Office

General Contractor McCarthy Relocates to New Headquarters in St. Louis

by Kristin Harlow February 18, 2021

ST. LOUIS — St. Louis-based general contractor McCarthy has relocated its headquarters to a new space that is nearly 30,000 square feet larger than its previous office. McCarthy Holdings Inc. will occupy the building’s third floor and staff members of the central region of McCarthy Building Cos. Inc. will occupy the second floor. The building is located at 12851 Manchester Road. McCarthy collaborated with building owner Franklin Partners to complete extensive interior and exterior renovations prior to its move-in. The buildout features a central staircase connecting the two floors as well as conference and training facilities, flex space, a fitness center and micro café. A construction technology suite features smart screens and three-dimensional virtual reality technology. In response to COVID-19, the building’s existing HVAC system was upgraded to an air treatment system designed to neutralize pathogens. Workspaces have been arranged to incorporate social distancing. Divider screens separate individuals and panel heights between workstations were increased by 16 inches. Christner Architects served as project architect. The building was originally constructed in 1996 for AT&T.

February 18, 2021

Loans Net Lease Office Washington Western

Gantry Arranges $12.5M in Financing for Net-Leased Office Building in Seattle

by Amy Works February 18, 2021

SEATTLE — Gantry has arranged $12.5 million in financing for a single-tenant office property in Seattle’s South Lake Union submarket. Located at 1144 Eastlake Ave. E, the seven-story building features 82,000 square feet of rentable space. The property was built in 2002. Seattle Cancer Care Alliance fully occupies the building. Mike Wood and Alex Saunders of Gantry’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and previous Gantry client. The 10-year loan refinanced existing obligations. State Farm provided the capital on a full-term interest-only basis at an interest rate below 2.5 percent.

February 18, 2021

Features Office

Cushman & Wakefield: U.S. Office Market Outlook Begins to Show Reasons for Optimism

by Kristin Harlow February 18, 2021

CHICAGO — The road ahead will be bumpy for the U.S. office sector, but there is light at the end of the tunnel, says Cushman & Wakefield. The Chicago-based commercial real estate brokerage recently published Part III of a series of snapshots entitled “U.S. Office Sector: the Road Ahead in 2021,” which are focused on the economy and office trends. What follows is a synopsis of those predictions in the third segment. The path of the virus is central to the office sector recovery, asserts Cushman & Wakefield. As of early February, roughly 11 percent of the U.S. adult population has received at least one dose of the vaccine. Additionally, the seven-day moving average of vaccines being administered was trending up and the number of vaccinations was outpacing the number of new confirmed daily infections. Most baseline forecasts assume the vaccines will be widely distributed by mid-2021 in most advanced countries and in some emerging markets. In the U.S., it is currently assumed that full herd immunity will be reached by September or October of this year. Undoubtedly, the pandemic directly impacted office leasing fundamentals in 2020. In the U.S., there was 104 million square feet of negative absorption last …

February 18, 2021

Arizona Industrial Office Top Stories Western

Brooklyn Bedding Breaks Ground on $72M Manufacturing Facility, Corporate Headquarters in Metro Phoenix

by Katie Sloan February 18, 2021

GLENDALE, ARIZ. — Mattress retailer Brooklyn Bedding has broken ground on a $72 million manufacturing facility and corporate headquarters nine miles outside Phoenix in Glendale. The 648,165-square-foot building will be located on 42.8 acres at the crossroads of West Bethany Home Road and 52nd Ave. The new manufacturing facility, set for delivery in December 2021, will give the company the capacity to triple its mattress production. Founded in 1995, Brooklyn Bedding claims to be a pioneer in the “bed-in-a-box movement,” selling its first roll-packed mattress product on Amazon in 2008. By 2015, Brooklyn Bedding had developed and constructed a 150,000-square-foot, full-scale factory in the Phoenix area. The company currently employs 250 and plans to add 150 employees upon the completion of its new facilities. Brydant Real Estate will spearhead development of the project, working alongside the development team of Alston Construction and the architectural team of Ware Malcomb. Brooklyn Bedding will continue operations at its manufacturing facility at 4455 West Camelback Road and its warehouse at 4524 North 44th Ave. in Phoenix until the new headquarters is delivered. — Katie Sloan

February 18, 2021

Acquisitions Office Texas

BH Properties Acquires 10-Story Office, Parking Structure in San Antonio’s RiverWalk Area

by Taylor Williams February 17, 2021

SAN ANTONIO — Los Angeles-based investment firm BH Properties has acquired the Navarro Building and Garage, a 10-story commercial property in San Antonio’s RiverWalk area that consists of 100,000 square feet of office space above a 605-space parking structure. The building was originally constructed in 1968 to provide parking for the San Antonio World’s Fair and was vacant at the time of sale. BH Properties is planning a capital improvement program to completely transform the office component into institutional quality Class A space designed either for multi- or single-tenant uses. Planned improvements include refurbishing of balconies, redesigning of public spaces such as lobbies and restrooms and installing of new lighting throughout. BH also plans to modernize the parking systems in the garage with new access controls and EV charging stations.

