Office

Prime Clerk Signs 52,000 SF Office Lease Expansion in Brooklyn

by Taylor Williams October 27, 2020

NEW YORK CITY —Prime Clerk, a division of financial consulting firm Duff & Phelps, has signed a 52,000-square-foot office lease expansion at Liberty Bklyn, a 1.3 million-square-foot industrial and office waterfront redevelopment in Brooklyn. The tenant is expanding from its current 18,940-square-foot space on the fourth floor to an additional and adjacent 11,761-square-foot unit on the same floor and 21,000 square feet on the third floor. Madison Capital and Salmar Properties are the owners of Liberty Bklyn, which is located in Sunset Park and was formerly known as Liberty View Industrial Plaza.

October 27, 2020

Leasing Activity Office Retail Texas

Office Furniture Provider Vari Opens Sales Office, Showroom in Houston

by Taylor Williams October 27, 2020

HOUSTON — Vari, a Dallas-based provider of innovative office furniture like sit-stand desks, has opened a sales office and product showroom in Houston’s Memorial City District. Locally based developer Radom Capital LLC has also hired Vari to outfit 18,000 square feet of workspace in a historic 1930s landmark, the Star Engraving Building, located near River Oaks. Vari has also opened showrooms in Austin, Baltimore, Denver, Phoenix and Washington D.C., in the past year.

October 27, 2020

Acquisitions Arizona Healthcare Office Western

Cypress West Partners Acquires Tatum Highlands Medical Office Complex in Phoenix

by Amy Works October 27, 2020

PHOENIX — Cypress West Partners has purchased two single-story medical office buildings located at 2264 and 26232 N. Tatum Blvd. in Phoenix for an undisclosed price. Known as Tatum Highlands Medical and Dental, the medical campus features a 27,204-square-foot medical office and a 5,667-square-foot dental office. The two properties were built in 1998 and 2000. At the time of sale, the property was 87 percent occupied. Tenants include HonorHealth Medical Group, Desert Sun Pediatrics and Jet Set Smiles Pediatric Dentistry. The Southern California-based healthcare investment, leasing and property management firm was self-represented in the joint venture transaction with private investors, while Aaron Kuhl represented the seller, a public REIT, in the deal. The transaction marks Cypress West’s 10th acquisition in the Arizona medical office market totaling 428,000 square feet.

October 27, 2020

Acquisitions Office Texas

Colliers Brokers Sale of 198,788 SF Preston Park Office Complex in Plano

by Taylor Williams October 26, 2020

PLANO, TEXAS — Colliers International has brokered the sale of Preston Park, a 198,788-square-foot office complex in Plano. The two-building, 12-acre complex was built in 1997 and recently renovated to upgrade lobbies, common areas, tenant lounges and conference centers. California-based Libitzky Property Cos. and Dallas-based Sunwest Real Estate Group sold the property to Florida-based TerraCap Management for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal. Both buildings were approximately 90 percent leased at the time of sale.

October 26, 2020

Acquisitions NAI Office Texas

NAI Partners Negotiates Sale of 37,500 SF Davenport 360 Office Building in Austin

by Taylor Williams October 26, 2020

AUSTIN, TEXAS — NAI Partners has negotiated the sale of Davenport 360, a 37,500-square-foot office building located at 6001 Bold Ruler Way in Austin. Todd Mahler of NAI Partners represented the buyer, Pharmacists Mutual Insurance Group, in the transaction. Cushman & Wakefield represented the undisclosed seller. The sale is one of the top five largest by transaction value completed in 2020 in the Austin office market, according to the sales team.

