CHICAGO — The Motion Agency has signed a 19,681-square-foot office lease at the Reid Murdoch Building located at 325 N. LaSalle Drive in Chicago’s River North neighborhood. The creative communications agency had been a subtenant in the space since summer 2018. Built in 1913, the property spans 325,000 square feet. Dougal Jeppe of Colliers Chicago represented the tenant in the lease transaction. Landlord information was not provided.
NEW YORK CITY — Walker & Dunlop has arranged a $170 million loan for the refinancing of 122 Fifth Avenue, a 300,000-square-foot office building located near Manhattan’s Union Square neighborhood. The property was originally built in 1900 and includes retail space. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Bastian and Michael Ianno of Walker & Dunlop arranged the loan through PCCP LLC. The borrower, Bromley Cos., which has owned the building for more than 40 years, will use a portion of the proceeds to fund capital improvements.
FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …
IRVINE, CALIF. — IRA Capital has purchased 2722 Michelson, a Class A creative office building in Irvine, for $103 million. Situated on nine acres at the intersection of Jamboree Road and Michelson Drive, the building features 24-foot ceilings, a light-filled open plan to encourage collaboration, multiple meeting spaces, a fitness center, landscaped courtyards and a well-equipped kitchen and cafeteria. Anduril Industries fully occupies the building, which was renovated in 2019.
OVERLAND PARK, KAN. — Global payment solutions company EML has signed a lease to relocate its North American corporate headquarters to Aspiria in Overland Park. The company signed an 11,773-square-foot office lease and will occupy space on the fourth floor of Building 6100. The tenant is working with Aspiria’s owner, Occidental Management, to update the space. Occupancy is slated for April 2022. Chad Stafford and Hunter Johnson of Occidental and RC Jensen and Bryan Johnson of Colliers handled the lease transaction. Occidental plans to develop the 60 acres surrounding the Aspiria campus. Plans call for 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 for the long-term project has begun.
COVINGTON, GA. — A joint venture between Atlanta-based Woodvale LLC and Chicago-based Timber Hill Group has secured an undisclosed amount of construction financing and recapitalization for the expansion of Cinelease Studios – Three Ring, a TV and film production media campus in Covington. Eastdil Secured arranged the financing through Los Angeles-based CIM Group. Pattillo Construction Corp. is the general contractor for the project. The development cost was not disclosed. CIM Group provided a $72 million loan for the development. The loan will be used for the recapitalization of existing Phase I operations and the construction of Phase II. Phase I of the Cinelease Studios was completed in October 2020, with the construction of its second phase slated to start in the first quarter of 2022. Phase I included 233,000 square feet across six sound stages. The project was fully occupied within a month of completion to three production companies: Lionsgate Films, Paramount Pictures and Skydance Media. Phase II will span 336,800 square feet, including 144,000 square feet of sound stages, 92,800 square feet of mill space, 70,000 square feet of office space and 30,000 square feet of third-party vendor storage spread across 90 acres. Amenities will include eight sound stages …
CHARLOTTE, N.C. — JLL Capital Markets has brokered the sale of Lowe’s Global Technology Center, a recently completed, 357,526-square-foot office tower in Charlotte’s South End submarket. Chris Lingerfelt, Ryan Clutter and Coleman Benedict of JLL represented the sellers, Childress Klein Properties Inc. and Ram Realty Advisors. An affiliate of Apollo Global Management purchased the property for $318 million, according to the Charlotte Business Journal. The Lowe’s Global Technology Center is a 23-story tower that was completed this fall with the full interior and tenant buildout slated for completion by 2022. The building features two sky terraces, an interior auditorium, steel staircase spanning multiple floors, touchless features throughout the property and a 950-space parking deck. Lowe’s Global Technology Center is fully leased to Lowe’s Cos. Inc., parent company of home improvement retail giant Lowe’s. After the tenant buildout is complete, the center will be home to nearly 2,000 employees and will serve as the company’s global technology and e-commerce hub. Located at 100 West Worthington Ave., the property is located 7.3 miles from Charlotte Douglas International Airport and 13.3 miles from the University of North Carolina at Charlotte.
HUNT VALLEY, MD. — Merritt Properties has completed the speculative redevelopment of Schilling Green III, a 98,640-square-foot office building in Hunt Valley, about 17.9 miles north of Baltimore. Merritt aims for the project to achieve LEED Silver certification and fully open by late February 2022. Located at 226 Schilling Circle, Schilling Green III is a three-story office building that features a community lounge, outdoor patio and surface parking. The property was formerly home to McCormick & Co., a Hunt Valley, Md.-based spice and seasoning company. Now, University of Maryland Orthopaedics has signed on as the building’s first tenant and will move into 16,800 square feet of first-floor space for the use of medical offices, 16 exam rooms and a physical therapy center. The medical practice is relocating from Timonium, a city north of Baltimore. The Schilling Green III project completes Merritt’s Class A campus development at Schilling, which includes neighboring properties Schilling Green I and Schilling Green II. Schilling Green I and II are both LEED Platinum-certified buildings. The Schilling Green business park provides amenities such as an onsite fitness center, community lounge and an outdoor courtyard.
DENVER — Shorenstein Properties has purchased Rev360, a newly constructed, five-story office building in Denver’s River North Art District. Terms of the transaction were not disclosed. Located at 3600 Brighton Blvd., Rev360 features 170,234 square feet of Class A office space with large and efficient floorplates with outdoor terraces, exposed high ceilings, ground-floor retail space, a fitness center and a parking garage. CBRE represented the seller in the deal.
STAMFORD, CONN. — Digital Currency Group, which invests in bitcoin and other blockchain technology companies, has signed a 90,000-square-foot office lease in Stamford. The company will occupy two floors at Shippan Landing, a 17-acre, six-building waterfront office campus that is owned by a joint venture between an affiliate of Rubenstein Partners LP and George Comfort & Sons. The lease term is 12 years, and Digital Currency Group plans to relocate from 250 Park Avenue in Manhattan in late 2022. Michael Mathias of Savills represented the tenant in the lease negotiations. Trip Hoffman, Mike Norris and Adam Klimek of Cushman & Wakefield, along with internal agents Peter Duncan and Dana Pike, represented ownership.
