Office

Mortenson Breaks Ground on 184,000 SF Beam on Farmer Office Building in Downtown Tempe

by Amy Works May 18, 2021

TEMPE, ARIZ. — Mortenson, in partnership with PGIM Real Estate and Urban Development Partners, has broken ground on The Beam on Farmer, a Class A office building located in downtown Tempe. The five-story, 184,000-square-foot building will feature exposed cross-laminated timber (CLT) construction as the primary structural system. The CLT process utilizes young trees and combines layers of natural timber for an eco-friendly building approach. CLT creates zero waste and will capture 3.5 tons of carbon dioxide with scrap material from CLT production used to create other products or biofuel. Located at 401 S. Farmer Ave., The Beam on Farmer will feature a mix of solid timber, concrete, steel and glass in its design. Interiors will feature 13-foot exposed wood ceilings, 40,000-square-foot open floorplates and an under-floor air distribution (UFAD) system providing high-quality airflow and energy efficiency. Additionally, the project will be served by an adjacent parking garage with a 4/1,000 parking ratio. RSP Architects is serving as architect for the project, which is slated for completion in May 2022. Ryan Timpani and Mark Gustin of JLL are handling leasing for the project.

May 18, 2021

Acquisitions Michigan Midwest Office

Bedrock Acquires 500,000 SF Office Building Along Detroit Riverfront

by Kristin Harlow May 18, 2021

DETROIT — Bedrock has acquired 300 River Place, a 500,000-square-foot office building along Detroit’s riverfront. The purchase price was undisclosed. Additionally, the acquisition includes a parking garage with 736 parking spaces and 4.4 acres of developable land. The Stroh Cos. Inc. was the seller. The office building will continue to house tenants such as the Associated Press, Belle Isle Conservancy, Michigan Minority Contractors and a number of departments within the Federal General Services Administration. The building was originally constructed in phases in 1928 and 1939 by pharmaceutical company Parke-Davis & Co. The Stroh Brewery Co. acquired the property in 1979 and renovated it over the years. Since its founding in 2011, Detroit-based real estate firm Bedrock has invested more than $5.6 billion for the acquisition and development of more than 100 properties in Detroit and Cleveland. The company is the real estate arm of Dan Gilbert’s Rocket Cos.

May 18, 2021

Features Office

Getting Ready To Return To The Office Increasingly Means Getting Scientific

by Taylor Williams May 18, 2021

By Rich Gottlieb, president and COO, Keystone Property Group While executives have differing perspectives on the future of remote work in a post-COVID-19 environment, most (52 percent) are targeting a return to the office in the second half of 2021, according to a recent survey of Fortune 500 executives. Based on the responses of survey participants, vaccine availability (51 percent) and improved COVID-19 therapeutics and treatment (14 percent) are the clear determining factors in their decisions to bring employees back. But changes to office space (13 percent), like onsite testing or temperature checks, also weigh heavily on their direction. The return is already happening. Data from a separate survey published in late March found that nearly a quarter of office-using employees are working at their office in 10 major U.S. cities. In New York City, some 80,000 municipal workers began staggered returns to their buildings on May 3. Major corporations are planning “soft reopenings” or hybrid-style returns. Proactive building owners need to be ahead of tenants in terms of preparing for post-pandemic concerns, implementing the latest industry standards and technologies and addressing overall health and safety requirements. This is not always easy, especially because the science of the coronavirus continues …

May 18, 2021

Development New York Northeast Office Top Stories

Paramount Group Plans $250M Renovation at 60 Wall Street Office Tower in Manhattan

by John Nelson May 18, 2021

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has announced plans to overhaul the base and interior spaces at 60 Wall Street, a 47-story office tower in Lower Manhattan’s Financial District. The project is set to kick off when the building’s sole occupant, Deutsche Bank, vacates the tower next summer. Paramount Group plans to invest $250 million for the renovation, according to New York Business Journal. Originally built in 1989, the 1.6 million-square-foot tower is LEED Gold-certified and sits along Wall Street with Pine Street bounding the property on the north. Paramount Group, a New York City-based owner and manager of Class A office towers, has tapped architectural firm Kohn Pedersen Fox (KPF) to oversee the renovation. The firm has also selected Paul Amrich and Howard Fiddle of CBRE to lease and manage 60 Wall Street for tenants to replace Deutsche Bank. The revitalization plan includes opening the base of 60 Wall Street’s façade with new triple-height windows and a vast skylight to allow for more natural lighting. The renovation is set to also include the installation of a 100-foot green wall, which will improve air quality and provide greenery to the tower’s public spaces. The indoor green wall …

