Office

JLL Arranges $44.2M Sale of Cypress Financial Center in Fort Lauderdale

by John Nelson February 3, 2021

FORT LAUDERDALE, FLA. — JLL Capital Markets has arranged the $44.2 million sale of Cypress Financial Center, a 201,305-square-foot, Class A office tower in Fort Lauderdale. JLL represented the seller, a joint venture between funds managed by Apollo Global Management, Square2 Capital and Steelbridge Capital. JLL also procured the buyer, Vision Properties. Cypress Financial Center is located at 5900 N. Andrews Ave. and is 13 miles from Fort Lauderdale-Hollywood International Airport. The building has 250 feet of frontage along Interstate 95 and is situated across from the Cypress Creek Tri-Rail station and adjacent to the Fort Lauderdale Executive Airport. The 11-story office tower features a six-level, 785-space parking garage. At the time of sale, Cypress Financial Center was approximately 90 percent leased to tenants including Hayes Medical Staffing, which anchors the office tower. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, which recently completed a multi-year renovation of the property. Square2 Capital is an investment management company based in Miami that invests and operates throughout Florida and the Southeast, Steelbridge Capital is a Miami-based private equity firm that invests in single- and multi-tenant real estate properties nationwide and Vision Properties is a commercial real estate firm …

February 3, 2021

Acquisitions Florida Office Southeast

Tricera Capital Acquires Office Building in Sarasota, Florida for $35M

by John Nelson February 3, 2021

SARASOTA, FLA. — Tricera Capital has acquired a nine-story, Class A office building in downtown Sarasota known as BB&T Financial Center. The Miami-based real estate investment firm purchased the office building for $35 million. Tricera Capital partnered with private investor Alex Karakhanian and Fort Lauderdale, Fla.-based investment firm Merrimac Ventures on the acquisition. The seller was private real estate investor George Spector. BB&T Financial Center is located at 1800 Second St. The 550,000-square-foot building spans across two towers and features 500 covered parking spaces. Originally developed in the 1980s, the building underwent more than $1 million in capital improvements over the past three years, including upgrades to the roof, lobby and elevator systems. The property spans an entire city block between Links and North Osprey avenues. The building was approximately 70 percent occupied at the time of sale. Douglas Mandel of Institutional Property Advisors, a division of Marcus & Millichap, marketed BB&T Financial Center for sale. Scott Wadler of Berkadia’s Miami office arranged acquisition financing through Prime Finance.

February 3, 2021

Acquisitions Midwest Office Ohio

Joint Venture Acquires Dayton Office Campus in Sale-Leaseback Transaction

by Kristin Harlow February 3, 2021

DAYTON, OHIO — A joint venture between Industrial Commercial Properties and Industrial Realty Group has acquired the LexisNexis-occupied office campus in Dayton for an undisclosed price. The 391,000-square-foot, four-building property sits on 60 acres. Doug Altemuehle of Newmark represented the seller, LexisNexis, in the sale-leaseback transaction. Don Feathers of Roaring Fork Advisors LLC represented the buyers, which plan to modernize the asset. LexisNexis, a provider of legal and business research, will remain the anchor tenant at the campus.

February 3, 2021

Acquisitions Office Texas

CBRE Global Investors Buys 301,891 SF Sherry Lane Place Office Building in Dallas

by Taylor Williams February 3, 2021

DALLAS — A fund backed by CBRE Global Investors has purchased Sherry Lane Place, a 301,891-square-foot office building located in the University Park area of Dallas. Built in 1984 and renovated in 2020, the 20-story building was 80 percent leased at the time of sale. Amenities include a four-level parking garage, fitness center, conference center and a café with indoor and outdoor seating. The seller was not disclosed.

February 3, 2021

California Development Office Retail Western

Sares Regis, Dostart Development Receive Approval for Burlingame Post Office Redevelopment in California

by Amy Works February 3, 2021

BURLINGAME, CALIF. — A joint venture between Sares Regis Group of Northern California (SRGNC) and Dostart Development Group has received approval from the Burlingame City Council for the redevelopment of the long-vacant, 1.3-acre Burlingame Post Office property in Burlingame. Groundbreaking for the project, located at 220 Park Road, is slated for third-quarter 2021, with the 185,000-square-foot office and retail property delivered by 2023. The new design will preserve the former Post Office lobby, converting it into ground-floor retail space that opens to the adjacent Burlingame Town Square, which will be constructed in coordination with the project. Situated in downtown Burlingame, the new project will include 275 parking stalls that will be available for public parking on the weekends and weekday evenings. In total, the redevelopment property will offer 170,000 square feet of office space and 15,000 square feet of retail space. Mike Moran, Ben Paul and Marc Pope of Cushman & Wakefield’s Burlingame office are marketing the office component for lease, while Steve Cutter and Chris Homs of Lockehouse Retail Group are marketing the retail portion. As part of the project, $2 million will be donated toward the future Town Square and $3.5 million will be contributed to affordable housing …

