Office

The John Buck Company, 3MR Capital to Break Ground on $210M Mixed-Use Project in Metro Los Angeles

by Katie Sloan December 9, 2021

CULVER CITY, CALIF. — A joint venture between The John Buck Company (JBC) and 3 Mile Radius (3MR) Capital is set to break ground on 11111 Jefferson, a $210 million mixed-use project located roughly 10 miles outside Los Angeles in Culver City. The five-story development will include 230 units of multifamily above 55,000 square feet of retail space, 11,450 square feet of second-floor office space and parking for more than 650 vehicles. Plans for the project also include a 13,000-square-foot open courtyard and a 30,000-square-foot public park along Machado Road. The site is currently home to retail space occupied by Coco’s restaurant, an auto repair garage and a post office. Thorofare Capital Inc. recently provided $34.1 million in pre-development acquisition financing to the joint venture for an anticipated groundbreaking in 2022. David Perlman of Thorofare originated the loan and Jacob Yi and Paul Kim led underwriting and executed closing for the financing. JBC is a real estate investment, development and operating company focused on major U.S. markets. Since its inception, the Chicago-based company has acquired, developed or redeveloped over 47 million square feet of office, multifamily and mixed-use properties. Los Angeles-based 3MR Capital is a privately held real estate firm …

December 9, 2021

Acquisitions California Office Western

Westlake Group Sells Shoreway Innovation Center in Belmont, California for $90.2M

by Amy Works December 8, 2021

BELMONT, CALIF. — Westlake Group has completed the disposition of Shoreway Innovation Center, an office building located at 1301 Shoreway Road in Belmont. Four Corners Properties acquired the asset for $90.2 million. The four-story Shoreway Innovation Center features 150,000 square feet of Class A office space. At the time of sale, the property was 82 percent leased to a mix of tenants with less than three years of average remaining lease term. The property also includes seven acres along US-101 in Belmont. Mike Taquino, Kyle Kovac, Joe Moriarty and Scott Prosser of CBRE Capital Markets in Northern California represented the seller in the transaction.

December 8, 2021

Acquisitions Arizona Office Western

Next Gen 101 Sells 81,040 SF Office Property in Phoenix’s West Valley for $17.5M

by Amy Works December 8, 2021

PHOENIX — Next Gen 101, an entity of Helix Properties, has completed the disposition of West 101 Corporate Center, an office asset in Phoenix’s West Valley submarket. Nevada-based Overstreet Project LLC acquired the property for $17.5 million. Located at 1860 N. 95th Lane, the three-story asset features 81,040 square feet of Class A office space. At the time of sale, the building was 93 percent leased to a variety of tenants. The property was built in 2008. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the deal.

December 8, 2021

Acquisitions Arizona Office Top Stories Western

JLL Brokers $150M Sale of Block 23 Office Property in Downtown Phoenix

by Kristin Harlow December 8, 2021

PHOENIX — JLL Capital Markets has brokered the sale of Block 23 in downtown Phoenix for $150 million. Completed in 2019, the property consists of 307,030 square feet of Class A office, retail and amenity space. Located at 101 E. Washington St., Block 23 is 95 percent occupied by tenants such as Western Alliance Bank, EY and Chase. The asset is immediately adjacent to CityScape Phoenix, a new 1.2 million-square-foot mixed-use property, and is directly across from Footprint Center where the Phoenix Suns of the National Basketball Association (NBA) play. Block 23 is home to Fry’s Fresh Marketplace, as well as restaurant concepts Blanco Tacos & Tequila and Ingo’s Tasty Food. Amenities at the property include a pickleball court, sky lobby, rooftop amenity deck and onsite parking. Ben Geelan and Kevin MacKenzie of JLL represented the seller, an affiliate of RED Development, and procured the buyer, City Office REIT Inc. (NYSE: CIO). The sales price of $488.55 per square foot sets a new per-square-foot record in the city for multi-tenant office trades, according to JLL. “Block 23 has a superior long-term core location in downtown Phoenix, which has seen more than $6 billion of investment into the immediate area since …

December 8, 2021

Market Reports Office Texas Texas Market Reports

Rising Oil Prices, Positive Quarterly Absorption Spell Hope for Houston Office Market

by Taylor Williams December 8, 2021

By Blake Virgilio, SIOR, CCIM, vice president at Colliers The Houston office market continued its very gradual stabilization with 27,000 square feet of positive absorption in the third quarter. While that volume of absorption only represents roughly one floor of office space in a typical Houston office building, it’s the first time the market has posted a quarter of positive net absorption in the last two years. The key activities of tenant tours and the return of employees to the office continued to increase throughout the third quarter. Nonetheless, the vacancy rate rose over the course of the quarter by 400 basis points from 22.9 to 23.3 percent, a historical high. Also in the most recent quarter, Houston’s office inventory increased slightly, with approximately 1 million square feet of new product added. There is still 3.2 million square feet of office space under construction, and most of the new inventory, which is 47 percent preleased, is expected to deliver this year. Of that total new product, about 2.3 million square feet is spec development, of which 60 percent is preleased. Houston has one of the highest physical office occupancy rates in the country, though many larger corporations began phasing their …