February 17, 2021

Loans Office Texas

Ariel Property Advisors Arranges $14M Acquisition Loan for Houston Office Building

by Taylor Williams February 17, 2021

HOUSTON — New York City-based Ariel Property Advisors has arranged a $14 million acquisition loan for a 140,000-square-foot office building in the Clear Lake submarket of Houston. Eli Weisblum of Ariel Property Advisors placed the loan five-year loan, which was structured with a 4.25 percent interest rate and a 30-year amortization schedule, through an undisclosed lender. The property was fully leased at the time of the loan closing. The borrower was also not disclosed.

February 17, 2021

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

Newmark Arranges $1.5B Recapitalization of Life Sciences, Office Campus in Boston

by Kristin Harlow February 17, 2021

BOSTON — Newmark has arranged the $1.5 billion recapitalization of 401 Park Drive and 201 Brookline Ave. in Boston’s Fenway submarket. The 1.5 million-square-foot campus sits on nearly nine acres. Concurrent with the financing transaction, Alexandria Real Estate Equities Inc. acquired a majority stake in the campus. The seller is a joint venture between institutional investors advised by J.P. Morgan Global Alternatives and Samuels & Associates. Boston-based Samuels will retain a minority interest in the campus and continue to operate, lease and lead development activities for the property in conjunction with the new majority owner. The asset at 401 Park Drive is an existing 973,145-square-foot office and retail tower. It is currently 93 percent occupied. The second property, 201 Brookline Ave., is a 510,116-square-foot laboratory and office tower that is currently under construction. It is 17 percent pre-leased with tenants expected to take occupancy in 2022. There is also potential for an additional phase of commercial development at the site. Located next to an MBTA Green Line station, the campus incorporates a recently created 1.1-acre park that provides direct access to new retailers Time Out Market and Trillium Brewing Co. The park also features an ice-skating rink in the winter. …

February 17, 2021

Illinois Leasing Activity Midwest Office

Franklin Partners Executes Leases Totaling 164,388 SF at The Shuman Office Property in Naperville

by Kristin Harlow February 16, 2021

NAPERVILLE, ILL. — Franklin Partners has executed leases totaling roughly 164,388 square feet at The Shuman, a five-story office building in Naperville. Franklin completed an extensive renovation of the property in September 2019. To date, lease signings include Brown & Brown Insurance, Derick Dermatology, Philadelphia Insurance, 3WON, Securitas Electronic Security Inc., SkyBridge, Stifel, Nicolaus & Co. Inc. and CIMC Capital, as well as two undisclosed tenants. There are 150,000 square feet remaining available for lease.

February 16, 2021

Development District of Columbia Office Southeast

Nuveen, Norges Bank Complete $18M Renovation of Franklin Square Office Building in D.C.

by John Nelson February 15, 2021

WASHINGTON, D.C — Nuveen and joint venture partner Norges Bank Investment Management have completed the $18 million renovation of the Franklin Square office building at 1300 Eye St. NW in Washington, D.C. Will Stern, Eli Barnes, Lauryn Harris and Alston Offutt of Avison Young have been the leasing representatives for the 485,000-square-foot building for over 15 years. Washington, D.C.-based architecture firm Hickok Cole designed the renovation, which began in 2020. Some of the new features to the building involve the three-story glass entrance and include contemporary lighting and glass, soft-seating collaboration areas, new modern artwork, an in-lobby barista-operated café and lounge, additional modern security measures, new elevator cabs and elevator mechanical systems. Additional renovations include a 10,000-square-foot conference facility, six conference rooms, breakout areas, a catering kitchen, a 5,000-square-foot fitness facility, an onsite fitness trainer providing classes for building tenants and a bicycle room with bike maintenance stations, lockers, towel service and changing rooms. The building is LEED Gold-certified and features advanced air filtration via the building’s VAV HVAC system using MERV 15 air filters. An events/hospitality manager will be onsite to oversee the new facilities and help coordinate tenant events. The building also features a new mobile app that …

February 15, 2021

Development Office Retail Southeast Virginia

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

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