Office

RMR Group Begins 300,000 SF Office, Life Sciences Redevelopment Project in Seattle

by Kristin Harlow March 9, 2022

SEATTLE — The RMR Group Inc. (NASDAQ: RMR) has begun the redevelopment of 351, 401 and 501 Elliott Avenue West in Seattle into a project dubbed Unison Elliott Bay. The existing three office buildings will be transformed into Class A office and life sciences space totaling more than 300,000 square feet. Amenities will include an outdoor lounge, conference and training rooms, fitness facility, new lab mechanical infrastructure and two backup generators for labs. Tenants will also have access to covered and surface parking, bike storage and electric vehicle charging stations. Customizable floor plates will range from 21,000 to 27,500 square feet. The buildings are located near the new Climate Pledge Arena, home of the Seattle Kraken National Hockey League team, as well as 15 acres of trails, beaches and open space. Tenants will also have access to onsite food options in addition to the dining and retail amenities of Seattle’s Lower Queen Anne neighborhood. “Unison’s customizable floor plates, distinctive spaces and common areas that prioritize wellness, with views of the natural beauty of the Puget Sound and Olympic Mountains, will be in demand from an array of tenants,” says Chris Bilotto, senior vice president of RMR. “We anticipate delivery in …

March 9, 2022

Acquisitions Michigan Midwest Office

Princeton Enterprises Acquires 108,634 SF Office Building in Southfield, Michigan

by Kristin Harlow March 8, 2022

SOUTHFIELD, MICH. — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, has acquired a 108,634-square-foot office building in Southfield for an undisclosed price. The property is located at 26600 Telegraph Road. First Mercury Insurance Co., a member of national property and casualty insurer Crum & Forster, was the seller. Anne Galbraith Kohn of CBRE represented the seller, while Jordan Friedman of Friedman Real Estate represented the buyer.

March 8, 2022

Illinois Leasing Activity Midwest Office

VTS Signs 35,914 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow March 8, 2022

CHICAGO — VTS, a leasing, marketing and asset management platform for the commercial real estate industry, has signed a 35,914-square-foot office lease at 320 N. Sangamon in Chicago’s Fulton Market district. Tishman Speyer owns the 13-story building, which was completed last year. Robert Sevim, Jim Wenk, Cullen Hurley and Allison Buck of Savills represented VTS. Since its acquisition of Chicago-based Rise Buildings in March 2021, VTS has been growing its employee count and customer base within the Chicago area and outgrew its previous space at 312 N. May. In addition to its corporate headquarters in New York, VTS maintains offices in San Francisco, Los Angeles, Austin, London and Toronto.

March 8, 2022

328-330-Cambridge-St.-Burlington-Massachusetts

Acquisitions Massachusetts Northeast Office

Newmark Brokers $14.3M Sale of Office Building in Burlington, Massachusetts

by Taylor Williams March 8, 2022

BURLINGTON, MASS. — Newmark has brokered the $14.3 million sale of a 21,000-square-foot office building in the northern Boston suburb of Burlington. Built in 2020, the single-story building was designed to accommodate its sole tenant, the Commonwealth of Massachusetts’ Department of Children & Families. Robert Griffin, Michael Greeley, Joseph Alvarado, George Demoulas, Casey Valente, Andy Gallas and Gino Tabbi of Newmark represented the seller and procured the 1031 buyer in the transaction.

March 8, 2022

Development Office Texas

Cielo Property Group Reveals New Plans, Name for 46-Story Office Tower in Downtown Austin

by Taylor Williams March 7, 2022

AUSTIN — Cielo Property Group has revealed updated plans for its 46-story office tower in downtown Austin. With site plan approval now in place, the locally based developer has announced that the groundbreaking will occur this summer and that the 750,000-square-foot building will be branded Perennial. Cielo acquired the site, which comprises the southern end of a full city block, in phases over the last two years. Perennial represents the first phase of a larger development that was initially planned to feature a second office tower on the north end of the block. Cielo has since pivoted and is now formulating plans for a residential/hotel tower for that component of the site.

