Office

T-Mobile Opens 131,000 SF Customer Care Center at Former Sam’s Club in Richmond

by John Nelson February 15, 2021

RICHMOND, VA. — T-Mobile U.S. Inc. has opened a 131,000-square-foot customer care center at White Oak Village, a mixed-use development in Richmond. Aston Capital converted a vacant, former Sam’s Club at White Oak Village into new Class A office space for T-Mobile. The Bellevue, Wash.-based mobile phone carrier is relocating approximately 500 employees from Richmond’s Short Pump area to the building with plans to eventually grow the staff to over 1,000. Charlotte-based Aston Capital acquired the White Oak Village building in February 2020 through an affiliate company, AC Richmond. The company then made renovations to the property, including a new exterior facade and renovated parking and landscaping. The firm also added employee amenities including exercise rooms, gaming room, onsite café and mother’s room. The $30 million project, which is adjacent to more than 900,000 square feet of retail, offices, restaurants and hotels at White Oak Village, was completed in October 2020. Since 2015, Aston Capital has repurposed over 500,000 square feet of former retail properties. Frampton Construction was the general contractor on the conversion and interior upfit, Timmons Group provided civil engineering services and McMillan Pazdan Smith Architecture and JPC Architects were the architects on the project.

February 15, 2021

Development Office Texas

CHRISTUS Health to Develop 400,000 SF Corporate Office Building in Irving

by Taylor Williams February 15, 2021

IRVING, TEXAS — CHRISTUS Health, a faith-based healthcare provider, will develop a new 400,000-square-foot corporate office building that will be located on a 4.2-acre parcel within Irving’s Las Colinas district. BOKA Powell is designing the building, which is expected to be complete in 2023 and will include outdoor patios, conference rooms and large areas for collaboration. Fidelis Healthcare Partners represented CHRISTUS Health in its site selection and pre-development planning. CHRISTUS Health, which is already headquartered in Irving, has a real estate footprint comprising almost 350 services and facilities, including more than 60 hospitals and long-term care facilities and 175 clinics and outpatient centers.

February 15, 2021

Leasing Activity New York Northeast Office

Ampacet Corp. Signs 35,000 SF Office Lease Renewal in Tarrytown, New York

by Taylor Williams February 15, 2021

TARRYTOWN, N.Y. — Ampacet Corp., a manufacturer of masterbatches, an additive used for coloring plastics, has signed a 35,000-square-foot office lease renewal in the northern New York City suburb of Tarrytown. Jamie Schwartz internally represented the landlord, GHP Office Realty LLC, an affiliate of Houlihan-Parnes Realtors LLC, in the negotiations for the seven-year renewal. The deal brings the property, which GHP acquired in 2017, to full occupancy.

February 15, 2021

Acquisitions Illinois Midwest Office

The Equitable Funds Acquires Four-Building Office Property in Suburban Chicago

by Kristin Harlow February 15, 2021

SCHAUMBURG, ILL. — The Equitable Funds has acquired Remington Office Court, a four-building, single-story office campus in Schaumburg. The purchase price was undisclosed. Located on Remington Road, the property totals 83,370 square feet. Upon acquisition, it was approximately 90 percent leased. Tenants enjoy direct entrances from the outdoors, dedicated HVAC systems, operable windows and private restrooms, features that are desirable as a result of COVID-19, according to the buyer. NAI Hiffman will serve as leasing agent. One Story LLC, a property management firm formed by principals of The Equitable Funds, will manage the asset. The acquisition is in line with the firm’s strategy of acquiring, owning and managing single-story office properties throughout Chicagoland. Jonathan Berger and Josh Silvergalde established The Equitable Funds in 1999 and has since completed more than $100 million of real estate acquisitions and dispositions.

February 15, 2021

Acquisitions Florida Loans Office Southeast Walker & Dunlop

Walker & Dunlop Arranges $61.3M Acquisition Loan for Bank of America Tower in Downtown Jacksonville

by John Nelson February 12, 2021

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged $61.3 million in financing for the acquisition of Bank of America Tower, a 44-story office building located at 50 N Laura St. in downtown Jacksonville. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Ianno, Sean Bastian and Ian Hawk of Walker & Dunlop arranged the financing for the buyer, Group RMC. Prime Finance provided the three-year, interest-only bridge loan, which features a low floating interest rate. Bank of America Tower is the only LEED-certified office tower in Jacksonville, according to Walker & Dunlop, and features views of the St. Johns River. The Class A high-rise building features over 662,241 rentable square feet, a five-story annex with an additional 35,881 square feet, as well as 900 parking spaces. In addition to a new HVAC system, recent upgrades have been made to the property’s amenities, lighting systems, security systems, elevator modernization, and refurbishment of all the common areas and lobby. Group RMC bought the tower from Hertz Investment Group, according to the Jacksonville Daily Record.

