Office

Parkview Financial Acquires Office Building in West Los Angeles for $19M

by Amy Works April 5, 2022

LOS ANGELES — Parkview Financial has purchased a multi-tenant office building located at 11440 San Vicente Blvd. in West Los Angeles’ Brentwood neighborhood. Westwood Financial, which owned the property since 1989 and currently occupies the first floor, sold the asset for $19 million. Parkview Financial plans to occupy the three-story, 24,317-square-foot property as its new headquarters. The company will implement a $2 million renovation of the asset’s common areas, as well as building out the entire 8,000-square-foot second floor, with plans to move in by late 2022. Built in 1972, the building features various floorplate layouts with walkability to amenities, including restaurants and retail stores. Additionally, the property features 49 parking spaces and overlooks Veterans’ Park on Wilshire Boulevard. Tom Sexton and Michael Arnold of NAI Capital represented the buyer, while Daniel Rainer, Matt McRoskey and Andrew Harper of JLL represented the seller in the transaction.

April 5, 2022

Acquisitions Office Texas

Colliers Negotiates Sale of 21,258 SF Office Building in Grapevine, Texas

by Taylor Williams April 5, 2022

GRAPEVINE, TEXAS — Colliers has negotiated the sale of a 21,258-square-foot office building located at 4550 State Highway 360 in Grapevine, located on the northern central side of the metroplex. The property was built on 2.2 acres in 2008. Cody Payne, Austin Edelmon and Nick Miller of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the all-cash transaction.

April 5, 2022

Acquisitions North Carolina Office Southeast

Montecito Medical Purchases 14,720 SF Medical Office Building in Metro Charlotte

by Julia Sanders April 5, 2022

CONCORD, N.C. — Nashville-based Montecito Medical Real Estate has purchased a 14,720-square-foot medical office building in Concord. The seller and sales price were not disclosed. The medical office building is fully occupied under a long-term lease by Northeast Digestive Health Center. Northeast Digestive Health has served Cabarrus County and surrounding communities for 40 years. The practice provides a range of consultative, diagnostic, treatment and procedural services for patients across the area. The property is situated just off Interstate 85, approximately 25 miles northeast of downtown Charlotte.

April 5, 2022

Leasing Activity New York Northeast Office

TPG Architecture Signs 40,431 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams April 5, 2022

NEW YORK CITY — TPG Architecture has signed a 40,431-square-foot office lease renewal at 132 West 31st Street in Midtown Manhattan’s Penn Plaza district. The lease term is seven years. The property was built in the 1920s and recently renovated to feature an upgraded lobby, meeting rooms and elevators, as well as new food and beverage concepts. Mitchell Konsker, Matthew Astrachan, Kyle Young and Thomas Swartz of JLL represented the landlord, Vanbarton Group, in the lease negotiations. CBRE’s Mark Ravesloot, Michael Monahan and William Iacovelli represented the tenant.

April 5, 2022

Acquisitions Office Texas

Rubenstein Partners Acquires 250,000 SF Office Building in Plano, Plans Renovation

by Taylor Williams April 4, 2022

PLANO, TEXAS — Philadelphia-based investment firm Rubenstein Partners has acquired a 250,000-square-foot office building located at 5600 Headquarters Drive in the northern Dallas suburb of Plano. Rubenstein plans to upgrade the lobby and the amenity spaces, including the new fitness center, tenant lounge, conference center and dining areas. Vicki Keenan, Adam Subber, Dan Sullivan, David Stringfield and Brant Bryan of Cresa represented the undisclosed seller in the transaction. Lincoln Property Co. will lease the building following completion of the renovation.

April 4, 2022

Leasing Activity Office Texas

Eleox Signs 4,300 SF Office Lease at Heights Clock Tower in Houston

by Taylor Williams April 4, 2022

HOUSTON — Eleox, a joint venture between six energy trading companies, has signed a 4,300-square-foot office lease at Heights Clock Tower in Houston. The building was originally constructed in 1894 and is on the National Register of Historic Places. Bryant Lach of JLL represented the tenant in the lease negotiations. Russell Hodges and Jenny Mueller of CBRE represented the landlord, Radom Capital.

April 4, 2022

Acquisitions California Life Sciences Office Western

DivcoWest Acquires 143,383 SF Office Building in South San Francisco, Plans Life Sciences Conversion

by Amy Works April 4, 2022

SOUTH SAN FRANCISCO, CALIF. — DivcoWest has purchased 5000 Shoreline, a three-story, Class A office building located on 8.5 waterfront acres at 5000 Shoreline Court in South San Francisco. The buyer plans to convert the property, which is vacant, into a life sciences asset. The seller was not disclosed. DivcoWest plans to upgrade the base building improvements, utilities, electrical and mechanical components, and covert the existing structure to a warm shell condition to accommodate life sciences tenancy. Once base building modifications are complete, DivcoWest plans to complete market-ready upgrades to the interiors to be able to offer prospective tenants turn-key office and laboratory suites. Mike Walker and Brad Zampa of CBRE Capital Markets’ Debt & Structured Finance group arranged $124 million in acquisition and conversion financing for DivcoWest. The three-year, nonrecourse, floating-rate loan was secured through a European investment bank.

April 4, 2022

Leasing Activity New York Northeast Office

Sigma Computing Signs 15,500 SF Office Lease in Midtown Manhattan

by Taylor Williams April 4, 2022

NEW YORK CITY — Sigma Computing Inc., a provider of data analytics software, has signed a 15,500-square-foot office lease at Zero Irving, a 21-story building in Midtown Manhattan. The tenant will occupy space on the ninth floor of the for five years. Jeff Rodgers, Stephen Cisarik and Brent Ozarowski of Newmark represented Sigma Computing in the lease negotiations. JLL represented the landlord, a partnership between RAL Development and Junius Real Estate Partners.

April 4, 2022

Acquisitions North Carolina Office Southeast

APG Capital Buys Office Building in McLeansville, North Carolina for $17M

by Julia Sanders April 1, 2022

MCLEANSVILLE, N.C. — CN Investors LLC, an affiliate of Raleigh-based APG Capital, has purchased a 176,778-square-foot office building in McLeansville. The Class A property sold for $17 million. Patrick Gildea of CBRE represented the undisclosed seller. Daniel Walser and James Anthony III at APG were responsible for sourcing the deal and closing the acquisition. Originally built in 2004 to house Citibank, the three-story office building is situated on 21 acres. Today, the property’s tenant includes LabCorp, a Burlington, N.C.-based lab test provider. Located at 5450 Millstream Road, the property is situated 36.2 miles from Winston-Salem and 45 miles from Durham.

April 1, 2022

Acquisitions Industrial Office Texas

Hewlett-Packard Enterprise Sells 2 MSF Former Campus in Houston

by Taylor Williams April 1, 2022

HOUSTON — Hewlett-Packard Enterprise (HPE) has sold its 2 million-square-foot former office and industrial campus in Houston. Built between 1984 and 1988, the campus comprises five office buildings, two manufacturing/distribution buildings and four structures that house maintenance and/or amenity space. Amenities include a cafeteria, fitness center, employee lounges, conference rooms, coffee/snack bars and an outdoor covered pavilion with a kitchen area for events. The property also features five parking garages, which along with surface lots total 5,229 spaces. Kevin McConn, Rick Goings, Ronnie Deyo, Beau Bellow and Ethan Goldberg of JLL represented HPE, which recently relocated to CityPlace at Springwoods Village. Boyd Commercial represented the buyer, an affiliate of Florida-based alcoholic beverage wholesaler Mexcor International that owns an adjacent building and will occupy a portion of the campus.

April 1, 2022

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