Office

Weitzman Brokers Sale of Former Haverty’s Office, Showroom Building in Metro Dallas

by Taylor Williams December 7, 2020

FARMERS BRANCH, TEXAS — Weitzman has brokered the sale of a 95,488-square-foot building formerly occupied by Atlanta-based furniture retailer Haverty’s in the northern Dallas metro of Farmers Branch. The building offers a second-generation showroom/warehouse with highway frontage and visibility, as well as a mezzanine level for showroom and office space. David Zoller of Weitzman represented the seller, a Dallas-based limited partnership, in the transaction. Joe Doye of Westin Co. represented the buyer.

December 7, 2020

Loans Office Texas

NorthMarq Arranges $8M Loan for Refinancing of San Antonio Office Building

by Taylor Williams December 7, 2020

SAN ANTONIO — NorthMarq has arranged an $8 million loan for the refinancing of Crownridge Centre, a 41,590-square-foot office building located on the north side of San Antonio. Bryan Leonard of NorthMarq placed the debt through an undisclosed life insurance company on behalf of the locally based sponsor. The financing was structured with a fixed interest rate and a fully amortizing 20-year term. The building is leased to tenants in the financial, medical and energy sectors.

December 7, 2020

Development Illinois Midwest Office

Parkside Realty Opens 12-Story Fulton East Office Building in Chicago’s Fulton Market

by Kristin Harlow December 7, 2020

CHICAGO — Parkside Realty Inc. has opened Fulton East, a 12-story, next-generation office building in Chicago’s Fulton Market District. The speculative project features high-tech features for employee health, hygiene, safety and wellness such as hands-free elevators, a state-of-the-art air and surface disinfection system, open-air terraces and a rooftop park. The 90,000-square-foot development also features retail space and is located at 215 N. Peoria St. Each floor offers 10,605 square feet with a private outdoor terrace. The building’s top floors feature a multi-level penthouse office suite. An 8,000-square-foot rooftop park offers tenants additional outdoor space. Chicago-based Clayco and its in-house architect Lamar Johnson Collaborative served as builder and designer. Chicago-based interior designer Holly Hunt designed the building’s lobby.

December 7, 2020

Development New York Northeast Office

Rosemark, Levin Unveil Redevelopment of 850,000 SF Paramount Building in Manhattan

by Taylor Williams December 7, 2020

NEW YORK CITY — Owners Rosemark Management and Levin Management have unveiled the redevelopment of the 850,000-square-foot Paramount Building, located at 1501 Broadway in Manhattan. MKDA designed the redevelopment of the 32-story office building, which was originally constructed in 1926 as the East Coast headquarters for Paramount Pictures. The property now offers prebuilt suites ranging in size from 1,000 to 45,000 square feet with various health and wellness features integrated throughout the workspaces and common areas. Rosemark and Levin began a $50 million capital improvement program at the Paramount Building in 2018, upgrading mechanical systems and corridors and adding new food and beverage uses. Newmark has been tapped to lease the office space.

December 7, 2020

Acquisitions New Jersey Northeast Office

Mack-Cali Sells Office Building in Woodbridge, New Jersey, for $61M

by Taylor Williams December 7, 2020

JERSEY CITY, N.J. — New Jersey-based REIT Mack-Cali Corp. has sold a 203,335-square-foot office building located at 581 Main St. in the Northern New Jersey city of Woodbridge for $61 million. The property recently underwent a capital improvement program that featured a renovated lobby and a new café and conference center. A subsidiary of Plymouth Rock Group Cos. purchased the asset and will use the building as its New Jersey headquarters. Cushman & Wakefield brokered the deal. The transaction comes as part of Mack-Cali’s stated effort to divest its suburban office assets and follows the company’s $12.7 million sale of 7 Campus Drive in Morristown two weeks ago.

December 7, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

Lincoln Property Co. Breaks Ground on 139,000 SF Life Sciences Project in Metro Boston

by Taylor Williams December 7, 2020

WALTHAM, MASS. — Dallas-based Lincoln Property Co. has broken ground on a 139,000-square-foot life sciences project that will be located at 300 Third Ave. in the western Boston suburb of Waltham. Designed by local architecture firm DiMella Shaffer, the building will offer traditional office and lab space, as well as five levels of parking. Callahan Construction Managers is the general contractor for the project, which is expected to be complete in January 2022.