December 8, 2021

Leasing Activity New York Northeast Office

Bloomberg Signs 191,207 SF Office Lease Expansion at 919 Third Avenue in Manhattan

by Taylor Williams December 7, 2021

NEW YORK CITY — Bloomberg has signed a 191,207-square-foot office lease expansion at 919 Third Avenue in Manhattan. The media giant is taking an additional five floors, increasing its total footprint at the 47-story, 1.5 million-square-foot building to 748,415 square feet. Craig Reicher and Howard Fiddle of CBRE represented Bloomberg in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Chabrier and Alex D’Amario of CBRE represented the landlord, SL Green. The building is currently undergoing renovations.

December 7, 2021

Development Northeast Office Pennsylvania

SomeraRoad Completes 77,000 SF Office Redevelopment Project in Pittsburgh

by Taylor Williams December 7, 2021

PITTSBURGH — SomeraRoad Inc., a national development and investment firm, has completed The Box Office, a 77,000-square-foot office redevelopment project in Pittsburgh’s Southside neighborhood. HOK Architects designed the project, which converted a former movie theater into a Class A office building. The Box Office features a 7,000-square-foot lobby with a staircase and open verandas, as well as a 1,700-square-foot private outdoor patio. Construction began in summer 2020.

December 7, 2021

100-Tice-Boulevard-Woodcliff-Lake-New-Jersey

Leasing Activity New Jersey Northeast Office

Party City to Relocate Corporate Headquarters to Woodcliff Lake, New Jersey

by Taylor Williams December 6, 2021

WOODCLIFF LAKE, N.J. — Accessories retailer Party City will relocate its corporate headquarters to 100 Tice Boulevard, a 208,911-square-foot office building located in the Northern New Jersey community of Woodcliff Lake. The company is consolidating its current headquarters offices in Rockaway and Elmsford, New York, into one location beginning next year. Ben Brenner of Cushman & Wakefield and Harlan Hollander of Savills represented Party City in the lease negotiations. Joe Sarno Sr., Jon Meisel and Jeff Babikian of CBRE represented the landlord, Signature Acquisitions.

December 6, 2021

Florida Healthcare Loans Office Southeast

Parkview Financial Provides $45M Construction Loan for Medical Office Building in Aventura, Florida

by John Nelson December 6, 2021

AVENTURA, FLA. — Los Angeles-based Parkview Financial has provided a $45 million construction loan for a speculative medical office building located in Aventura, approximately 19 miles north of Miami. The borrower was an entity of Gomez Development Group. The medical office project will have 142,000 square feet of space. Located at 21291 N.E. 28th Ave. on 1.6 acres, the property will include a seven-story building, as well as a four-level parking garage with 346 spaces. The site is adjacent to the Aventura Hospital and Medical Center. Caymares Martin Architectural & Engineering Design is the project’s architect. A general contractor has not yet been announced. The project will break ground in early 2022 with completion slated for November 2022.

December 6, 2021

Illinois Midwest Office

AmTrust Realty to Invest $100M in Chicago Office Portfolio

by Kristin Harlow December 3, 2021

CHICAGO — AmTrust Realty Corp. plans to invest approximately $100 million in its Chicago office portfolio over the next two years. The portfolio consists of 6 million square feet across seven buildings located in the Central and East Loop. AmTrust has selected JLL as the leasing agent for the properties. Newly appointed AmTrust President Jonathan Bennett will lead capital improvements efforts and oversee leasing for the portfolio, along with Anne Holker, who was recently promoted to AmTrust’s managing director of leasing and acquisitions. Citing the rise in downtown office vacancy rates and an increasingly competitive talent market, AmTrust says it has recognized the need to upgrade and reposition several of its Chicago properties to attract new tenants and bring employees back into the office. The first asset to receive improvements will be the nearly 1 million-square-foot building at 30 N. LaSalle St., which was built in 1975. Melissa Rubenstein, Joseph Gordon, Craig Coupe, Ellen Trager and Anna Panici of JLL are leading leasing efforts. AmTrust’s portfolio spans 12 million square feet across New York, Illinois and Ohio.

December 3, 2021

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