February 12, 2021

Loans Midwest Office Ohio Walker & Dunlop

Walker & Dunlop Arranges $30.5M Loan for Acquisition of Office Tower in Columbus, Ohio

by Kristin Harlow February 12, 2021

COLUMBUS, OHIO — Walker & Dunlop has arranged a $30.5 million loan for the acquisition of 65 East State Street in Columbus. Built in 1983, the 26-story office tower comprises 494,487 rentable square feet. Located in the heart of the central business district, the building is across the street from the Ohio State Capitol Building on Capitol Square. Recent capital improvements to the property include an exterior façade renovation, a new conference center and fitness center, updated lobby and elevator cabs, renovated exterior patio space and new monument signage. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz arranged the loan on behalf of Group RMC. Voya provided the three-year bridge loan, which features a floating rate.

February 12, 2021

Loans Midwest Nebraska Office

CIT Provides $10.1M Construction Loan for Nebraska Office Building

by Kristin Harlow February 12, 2021

FREMONT, NEB. — CIT Group Inc. has provided a $10.1 million loan for the construction of a new owner-occupied office building in Fremont, about 40 miles northwest of Omaha. The borrower, WLG Fremont LLC, will use the financing to construct a 54,000-square-foot office building to serve as the new headquarters for RTG Medical, a veteran-owned healthcare staffing agency supporting medical facilities nationwide. In connection with the financing, CIT is also providing a package of treasury management and capital markets services. Treasury management refers to managing a firm’s liquidity and mitigating risk. The project is being developed under the federal new markets tax credit program with Chase Community Equity, Chase New Markets Corp., Hampton Roads Ventures, Massachusetts Housing Investment Corp. and Evernorth Rural Ventures.

February 12, 2021

Acquisitions California Healthcare Office Western

Avison Young Brokers $4.4M Sale of Two-Building Medical Office Center in Downey, California

by Amy Works February 12, 2021

DOWNEY, CALIF. — Avison Young has arranged the sale of a vacant, two-building medical office property located at 8600 and 8630 Florence Ave. in Downey. An entity of The Whole Child (TWC) acquired the property from a Los Angeles-based private investor for $4.4 million. Built in 1969 on one acre, the 15,213-square-foot property, which was formerly used as a dialysis center, features a reception area, lunch room and restrooms. The buyer plans to use the larger building, which is just over 11,000 square feet, for its headquarters. Patrick Barnes of Avison Young represented the seller, while Gary Martinez of NAI Capital represented the buyer in the deal.

February 12, 2021

Features Office

U.S. Office Rents Won’t Return to Pre-Pandemic Levels Until 2026, Says Moody’s Analytics

by Jeff Shaw February 11, 2021

NEW YORK CITY — It will take at least five years for office-using companies in the United States to demand enough office space to push rents to pre-pandemic levels, with more short-term pain for office owners on the horizon, according to projections by Moody’s Analytics. The New York City-based research firm, which is a subsidiary of ratings agency Moody’s Corp. (NYSE: MCO), issued the forecast last week, punctuating its findings with an assertion that U.S. office vacancy would rise to 19.4 percent in 2021. That figure would represent a 30-year high, surpassing the national vacancy rate of 17.6 percent that occurred in 2010 toward the end of the Great Recession. It would also be the highest national vacancy rate recorded since the 19.7 percent posted during the Savings & Loan Crisis of the early 1990s. In addition, the report from Moody’s Analytics predicted that the national office vacancy rate of nearly 20 percent would hold equally steady in 2022, while rents would fall much more sharply in 2021 than the 0.7 percent decline they posted in 2020. Effective office rents are projected to decrease by 7.5 percent in 2021 before recovering in 2022 as companies continue to implement entire or …

February 11, 2021

Development Office Texas

Unico Properties Completes 165,000 SF Office Building in South Austin

by Taylor Williams February 11, 2021

AUSTIN, TEXAS — Seattle-based developer Unico Properties has completed Bouldin Creek, a 165,000-square-foot office building located at the northeast corner of South Lamar Boulevard and West Oltorf Street in South Austin. Designed by Michael Hsu Office of Architecture, the five-story building features 50,000-square-foot floor plates to support flexible workplace configurations, as well as floor-to-ceiling windows and terraces for outdoor workspaces and amenities. Indoor amenities include a fitness center, bike storage and electric car charging stations. Lastly, Proud Mary, an Australian coffee roaster and café, has signed a lease to occupy 2,500 square feet of ground-floor retail space with the opening expected later this year. Unico co-developed the property with Manifold Real Estate and OakPoint Real Estate, with White Construction Co. serving as the general contractor.

February 11, 2021

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