October 26, 2020

Acquisitions Northeast Office Pennsylvania

Cushman & Wakefield Arranges Sale of 250,000 SF Office Building in Allentown, Pennsylvania

by Taylor Williams October 26, 2020

ALLENTOWN, PA. — Cushman & Wakefield has arranged the sale of 2100 Mack Boulevard, a 250,000-square-foot office building in Allentown, located in the Lehigh Valley region. The six-story property is situated on 22 acres and features an auditorium, fully equipped fitness center and a full-service cafeteria. Lehigh Valley Health Network has occupied the building since 2009; prior to that, the property served as the headquarters for Mack Trucks. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Frank DiTommaso, Seth Zuidema and Gerry Blinebury of Cushman & Wakefield represented the seller, J.G. Petrucci Co., in the transaction. BHN Associates purchased the asset for an undisclosed price.

October 26, 2020

Acquisitions California Office Western

Rockpoint Group, Swig Co. Sell 1 MSF Office Complex in Oakland

by Amy Works October 26, 2020

OAKLAND, CALIF. — Rockpoint Group and The Swig Co. have completed the sale of 300 Lakeside, a Class A office complex located in Oakland’s Uptown District. A venture led by San Francisco-based TMG Partners acquired the asset for an undisclosed price. Rockpoint and Swig will retain an interest in the property on a go-forward basis. Terms of the transaction were not released. Concurrent with TMG Partners’ purchase of the property, the company entered into a long-term lease with Pacific Gas and Electric Company (PG&E) to relocate the utility’s headquarters from its existing downtown San Francisco headquarters. The lease includes a purchase option for PG&E to acquire the property. Swig originally acquired the nearly 1 million-square-foot complex in 2005, then formed a joint venture with Rockpoint to recapitalize the asset in 2016. The partnership modernized the lobby, upgraded the building’s elevators, created a state-of-the-art conference facility and expanded key tenant amenities, including shower and locker facilities, a café and dedicated food truck zone. Additionally, the partnership enhanced the sustainable features of the asset, achieving LEED Platinum certification.

October 26, 2020

Development Michigan Midwest Office

KIRCO to Construct $50M Regional Headquarters for Wacker Chemical Near Ann Arbor

by Kristin Harlow October 23, 2020

PITTSFIELD CHARTER TOWNSHIP, MICH. — Wacker Chemical Corp. has selected KIRCO and KIRCO MANIX to build its new North American Innovation Center & Regional Headquarters in Pittsfield Charter Township, just south of Ann Arbor. The more than $50 million project will be home to roughly 300 employees who will relocate from Wacker’s current regional headquarters in Adrian, Mich. Wacker says it will add up to 70 new jobs in the coming years at the 140,000-square-foot property. Wacker will continue to produce elastomers, silicone fluids and silicone emulsions at the Adrian operations. Construction of the new headquarters building is scheduled to begin this month with completion slated for March 2022.

October 23, 2020

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 269,720 SF Office Building in Ridgefield Park, New Jersey

by Taylor Williams October 23, 2020

RIDGEFIELD PARK, N.J. — Cushman & Wakefield has brokered the sale of a 269,720-square-foot office building located at 55 Challenger Road in Ridgefield Park, located across the Hudson River from Harlem. The Class A building is located within Overpeck Corporate Center, a 60-acre mixed-use development that houses Samsung’s North American headquarters. Amenities include a fitness center, full-service cafeteria and a conference center. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the sellers, KABR and Kushner, and procured The Birch Group as the buyer. Cushman & Wakefield also serves as the leasing agent for the building.

October 23, 2020

Leasing Activity New York Northeast Office

Centric Brands Signs 212,154 SF Office Lease at Empire State Building

by Taylor Williams October 23, 2020

NEW YORK CITY — Centric Brands Inc., which sources, markets and sells apparel for men, women and children, has signed a 212,154-square-foot office lease at the Empire State Building. The space was previously leased to Global Brands Group and occupied by Centric Brands under a sublease. Peter Riguardi, Joseph Messina and Cynthia Wasserberger of JLL represented Centric Brands in the lease negotiations. Anthony Malkin, Ryan Kass and Shanae Ursini represented the landlord, Empire State Realty Trust, on an internal basis.

October 23, 2020

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