Office

Sterling Bay Sells McDonald’s Headquarters in Chicago for $412.5M

by Kristin Harlow November 2, 2020

CHICAGO — Chicago-based developer Sterling Bay has sold the 575,000-square-foot corporate headquarters for McDonald’s in Chicago’s Fulton Market. Pittsburgh-based investment firm Normandy Properties purchased the asset for $412.5 million, according to the Chicago Sun Times. The building, located at 110 N. Carpenter St., features a 700-person conference center, fitness center, onsite parking, collaboration space and outdoor terraces. It was completed in 2018. Ground-floor retail tenants include Walgreens and Federal Express. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented Sterling Bay. Keith Largay and Tim Joyce of JLL arranged acquisition financing. McDonald’s previously was headquartered in the suburbs in Oak Brook.

November 2, 2020

Acquisitions Michigan Midwest Office

Moceri Cos., 400 Monroe Associates Acquire 420,000 SF Office Campus in Detroit

by Kristin Harlow November 2, 2020

DETROIT — Moceri Cos. and 400 Monroe Associates have acquired the UAW-GM Center for Human Resources in Detroit for an undisclosed price. The 420,000-square-foot office campus is located at 200 Walker St. along the Detroit River Walk. Built in the early 2000s, the property features 900 underground parking spaces, a full-service kitchen, 375-person auditorium, conference center, fitness center and an eighth-floor outdoor terrace. Brendan George and Jasper Hanifi of CBRE represented the seller, a joint venture between the United Auto Workers and General Motors. Lino and Michael Scamardella of Lino Realty represented the buyer. Red Oak Financial provided a $21.7 million bridge loan for the acquisition.

November 2, 2020

Illinois Leasing Activity Midwest Office

Reyes Holdings Inks 141,000 SF Office Lease Renewal in Rosemont, Illinois

by Kristin Harlow November 2, 2020

ROSEMONT, ILL. — Reyes Holdings has signed a 141,000-square-foot office lease renewal at One O’Hare Centre in Rosemont. Reyes has maintained its headquarters at the building since 2010. Located at 6250 N. River Road, One O’Hare Centre spans 380,000 square feet and is 90 percent leased. MDC Realty Advisors and Nicola Wealth Real Estate purchased the property in 2015. This year, ownership upgraded the HVAC filtration systems with UV light filters. The lobby and common areas are currently undergoing improvements. Francis Prock, Jonathon Connor and Steve Kling of Colliers International represented ownership. Jeff Liljiberg of JLL represented Reyes, which is the parent company of Reyes Beverage Group, Martin Brower, Great Lakes Coca-Cola, Reyes Coca-Cola and Reyes Fleet Management.

November 2, 2020

Acquisitions California Office Western

Oak Properties Sells 60,119 SF Cooley Business Park in California’s Inland Empire

by Amy Works November 2, 2020

COLTON, CALIF. — San Diego-based Oak Properties has completed the disposition of Cooley Business Park, a multi-tenant flex office property located at 930 Mount Vernon Ave. and 937 Via Lata in Colton. A private investor acquired the asset for $5.9 million. Situated on 4.3 acres, the 60,119-square-foot property consists of two buildings offering a total of 19 units, ranging from 1,200 square feet to 6,700 square feet. At the time of sale, the property was fully leased to 15 tenants. Lee Spence and Mark Schafer of DAUM Commercial Real Estate Services represented the seller in the transaction.

November 2, 2020

Acquisitions Civic Colorado Office Western

Vintage City Church Buys 31,650 SF Property in Fort Collins, Colorado

by Amy Works November 2, 2020

FORT COLLINS, COLO. — Vintage City Church has acquired 1501 Academy Court in Fort Collins for a total consideration of $4.1 million. The four-unit asset, totaling 31,650 square feet, was purchased in two separate transactions. The 19,177-square-foot Unit 1 was acquired from 1501 Academy LLC, while Units 2, 3 and 4, totaling 12,473 square feet, were purchased from Life Church. Relocating from 1825 Sharp Point in Fort Collins, Vintage City Church will utilize Unit 1 to serve as the church’s main gathering space and offices and Units 2, 3 and 4 as the church’s kids wing. The property is a two-story building with high visibility and monument signage along Prospect Road. Annah Moore of CBRE’s Fort Collins represented the buyer, while Matt Patyk represented 1501 Academy LLC in the transaction.

