Office

Platinum Home Mortgage Corp. Joins Tenant Lineup at Bell Works Chicagoland

by Kristin Harlow July 8, 2021

HOFFMAN ESTATES, ILL. — Platinum Home Mortgage Corp. (PHMC) has signed a 22,000-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. The privately held mortgage company and national lender will occupy 16,000 square feet on the fourth floor and an additional 2,000 square feet on the second floor. Freedom Title Corp., an affiliated entity, will occupy 4,000 square feet on the second floor. PHMC plans to move into its new space this fall. Existing tenants at Bell Works Chicagoland include accounting firm CPA Advisors Group, mosquito control company Mosquito Hunters, and equity crowdfunding firm The Next Unicorn. Somerset Development is the owner and developer of the property, which is the adaptive reuse of the former AT&T campus. Steve King, Francis Prock and Darryl Silverman of Colliers International, along with Jeffrey Garibaldi Sr., Tara Keating and Lindsey Florio of The Garibaldi Group, serve as the leasing teams for the office space at Bell Works Chicagoland. Jason Simon of Colliers represented PHMC in its lease.

July 8, 2021

Kansas Leasing Activity Midwest Office

Summit Marketing Signs 13,400 SF Office Lease in Lenexa, Kansas

by Kristin Harlow July 8, 2021

LENEXA, KAN. — Summit Marketing, a marketing and fundraising communications firm, has signed a 13,400-square-foot office lease at Tech Center 3 within Lenexa’s Southlake Office Park. RJ Trowbridge of JLL represented the owner, City+Ventures, which purchased the property in 2019 and added new signage, exterior paint, landscaping and renovated lobbies. Southlake spans 11 buildings and 753,000 square feet. Straub Construction will build out the interior tenant space for Summit.

July 8, 2021

Acquisitions Florida Healthcare Office Southeast

Marcus & Millichap Brokers $4.8M Sale of Medical Office Property in Miami

by Julia Sanders July 7, 2021

MIAMI — Marcus & Millichap has brokered the $4.8 million sale of a three-story, 15,250-square-foot medical office property located at 1790 Coral Way in Miami. Douglas Mandel and Adam Klein of Marcus & Millichap represented the seller. Miami-based L2 Partners, a limited liability company, was the seller. The seller will occupy about 30 percent of the building. The property’s corner location is directly on the south side of the historic Coral Way Corridor that connects Coral Gables and Miami. The property is also close to both Brickell and Coral Gables. The building is on about one-third of an acre. In 2018, the property had a full renovation including a new roof, hurricane-impact windows and exterior painting, as well as common area and mechanical upgrades. The office features onsite covered parking, gated and fenced grounds, impact windows and doors, secured access and modern finishes.

July 7, 2021

Development Office Texas

Cypress Real Estate Nears Completion of 172,000 SF Office Project in East Austin

by Taylor Williams July 7, 2021

AUSTIN, TEXAS — Developer Cypress Real Estate Advisors (CREA) has completed shell construction at Eastlake at Tillery, a two-building, 172,000-square-foot office project in East Austin. The development at the corner of East Cesar Chavez Street and Tillery streets is now ready for tenant build-outs. Delineate Studio served as the project architect, and Harvey Cleary was the general contractor. AQUILA Commercial has been tapped to lease Eastlake at Tillery. Construction of the building, which offers amenities such as a prep kitchen, fitness center with locker rooms and multiple outdoor workspaces, began in December 2019.

July 7, 2021

Acquisitions Office Texas

Monarch Alternative Capital Buys 209,081 SF Office Building in Plano

by Taylor Williams July 7, 2021

PLANO, TEXAS — Monarch Alternative Capital, an investment firm based in London and New York City, has purchased The Apex at Legacy, a 209,081-square-foot office building in Plano. The sale included a 2.1-acre adjacent development parcel. Apex at Legacy was completed earlier this year and consists of seven floors of office space above a six-story, 798-space parking garage. Monarch will operate the property in partnership with Tourmaline Capital Partners and has tapped Lincoln Property Co. to assist with leasing and property management plans.

