Office

Nielsen Selects Chicago for Consumer Business Unit Headquarters

by Kristin Harlow September 30, 2020

CHICAGO — Nielsen’s Global Consumer Business unit has selected Chicago as its global headquarters effective Jan. 1. Nielsen Holdings, which was founded in Chicago more than 95 years ago, decided late last year to spin off the consumer business as its own company. The branch will relocate its headquarters from New York City to its already-established office at 200 W. Jackson Blvd. in Chicago. The unit plans to further invest in and refresh the office, which currently employs a team of more than 600 workers. Nielsen’s Global Consumer Business plans to add at least 50 jobs over the next two years in Chicago. Worldwide, the consumer business employs approximately 30,000 people in nearly 100 countries. Nielsen is a marketing research and data analytics company.

September 30, 2020

Acquisitions Office Utah Western

NKF Arranges Sale of 221,145 SF Creative Office Building in Salt Lake City

by Amy Works September 30, 2020

SALT LAKE CITY — Newmark Knight Frank (NKF) has arranged the sale of a creative office building located at 324 S. State St. in downtown Salt Lake City. Hamilton Partners and Cantor Equities sold the asset to Mortenson Cos., the real estate investment arm of M.A. Mortenson Cos., for an undisclosed price. The recently renovated, five-story building features 221,145 square feet of creative office space. The property features large floorplates, scenic views, fitness center, adjacent parking structure, collaborative common areas and signage. Additionally, the building features ground-floor retail space that Ginger Street restaurant occupies. At the time of sale, the asset was 75 percent leased to a variety of tenants, including Ancestory.com, Spectrum Engineers and Utah’s Department of Financial Institutions. Kevin Shannon, Ken White, Rick Stumm and Bryce Blanchard of NKF brokered the transaction.

September 30, 2020

Acquisitions California Office Western

KBS Sells 250 Holger Way Office Building in San Jose for $38.2M

by Amy Works September 30, 2020

SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the disposition of 250 Holger Way, an office building located within District 237, a 415,492-square-foot office/R&D complex in San Jose. Foster City-based Bailard acquired the property for $38.2 million. The 76,410-square-foot office building is one of eight buildings that make up District 237, which was built in 1999 and 2001. All buildings of the property feature efficient floorplates and high visibility with more than 3,000 feet of Highway 237 frontage. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker of CBRE Northern California Capital Markets represented the seller, while the buyer was self-represented in the deal. Bruce Fischer, Howard Chu and Robyn Foianini of Greenberg Traurig LLP’s Orange County office provided legal counsel for KBS in the disposition.

September 30, 2020

Development Office Top Stories Washington Western

Urban Visions, Mitsui Fudosan America Plan 36-Story Office Tower in Downtown Seattle

by Kristin Harlow September 30, 2020

SEATTLE — Urban Visions and Mitsui Fudosan America Inc. have unveiled plans for The Net, a 36-story, 812,000-square-foot office tower in Seattle’s central business district. The joint venture purchased the half-block site on Third Avenue for $127.7 million, according to the Puget Sound Business Journal. Gerry Rohm and Logan Greer of JLL Capital Markets arranged the joint venture partnership for the development. Designed by Urban Visions and architectural firm NBBJ, the Class A tower will comprise 800,000 square feet of office space and 12,000 square feet of street-level retail space. Six levels of subterranean parking will provide 390 spaces. With an emphasis on health, the project will feature abundant natural light and green space, including a sky park on the upper three levels. Tenants will enjoy views of Seattle’s waterfront, Pioneer Square, the Stadium District and Mount Rainier. The property will be surrounded by many transportation options, including bus lines, the Seattle Ferry Terminal and the Marion Street Pedestrian Bridge. Completion of the project is slated for 2024. “The future supply of this scope and type of development is limited,” says JLL’s Rohm. “The developers will define an entirely new generation of office buildings that are foremost focused on occupant …

September 30, 2020

Leasing Activity New York Northeast Office

Adams & Co. Negotiates 26,170 SF Office Lease at 390 Fifth Avenue in Manhattan

by Taylor Williams September 29, 2020

NEW YORK CITY — Full-service real estate firm Adams & Co. has negotiated a 26,170-square-foot office lease at 390 Fifth Avenue in Manhattan. The tenant, home textile supplier Keeco, will relocate from its existing space at 295 Park Avenue during the first quarter of 2021. Jeff Buslik and Jay Dispralto of Adams & Co. represented the landlord, Hilson Management Corp., in the lease negotiations. Evan Margolin and Scott Ansel of Savills represented the tenant. The asking rent is approximately $50 per square foot.

