Office

MC Real Estate Partners Purchases D.C. Office Building for $106M

by Alex Tostado December 17, 2020

WASHINGTON, D.C. — MC Real Estate Partners has purchased a 95,000-square-foot office building located at 1000 F St. in Washington, D.C.’s Penn Quarter district. The developer, Douglas Development, sold the property for $106 million. Eastdil Secured represented the seller in the transaction. The 11-story property features a two-story historic building at its base and was fully leased at the time of sale. Delivered in 2017, 1000 F features 7,000 square feet of retail space, two levels of below-grade parking, private terraces on five floors and access to public transportation. The asset is situated three blocks from Washington Metropolitan Area Transit Authority’s (WMATA) Metro Center, which services the Blue, Orange and Red lines.

December 17, 2020

Development Office Southeast Virginia

JBG Smith Completes Redevelopment of Office Building as Part of Amazon’s HQ2 in Northern Virginia

by Alex Tostado December 17, 2020

ARLINGTON, VA. — JBG Smith has completed the redevelopment of a 273,000-square-foot office building for Amazon as part of the e-commerce giant’s HQ2 in Arlington’s National Landing district. The Seattle-based company will fully occupy the 14-story building, which is situated at 1770 Crystal Drive. The delivery comes two years after Amazon chose Arlington as the site for its second headquarter location. Bethesda, Md.-based JBG Smith completed the asset two quarters ahead of schedule and under budget. Amazon’s offices at 1770 Crystal Drive are part of the initial 537,000 square feet of existing office space the company agreed to lease from JBG Smith in November 2018. Since then, Amazon has continued to grow its National Landing leased footprint, which now encompasses 857,000 square feet across five JBG Smith-owned buildings. Additionally, Amazon acquired land from JBG Smith to develop 4 million square feet of ground-up office space as part of its overall HQ2 master plan. In January, JBG Smith broke ground on Phase I, which will comprise 2.1 million square feet of office space, one acre of green space and 50,000 square feet of retail space. Phase I is expected to deliver in 2023. Gensler designed the redeveloped 1770 Crystal Drive to …

December 17, 2020

Acquisitions Office Texas

University Health System Buys Two Office Buildings Totaling 165,000 SF in San Antonio

by Taylor Williams December 17, 2020

SAN ANTONIO — University Health System, a locally based healthcare provider, has purchased two office buildings totaling roughly 165,000 square feet in San Antonio. The properties are located at 5800 Farinon Drive and 5959 Northwest Parkway in the University Park submarket. Kevin Cosgrove and Scott Ferguson of Stream Realty Partners represented the seller, New York-based Clarion Partners, in the transaction. Ken Adams and Chad Gunter of Transwestern represented University Health Systems, which will also occupy the properties. The deal represents the largest office trade in San Antonio in 2020, according to the brokerage team

December 17, 2020

Acquisitions Office Utah Western

Kennedy Wilson Buys 247,000 SF Office Campus in Salt Lake City for $55M

by Amy Works December 17, 2020

SALT LAKE CITY, UTAH — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has acquired three two-story office buildings and two development sites totaling 247,000 square feet in Salt Lake City. An undisclosed seller sold the assets for $55 million. Situated on 24.2 acres within Parkway Center, the campus is fully occupied by five tenants, including Amazon and Verizon, with both occupying single-tenant buildings. The acquisition expands Kennedy Wilson’s presence in the Mountain States. Currently, the Fund VI portfolio includes 15 multifamily and commercial assets in markets including San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The portfolio has an aggregate purchase price of $1.2 billion.

December 17, 2020

Acquisitions California Office Western

Thor Equities Divests of 46,752 SF Mixed-Use Office Property in San Francisco

by Amy Works December 17, 2020

SAN FRANCISCO — Thor Equities Group has completed the sale of 634 Second Street, a mixed-use commercial building located in San Francisco’s SOMA neighborhood. Terms of the transaction were not released. The 46,752-square-foot property features three stories, a rooftop deck and 100 feet of frontage along Second Street. At the time of sale, the property tenants included Okta, a cloud security company; Cloudflare, a hosting provider; and Sajj Mediterranean, a restaurant. Kyle Kovac, Mike Taquino and Mandy Lee of CBRE represented Thor Equities in the transaction. Ben Vago and Avram Posner of Wachtel Missry LLP served as legal counsel for Thor Equities.