November 2, 2020

Leasing Activity Office Texas

Everi Games Signs 51,000 SF Office Lease Renewal in West Austin

by Taylor Williams October 30, 2020

AUSTIN, TEXAS — Everi Games Holding Inc., a provider of content and electronic gaming units and systems for Native American and commercial casinos, has signed a 51,000-square-foot office lease renewal at 206 Wild Basin Road in west Austin. The building is situated on 2.6 acres and spans 118,217 square feet. Kevin Granger and Matt Frizzell of Cushman & Wakefield represented the landlord, Massachusetts-based RMR Group, in the lease negotiations. Diana Holford and Austin Trees of JLL represented the tenant.

October 30, 2020

Healthcare Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Office

Specialized Labor, Tenant Demand Fuel Growth of Boston’s Life Sciences Market

by Taylor Williams October 30, 2020

By Brendan Carroll, research director, Cushman & Wakefield Through the first three quarters of 2020, the Boston life sciences market is seeing record occupancy, a continuation of large new-building leases, stable rents at record levels, high levels of pre-committed new construction and an insatiable appetite for inventory in new submarket clusters. Cushman & Wakefield defines laboratory properties as facilities optimized for the physical scientific research of biotechnology products. COVID-19’s Impact Following a pause of leasing activity in the first quarter of 2020, lease negotiations for laboratory facilities resumed quickly in the second quarter, hitting a level that commercial office properties have still yet to see. While optimism quickly returned for the region’s office-using businesses, widespread execution of remote office-using job functions has proven to be more effective for many of these workforces than market leaders previously envisioned. The consensus among real estate observers suggests a long-term decrease in the percent of in-office workers for traditional office-using functions. However, the importance of the continued use of physical spaces for biotechnology research will not be affected, as this function cannot be accommodated through current and easily envisioned remote work practices. These are highly specialized jobs performed by employees with highly targeted skill …

October 30, 2020

Acquisitions Office Top Stories Washington Western

Brookfield Purchases Office Building Fully Leased to Facebook in Bellevue, Washington for $365M

by John Nelson October 30, 2020

BELLEVUE, WASH. — A real estate investment fund backed by Brookfield Asset Management Inc. (NYSE: BAM) has purchased Block 16, a 343,528-square-foot office building in Bellevue fully leased to Facebook. A joint venture between Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management sold the recently completed property for $365 million. Block 16 is part of The Spring District, a transit-oriented mixed-use development situated on the east side of Lake Washington from Seattle. Wright Runstad and Shorenstein Properties are the master developers of the campus, which sits south of Bellevue’s central business district near SoundTransit’s future Spring District/120th light rail station. Spring District will ultimately feature 3 million square feet of creative office space, including REI’s headquarters that Facebook purchased last month for $390 million. “The Spring District has become a choice location for high-quality office tenants in Bellevue,” says Greg Johnson, CEO of Seattle-based Wright Runstad. In 2017, University of Washington’s Global Innovation Exchange building opened at Spring District, as well as over 800 residential units and several open spaces accessible to the public. Wright Runstad plans to develop another 530,000 square feet of office space across two buildings at Spring District by …

October 30, 2020

Acquisitions District of Columbia Office Retail Southeast

JLL Negotiates $32.5M Sale of Office, Retail Building in Downtown D.C.

by Alex Tostado October 29, 2020

WASHINGTON, D.C. — JLL has negotiated the $32.5 million sale of 1301-1317 Connecticut Avenue, a three-story, 66,000-square-foot office and retail building in downtown Washington, D.C. The seller, Shorenstein Co. LLC, acquired the asset in 2011 and renovated the lobby, fitness center, common area, elevators and restrooms. The building, which was originally built in 1917, offers 7,700-square-foot floor plates. The buyer was not disclosed. JLL represented the seller in the transaction.

October 29, 2020

Acquisitions California Office Western

BLT Enterprises Acquires Multi-Tenant Creative Office Property in West Los Angeles for $9.3M

by Amy Works October 29, 2020

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has purchased a multi-tenant creative office building in West Los Angeles. An undisclosed seller sold the asset for $9.3 million. Located at 2256 Barry Ave., the property consists of two units, the first built in 2004 and the second in 2016. Offering more than 16,050 square feet, the asset was fully leased at the time of acquisition. Michael Preiss of rsfLA represented the seller in the transaction. BLT’s current West Los Angeles and Hollywood holdings now total nearly 300,000 square feet, with development opportunities for 450,000 square feet.

October 29, 2020

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