Office

Parkview Financial Provides $8.7M Construction Loan for Five-Story Office Building in Denver

by Amy Works October 21, 2021

DENVER — Parkview Financial has provided an $8.7 million construction loan to 2926 Umatilla LLC, an entity of Generation Development, for the development of a speculative office building in Denver. Located at 2926 Umatilla St. within the LoHi submarket, the planned five-story property is situated on an infill lot formerly used for parking. The 32,734-square-foot building will feature underground parking for 30 cars via a stacked mechanical parking system. Generation Development acquired the site in late 2018 and construction on the project will begin soon. Completion is slated for fourth-quarter 2022. George Smith Partners arranged the loan. Denver-based BOSS Architects is serving as project architect.

October 21, 2021

Florida Leasing Activity Office Southeast

Millennium Management Signs 74,000 SF Office Lease at 1111 Brickell in Miami

by Julia Sanders October 20, 2021

MIAMI — Millennium Management has signed a long-term lease for more than 74,000 square feet across three floors at 1111 Brickell, a 30-story office tower located in Miami’s Brickell submarket. CBRE represented the landlords, KKR and Parkway Property Investments LLC, in the lease transaction. Zach Wendelin and Tom Haughton of CBRE represented the tenant. The office building is a 524,000-square-foot waterfront office tower overlooking Biscayne Bay. Built in 2000, 1111 Brickell is part of a mixed-use project that includes the adjacent JW Marriot Hotel on Brickell Avenue. Since purchasing the property in 2018, KKR and Parkway have completed upgrades including redesigning the entrance and renovating the lobby, as well as adding multiple points of fiber entry and cellphone signal technology. The property’s meeting and entertainment spaces, as well as its 26,000-square-foot amenity deck with space for fitness classes, have been transformed to deliver a modern work environment centered on hospitality, community and wellness. Millennium plans to staff the office with investment professionals and technology teams. WorldQuant, a global quantitative investment firm, will occupy a section of the Millennium space for its employees. Wordquant is an affiliate of Millennium. Other tenants include Banco Sabadell, Industrious, Telefonica and Baker McKenzie.

October 20, 2021

Acquisitions Industrial Office Texas

Partners Capital Sells 145,915 SF Flex Property in Houston

by Taylor Williams October 20, 2021

HOUSTON — Partners Capital, the investment platform of Partners Real Estate Co., has sold Point West Business Park, a 145,915-square-foot flex property in Houston. Partners Capital originally acquired the three-building complex in 2019 and completed more than 25,000 square feet of new leases during its holding period. Cary Latham, Wyatt Huff and Josh Lass-Sughrue of NAI Partners represented the seller in the transaction. Fort Worth-based PHP Capital Partners purchased the asset for an undisclosed price.

October 20, 2021

Acquisitions Office Utah Western

Arden Group Acquires 145,646 SF Solutionreach Office Building in Metro Salt Lake City

by Amy Works October 19, 2021

LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased Solutionreach, a five-story, Class AAA office property in Lehi. Located at 2600 Ashton Blvd., the 145,646-square-foot building serves as the headquarters for Solutionreach, a private equity-backed healthcare technology consulting company. The property was developed in 2016 as a build-to-suit corporate campus for the current tenant. Cushman & Wakefield represented the sellers, Gardner Co. and Boyer Co., in the deal. Terms of the transaction were not released.

October 19, 2021

Acquisitions Florida Office Southeast

Arbah Capital, Hampshire Stateside Purchase 226,548 SF Office Building in Orlando

by Julia Sanders October 19, 2021

ORLANDO, FLA. — Arbah Capital, in partnership with Hampshire Stateside, has purchased a 226,548-square-foot office building in Orlando. Mike Davis, Rick Brugge, Zach Eicholtz and Rick Colon of Cushman & Wakefield arranged the sale on behalf of the buyer. CBRE represented the seller, Real Capital Solutions, in the transaction. The sales price was not disclosed. Jason Hochman and Ron Granite of Cushman & Wakefield secured $35.1 million in acquisition financing through a regional bank. Located at 11842 Corporate Blvd., the four-story building features open floor plates, a full kitchen with seating, multiple breakrooms, conference and training rooms, lake views and access to hotels, restaurants, retail and housing. Built in 2003, the property is currently fully leased.