December 17, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

DPS Group Completes Phase I of 80,000 SF Life Sciences Project in Metro Boston

by Taylor Williams December 17, 2020

WATERTOWN, MASS. — Engineering and construction management firm DPS Group has completed Phase I of an 80,000-square-foot life sciences project at 650 Pleasant St. in the western Boston suburb of Watertown. The facility will be used as a manufacturing plant for biotechnology firm Arranta Bio. Architecture firm TRIA designed the project.

December 17, 2020

Acquisitions Connecticut Healthcare Midwest Minnesota Office Ohio Tennessee Top Stories

Davis Medical Investors Acquires Eight-Property Medical Office Portfolio for $112M

by Alex Tostado December 17, 2020

MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …

December 17, 2020

Market Reports Midwest Market Reports Office

Office Space After Coronavirus: the New Norm with Remote Workers

by Kristin Harlow December 17, 2020

By Steve Kimball, emersion Design The impact of COVID-19 on workplaces will continue long after the virus has subsided. A majority of large corporations have embraced remote working, with many in the technology space such as Google, Twitter and Microsoft announcing they’ll keep a majority of employees permanently working from home. But it’s not just big technology companies that are taking this approach. New research from Harvard Business School cites at least 16 percent of the U.S. workforce will be remote moving forward. Additionally, a study by 451 Research shows that number could go as high as 67 percent being remote. Jobs in technology, healthcare, customer service, education, accounting and sales are considered the most likely to shift permanently to remote work. What does that mean for traditional office space? There will still be robust office environments, although changes are coming. These vary from what is in the office to where it will now be located. Downsize, upgrade Cost savings achieved by less square footage needs will enable companies to relocate to a more desirable location, offer additional amenities onsite and upgrade the office environment. While less space is required, companies can use the savings to upgrade the office with …

December 17, 2020

Development Illinois Midwest Office

Weiss Properties Unveils Redevelopment Plans for Former CF Industries Headquarters in Suburban Chicago

by Kristin Harlow December 16, 2020

LONG GROVE, ILL. — Weiss Properties has unveiled plans for a multi-million-dollar redevelopment of the former headquarters for CF Industries in Long Grove, a northern suburb of Chicago. Located at 1 Salem Lake Drive, the property has recently been renamed The Reserve at Salem Lake. Weiss acquired the 37-acre campus earlier this year. It includes a two-story, 150,000-square-foot building as well as a three-level, 185-car parking garage and an additional parking area with 235 spaces. Weiss has begun gutting the vast majority of the interior space of the property, which has been vacant for more than 10 years. Upon completion of the redevelopment, first-floor tenants will have dedicated outdoor spaces and second-floor tenants will have wrap-around balconies. Amenities will include a fitness center, auditorium, meeting spaces, indoor and outdoor gathering areas, food service and walking trails. Rawly Lantz, Justin Harris and David Conroy of Cawley Chicago are marketing the property for lease. A timeline for completion was not disclosed. The seller of the campus was a Texas-based homebuilder that acquired the site in 2011 with plans for residential development that never came to fruition. CF Industries, a manufacturer and distributor of agricultural fertilizers, developed the campus in phases in 1975 …

December 16, 2020

Illinois Leasing Activity Midwest Office

JBS Commercial Real Estate Negotiates 18,595 SF Office Lease Transaction in Arlington Heights

by Kristin Harlow December 16, 2020

ARLINGTON HEIGHTS, ILL. — JBS Commercial Real Estate has negotiated an 18,595-square-foot office lease at 3930 Ventura Blvd. in Arlington Heights, a northwest suburb of Chicago. Jason Shibata and Brian Silverman of JBS represented building ownership, Pal Group Inc. Avison Young represented the tenant, Sonoco Protective Solutions, which provides a myriad of packaging solutions to protect products in the automotive, electronics, appliances, medical and office furniture industries. The company, which maintains nearly 30 locations in North America, will use the new space for a regional sales and administrative office. The 57,000-square-foot, single-story office building is now 80 percent leased.

December 16, 2020

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