach Riebe of JLL brokered the deal. The buyer was not disclosed. Plano Commerce Park was 100 percent leased at the time of sale.

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AcquisitionsIllinoisMidwestOffice

Sterling Bay, J.P. Morgan Asset Management Sell Google-Occupied Office Building in Chicago for $169M

by Kristin Harlow

CHICAGO — Sterling Bay and institutional investors advised by J.P. Morgan Global Alternatives have sold 210 N. Carpenter, a 206,315-square-foot office and retail building in Chicago’s Fulton Market neighborhood. The sales price was $169 million. Google occupies 132,000 square feet to house its Chicago-based cloud division. Other tenants at the fully leased property include Leopardo Cos., rEvolution Marketing, S2G Ventures, CVS Pharmacy and uncooked. Completed in 2019, the 12-story building is LEED Gold certified and WELL Health Safety certified. Amenities include a rooftop pool, tenant lounge, fitness center, yoga room, conference facilities and onsite parking. Sterling Bay was the developer, Solomon Cordwell Buenz was the architect, IA Interior Architects was the interior designer and Leopardo Cos. was the general contractor. Tom Sitz, David Knapp, Cody Hundertmark, Dan Deuter and Paul Lundstedt of Cushman & Wakefield marketed the property for sale and procured the buyer, German investment firm Deka Immobilien.

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KansasLeasing ActivityMidwestOffice

TreviPay Signs 73,000 SF Office Lease at Aspiria in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Global business-to-business payments company TreviPay has signed a 73,000-square-foot lease to relocate its corporate headquarters to Aspiria in Overland Park. TreviPay says the new office will enable its more than 400 Kansas City-area employees to be in one location. The company, which expects to begin occupying its new space in October, is moving from 8650 College Blvd. in Overland Park. Occidental Management owns Aspiria, which is the redevelopment of the former Sprint campus. Aspiria features walking and biking trails, a 68,000-square-foot fitness center, green spaces, three conference centers, coffee shops and a cafeteria. Occidental plans to develop an additional 60 acres surrounding the campus at the corner of 119th Street and Nall Avenue. Plans call for an additional 1 million square feet of Class A office space, 380,000 square feet of retail and restaurant space, a 120-room hotel and 600 multifamily units. Design planning on the long-term project is underway.

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Chapel-Street-Newton-Massachusetts
HealthcareLife SciencesLoansMassachusettsNortheastOffice

PCCP Provides $39.8M Loan for Refinancing of Metro Boston Life Sciences, Office Portfolio

by Taylor Williams

WATERTOWN AND NEWTON, MASS. — PCCP LLC has provided a $39.8 million loan for the refinancing of a portfolio of three life sciences and creative office buildings totaling 124,946 square feet in Watertown and Newton, two western suburbs of Boston. The two Watertown properties were built in the 1940s and total 43,344 square feet. The Newton property was constructed in 1900, renovated in 2017 and consists of 81,602 square feet. The borrower, Massachusetts-based KS Partners LLC, will use a portion of the proceeds to fund capital improvements. The portfolio was 94 percent leased at the time of sale.

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Leasing ActivityNew YorkNortheastOffice

Credit Agricole CIB Signs 167,000 SF Office Lease at 1301 Avenue of the Americas in Manhattan

by Taylor Williams

NEW YORK CITY — Global investment bank Credit Agricole CIB has signed a 167,000-square-foot office lease at 1301 Avenue of the Americas, a 1.7 million-square-foot building located between 52nd and 53rd streets in Midtown Manhattan. New York City-based Paramount Group Inc. (NYSE: PGRE) owns the 45-story building, which features a newly renovated lobby, in-building access to Rockefeller Center and 30,000 square feet of ground-floor and concourse-level retail space.

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IndustrialLoansNortheastOfficePennsylvania

Eastern Union Arranges $9.7M in Financing for Philadelphia Flex Portfolio

by Taylor Williams

PHILADELPHIA — Eastern Union has arranged $9.7 million in financing for a 218,961-square-foot flex portfolio in Philadelphia. The portfolio consists of three waterfront buildings with both office and industrial space. The financing comprises a $5.2 million acquisition loan and a $4.5 million credit facility to cover renovations and leasing costs. The borrower was a partnership between Michael Bauer of New York City-based BASH Capital and Joseph Cunane of West Chester, Pennsylvania. Marc Tropp of Eastern Union originated the financing.

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AcquisitionsOfficeTexas

Partners Capital Sells 104,212 SF Wells Fargo Business Park in Houston

by Taylor Williams

HOUSTON — Partners Capital, the investment arm of NAI Partners, has sold Wells Fargo Business Park, a 104,212-square-foot flex property in Houston. Partners Capital originally acquired the two-building complex in 2018. Trent Agnew and Charlie Strauss of JLL represented Partners Capital in the transaction. Dallas-based Hillview Capital Partners purchased the asset for an undisclosed price.

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AcquisitionsIllinoisMidwestOffice

JLL Brokers Sale of Two-Building Office Property in Suburban Chicago

by Kristin Harlow

NORTHBROOK, ILL. — JLL Capital Markets has brokered the sale of Edens Corporate Center, a two-building office property in the northern Chicago suburb of Northbrook. The sales price was undisclosed. Located on Dundee Road, Edens Corporate Center rises four stories and spans 188,040 rentable square feet. The two buildings were constructed in 1987 and 1988 and renovated from 2016 to 2019. Amenities include heated parking, an outdoor terrace, café, fitness center, yoga room and bike room. Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller of JLL represented the seller, KBS. Bradford Allen Investment Advisors was the buyer.

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AcquisitionsCaliforniaCompany NewsNew YorkNortheastOfficeTop StoriesWestern

PIMCO to Acquire Office REIT Columbia Property Trust in $3.9B Deal

by John Nelson

NEWPORT BEACH, CALIF. AND NEW YORK CITY — Pacific Investment Management Co. (PIMCO) has entered into a definitive agreement with Columbia Property Trust (NYSE: CXP) to acquire the New York City-based office REIT. Funds managed by PIMCO will acquire all of the outstanding shares of Columbia’s common stock in a deal valued at $3.9 billion, including debt. Columbia owns 15 office properties spanning more than 6 million square feet in the gateway markets of New York City, Boston, San Francisco and Washington, D.C. The firm’s portfolio also includes four office properties under development and 8 million square feet under management for private investors and third parties. The U.S. office sector has been severely impacted by the outbreak of COVID-19 and rise of the Delta variant as millions of office-using employees are currently working from home. According to The Wall Street Journal, New York City and San Francisco reported the lowest usage rates among the 10 major office markets tracked by Falls Church, Va.-based Kastle Systems, which monitors access swipes of office buildings. New York City had a usage rate of 22.3 percent and San Francisco had a 19.7 usage rate for the week ending Aug. 25. Despite the headwinds facing …

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