February 3, 2021

Loans Office Southeast Virginia

JLL Arranges $50M Loan for Office Building in Northern Virginia

by John Nelson February 2, 2021

TYSONS, VA. — JLL Capital Markets has arranged a $50 million loan for Eastboro V, a 222,989-square-foot, Class A office building in Tysons. Paul Spellman, Dan McIntyre, Rob Carey and Drake Greer of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Meridian Group. The lender was an unnamed national bank. Eastboro V is located at 8251 Greensboro Drive, adjacent to the Greensboro Metrorail station in Northern Virginia. The property is fully leased to Booz Allen Hamilton, which uses the property as its global headquarters. The property was completed in 1996 as a build-to-suit for the tech consultant firm, whose clients include members of the defense industry and intelligence agencies. Eastboro V features a rooftop deck, fitness center, conference center, tenant-only outdoor sports court, electric bikeshare program, concierge service, tenant lounge, exterior patio and two onsite cafes. The property is positioned within walking distance of The Boro, a 4.3 million-square-foot mixed-use project that was developed by Meridian. The Meridian Group is an office, residential, hotel and mixed-use developer and investor based in Bethesda, Md.

February 2, 2021

Illinois Leasing Activity Midwest Office

Wealth Management Firm Signs 11,318 SF Office Lease in Chicago

by Kristin Harlow February 2, 2021

CHICAGO — Brownson, Rehmus & Foxworth (BRF), a privately held wealth management company, has signed an 11,318-square-foot office lease to occupy space on the 18th floor at 227 W. Monroe St. in Chicago. Known as The Franklin, the two-building complex totals approximately 2.5 million square feet. It features a conference center, health club, underground parking and ground-level retail space. BRF will relocate from 200 S. Wacker Drive this summer. Tony Karmin and Corby Marx of Colliers International represented BRF in the lease transaction. Carey Spignese of Tishman Speyer Properties represented building ownership.

February 2, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

BDG Receives Zoning Approval for 234,000 SF Life Sciences Project in Metro Boston

by Taylor Williams February 2, 2021

WATERTOWN, MASS. — Boston Development Group (BDG) has received approval from the Watertown Zoning Board of Appeals to move forward with construction of a new life sciences project in the western Boston suburb. Elkus Manfredi Architects is designing the project, which will be built in two phases and will include traditional office, lab and research and development uses. Construction of Phase I, which will feature 200,000 square feet of office and lab space and open green space, is scheduled to begin during the first quarter.

February 2, 2021

Acquisitions Company News New York Northeast Office Top Stories

Knotel Files for Bankruptcy, Newmark to Acquire Ailing Coworking Provider

by John Nelson February 2, 2021

NEW YORK CITY — Knotel Inc., a New York City-based flexible workspace provider, has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Knotel concurrently has agreed to sell the business to an affiliate of commercial real estate services firm Newmark Group Inc. (Nasdaq: NMRK), which is providing Knotel with $20 million of debtor-in-possession (DIP) financing to help fund day-to-operations. The DIP financing, provided by a Newmark-backed entity known as Digiatech LLC, is subject to court approval. Founded in 2016, Knotel provides custom offices for company’s using an in-house team of architects, interior designers and workplace strategists. The total number of existing Knotel locations was not available, but Knotel has a presence in several global cities, including Amsterdam, Atlanta, Berlin, Boston, Dublin, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Toronto and Washington, D.C. Amol Sarva, co-founder and CEO of Knotel, cites the COVID-19 pandemic as a black swan event for his firm, which was hampered by companies opting to work from home during the outbreak. “The pandemic created a uniquely challenging operating environment, with significant impacts on leasing velocity and the rate of renewals in key markets, particularly New York …

February 2, 2021

Development Leasing Activity Office Southeast Virginia

Hana Opens 39,000 SF Flexible Office Space in Arlington, Virginia

by John Nelson February 1, 2021

ARLINGTON, VA. — Hana, a flexible office space provider and subsidiary of CBRE Group, has opened a 39,000-square-foot location in Arlington known as Hana at National Landing. JBG Smith is the owner and developer of the larger 11-story office building, which is located at 2451 Crystal Drive. The property includes private office suites dubbed “Hana Team,” a conference and events space called “Hana Meet” and a portion of the unit dedicated to traditional coworking known as “Hana Share.” Hana at National Landing is located in the center of the National Landing submarket, home to Amazon’s second headquarters. The area has dining options, cultural attractions, fitness studios, outdoor parks and bike trails. The property is situated 1.2 miles from Ronald Reagan Washington National Airport. Hana at National Landing sits within Arlington’s Crystal City, part of Pentagon City and Potomac Yard. The property looks out over the Potomac River and Washington, D.C., skyline. A planned pedestrian bridge will connect Hana to Reagan National Airport. Some nearby bars and restaurants include Zen Bistro & Wine Bar, Legal Sea Foods and Highline RxR. Hana’s property at National Landing marks the company’s first East Coast location.

February 1, 2021

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