September 29, 2020

Acquisitions Office Texas

W. Silver Recycling Buys 15th Floor of WestStar Tower Office Building in El Paso

by Taylor Williams September 29, 2020

EL PASO, TEXAS — W. Silver Recycling, a privately owned firm specializing in industrial waste management, has purchased the 15th floor of WestStar Tower, a new 264,000-square-foot office building in El Paso that is nearing completion. The space will serve as the company’s new headquarters and will house more than 100 employees. W. Silver operates 11 recycling sites along the United States-Mexico border. Hunt Cos. and WestStar are the developers of the building.

September 29, 2020

Leasing Activity Office Texas

Gables Residential Renews 15,114 SF Office Lease in Dallas

by Taylor Williams September 29, 2020

DALLAS — Multifamily developer Gables Residential Services Inc. has renewed its 15,114-square-foot office lease at 3811 Turtle Creek Blvd. in Dallas. The 300,961-square-foot property recently received upgrades to its lobby and corridors and now features a gym, deli, tenant wine bar, game room and outdoor fire pits. Garrison Efird, Jim Cooksey and Louis Pascuzzi of Newmark Knight Frank represented the tenant in the lease negotiations. Scott Walker, Kim Brooks and Justin Miller of Transwestern represented the landlord, California-based KBS.

September 29, 2020

Illinois Leasing Activity Midwest Office

Irvine Co. Negotiates 144,000 SF in Office Leases Across Three Chicago Properties

by Kristin Harlow September 29, 2020

CHICAGO — Irvine Co. has negotiated several new and expanded office leases totaling more than 144,000 square feet at 300 North LaSalle, One North Wacker and 71 South Wacker. Vestian, a workplace solutions firm, doubled its footprint to 7,102 square feet at the 60-story 300 North LaSalle. LoanCore Capital, a privately held asset management firm, signed a lease for 4,521 square feet. In-telligent, a Chicago-based technology company, leased 7,753 square feet at the 51-story One North Wacker. Other lease signings at the office tower include Chicago Partners Wealth Advisors, Hana2.0 Property Group, James Denney and Periscope Equity. Chicago-based startup Drift Net Securities leased 10,136 square feet at the 48-story 71 South Wacker. Reply leased 4,885 square feet and Consolidated Training renewed its lease for 14,222 square feet. Irvine Co. partnered with UCI Health to review and enhance its coronavirus-related health and safety plans.

September 29, 2020

Acquisitions Florida Office Southeast

Gatsby Enterprises Acquires Newly Built Office Campus in South Florida for $80M

by Alex Tostado September 28, 2020

PALM BEACH GARDENS, FLA. — Gatsby Enterprises has acquired DiVosta Towers, a two-building office campus in Palm Beach Gardens, for $80 million. The buildings comprise 220,000 square feet and offer 889 parking spaces. The buildings also feature 10-foot ceilings, floor-to-ceiling windows, car charging stations and a full-time concierge. The seller, Gardens Corporate Center LLC, which is an affiliate of DiVosta Investments, delivered the campus in 2019. The asset was 70 percent leased at the time of sale to tenants including JP Morgan and Comiter, Singer, Baseman & Braun LLP. The New York City-based buyer has hired Jon Blunk of Tower Commercial Real Estate to oversee leasing for both buildings. DiVosta Towers is located at 3874 Kyoto Gardens Drive, 12 miles north of downtown West Palm Beach.

September 28, 2020

Acquisitions Healthcare Office Southeast

Montecito Medical Purchases Four-Building Healthcare Portfolio in West Little Rock

by Alex Tostado September 28, 2020

LITTLE ROCK, ARK. — Montecito Medical Real Estate has acquired a four-building healthcare property portfolio in Little Rock’s west side. The buildings comprise 72,566 square feet and were fully leased to Arkansas Urology at the time of sale. The portfolio includes three medical office buildings and an ambulatory surgery center. The medical office buildings are situated adjacently to each other at 1300 Centerview Drive, seven miles west of downtown Little Rock. The buildings include a 37,718-square-foot clinic, a 6,723-square-foot cancer treatment center and a 12,475-square-foot outpatient clinic. The 15,650-square-foot ambulatory surgery center is located at 1310 Centerview Drive, less than one mile from the medical office buildings and two miles from Baptist Health-Little Rock Hospital. The seller(s) and sales price were not disclosed.

September 28, 2020

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