ADDISON, TEXAS — Colliers has arranged the sale of a 117,173-square-foot office building located at 3939 Belt Line Road in the northern Dallas suburb of Addison. The seven-story building was fully leased at the time of sale to tenants such as Truist Bank and A&O Enterprises. Cody Payne of Colliers brokered the off-market transaction. Both the locally based seller and the buyer, a private investor specializing in multifamily acquisitions, requested anonymity.
HOUSTON — Locally based development and investment firm David Z. Mafrige Interests (DZMI) has acquired North Loop Center, a 12-story office building in Houston’s Heights neighborhood. The firm plans to implement a capital improvement program that will include an upgrade of the lobby and installation of LED lighting throughout the premises. Stream Realty Partners is the leasing agent for the property and recently executed a long-term lease for the entire 12th floor with design-build firm ARCO/Murray.
SAN DIEGO — Newmark has arranged the sale of Governor Park Portfolio, an office campus with life sciences redevelopment potential located at 6200 and 6220 Greenwich Drive in San Diego. The buildings traded for $145 million. The portfolio comprises two office buildings situated on individual parcels. The building at 6200 Greenwich Drive offers 70,987 square feet and situated on 4.4 acres. The asset is 100 percent leased to University of California, San Diego (UCSD) through May 2026. The building at 6220 Greenwich Drive totals 141,214 square feet on a 6.2-acre parcel. The 6220 building is fully leased to Mitchell International through October 2025. The portfolio has been institutionally owned and operated since the buildings were originally developed. It is serviced by ample surface parking, as well as a five-story parking facility, providing an above-market-standard parking ratio. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the undisclosed seller in the deal.
SEATTLE — Swift Real Estate Partners has acquired 425 Pontius, a boutique office building in Seattle’s South Lake Union neighborhood, from a local private partnership for $39.5 million. Located at 425 Pontius Ave. North, the building features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 with a renovation in 2018 of the budling’s three-story lobby. The 75,267-square-foot 425 Pontius is 60 percent leased to tenants in the fields of biotech, healthcare and professional services, with Fred Hutch Cancer Research Center as the building’s largest tenant. Swift plans to reposition the property with a rebrand and full renovation, including an exterior modernization and cosmetic upgrades to the lobby, elevators and common areas. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller in the transaction. Brad Zampa and Mike Walker of CBRE’s Debt & Structured Finance group is advising Swift Real Estate Partners in securing new market-rate financing.
CHATSWORTH, CALIF. — Newmark has arranged the sale of 19900 Plummer, a single-tenant office building located at 19900 Plummer St. in Chatsworth. Korda Group sold the asset to Rexford Industrial for $15 million. Campbellsville University, a non-profit educator offering a master’s of marriage and family therapy program, fully occupies the 43,472-square-foot building on a net-lease basis. Ryan Plummer, Andrey Mindirgasov, Sean Fulp, Mark Schuessler and Chris Smith of Newmark facilitated the off-market transaction.
AUSTIN, TEXAS — Carr Properties has broken ground on Block 16, a 43-story office tower in Austin. Carr Properties has chosen Austin-based Manifold Development as its local partner for the project. Block 16 will offer over 738,000 square feet of space. Building amenities will include a fitness facility, multiple meeting areas and food and beverage offerings. The development cost was not disclosed. Designed by Gensler, each floor will offer 10-foot, floor-to-ceiling windows and a virtually column-free workplace. Additionally, Carr Properties is planning to implement improved indoor air quality measures in order to maximize the health and wellness of the customers in the building. “I think we have a real opportunity to deliver a project of world-class design with incredible amenities that best meets the needs of today’s ever-changing work environment,” says Tyler Grooms, the president of Manifold. Located in downtown Austin, Block 16 is situated at the intersection of San Jacinto Boulevard, Trinity and Second streets. The project will offer easy access to the Central Business District, the Rainey Entertainment District and Lady Bird Lake Hike & Bike Trail. Block 16 is also close to the Austin Convention Center and the city’s future rail station. The project is currently available …
CHICAGO — The Howard Hughes Corp. (NYSE: HHC) has sold its equity interest in 110 North Wacker Drive, a 55-story office tower spanning 1.5 million square feet in Chicago. Callahan Capital Partners and Oak Hill Advisors purchased the stake for $210 million. Based on this sales price, the implied value of the office tower is more than $1 billion, representing the highest valuation for an office property in Chicago since the sale of Willis Tower in 2015, according to Howard Hughes. The Class A building, located along the Chicago River, opened in October 2020 and was co-developed by Howard Hughes and Riverside Investment and Development Co. The property is more than 82 percent leased by tenants such as Bank of America, Heitman, Lincoln International, Jones Day and Morgan Lewis. Eastdil Secured represented Howard Hughes in the sale.
HOUSTON — NAI Partners has negotiated a 7,454-square-foot office lease at Marathon Oil Tower, a 41-story building located at 5555 San Felipe St. in West Houston. Dan Boyles, Chris Haro and John Simons of NAI Partners represented the tenant, software developer Datagration, in the lease negotiations. Elliott Hirshfeld with CBRE represented the landlord, an entity doing business as MMP 5555 San Felipe LLC.
MIAMI BEACH, FLA. — Franklin Street has brokered the $9.3 million sale of North Miami Beach Financial Center, a two-story office building leased in North Miami Beach. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties. Adam Tiktin and Greg Matus of Franklin Street represented the seller in the transaction. Built in 1972, North Miami Beach Financial Center is located in an opportunity zone and features a two-story Regions Bank branch. The SAE Institute has also been a tenant of the building since 2002. The property features fundamentals including 675 feet of frontage along West Dixie Highway, easy access and parking. Located at 16051 W. Dixie Highway, the property is situated about 17 miles from Miami International Airport and downtown Miami.
SAN ANTONIO — Los Angeles-based investment firm BH Properties will undertake a $10 million project to renovate 146 Navarro, a 100,000-square-foot office building in downtown San Antonio. The building was originally constructed in 1987 as the headquarters of CPS Energy. Designed by Gensler, the project will revamp the suites, enhance the lobby and add about 20,000 square feet of ground-floor retail and restaurant space. BH Properties has tapped CBRE lease the building following completion of the project.
