Office

Northpond Partners Acquires Packard Place Office Building in Downtown Charlotte for $15.4M

by Julia Sanders July 13, 2021

CHARLOTTE, N.C — Northpond Partners has acquired Packard Place, a five-story creative office building located at 222 South Church St. in downtown Charlotte. Dunn Mileham and David Morris of Trinity Partners arranged the transaction on behalf of the seller, Packard Place Properties LLC, an entity owned by Sara and Dan Roselli. The sales price was $15.4 million. After purchasing the 95,128-square-foot property in 2010, Sara and Dan Roselli founded The Garage at Packard Place, a nonprofit focused on providing Charlotte’s start-up and entrepreneurial community with technical, educational and business support. Currently 60 percent leased, Packard Place has served as home to the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee and Ink n Ivy. Northpond has selected architectural firm Gensler to lead the design for the property’s comprehensive common area renovations. Potential plans include the creation of an open lobby allowing for tenant connection and collaboration. Capital improvements are expected to begin later this year and be completed in second-quarter 2022. Northpond has retained Maddy Howey and Tim Arnold of Trinity Partners to lease the property. Additionally, Trinity Partners will manage the property. Northpond Partners is a Chicago-based real estate investment firm. This property is Northpond’s …

July 13, 2021

Illinois Loans Midwest Office

JLL Arranges $33M in Financing for Two Office Buildings in Lake Forest, Illinois

by Kristin Harlow July 13, 2021

LAKE FOREST, ILL. — JLL Capital Markets has arranged $33 million in financing for One and Two Conway Park, two Class A office buildings in the Chicago North Shore community of Lake Forest. JLL worked on behalf of the borrower, an affiliate of Pembroke IV LLC, to secure floating-rate financing through Money360. Loan proceeds were used to refinance One Conway, which was purchased in 2016, and fund the acquisition and renovation of Two Conway. Both buildings are located on North Field Drive near I-94 and are situated within the larger Conway Park office campus. Renovated in 2018, One Conway spans 105,000 square feet and is 57 percent leased to tenants such as Schiller Ducanto & Fleck, Meridian Compensation Partners and Stifel. Two Conway spans 120,354 square feet and is currently 55 percent leased. Shared amenities include a conference facility, fitness center, café and Wi-Fi lounge. Ownership plans to add a new cafeteria, training room and outdoor amenities such as picnic tables and fire pits in the coming months. Christopher Carroll and Lucas Borges of JLL represented the borrower.

July 13, 2021

Loans New Jersey Northeast Office

JLL Places $9M Loan for Refinancing of Office Building in Eatontown, New Jersey

by Taylor Williams July 13, 2021

EATONTOWN, N.J. — JLL has placed a $9 million loan for the refinancing of Meridian Center II, an 80,188-square-foot office building in the coastal New Jersey city of Eatontown. Built on 4.6 acres in 1988, the property was 92 percent leased at the time of the loan closing to tenants such as Hackensack Meridian Health, Wayside Technology Group and Altair Health. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the loan, specific terms of which were not disclosed, on behalf of the borrower, locally based development and management firm The Donato Group.

July 13, 2021

Market Reports Office Texas Texas Market Reports

Demand for Class A Office Space, Flexible Work Routines Juxtaposed in Fort Worth

by Taylor Williams July 13, 2021

By Chris Doggett, executive vice president, Stream Realty Partners The allure of the Dallas-Forth Worth (DFW) market continues to make it one of the top corporate destinations in the country. This past year, DFW ranked number one in the nation in raw population growth. Specifically, an average of 328 people per day were added to the DFW fold, which equates to approximately 119,748 more residents this past year. This is truly an incredible stat and reflects the fact that the consistent, historically growth of DFW shows no signs of changing course. The cost of living, tax benefits and incredibly convenient location — directly in the middle of the Central Time Zone allowing for a three-hour flight time to anywhere in the continental United States — are second to none. The vast majority of new, Class A office transactions, including relocations from other states, have landed in new office developments in Irving, Uptown Dallas, the greater Legacy/Frisco area, Allen and Cypress Waters along the LBJ Freeway. This begs the question — why is the Fort Worth area not front and center for these deals? While many companies in Fort Worth have already returned to their offices, the thinking and processes behind …

July 13, 2021

Acquisitions Office Texas

Colliers Negotiates Sale of 41,661 SF Office Complex in Irving

by Taylor Williams July 12, 2021

IRVING, TEXAS — Colliers International has negotiated the sale of Regent Place, a 41,661-square-foot office complex in the Las Colinas area of Irving. Built on 2.1 acres in 1981 and renovated in 2010, the property offers proximity to Dallas-Fort Worth International Airport and other major state highways. Cody Payne of Colliers represented the buyer and seller, both of which were private investors that requested anonymity, in the transaction.

