Office

Drawbridge Realty Buys Arrow Electronics Headquarters Property in Englewood, Colorado for $106M

by Amy Works April 20, 2022

ENGLEWOOD, COLO. — Drawbridge Realty has purchased one of the Arrow Buildings at Dry Creek Station in Englewood for $106 million. The acquisition is Drawbridge’s first since completing a $1.7 billion recapitalization of its national portfolio in February with institutional investors KKR and General Atlantic. Arrow Electronics (NYSE: ARW) fully occupies the 223,177-square-foot, Class A headquarters building, located at 9151 E. Panorama, on a long-term basis. Constructed in 2017, the property enabled Arrow to consolidate its more than 1,600 local employees spread across nine buildings into one campus-style location. The seven-story building offers parking for more than 1,300 cars and is adjacent to Interstate 25 and near the Dry Creek light rail station. The acquired building is adjacent to Arrow’s other worldwide headquarters building. Terms of the transaction were not released.

April 20, 2022

Acquisitions Colorado Healthcare Office Western

Cushman & Wakefield Brokers Sale of 241,200 SF Flex Portfolio in Colorado Springs

by Amy Works April 20, 2022

COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of Interquest I-IV, a four-building flex, office and healthcare portfolio located at 9925, 9945, 9950 and 9960 Federal Drive in Colorado Springs. An undisclosed seller sold the asset to a Denver-based private partnership for an undisclosed price. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller. Constructed in phases in 2001 and 2008/2009, the buildings offer a total of 241,232 square feet of flex, office and healthcare space. At the time of sale, the portfolio was 76 percent leased to a healthcare and technology tenants. Interquest I (9945 Federal Drive) and Interquest II (9925 Federal Drive) have LEED Silver certification.

April 20, 2022

Acquisitions Arizona Healthcare Office Western

Meridian Sells Grunow Memorial Medical Center in Phoenix for $17.9M

by Amy Works April 20, 2022

PHOENIX — Meridian has completed the sale of Grunow Memorial Medical Center, a medical office property located in Phoenix. A private Canadian investor acquired the asset for $17.9 million. Located at 925 E. McDowell, Grunow Memorial Medical Center features 53,000 square feet of medical office space. At the time of sale, the building was 90 percent leased to 12 tenants, including DaVita Dialysis. Lester A. Bryon designed the property, which was constructed in 1931. Mindy Berman of JLL represented Meridian in the transaction.

April 20, 2022

Development Office Texas

MetroNational Underway on 190,000 SF Office Project in Houston’s Memorial City District

by Taylor Williams April 20, 2022

HOUSTON — Locally based developer MetroNational is underway on construction of a 190,000-square-foot office project at 9753 Katy Freeway in Houston’s Memorial City District. Designed by Kirksey Architecture, the nine-story building marks the latest addition to the 10 million-square-foot mixed-use campus and will be situated adjacent to The McKinley, a newly built high-rise apartment tower. Completion is scheduled for the second quarter of 2023.

April 20, 2022

Acquisitions New York Northeast Office Retail

IPA Arranges $35M Loan for Leasehold Acquisition of Manhattan Office, Retail Building

by Taylor Williams April 20, 2022

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $35 million loan for the leasehold acquisition of 580 Broadway, a 141,645-square-foot office and retail building in Manhattan. Originally constructed in 1898, the 12-story building consists of 8,442 square feet of grade-level retail space, 7,292 square feet of below-grade retail space and 125,911 square feet of office space. Matthew Polci of Marcus & Millichap Capital Corp. and Steven Buchwald of IPA arranged the financing through Miami-based lender BridgeInvest. Justin Natalizio of The Anton Group negotiated the sale of the property via a long-term ground lease.

