Office

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Hana, Connell to Open 40,000 SF Coworking Space in Berkeley Heights, New Jersey

by Taylor Williams September 21, 2020

BERKELEY HEIGHTS, N.J. — A partnership between Hana, the coworking brand of CBRE, and locally based investment firm The Connell Co. will open Round Table Studios, a 40,000-square-foot coworking space in Berkeley Heights, located about 20 miles west of New York City. The space will be located within Connell’s building at 200 Connell Drive and is scheduled to open by the end of the year. Members may enjoy access to the building’s onsite health clinic, fitness center, dining services and surrounding network of parks and trails.

September 21, 2020

Development District of Columbia Healthcare Office Southeast

Diversified Healthcare Trust Completes $26M Renovation of Medical Office Building in D.C.

by Alex Tostado September 18, 2020

WASHINGTON, D.C. — Diversified Healthcare Trust has completed a $26 million renovation of 1145 19th St. NW in Washington, D.C., a 133,000-square-foot medical office building. The renovations include a new glass façade, lobby lounge, fitness center, business center and an upgraded HVAC system. The property is situated less than one mile from downtown D.C. The RMR Group managed the renovations, Davis Construction was the general contractor and SmithGroup Architecture was the designer. Nick Zuppas and Andrew Papantoniou of Zuppas Medical Realty are leading the leasing efforts for the building.

September 18, 2020

Connecticut Leasing Activity Northeast Office

Berkeley Insurance Signs 63,173 SF Office Lease at Metro Center in Stamford, Connecticut

by Taylor Williams September 18, 2020

STAMFORD, CONN — Berkeley Insurance Co., a subsidiary of Fortune 500 company W.R. Berkeley Corp., has signed a 63,173-square-foot office lease at Metro Center, a 285,258-square-foot building in Stamford. James Ritman of Newmark Knight Frank, along with internal representative Jeffrey Newman, handled the lease negotiations on behalf of the landlord, Empire State Realty Trust (NYCE: ESRT). Belinda Scanlon of Bernard Realty represented the tenant.

September 18, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Presidio Bay Ventures Takes Overs Construction of Mixed-Use Development in Menlo Park, California

by Amy Works September 18, 2020

MENLO PARK, CALIF. — San Francisco-based Presidio Bay Ventures has taken over construction, lease-up and stabilization of the 6.4-acre mixed-use development, located at 1300-1302 El Camino Real and 550 Oak Grove Ave. in Menlo Park. The strategic operation of the project, renamed Springline, was transitioned to Presidio Bay mid-construction in June. Since then, the firm’s development team has overhauled nearly all aspects of the project. Situated in Menlo Park’s pedestrian-oriented downtown city center, Springline will feature two 100,000-square-foot Class A office buildings, 183 residences, retail, dining, a dual-level subterranean parking garage and public outdoor space. Approved by Menlo Park City Council in early 2017, original construction for the project started later that year. Delivery of the commercial buildings is slated for fourth quarter and leasing of the residential component is scheduled to begin in second-quarter 2021. Christian Prelle, Mike Courson and Clay Jones of Newmark Knight Frank’s Palo Alto, Calif., office, along with Cassidy Zerrer of NKF’s San Francisco office, are handling office leasing efforts for the project.

September 18, 2020

Acquisitions California Office Western

Carlsen Investments Divests of 63,206 SF Office Building in Gold River, California

by Amy Works September 18, 2020

GOLD RIVER, CALIF. — Carlsen Investments has completed the disposition of Gold Pointe Corporate Center Building E, an office property located at 11919 Foundation Place in Gold River. Davies Torrance Trust acquired the property for $14.3 million. eHealth Inc. occupies the 63,206-square-foot property, which Panattoni Development Co. built in 2003. Building E is part of the larger Gold Pointe Corporate Center, which totals five buildings and 455,000 square feet. Campus amenities include a fitness center, bike lockers, showers and an on-site café. Randy Getz of CBRE’s Sacramento office represented the seller, while Steve Tyrrell of Kidder Mathews represented the buyer in the deal.

September 18, 2020

Michigan Midwest Office

West Michigan’s Jaqua Realtors Merges with Shoreline Realtors

by Kristin Harlow September 17, 2020

DOUGLAS, MICH. — Jaqua Realtors has merged with Shoreline Realtors and continues the expansion of its presence in West Michigan. Shoreline has served the Saugatuck and Douglas communities for the past 26 years as a real estate and vacation rental company and maintains offices in St. Joseph and South Haven. Jaqua, a 45-year-old brokerage focusing on residential and commercial real estate as well as vacation rentals and property management, occupies an office at 202 Center St. in Douglas.

September 17, 2020

Acquisitions New Jersey Northeast Office

Onyx Equities Acquires Office Portfolio in New Jersey from Mack-Cali for $160M

by Taylor Williams September 17, 2020

NEWARK, N.J. — A partnership led by New Jersey-based investment firm Onyx Equities has acquired a 10-building, 1.5 million-square-foot office portfolio in Morris County, New Jersey, from Mack-Cali Corp. The portfolio consists of nine buildings in Parsippany and one in Madison. Onyx Equities, which acquired the portfolio in partnership with Taconic Capital Advisors LP, Axonic Capital LLC and Machine Investment Group, will implement a capital improvement plan. JLL brokered the deal.

September 17, 2020

Data Centers Industrial Leasing Activity Northeast Office Pennsylvania

Nerd Street Gamers to Open Esports Campus in Philadelphia

by Taylor Williams September 17, 2020

PHILADELPHIA — Nerd Street Gamers, a provider of infrastructure services for the esports industry, will open The Block, an esports campus at 401 N. Broad St. in Philadelphia. Christian Dyer and Jackie Balin of CBRE represented data center owner-operator Netrality, which owns the 1.3 million-square-foot building, in the lease negotiations. The space will not only function as Nerd Street Gamers’ new corporate headquarters, but it will also include global broadcast studios, dedicated training centers for professional teams and schools and educational space for community partners.

September 17, 2020

Leasing Activity Midwest Minnesota Office

Deluxe Corp. Leases 94,000 SF of Office Space in Minneapolis

by Kristin Harlow September 16, 2020

MINNEAPOLIS — Deluxe Corp. has leased 71,000 square feet of office space at 801 Marquette Ave. and 23,000 square feet at 121 S. Eighth St. in Minneapolis. Franklin Street Properties Corp. owns both office buildings, which now boast occupancy rates of approximately 92 percent. Deluxe, a financial tech firm, also leased 172,000 square feet of office space in Atlanta this month.

September 16, 2020

Acquisitions Office Washington Western

REI Sells Corporate Campus Near Seattle to Facebook for $390M

by Amy Works September 16, 2020

BELLEVUE, WASH. — The specialty outdoor retailer REI Co-op has completed the disposition of its newly completed corporate campus in Bellevue’s Spring District. Facebook acquired the property for $390 million. Site developer Wright Runstad & Co. and Shorenstein Properties also purchased an undeveloped two-acre portion of the property. Facebook’s acquisition includes the 400,000-square-foot campus and approximately six acres of land. In August, REI announced its intention to sell its Bellevue campus and shift to a more distributed work model. The co-op’s future “headquarters” will span multiple satellite locations across the region, and REI will lean into remote working as a more engrained, supported and normalized model for headquarters employees. Following the sale, REI and Facebook are each donating $1 million to the Eastrail, a 42-mile trail that the co-op has been involved in bringing to life for the last four years. Once complete, the trail system will connect the diverse communities and businesses of King County’s Eastside through access to transit alternatives, employee hubs and greenspace.

September 16, 2020

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