October 19, 2021

Illinois Leasing Activity Midwest Office

Farmer’s Business Network Signs 43,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow October 19, 2021

CHICAGO — Farmer’s Business Network (FBN) has signed a 43,000-square-foot office lease at 1320 W. Fulton St. in Chicago’s Fulton Market district. The company will take occupancy of the entire third and fourth floors. Originally built in 1916 to house a Chicago Fire station, the building spans 121,000 square feet. Jeff Newcom and Holly Duran of Colliers Chicago represented FBN in the lease. FBN is an ag-tech platform and farmer-to-farmer network with a mission to help reduce the cost of production and maximize value of farmers’ crops.

October 19, 2021

Acquisitions Office Texas

Partners Group, Accesso Sell 120,599 SF Office Building in Uptown Dallas

by Taylor Williams October 19, 2021

DALLAS — Global investment firm Partners Group and Florida-based Accesso have sold 2626 Cole, a 120,599-square-foot office building in the Uptown/Turtle Creek area of Dallas. The partnership acquired the building in 2014 and implemented a value-add program. Current tenants include WorkSuites, Republic Editorial and Annandale Capital. Andrew Levy, Todd Savage and Parker McCormack of JLL represented Partners Group and Accesso in the transaction. Metro Seattle-based Talon Private Capital purchased the asset for an undisclosed price.

October 19, 2021

Development New Hampshire Northeast Office

Kane Co. Completes 91,000 SF Office Building in Portsmouth, New Hampshire

by Taylor Williams October 19, 2021

PORTSMOUTH, N.H. — Locally based development and investment firm The Kane Co. has completed construction of a 91,000-square-foot office building at 145 Maplewood Ave. in Portsmouth, located in the southern coastal part of the Granite State. New Hampshire-based firm PROCON handled design and construction of the project, which includes ground-floor retail space. Tenants include Heinemann Publishing, Steward Partners and Sentient Decision Science.

October 19, 2021

Acquisitions California Office Western

Bioscience Properties, Harrison Street Acquire Two-Building Office Property in San Diego for $41.3M

by Amy Works October 18, 2021

SAN DIEGO — Bioscience Properties and Harrison Street have purchased Sorrento Heights, a two-building office asset in San Diego, for $41.3 million. The seller was a fund managed by DRA Advisors LLC in partnership with Cypress Office Properties. Located at 9980 and 10020 Huennekens St., Sorrento Heights features 92,875 square feet of office space spread across two two-story buildings, an open breezeway, outdoor seating and tenant parking. At the time of sale, the property was 68 percent vacant, as the property’s largest tenant has placed the entirety of the 10020 Huennekens Street building on the market for sublease. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the seller in the transaction.

October 18, 2021

Acquisitions Florida Office Southeast

CBRE Arranges $57.5M Sale of Offices at Plantation Walk in South Florida

by Julia Sanders October 18, 2021

PLANTATION, FLA. — CBRE has arranged the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot office building in Plantation, to Vision Properties. Christian Lee, José Lobón and Marcos Minaya of CBRE, along with Jay Adams of Newmark, represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property. Offices at Plantation Walk is a seven-story office building located within the Plantation Walk, a $350 million, 27-acre mixed-use development that includes a hotel, approximately 131,000 square feet of retail space and 404 multifamily units. Offices at Plantation Walk, which was 92 percent leased at the time of sale, has a five-story parking structure with a parking ratio of five spaces per 1,000 square feet. The office building recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

October 18, 2021

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