Office

BridgeCore Provides $8M Bridge Loan for Office-to-Apartment Conversion in Downtown Cleveland

by Kristin Harlow September 24, 2020

CLEVELAND — BridgeCore Capital has provided an $8 million bridge loan for the acquisition of a historic office building in downtown Cleveland. The undisclosed borrower plans to convert the building, currently 42 percent occupied, into a 436-unit apartment property with a mix of office and retail space. The loan features a 12-month term with a fully funded reserve for interest and a 65 percent loan-to-value ratio. Akron-area businessman Agostino Pintus and his business partner Kenny Wolfe purchased the Rockefeller Building for $13.3 million, according to Cleveland.com.

September 24, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

DLJ Real Estate, Leggat McCall Top Out 290,000 SF Life Sciences Project in Metro Boston

by Taylor Williams September 23, 2020

SOMERVILLE, MASS. — A development team of DLJ Real Estate Capital Partners and Leggat McCall Properties has topped out a 290,000-square-foot life sciences project at 100 South St. in Somerville, located on the northern outskirts of Boston. The project is part of the Boynton Yards development and will house lab and retail space as well as a four-story underground parking garage. Architecture firms SGA and Hashim Sarkis Studios designed the project, and Shawmut Design & Construction served as the general contractor. Construction began in June 2019 and is expected to be complete next summer.

September 23, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of 113,300 SF Madison Building in Reading, Pennsylvania

by Taylor Williams September 23, 2020

READING, PA. — Marcus & Millichap has brokered the sale of The Madison Building, a 113,300-square-foot office property in Reading. Originally built in 1927, the property is situated on 1.1 acres and rises 12 stories. Craig Dunkle, Jackson Day and Mher Vartanian of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also procured the buyer, an out-of-state developer that will convert the building into a Class A apartment complex. The Madison Building was 97 percent vacant at the time of sale.

September 23, 2020

Leasing Activity New Jersey Northeast Office

JLL Secures Two Office Leases Totaling 63,089 SF in Cherry Hill, New Jersey

by Taylor Williams September 23, 2020

CHERRY HILL, N.J. — JLL has secured two office leases totaling 63,089 square feet at Woodcrest Corporate Center in Cherry Hill, a suburb of Philadelphia. Digital platform provider Conduent Business Services LLC renewed its 30,887-square-foot lease, and Penn Interactive Ventures, an operator of mobile gambling apps, signed a lease for 32,212 square feet. Dan Close and Rick Widerman represented the landlord, Crown Properties, in both sets of negotiations.

September 23, 2020

Acquisitions Office South Carolina Southeast

Cushman & Wakefield Arranges $23.8M Sale of Office Building in Downtown Charleston

by Alex Tostado September 22, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged the $23.8 million sale of 134 Meeting Street, a 71,947-square-foot office building in downtown Charleston. The asset was 93 percent leased at the time of sale to tenants including law firms K&L Gates and Sinkler & Boyd. The building was renovated in 2015 to include a new HVAC system; upgraded lobbies, restrooms and common corridors; and a 1,702-square-foot fitness center with showers. Jared Londry, Rob Cochran and Nolan Ashton of Cushman & Wakefield represented the seller, Cobalt Property Group, in the transaction. Highland Ventures, a separate account client of Insite Properties, acquired the property.

September 22, 2020

Leasing Activity New York Northeast Office

Madison International Inks 25,000 SF Office Lease at 300 Park Avenue in Manhattan

by Taylor Williams September 22, 2020

NEW YORK CITY — Real estate private equity firm Madison International Realty has signed a 25,000-square-foot office lease at 300 Park Avenue in Manhattan. The company will relocate from a 14,000-square-foot space at 410 Park Avenue in mid-2021. Tishman Speyer owns the 26-story building, which spans 773,056 square feet and was originally built in 1955. Howard Fiddle and Evan Fiddle of CBRE represented the tenant in the lease negotiations. Gregory Conen and Samantha Augarten represented Tishman Speyer internally.

September 22, 2020

Connecticut Leasing Activity Northeast Office

Cara Therapeutics Signs 11,685 SF Office Lease Expansion in Stamford, Connecticut

by Taylor Williams September 22, 2020

STAMFORD, CONN. — Biotechnology firm Cara Therapeutics Inc. has signed an 11,685-square-foot office lease expansion at 107 Elm Street, the firm’s headquarters building in Stamford. John Hannigan and Adam Cognetta of Choyce Peterson Inc. represented the tenant in the lease negotiations. RFR Realty LLC owns the property.

September 22, 2020

Development Northeast Office Pennsylvania Texas Top Stories

Parkway Breaks Ground on $200M Office Tower in Philadelphia for Law Firm Morgan Lewis

by John Nelson September 22, 2020

PHILADELPHIA — Parkway Corp., a family-owned real estate developer and manager based in Philadelphia, has started construction of 2222 Market in its hometown. The $200 million office tower will be situated in Philadelphia’s Center City district, and will be the first office property in the submarket not built for Comcast in 30 years. Local law firm Morgan Lewis & Bockius will be the sole occupant of the development and was a key contributor to the design of the property. The office building will span 305,000 square feet and include multiple outdoor terrace amenities, flexible workspaces, a fitness center and a conference center. Designed by Gensler, 2222 Market will also feature 10-foot ceilings throughout with floor-to-ceiling windows. Gensler is aiming to achieve both LEED-CS Gold and Fitwell certifications. The property is located at the corner of 23rd and Market streets, seven blocks from City Hall and one block from the banks of the Schuylkill River. The office building is also situated near Comcast’s new headquarters with multiple transit options available to Morgan Lewis staffers within walking distance, including SEPTA’s Suburban and 30th Street stations, as well as the 22nd Street trolley station. The Philadelphia Inquirer reported that Parkway secured $187 million …

September 22, 2020

Development Office Texas

Hillwood, USAA Underway on 365,000 SF Victory Commons One Office Building in Dallas

by Taylor Williams September 21, 2020

DALLAS — A partnership between Hillwood Urban and San Antonio-based USAA Real Estate is underway on construction of Victory Commons One, a 365,000-square-foot office building that will be located at 2601 Victory Ave. in Uptown Dallas. Designed by BOKA Powell, the building will be situated on an 8.5-acre site that can ultimately support up to 1.5 million square feet of development. Amenities will include a rooftop terrace, ground-floor tenant lounge and coffee bar and proximity to a new one-acre park. Completion is slated for November 2021.

September 21, 2020

Acquisitions Office Texas

Generational Commercial Sells 50,480 SF Riata Crossing 6 Office Building in Austin

by Taylor Williams September 21, 2020

AUSTIN, TEXAS — Locally based developer Generational Commercial Properties has sold Riata Crossing 6, a 50,480-square-foot office building located at 12544 Riata Vista Circle, adjacent to Apple’s existing campus in Austin. Studio 8 Architects designed the project, and Zapalac Reed served as the general contractor. Bethany Perez, Bart Matheney and Chad Barrett of AQUILA Commercial represented Generational Commercial Properties in the transaction. Lance Morris of The Retail Connection represented the buyer, Greater Texas Federal Credit Union.

September 21, 2020

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