July 12, 2021

Leasing Activity Office Texas

Common Desk Opens 25,000 SF Coworking Space at Hall Park in Frisco

by Taylor Williams July 12, 2021

FRISCO, TEXAS — Common Desk, a Dallas-based provider of flexible workspace solutions, has opened a 25,000-square-foot coworking space at Hall Park, a 162-acre office development in Frisco. Members have access to unlimited conference room use, community events, private chat booths, wellness rooms and beverages from Fiction Coffee. Members can also use the fitness center, onsite dining options, car care center and full-service banks that operate out of Hall Park, as well as the property’s jogging trails, event lawn and sculpture garden.

July 12, 2021

Illinois Leasing Activity Midwest Office

Restaurant Technology Provider Tock Signs 51,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow July 12, 2021

CHICAGO — Tock, a restaurant technology provider, has signed a 51,000-square-foot office lease at 320 N. Sangamon in Chicago’s Fulton Market district. The company provides restaurants with a system for streamlining reservations, events, takeout and delivery. Tock plans to take occupancy of the fifth and sixth floors in January 2022. Developer and owner Tishman Speyer recently completed 320 N. Sangamon in partnership with Chicago-based Mark Goodman & Associates. Ellen May, Adam Mitchel and Olivia Parker of Tishman Speyer are the property’s leasing agents. Solomon Cordwell Buenz was the architect. Website building and e-commerce platform Squarespace acquired Tock in March of this year.

July 12, 2021

Acquisitions Florida Office Southeast

Hold-Thyssen Brokers $1.8M Sale of Office Building in Celebration, Florida

by Julia Sanders July 12, 2021

CELEBRATION, FLA. — Hold-Thyssen Inc. has brokered the $1.8 million sale of a 7,435-square-foot, freestanding office building in Celebration. Martin Forster of Hold-Thyssen brokered the transaction on behalf of the seller, an entity doing business as 1216 Patrick Street LLC. A firm doing business as 1216 SCARF LLC was the buyer, who comprises some leaders of Serving Children and Reaching Families LLC, a woman-owned behavioral health service provider. Located at 1216 Patrick St., the office property was built in 1997 and refurbished in 2017. The buyer has leased the one-story building since October 2017 and decided to take advantage of current low interest rates. One Florida Bank provided an acquisition loan that was originated internally by Shane McCutchen. Florida First Capital Finance Corp.’s John Hanrahan arranged a mezzanine loan insured by the U.S. Small Business Administration (SBA).

July 12, 2021

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market Trending Upward as Workers Set to Return En Masse

by John Nelson July 11, 2021

Following a challenging year in 2020, momentum in the Atlanta office market is beginning to trend upwards. The COVID-19 pandemic forced office users and owners to sideline their business plans and made tenants reevaluate their office needs. As government restrictions have lifted and vaccines for COVID-19 have become widely available, many companies in Atlanta are going back to the office and the “new normal” for the workplace is here. There have been several notable office announcements made in Atlanta this year. Two large technology corporations announced they were expanding their plans for major hubs in Atlanta, and companies including Adecco and Minute Maid announced plans to make Atlanta their headquarters or a hub. In total, there have been over 20 major relocation or expansion announcements in the past year, accounting for more than 3 million square feet of recent or anticipated near-term absorption. Atlanta’s most significant office lease in 2021 has been Global Payments’ 206,542 square-foot commitment at 5995 Windward in the North Fulton submarket. Other notable leases include Soliant Health’s 87,419-square-foot deal at Summit at Peachtree Parkway in the Peachtree Corners submarket and ServiceMaster’s 53,440-square-foot lease at One Glenlake in the Central Perimeter submarket. Other companies including Centene and …

July 11, 2021

Acquisitions Development Mixed-Use Multifamily North Carolina Office Restaurant Retail Southeast

SLI Capital, Regent Acquire 15 Parcels in Raleigh for Phase II of East End Market

by Julia Sanders July 9, 2021

RALEIGH, N.C. — A joint venture between SLI Capital and Regent Partners has acquired 15 parcels totaling approximately 10 acres in Raleigh for the second phase of the East End Market mixed-use development. Seven undisclosed entities sold the 15 parcels to the joint venture for a total of approximately $18 million. Located on Whitaker Mill Road between Wake Forest Road and Atlantic Avenue, East End Market is a mixed-use, food and beverage destination that will offer a collection of restaurants, apartments, shops and office spaces. Phase I of East End Market began in March and is expected to be completed by the end of the year with the first tenants expected to move in shortly thereafter. The tenant lineup includes East End Bistro, a French chop house by acclaimed restaurateur Giorgios Bakatsias; Shady Grove Cider Co., Raleigh’s first cidery; Common Desk, a Texas-based coworking brand; and local businesses Campion Capital and Piedmont Capital. Phase II will include new construction featuring 235,000 square feet of office space, 40,000 square feet of retail and food and beverage and 465 apartments. The project is fully capitalized via a joint venture with Koch Real Estate Investments. Construction will commence without any preleasing, according to …

July 9, 2021

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