April 20, 2022

Leasing Activity New York Northeast Office

Bain Capital Signs 14,765 SF Office Lease Expansion at 535 Madison Avenue in Manhattan

by Taylor Williams April 20, 2022

NEW YORK CITY — Boston-based private investment firm Bain Capital has signed a 14,765-square-foot office lease expansion at 535 Madison Avenue, a 37-story building in Manhattan’s Plaza District. The firm is essentially doubling its footprint and leasing one additional floor of space. The execution of this lease, along with deals with FTV Management Co. and Garda Capital Partners, brings the 480,000-square-foot building to full occupancy. Bryan Boisi and Connor Barnes of Cushman & Wakefield represented Bain Capital in the lease negotiations. Brian Gell and Laurence Briody of CBRE represented the landlord, Park Tower Group.

April 20, 2022

Development Office Texas Top Stories

Lincoln Property Co., Phoenix Property Co. Partner with DivcoWest to Build 48-Story Office Tower in Austin

by Kristin Harlow April 20, 2022

AUSTIN, TEXAS — Lincoln Property Co. (LPC) and co-developer Phoenix Property Co. (PPC) have partnered with DivcoWest to develop The Republic, a 48-story office tower in downtown Austin. The developers say they have secured the building’s first major tenant, enabling construction to move forward. The developers expect to break ground on the project in the second quarter of this year. Located at 401 W. 4th St. and spanning 833,000 square feet, The Republic will overlook Lady Bird Lake and offer a direct connection to Republic Square Park. The office tower will feature a green public plaza at its main entrance that will act as an extension of the park. A 19th-floor amenity level will boast more than 50,000 square feet of indoor-outdoor space, including conference rooms, a fitness center, clubroom and a 25,000-square-foot outdoor terrace covered by canopies. In addition to the 20,000-square-foot public plaza, the ground floor will feature restaurant and retail space. Floor plates will average 29,000 square feet, and each floor will feature a private terrace. The building design by Duda Paine Architects emphasizes both outdoor space and health and wellness. Features include touchless access technology and enhanced air-filtration systems. The developers are pursuing WELLv2 Core certification, …

April 20, 2022

Acquisitions North Carolina Office Southeast

Serac Capital Partners Acquires Office Project in Cary, North Carolina for $19.3M

by Julia Sanders April 19, 2022

CARY, N.C. — Houston-based Serac Capital Partners has acquired 500 Gregson, a 106,047-square-foot office building in Cary, for $19.3 million. Ben Kilgore of CBRE represented the seller, Boston-based Albany Road Partners, in the transaction. Bill Dampier of Independent Financial provided an undisclosed amount of acquisition financing for the sale. The single-story building was originally a build-to-suit for American Airlines. The property is now 93 percent occupied by multiple tenants, including American Airlines. 500 Gregson is situated within MacGregor Park, a 108-acre business park with about 1 million square feet of office space. The park is about 97 percent occupied to public and private companies, including LORD Corp., ABB and Siemens.

April 19, 2022

Acquisitions Industrial Midwest Missouri Office

ElmTree Funds Acquires Seven Industrial, Office Properties for $800M

by Kristin Harlow April 19, 2022

ST. LOUIS — St. Louis-based ElmTree Funds has acquired seven industrial and office properties across the U.S. for approximately $800 million. The single-tenant, net-leased properties span 3.2 million square feet and are fully leased with a weighted average lease term of 13.7 years. The assets are in markets such as Minneapolis, Seattle and Raleigh. ElmTree, a real estate private equity firm that manages capital on behalf of institutional and private investors, made the acquisitions in the first quarter of 2022.

April 19, 2022

Development Illinois Midwest Office

Skender Completes Office Renovation for Equity LifeStyle Properties in Chicago

by Kristin Harlow April 19, 2022

CHICAGO — Skender has completed a renovation of the interior office space for Equity LifeStyle Properties (ELS) at 2 N. Riverside Drive in Chicago’s West Loop. The renovation project updated the company’s 65,000-square-foot space across two-and-a-half floors and added a new roof deck. The office includes a mix of conference rooms, private offices, collaboration areas, cafés and pantries. Employees can work or socialize outdoors on the new roof deck. Skender collaborated with Partners by Design, McGuire Engineers, Structural Shop, Engineering Plus, CBRE and Spark Chicago. ELS owns and operates manufactured home communities, RV resorts, campgrounds and marinas.

April 19, 2022

Newer Posts

Older Posts