Office

Two Tenants Sign Leases at Bell Works Chicagoland in Hoffman Estates

by Kristin Harlow November 4, 2020

HOFFMAN ESTATES, ILL. — The first two tenants have signed leases at Bell Works Chicagoland in Hoffman Estates. CPA Group Advisors is the first office tenant and Fairgrounds Craft Coffee and Tea is the first retail tenant. Bell Works Chicagoland is the redevelopment of the 1.6 million-square-foot former AT&T headquarters from developer Somerset Development. Fairgrounds will operate a kiosk at Bell Works beginning in December with plans to open a permanent location with a full cocktail bar in early 2022. Boutique full-service accounting firm CPA Advisors will occupy one of the property’s “ready-to-wear” office spaces. These pre-built office suites offer immediate occupancy for small- to medium-sized businesses. The $200 million Bell Works Chicagoland mirrors Somerset’s Bell Works New Jersey. Plans call for 1.2 million square feet of office space; 60,000 square feet of conference facilities, storage and amenities; and 60,000 square feet of restaurant and retail space. Despite COVID-19, interior renovations remain on schedule and construction is slated for completion this week. Colliers International and The Garibaldi Group are the leasing teams marketing office space at the property.

November 4, 2020

Acquisitions New York Northeast Office Top Stories

SL Green Agrees to Sell Amazon-Anchored Office Building Under Redevelopment in Manhattan for $952.5M

by Kristin Harlow November 4, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) and its joint venture partners have entered into a contract to sell 410 Tenth Avenue, a 20-story, 636,000-square-foot office tower near Hudson Yards on Manhattan’s west side, for $952.5 million. The transaction marks the largest commercial property sale in the U.S. since March, according to SL Green. Amazon and First Republic Bank anchor the property, which is currently undergoing a redevelopment. Amazon signed its 335,408-square-foot lease in December. The buyer was undisclosed. SL Green is the majority owner of the building, with a 70.9 percent stake. As part of the sale, the sellers will retain a 5 percent interest through completion of the redevelopment, which is slated for the third quarter of 2021. The identities of the minority owners were not disclosed. The transaction is expected to close during the fourth quarter. Brett Herschenfeld, managing director of SL Green, says that the sale is an example of acquiring an undervalued asset, redeveloping it to Class A standards and re-leasing it to high-quality tenants. “While the asset was always intended to be held as a long-term investment, the sale will allow the company to achieve extraordinary profits, substantially reduce consolidated indebtedness …

November 4, 2020

Acquisitions Alabama Healthcare Office Southeast

Sanders Trust Sells Medical Office Portfolio for $240M

by John Nelson November 3, 2020

BIRMINGHAM, ALA. — The Sanders Trust has sold a portfolio of 11 medical office buildings and inpatient rehabilitation facilities for $240 million. The assets total 474,100 square feet and are located across eight states: Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa. The names of the individual properties were not disclosed. Harrison Street was Sanders Trust’s joint venture partner for nine of the 11 properties. The assets were purchased in the past three and a half years and were fully leased at the time of sale. Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Co., purchased the portfolio on behalf of a public pension fund client. Chris Bodnar and Lee Asher of CBRE’s Healthcare and Life Sciences Capital Markets team represented Sanders Trust and Harrison Street in the portfolio transaction.

November 3, 2020

Leasing Activity Office Texas

Micron Technology Signs Office Lease at 200,000 SF One Bethany West in Allen, Texas

by Taylor Williams November 3, 2020

ALLEN, TEXAS — Micron Technology Inc., a provider of digital memory and storage solutions, has signed an office lease at One Bethany West, a 200,000-square-foot building located in the northeastern Dallas suburb of Allen. One Bethany West is a newly constructed, eight-story building within the 17-acre One Bethany at Watters Creek office park. The deal increases Micron’s total footprint in Allen to 36,500 square feet. The company expects to move into its new space, which will house between 112 and 200 employees, by the end of 2021.