July 7, 2021

Illinois Loans Midwest Office Top Stories

JLL Arranges $296M Refinancing for Trophy Office Tower in Chicago’s River North

by Kristin Harlow July 7, 2021

CHICAGO — JLL’s Capital Markets group has arranged a $296 million loan for the refinancing of 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket. The 35-story property was originally built in 1987 and underwent an $85 million renovation in 2019. The office tower offers a riverfront location and is served by a variety of public transportation options. Amenities include a fitness center, tenant lounge, conference center, parking garage and bike parking. Lettuce Entertain You operates a restaurant and event space at the property. Tenants include the American Bar Association and Foley & Lardner. “As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” says Keith Largay, senior managing director with JLL. Largay, along with Danny Kaufman and Michael Halbach of JLL, represented the borrower, a joint venture partnership between Hines, American Realty Advisors (ARA) and Diversified Real Estate Capital LLC. The team placed the five-year, floating-rate loan with Nuveen Real Estate. Dallas-based Hines is a privately owned global real estate investment firm that oversees …

July 7, 2021

Loans Northmarq Office Texas

NorthMarq Arranges Acquisition Loan for 250,000 SF Office Building in Houston

by Taylor Williams July 6, 2021

HOUSTON — NorthMarq has arranged an acquisition loan of an undisclosed amount for Westchase Royal Oaks, a 250,000-square-foot office building in Houston. Warren Hitchcock of NorthMarq placed the five-year loan, which was structured with two years of interest-only payments followed by a 25-year amortization schedule. In addition, the financing featured a 70 percent loan-to-value ratio and a fixed interest rate of 3.75 percent. The borrower and the direct lender were not disclosed.

July 6, 2021

Acquisitions Industrial Office Texas

Bradford Negotiates Sale of 68,043 SF Shady Trail Business Center in Dallas

by Taylor Williams July 6, 2021

DALLAS — Bradford Commercial Real Estate Services has negotiated the sale of Shady Trail Business Center, a 68,043-square-foot flex property in Dallas. Shane Benner and Josh Meraz of Bradford represented the seller, an entity doing business as WC Shady Trail Business Center LLC, in the transaction. Rich Young Jr. of Rich Young Cos. represented the buyer, a Los Angeles-based limited liability company, in the deal. Shady Trail Business Center was 92 percent leased at the time of sale.

July 6, 2021

Development New York Northeast Office

Columbia Property Trust Underway on Renovation of 114,000 SF Manhattan Office Building

by Taylor Williams July 6, 2021

NEW YORK CITY — Columbia Property Trust is underway on the renovation of 149 Madison Avenue, a 114,000-square-foot office building in Midtown Manhattan’s Nomad neighborhood. The 12-story building was originally constructed in 1916. The redevelopment includes enhanced retail storefronts, windows and lobby, as well as the addition of new amenities such as a multi-purpose lounge and a fitness and wellness center. Gensler is the architect of the project, which is slated for completion by the end of the year.

July 6, 2021

Development Leasing Activity Midwest Mixed-Use Office Ohio Top Stories

Deloitte Signs Anchor Lease at Foundry Mixed-Use Project in Downtown Cincinnati

by John Nelson July 6, 2021

CINCINNATI — Deloitte, one of the Big Four global accounting firms, has signed a 30,000-square-foot anchor lease at Foundry, a mixed-use development underway in downtown Cincinnati. The developer and landlord is Cincinnati Center City Development Corp. (3CDC), a 501(c)(3) nonprofit developer that was created in 2003 by a City of Cincinnati task force. “We hope this is the first of many exciting announcements to come over the next few months, as we work to fill this essential building in our urban core with more world-class organizations like Deloitte,” says Katie Westbrook, development manager of 3CDC. Deloitte will occupy office space on the second floor of the $51 million project, which is a redevelopment of a former Macy’s-anchored building called Fountain Place. The building also housed Tiffany & Co., Palomino Restaurant and Booksellers on Fountain Square before they all closed their doors. Travis Likes and Scott Yards of CBRE represented 3CDC in the lease deal. Construction on Deloitte’s new space will begin immediately and is expected to be complete in late 2021 or early 2022. Foundry will ultimately feature 150,000 square feet of revitalized office space, 35,000 square feet of ground-level retail and restaurant space and 164 underground parking spaces that …

July 6, 2021

Newer Posts

Older Posts