PARSIPPANY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold 7 Campus Drive, a 154,820-square-foot office building located in the Northern New Jersey city of Parsippany, for $12.7 million. According to commercialcafé.com, the property was built on 10 acres in 1982. The buyer was The Birch Group.
HOLMDEL, N.J. — Somerset Development has opened Colab at Bell Works, a 25,000-square-foot coworking space in the Northern New Jersey city of Holmdel. Designed by NPZ Style + Decor and G3 Architects, the facility is located within the Bell Works mixed-use destination, which is a redevelopment of the historic Bell Labs Building. The space features private offices and partitions for increased privacy, phone booths for individual use, upscale desk systems and task chairs.
MORRISVILLE, N.C. — JLL has arranged a $52.8 million loan for the acquisition and conversion of Perimeter’s Edge, a four-building, 341,547-square-foot property in Morrisville. The buyer and borrower, Longfellow Real Estate Partners, will convert the asset into a life sciences lab. MetLife Investment Management provided the five-year, floating-rate loan. Perimeter’s Edge is situated within Research Triangle Park at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon Parkway. A timeline for construction was not disclosed. Greg LaBine, Roger Edwards and Martha Nay of JLL arranged the loan on behalf of the borrower. Brigitte Burkett of MetLife originated the loan.
WATERLOO, IOWA — Friedman Real Estate has brokered the sale of a 162,000-square-foot office property in Waterloo within central Iowa for $1.2 million. Built in 1980, the asset is located at 3451 Hammond Ave. Amenities include a fitness center, kitchen, café and outdoor spaces. Steven Silverman and Ryan Wilner of Friedman brokered the transaction. Star Waterloo LLC sold the property to Stratacache Inc.
BOSTON — WS Development has topped out 111 Harbor Way, a 525,000-square-foot office project in Boston’s Seaport District that will be occupied by Amazon upon completion in late 2021 or early 2022. Designed by Gensler, the property is located within WS Development’s Boston Seaport mixed-use development that spans 33 acres and 20 city blocks. Amazon is expected to occupy about 430,000 square feet and create about 2,000 new jobs within the building.
SAN DIEGO AND BOSTON — Life sciences real estate development firm IQHQ Inc. has completed a $1.7 billion equity raise. The company — which completed an initial equity raise of $770 million earlier this year — plans to use the combined funds to build 4.4 million square feet of projects that are currently in its development pipeline. The company has offices in San Diego and Boston, both hubs for life sciences companies. The demand for life sciences real estate continues to increase as the need for vaccines, therapeutics and diagnostics intensifies amid the COVID-19 pandemic, according to an October report by CBRE. Plymouth Meeting, Pa.-based CenterSquare Investment Management invested $158 million in IQHQ’s latest funding round, alongside a group of undisclosed new and existing strategic partners. Madison International Realty, a real estate private equity firm, invested $100 million with an option to invest an incremental $100 million in IQHQ. IQHQ’s current projects include sites in Boston, San Francisco and San Diego. The company announced plans to develop the San Diego Research and Development District (RaDD), a $1.5 billion life science campus located along San Diego’s waterfront, in September. The RaDD will span eight acres and three city blocks, making it …
SAN JOSE, CALIF. — Cupertino, Calif.-based Hunter Properties has completed the sale of Phase I of Coleman Highline, a 1.75 million-square-foot, mixed-use campus in San Jose. The transaction included two office buildings totaling 360,000 square feet and fully leased to Roku, an amenities building and parking structure. Upon full build out, the Coleman Highline will total eight office buildings, a 175-room hotel and 115,000 square feet of amenity and retail space.
BOSTON — Newmark has brokered the sale of One Alewife Center, a 90,000-square-foot life sciences facility located adjacent to the MBTA Alewife station on the city’s north side. The facility is situated within the 290,000-square-foot Alewife Park office and life sciences campus. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured life sciences REIT IQHQ as the buyer. IQHQ also purchased the larger Alewife Park campus in July.
PISCATAWAY, N.J. — JRM Construction Management New Jersey LLC has completed the renovation of a 12,000-square-foot office building located at 371 Hoes Lane in the Northern New Jersey city of Piscataway. The project included a facelift of the lobby and atrium and the addition of new amenities such as a grab-and-go café and a fitness center with locker rooms. Greenway Properties LLC owns the three-story building.
ATLANTA — Papa John’s International Inc. has selected Three Ballpark Center at The Battery Atlanta for its new regional headquarters. The Louisville, Ky.-based pizza chain expects to add 200 jobs at the 60,000-square-foot office space, which is expected to open summer 2021. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to The Battery. The corporate headquarters, IT, supply chain and legal teams will remain in Louisville. Located in Atlanta’s Cumberland/Galleria submarket, The Battery Atlanta is a 1.5 million-square-foot mixed-use development in Cobb County that surrounds Truist Park, home ballpark of the Atlanta Braves that opened in April 2017 as SunTrust Park. Papa John’s will be the third office headquarters within the development, joining Comcast and Thyssenkrupp North American. Braves Group, a subsidiary of Liberty Media, owns The Battery Atlanta.