May 18, 2021

Acquisitions Office Southeast Tennessee

Rubicon Equities, Meritage Group Purchase Downtown Nashville Office Building for $95M

by Julia Sanders May 17, 2021

NASHVILLE, TENN. — Rubicon Equities and Meritage Group LP have purchased Capitol View Plaza, a Class A office building located at 1 Lifeway Plaza in downtown Nashville, for $95 million. Capitol View Plaza was built in 2017 on the site of the previous headquarters of Lifeway Christian Resource. The property is part of the 32-acre Capitol View master planned community developed by Boyle Investment Co. The property is the third investment for Rubicon and Meritage in Nashville. David Atchison and Brian Casey of Colliers International represented the undisclosed seller in the transaction. Stream Realty and Sandeema Co. are enlisted to market the building for lease. Rubicon Equities is a Nashville-based real estate investment and development firm with over $500 million of assets under management. Meritage Group LP is a private investment firm based in San Francisco that invests in public and private equity, credit and real estate.

May 17, 2021

Acquisitions Office Retail Southeast Tennessee

Marcus & Millichap Brokers $8.5M Sale of Friars Branch Crossing Center in Chattanooga

by Julia Sanders May 17, 2021

CHATTANOOGA, TENN. — The Giambrone Group of Marcus & Millichap has brokered the sale of Friars Branch Crossing Center, a 99,878-square-foot retail and office center in Chattanooga. Tim Giambrone of Marcus & Millichap represented both the buyer and the seller in the transaction. The buyer, Excelsior Friars Crossing LLC, was a private equity sponsor based in Nashville that purchased the property from Spirit Holdings of Chattanooga for $8.5 million. Friars Branch Crossing is located at 2204-2226 Encompass Drive just north of Interstate 75 near the Chattanooga Metropolitan Airport. Avenger Logistics, Secure America – ERMC and Astec Industries anchor the complex and represent 55 percent of the total gross leasable area.

May 17, 2021

Acquisitions Office Texas

Carr Properties Acquires 419,785 SF Office Building in Downtown Austin

by Taylor Williams May 17, 2021

AUSTIN, TEXAS — Washington, D.C.-based Carr Properties has acquired 100 Congress, a 419,785-square-foot office building in downtown Austin. The building is situated on a one-acre site at the intersection of Congress Avenue and Cesar Chavez Street and was 94 percent leased at the time of sale to tenants such as Google and law firm Jackson Walker. Amenities include a fitness center, conference center and an onsite bank branch. Carr Properties plans to renovate the building. The seller was not disclosed.

May 17, 2021

Acquisitions Healthcare Massachusetts Northeast Office

Greatland, Singerman Acquire 288,528 SF Office, R&D Campus in Metro Boston

by Taylor Williams May 17, 2021

LEXINGTON, MASS. — A partnership between Greatland Realty Partners and Singerman Real Estate has acquired a 288,528-square-foot office/research and development campus located at 10 Maguire Road in the northern Boston suburb of Lexington. The four-building property is located near the I-95/Route 128 and Route 3 interchange and features an open-air food hall with indoor and outdoor seating. JLL is marketing the property for lease to life sciences and technology users.

May 17, 2021

Leasing Activity Massachusetts Northeast Office

WHOOP Signs 121,000 SF Office Headquarters Lease at Kenmore Square in Boston

by Taylor Williams May 17, 2021

BOSTON — WHOOP, a locally based sports tech and analytics company, has signed a 121,000-square-foot office headquarters lease in the Kenmore Square area of Boston. The company will occupy all eight floors of office space at the newly delivered Commonwealth Building, as well as a portion of the ground-floor retail space. WHOOP expects to house as many as 1,000 employees within the building. Robert Jangro of JLL represented WHOOP in the lease negotiations. Dave Martel, Mike Greeley and Jason Cameron of Newmark represented the landlord, Related Beal.

May 17, 2021

Development Iowa Midwest Office

R&R Realty Group to Renovate Two Buildings at Regency West Office Park in West Des Moines

by Kristin Harlow May 17, 2021

WEST DES MOINES, IOWA — R&R Realty Group has unveiled plans to renovate Buildings 7 and 8 at its Regency West Office Park in West Des Moines. The pandemic spurred the renovation, according to R&R. “As our customers are returning to their offices, they’re telling us that amenities are still very important in order to entice the workforce back to the office and to retain the workforce working in the office,” says Mark Ruprpecht, president of R&R. New amenities at Regency West will include collaborative spaces with germ-resistant materials and space for social distancing. A fitness center will be equipped with treadmills, elliptical machines and Peloton bikes. A space known as the Veranda at Regency West will include large windows that can open to the outdoors. An automated coffee shop and a grab-and-go market will provide food and beverage options. These amenities will be available to all Regency West tenants, regardless of which building they occupy at the 623,000-square-foot complex. R&R plans to invest more than $1 million over the next 12 months for the new amenities.

May 17, 2021

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