November 3, 2020

Acquisitions California Office Western

Lane Partners Acquires Fujitsu Office Campus in Sunnyvale from WJFS for $104M

by Amy Works November 3, 2020

SUNNYVALE, CALIF. — Lane Partners has purchased The Fujitsu Campus, an office and R&D complex in Sunnyvale. WJFS sold the six-building asset for $104 million. Situated on 26.3 acres, the six one- and two-story buildings are located at 1230, 1240, 1250, 1260, 1270 and 1280 E. Arques Ave. Fujitsu has occupied the 313,740-square-foot campus as its headquarters since the asset was completed in 1974. The campus offers a rare repositioning opportunity for the buyer as Fujitsu phases out of the campus and relocates to its owned facility at 350 Cobalt Way in Sunnyvale. Will Connors, Daniel Renz, Michael Manas, Bart Lammersen, Kyle Caldwell and Toss Vallentine of JLL represented the seller. Jordan Angel of JLL’s debt team secured acquisition financing for the buyer.

November 3, 2020

Acquisitions California Healthcare Office Restaurant Retail Western

ValueRock Realty Buys Mel’s Drive-In Restaurant Building in Santa Monica for $6.2M

by Amy Works November 3, 2020

SANTA MONICA, CALIF. — ValueRock Realty has purchased Mel’s Drive-In, an iconic restaurant building in Santa Monica, for $6.2 million. The name of the seller was not released. Situated on a 22,344-square-foot land parcel on Lincoln Boulevard, the 4,717-square-foot building offers on-site parking and is considered a historic landmark within the Santa Monica community. Restaurant and dental office tenants have occupied the property since 1959.

November 3, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

Gilbane Building Tops Out 500,000 SF Life Sciences Project in Metro Boston

by Taylor Williams November 3, 2020

WALTHAM, MASS. — General contractor Gilbane Building Co. has topped out 225 Wyman Street, a 500,000-square-foot life sciences project in the western Boston suburb of Waltham. Designed by Gensler, the property will offer space for both laboratory/research and development users as well as traditional office users. Amenities will include green space with walking trails, a three-acre courtyard, fitness center, conference center, dining facility and a 1,500-space covered parking garage with electric vehicle charging stations. Hobbs Brook Management LLC is the developer of the project, which is expected to be complete in March 2022.

November 3, 2020

Acquisitions California Office Western

CBRE Negotiates $10.2M Sale of Stewart Plaza Office Property in Inland Empire

by Amy Works November 3, 2020

UPLAND, CALIF. — CBRE has arranged the sale of Stewart Plaza, an office complex located at 400 and 440 Mountain Ave. in Upland. A private investor sold the asset to Long Beach-based Harbor Associates, in joint venture with The Bascom Group, for $10.2 million in an off-market transaction. Comprising two three-story buildings, Stewart Plaza features 84,498 square feet of multi-tenant office and medical office space, communal plazas and landscaped walkways. The property offers suites ranging from 493 square feet to 9,138 square feet. At the time of sale, Stewart Plaza was 56 percent leased. The buyer plans to renovate and reposition the property with a million-dollar capital improvements program. Renovations will include an upgraded entry and lobby, elevator improvements, a new roof and replacement HVAC units on both buildings. Gary Stache, Sammy Cemo, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller in the deal. Shaun Moothart, Jennifer Ansari, Dana Summers and Bruce Francis of CBRE arranged the financing for the project with Ready Capital Structured Finance.

November 3, 2020

Acquisitions Connecticut Northeast Office

CBRE Arranges Sale of 153,000 SF New Haven Plaza Office Complex for $6.8M

by Taylor Williams November 2, 2020

NEW HAVEN, CONN. — CBRE has arranged the sale of New Haven Plaza, a 153,000-square-foot office complex located less than a mile from Yale University in New Haven, for $6.8 million. David Hansen and Matthew O’Hare of CBRE represented the seller, New Haven Plaza LLC, which acquired the site in 1972 and developed a third building for New Haven Adult Education in 1990, in the transaction. The buyer was SP Capital LLC.

November 2, 2020

Leasing Activity Office Texas

Law Firm Thompson Coburn Signs 23,117 SF Office Lease in Dallas CBD

by Taylor Williams November 2, 2020

DALLAS — Law firm Thompson Coburn LLP has signed a 23,117-square-foot office lease at 2100 Ross Ave., a 33-story, 843,728-square-foot building in the Dallas Central Business District. The firm now has six offices across the country, including in Chicago, Los Angeles, St. Louis, Southern Illinois and Washington, D.C. Mike Dement, Sam Meginnis and Jon Altschuler of Altschuler & Co. represented the landlord, 2100 Ross LP, in the lease negotiations. Andy Leatherman of JLL represented the tenant.

November 2, 2020

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