Office

IDEX Corp. Opens New 39,252 SF Headquarters in Northbrook, Illinois

by Kristin Harlow December 21, 2020

NORTHBROOK, ILL. — IDEX Corp. has opened its new global headquarters in Northbrook. Architecture and engineering firm HED designed the 39,252-square-foot office. The space is situated on the third floor of an existing office building and is roughly the same size as IDEX’s former office in Lake Forest. The new headquarters features a touchless reception area, enabling visitors to check themselves in and notify employees of their arrival electronically. There are a number of tech-enabled conference rooms and a central café. IDEX develops, designs and manufactures specialty engineered products such as air bag clamps or rescue tools.

December 21, 2020

Development Florida Office Southeast

Ringling and Orange to Develop 10-Story Office Building in Downtown Sarasota

by John Nelson December 21, 2020

SARASOTA, FLA. — Ringling and Orange LLC, a private developer and investor based in Sarasota, will develop The Offices at Ringling Plaza, an 84,600-square-foot office building in downtown Sarasota. The 10-story asset will include five floors of parking and five floors of office space, each offering approximately 17,000 square feet. In addition, two retail spaces totaling 2,250 square feet will be located on the ground level of the building. Further amenities will include 10-foot ceilings, a rooftop amenity deck with a sky lounge and views of Sarasota Bay. The Office of Ringling Plaza will offer post-COVID-19 design elements, such as touchless entry and HVAC upgrades. The developer expects to break ground on the project in the second quarter of 2021 and deliver the building in the fourth quarter of 2022. Hoyt Architects designed the building and Brasfield & Gorrie is the general contractor. According to the office’s leasing agency, Ian Black Real Estate, this will be the first office building delivered in downtown Sarasota spanning more than 30,000 square feet in 20 years.

December 21, 2020

Features Office

OfficeSpace Survey: 71 Percent of Employed Americans Eager to Return to the Office

by Katie Sloan December 21, 2020

ATLANTA — The trend of working remotely swept the nation as a result of the COVID-19 pandemic this year. While some are relishing the opportunity to test drive their home offices, a large number of Americans are ready to return to the workplace. According to a recent survey of employed Americans commissioned by OfficeSpace Software, 71 percent of respondents currently working from home are eager to move back to the office once it is safe to do so. Over 70 percent indicated that they feel more engaged and more productive in the office, and 80 percent indicated that they miss in-person collaboration with their coworkers. The novelty of virtual meeting programs like Zoom — a boon for keeping colleagues connected during the pandemic — has also worn thin, with 57 percent of respondents indicating that they are tired of meeting through video. The survey, which was conducted online by The Harris Poll in early December, canvassed 1,206 employed U.S. adults above the age of 18. Fewer than half of the respondents indicated that they are going into the workplace each day, with 17 percent having returned to their offices on a staggered schedule. Safety First While many are ready to …

December 21, 2020

Acquisitions Life Sciences NAI North Carolina Office Southeast

Tri Properties | NAI Carolantic Arranges $25M Sale of Life Sciences Portfolio in Raleigh-Durham

by Alex Tostado December 18, 2020

CARY, N.C. — Tri Properties | NAI Carolantic has arranged the $25 million sale of 13000 Weston and 14001 Weston Parkway, a two-building, 137,759-square-foot life sciences portfolio in Cary. Michigan-based Alidade Capital acquired the assets from JPB Raleigh Holdings. The Park City, Utah-based company acquired the properties in 2015 and 2016 and made capital improvements during its ownership. The buildings were 96 percent leased at the time of sale to tenants including healthcare company McKesson Corp., World Courier Management Inc. and biorepository company Kryosphere. Jimmy Barnes of Tri Properties | NAI Carolantic represented the seller in the transaction.

December 18, 2020

Development Maine Northeast Office

Local Developer Breaks Ground on Office Project for Sun Life in Portland, Maine

by Taylor Williams December 18, 2020

PORTLAND, MAINE — Portland Foreside Development Co. has broken ground on an office project for financial services provider Sun Life in the city’s downtown area. The waterfront building will house as many as 700 employees of Sun Life and its subsidiary FullscopeRMS, which expect to have a total footprint of about 77,000 square feet. The property will also feature retail and restaurant space, as well as public plazas. Completion is slated for 2022.

December 18, 2020

District of Columbia Office Southeast Top Stories Virginia

JLL Brokers Sale of Two Office Properties in Metro D.C. for $106.5M

by Katie Sloan December 18, 2020

HERNDON, VA., AND WASHINGTON, D.C. — JLL Capital Markets has brokered the sale of two office properties owned by WashREIT (NYSE: WRE) in metro Washington, D.C., for a combined $106.5 million. The company sold Monument II, a 200,000-square foot, Class A office building in Herndon, to an affiliate of Westbrook Partners; and 1227 25th St. NW, a 136,540-square-foot office asset in Washington, D.C., to an undisclosed buyer. Completed in 2000, Monument II is an eight-story office building with a five-level parking facility. The property is located at 12950 Worldgate Drive along the Dulles Toll Road near Worldgate Centre and the future Herndon Metrorail station. Few details were released regarding 1227 25th St. NW, which is located within D.C.’s central business district. “These sales further strengthen our balance sheet ahead of the post-vaccine recovery and align with our strategy to reduce our exposure to office assets, allowing us to de-risk our portfolio and improve our ability to create long-term shareholder value,” says Paul McDermott, president and CEO of WashREIT. Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller in both transactions. Dan McIntyre and Paul Spellman, also of JLL, assisted the buyer of Monument …

December 18, 2020

Acquisitions District of Columbia Office Southeast

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

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