December 7, 2020

Development Indiana Midwest Office Top Stories

Elanco Animal Health Plans $100M Headquarters in Downtown Indianapolis

by Taylor Williams December 7, 2020

INDIANAPOLIS — Elanco Animal Health Inc. (NYSE: ELAN), a pharmaceutical company that produces medicines and vaccinations for pets and livestock, has selected Indianapolis for its new $100 million global headquarters. Elanco is currently headquartered in Greenfield, approximately 25 miles east of Indianapolis. The company’s new headquarters campus will be located on a 45-acre site on the southwestern side of downtown Indianapolis that formerly served as a stamping plant for General Motors. The plant closed in 2011, and developer Ambrose purchased the site with plans to build a mixed-use community, according to The Indianapolis Star. Ambrose officially canceled those plans in September 2019. Project planning will begin immediately, with construction anticipated to last two to three years. Elanco’s new facility is expected to add as many as 570 permanent new jobs to the local economy. The move represents an effort to cut costs while consolidating Elanco’s global footprint after the company’s August acquisition of Bayer’s animal health business. The Star reports that the acquisition was valued at roughly $6.9 billion. Elanco’s new campus will feature a smaller, more flexible design as a result of COVID-19. The company says it envisions a more efficient campus with at least 25 percent less office space than its …

December 7, 2020

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market is Going to be Just Fine as New Developments Come on Line

by Alex Tostado December 7, 2020

We’ve all seen the depressing commercial real estate news stories about the state of the office market, with words like “bleak,” “hazy” or “obsolete” in the headlines. Questions surround every major market, including Atlanta — a metro market known for its dependable economy and robust demand. Admittedly, Atlanta has had its struggles during the pandemic, like slow leasing activity and rising rental rates, but not everything is doom and gloom. New City Properties, in the middle of breaking ground on Mailchimp’s new headquarters, announced it was upping the budget to prepare for future pandemics, including setting money aside for technology that is not even available yet. Other developers are choosing to prioritize private green space over expensive machinery. Midtown’s new Norfolk Southern headquarters, opening by the third quarter of 2021, takes advantage of its 3.4-acre lot by developing a campus-style hub filled with parks and a rooftop garden. Employees who utilize these outdoor spaces decrease the risk of airborne transmissions, as well as promote healthy habits. Not every office building has the room for large outdoor forums, so other owners are doing away with cubicles and building out private offices. Or if they have cubes, they’re advised to choose bigger …

December 7, 2020

Acquisitions Office Washington Western

Innovatus Capital Partners Acquires Overlake 520 Office Campus in Bellevue, Washington

by Amy Works December 4, 2020

BELLEVUE, WASH. — Innovatus Capital Partners has purchased Overlake 520, an office complex near State Route 520 and the Overlake Transit Center Rapid Ride in Bellevue. Terms of the transaction were not released. Situated adjacent to Microsoft’s headquarters, the campus consists of two low-rise buildings offering a total of more than 145,500 rentable square feet of office space. The property features ample parking, large floor plates and a variety of tenant amenities, including an outdoor lounge, on-site market and fitness center. At the time of sale, the property was 100 percent leased to seven tenants primarily in the technology consulting industry with a weighted average lease term of five years. The previous owner completed a series of capital improvements to the property, which was constructed in 1985. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services at the building. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.

December 4, 2020

Development Healthcare Life Sciences Northeast Office Pennsylvania

Partnership to Develop 250,000 SF Life Sciences Facility in Philadelphia’s University City

by Taylor Williams December 4, 2020

PHILADELPHIA — A partnership between developers Silverstein Properties and University Place Associates, as well as financial services firm Cantor Fitzgerald LP, will develop a 250,000-square-foot life sciences facility in Philadelphia. The property will be named 3.0 University Place in reference to its location within the University City area, a hotbed of life sciences growth. The Steward Partnership is designing the eight-story lab and office building, which is expected to come on line in the fourth quarter of 2022. According to the Philadelphia Business Journal, the project has a price tag of $56 million.

December 4, 2020

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