DEERFIELD, ILL. — Bradford Allen Investment Advisors has acquired a 137,492-square-foot office building in Deerfield for an undisclosed price. The four-story property is located at 570 Lake Cook Road. The building was constructed in 1984 and recently renovated. Joel Berger and Matt Alexander of Bradford Allen Realty Services will serve as leasing agents for the building, which currently has 40,000 square feet of vacancy. Bradford Allen Management Services will serve as property manager. The seller was undisclosed.
CHICAGO — Talis Biomedical Corp. is the latest company to join the tenant lineup at Trammell Crow Co.’s Fulton Labs development in Chicago. Talis will occupy 26,432 square feet of advanced lab, office and chemical storage space. Other tenants at the property include Xeris Pharmaceuticals and Portal Innovations. Fulton Labs totals 725,000 square feet across two buildings, the second of which is slated for completion in early 2022. The first building is immediately available for occupancy. David Saad and Chad Freese of CBRE represented Talis in the lease transaction.
GILBERT, ARIZ. — On behalf of SunCap Property Group, Graycor Construction Co. has completed Gilbert Spectrum V, a flex office and industrial building located at 1715 W. Elliott Road in Gilbert. The two-story, 120,294-square-foot building adds to the expansion of Northrop Grumman’s multi-building satellite manufacturing campus in Gilbert. The building features 15-foot floor-to-floor elevations; state-of-the-art interior common areas and workspaces; and an outdoor employee amenity area with landscaping, shade canopies and seating. Additionally, the building offers a flagstone veneer exterior accented with steel canopies and 602 covered and surface parking spaces, including four electric vehicle charging stations. Graycor is completing Northrop Grumman’s interior build-out of Building V in two phases, with final delivery scheduled during first-quarter 2021. Balmer Architectural Group is serving as the building architect and Gensler is the tenant improvement architect. Bowman Consulting Group is serving as civil engineer. Gilbert Spectrum Building V is the latest property completed by SunCap and Graycor at the 63-acre Gilbert Spectrum Business Park. Already completed buildings include Northrop Grumman’s original 58,289-square-foot office building (delivered in 2017) and a 135,745-square-foot, 32-foot clear height manufacturing building leased to off-road vehicle supplier SDHQ Off Road, Pella Windows and disinfectant wipe manufacturer GPMI. At build out, …
MONTCLAIR, CALIF. — CBRE has arranged the sale of Holt Medical Center, a medical office property located in Montclair. A private investor in a 1031 exchange acquired the asset from an Orange County-based private investor for $3.8 million. Sammy Cemo, Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and John Oien of CBRE represented the seller, while an outside broker represented the buyer. Located at 5153 Holt Blvd., the 12,453-square-foot property was originally built in 2006. At the time of sale, the two-story building was fully occupied by seven tenants with a weighted average lease term remaining of 5.02 years.
By Brian Morrissey, Esq. and Lisa Stuckey, Esq. of Ragsdale Beals Seigler Patterson & Gray LLP Few commercial properties emerged with unscathed values from the harsh economic climate of 2020. Yet Georgia and many jurisdictions like it valued commercial real estate for property taxation that year with a valuation date of Jan. 1, 2020 — nearly three months before COVID-19 thrust the U.S. economy into turmoil. This means governments taxed commercial properties for all of 2020 on values that ignored the severe economic consequences those properties endured for more than 75 percent of the calendar year. When property owners begin to receive notices of 2021 assessments, which Georgia assessors typically mail out in April through June each year, property owners can at last seek to lighten their tax burden by arguing for reduced assessments. The pandemic hurt some real estate types more than others, however, and with both short-term effects and some that may continue to depress asset values for years. For taxpayers contesting their assessments, the challenge will be to show the combination of COVID-19 consequences affecting their property, and the extent of resulting value losses. The experiences of 2020 can serve as a roadmap for valuations in the …
CHARLOTTE, N.C. — CBRE has facilitated the sale of a 358,414-square-foot office building in Uptown Charlotte on behalf of the seller, Stream Realty Partners. Stream sold the property to Hana Alternative Asset Management for a purchase price of $201 million. Wells Fargo anchors the office building, which was fully leased at the time of sale. The 15-story property is located at 300 South Brevard St, within a half-mile from the Charlotte Convention Center. Middle C Jazz Club and the Public House restaurant take up retail space in the building facing Brevard Street. In 2020, Stream completed a full-scale renovation, including a full elevator modernization, roof replacement, electrical upgrade, common area renovations, and facade improvements. CBRE’s Patrick Gildea, Matt Smith, Brandon McMenomy, Grayson Hawkins, and Will Pike brokered the sale. Greg Greene and Harris Ralston of CBRE’s Debt & Structured Finance team secured financing on behalf of the buyer. Stream is a commercial real estate services and ownership firm based in Dallas. Hana Alternative Asset Management is an alternative investment asset company based in South Korea. The company is a subsidiary of Hana Financial Group.
WICHITA, KAN. — Credit Union of America (CUA) has purchased a new corporate office in Wichita for an undisclosed price. The three-story building, formerly known as the IMA building, spans 55,000 square feet and is situated on 3.2 acres. CUA plans to move all staff from its current office at 650 S. Westdale Drive to the new building in June. Craig Ablah of Classic Real Estate represented the seller, 8200 LLC. Randy Johnston of J.P. Weigand & Sons Inc. represented CUA.
NEW YORK CITY — Tishman Speyer has topped out The Spiral, a 2.8 million-square-foot office tower located within Manhattan’s Hudson Yards mixed-use development. The 1,031-foot, 65-story building encompasses an entire city block between West 34th to West 35th streets and from 10th Avenue to the four-acre Bella Abzug Park. The Spiral, which was designed by Bjarke Ingels Group and is expected to open in 2022, is the future site of the global headquarters of pharmaceutical giant Pfizer, which will occupy 746,000 square feet. Law firm Debevoise & Plimpton LLP is also relocating its headquarters to The Spiral with a footprint of 531,000 square feet, while asset management firm AllianceBernstein has also committed to 166,000 square feet, bringing the building’s preleased occupancy rate to 51 percent. Tenants on every floor will have access to outdoor space as part of a series of spiraling landscaped terraces and hanging gardens that wrap around the façade of the tower. The building will also house 25,000 square feet of retail space.
NEW YORK CITY — Urban Standard Capital, a locally based lending and investment firm, has provided a $20 million loan for the refinancing of 265 W. 37th St., a 23-story office building in Midtown Manhattan that includes ground-floor retail space. The borrower, Meyer Equities, will use portions of the proceeds to buy out its partner and to fund tenant improvements and leasing costs at the 263,349-square-foot building. Charlie Brosens of Urban Standard Capital originated the interest-only financing, which was structured with a 24-month term and a 5.25 percent interest rate.
NEW YORK CITY — Liquor producer Beam Suntory has signed a 99,556-square-foot office lease at 11 Madison Avenue in Manhattan for its new global headquarters. The 15-year lease covers the entire 12th floor and brings the 30-story building to full occupancy. David Kleinhandler, James Whalen, Maura Flanagan and Joe Cybulski of CBRE represented the tenant in the lease negotiations. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark represented the landlord, SL Green. The building, which currently houses tenants such as Credit Suisse and SONY Corp. of America, will also house a global office of Beam Suntory’s parent company, Suntory Holdings.