March 7, 2022

Florida Loans Office Southeast

Berkadia Arranges Acquisition Financing for 104,356 SF Office Property in Metro Miami

by Julia Sanders March 7, 2022

CORAL GABLES, FLA. — Berkadia has arranged acquisition financing for 2000 Ponce, an eight-story, 104,356-square-foot office property in downtown Coral Gables, about five miles from Miami. The seller was an undisclosed private family owner. Charles Foschini, Chris Apone and Robert Iudice of Berkadia’s Miami office secured the undisclosed amount of financing on behalf of the locally based buyer, Westside Capital Group. Valley National Bank provided a five-year bridge loan underwritten at 24 months of interest-only payments and a 74 percent loan-to-cost ratio. Built in 2001, 2000 Ponce features 104 parking spaces in a four-story structured parking garage. Westside Capital Group intends to relocate its headquarters from Brickell to 2000 Ponce. The firm also plans on renovating the property, including renovations to the exterior, upgrading and extending the lobby, leasing up the currently available retail space on the ground floor to one or two restaurant concepts and upgrading and repositioning the office space in the upper floors of the building. Located at 2000 Ponce de Leon Blvd., the property is located 4.9 miles from Miami International Airport and 3.1 miles from the University of Miami. The property is near major employers including Bayview Asset Management, Baptist Health, American Airlines, University of …

March 7, 2022

Development Office South Carolina Southeast

CrossRidge Development Completes 120,000 SF Office Building in Metro Charlotte

by Julia Sanders March 4, 2022

INDIAN LAND, S.C. — CrossRidge Development has completed CrossRidge One, a 120,000-square-foot, Class A office building in Indian Land. CrossRidge One is located within CrossRidge Center, a 190-acre, mixed-use development situated about 23 miles south of Charlotte. Charley Leavitt of JLL is leading office leasing, while Margot Bizon and Lindsay Stafford of JLL are marketing the retail component. Architectural firm Perkins Eastman designed CrossRidge One, and Edifice Inc. served as the general contractor. The next phase of development for CrossRidge Center, which includes 55,000 square feet of retail space, is slated to begin construction in the fourth quarter. Phase I of CrossRidge Center’s retail expansion will deliver in the summer of 2023. The center encompasses six retail parcels available for ground lease, build-to-suit and multi-tenant buildings. CrossRidge Center’s first phase also includes a 120-room hotel. Phase II will deliver an additional 150,000 square feet of space over the course of three years.

March 4, 2022

Georgia Leasing Activity Office Southeast

Trenton Systems Signs 50,000 SF Office Lease in Metro Atlanta

by Julia Sanders March 4, 2022

DULUTH, GA. — Trenton Systems has signed a 50,000-square-foot office lease at 3100 Breckinridge Building 1200 in Duluth. David Shockley of Progressive Realty LLC represented Trenton Systems, which is a computer hardware manufacturer providing secure computing solutions for the aerospace and defense industries. With the new tenant, the property is now fully occupied. Hunter Henritze, Matt Fergus and Seabie Hickson of Dallas-based Lincoln Property Co. Southeast represented the landlord, TerraCap Management, in the lease deal. 3100 Breckinridge is a 30-acre office park featuring seven buildings totaling 253,307 square feet. Located between Pleasant Hill and Old Norcross roads, the complex offers direct access to Interstate 85 and resides within the Gwinnett Opportunity Zone. The building amenities include ample surface parking, floor-to-ceiling windows and a landscaped campus.

March 4, 2022

Acquisitions Midwest Missouri Office

Newmark Zimmer Arranges Sale of Former AT&T Office Building in Kansas City

by Kristin Harlow March 4, 2022

KANSAS CITY, MO. — Newmark Zimmer has arranged the sale of a 340,000-square-foot office building in Kansas City’s central business district for an undisclosed price. AT&T formerly occupied the property, which is located at 500 E. 8th St. and now sits vacant. Michael VanBuskirk, Chris Robertson, John Hoefer and Raegen Root of Newmark represented the seller, Maxus Properties. The buyer, Washington, D.C.-based The Bernstein Cos., plans to convert the building into apartments.

March 4, 2022

Acquisitions Connecticut Northeast Office

BDP Holdings Acquires 310,000 SF Office Building in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — New Jersey-based investment firm BDP Holdings has acquired a 310,000-square-foot office building in Stamford, located in the southern coastal part of the state. The property was built on 22.7 acres in 1995 and was fully leased to Pitney Bowes Inc., a provider of shipping and mailing supplies and services for e-commerce firms, at the time of sale. Amenities include a cafeteria, fitness center and outdoor gathering areas. The seller and sales price were not disclosed.

March 4, 2022

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