Office

Cushman & Wakefield Arranges $106M Acquisition Loan for Brooklyn Office Condo

by Taylor Williams August 17, 2021

NEW YORK CITY — Cushman & Wakefield has arranged a $106 million acquisition loan for an office condominium located at 12 MetroTech Center in downtown Brooklyn. The condo consists of five floors totaling 186,000 square feet that are situated within a larger building whose lower 25 floors are owned by the City of New York. Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez of Cushman & Wakefield arranged the five-year, interest-only loan through Starwood Property Trust on behalf of the borrower, an entity doing business as 60 Guilders. Doug Harmon, Adam Spies, Adam Doneger, Dan OBrien, Rachel Humphrey and Meaghan Philbin of Cushman & Wakefield brokered the sale of the asset.

August 17, 2021

Leasing Activity New York Northeast Office

Freehill Hogan & Mahar Signs 17,333 SF Office Lease Renewal at 80 Pine Street in Manhattan

by Taylor Williams August 17, 2021

NEW YORK CITY — Law firm Freehill Hogan & Mahar has signed a 17,333-square-foot office lease renewal at 80 Pine Street, a 1.2 million-square-foot building that occupies a full city block in Lower Manhattan. Howard Nottingham and Allyson Bowen of Savills represented the tenant in the negotiations for the 11-year lease. Kevin Daly represented the landlord, The Rudin Family, on an internal basis. The deal coincides with the completion of the first phase of Rudin’s capital improvement program, which included the renovation of the lobby and entrances.

August 17, 2021

Healthcare Life Sciences Market Reports Multifamily Northeast Northeast Market Reports Office

How Multifamily Owners Can Cater to the Northeast’s Growing Base of Life Sciences Renters

by Taylor Williams August 17, 2021

By Justin Wybenga, vice president of asset services, GMH Communities Every day, we see the world constantly changing. Whether it’s advancements in technology, culture, arts or sciences, there are many things to look forward to as life and business return to normal. One sector of commercial real estate that continues to experience breakthroughs is life sciences. Case in point: Mayor Bill de Blasio and the NYC Economic Development Corp. announced that the organization would double its investment to $1 billion to establish New York City as the global leader in life sciences. With the increasing demand for research and lab space comes an emerging need for innovative housing that supports the rapidly growing population of researchers, professors, graduate students and third-shift workers. Historically, amenities and services for this group have been an afterthought. We saw a void in this space and recently launched a completely new vertical called “Innovative Living.” Innovative Living takes best practices from conventional multifamily and student housing, including cutting-edge technology and best-in-class amenities and services, and tailors those features to accommodate the specific needs of professionals and graduate and postgraduate students working or learning in major innovation hubs. Understand Residents’ Needs Fostering a collaborative living environment …

August 17, 2021

Leasing Activity Office Texas

Trintech Signs 70,000 SF Office Headquarters Lease at Granite Park Seven in Plano

by Taylor Williams August 16, 2021

PLANO, TEXAS — Trintech, a locally based provider of financial software products, has signed a 70,000-square-foot office lease for its new headquarters space at Granite Park Seven in Plano. Craig Wilson and Randy Cooper of Stream Realty Partners represented the tenant in the lease negotiations. Union Investment owns the asset, having purchased it from Granite Properties in 2018.

August 16, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

TMRW Life Sciences Inks 38,000 SF Lease Expansion at 250 Hudson Street in Manhattan

by Taylor Williams August 16, 2021

NEW YORK CITY — TMRW Life Sciences, which provides management systems and solutions for in vitro fertilization, has signed a 38,000-square-foot lease at 250 Hudson Street in Manhattan. The tenant currently occupies a portion (5,500 square feet) of the seventh floor of the 15-story building and will relocate from that space to occupy the entire sixth floor and part of the ground floor. Mitti Liebersohn of Avison Young represented TMRW Life Sciences in the lease negotiations. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis.

August 16, 2021

Loans Office Southeast Tennessee

Natixis Provides $51.5M in Financing FedEx Logistics Headquarters in Downtown Memphis

by Julia Sanders August 16, 2021

MEMPHIS, TENN. — Natixis, a France-based financial services firm, has provided $51.5 million in floating-rate financing for FedEx Logistics headquarters in downtown Memphis. The financing was provided to the subsidiaries of SomeraRoad Inc. The financing will refinance the FedEx Logistics headquarters building, a 193,836-square-foot, Class A office building located at 145 Lt. George W Lee Ave. in downtown Memphis. SomeraRoad will also use the financing to fund the renovation of the parking lot across the street near the FedEx Forum. The office building serves as the new global headquarters for FedEx Logistics, the supply chain and trade arm of FedEx Corp. The building was formerly a Gibson Guitar factory. FedEx Logistics moved its global headquarters to the Memphis office building in April 2020.

August 16, 2021

Acquisitions California Office Western

Newmark Negotiates $70M Sale of Creative Office Building in El Segundo, California

by Amy Works August 16, 2021

EL SEGUNDO, CALIF. — Newmark has brokered the sale of 2221 Park Place, a two-story creative office property located in downtown El Segundo. 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures, sold the asset for $70 million, or $778 per square foot. The undisclosed buyer intends to occupy the 90,000-square-foot building, which was recently constructed. The building features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper-level patios and contemporary technology for health and efficiency. Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White of Newmark represented the seller in the off-market transaction.

August 16, 2021

Development Healthcare Office Southeast Virginia

Trammell Crow to Develop 383,000 SF Seniors Housing, Medical Office Property in Metro D.C.

by Julia Sanders August 13, 2021

ALEXANDRIA, VA. — Trammell Crow Co. (TCC) plans to develop a 383,000-square-foot mixed-use development in Alexandria. Located at 765 John Carlyle St., the Class A project will include a 268,000-square-foot seniors housing property and a 115,000-square-foot medical office building. The buildings will be constructed above a common podium offering a mix of retail uses and a 440-space parking garage. Construction is slated to begin in the third quarter of 2022 and will be completed by the end of 2024. The 18-story seniors housing building will include approximately 215 residences that will offer independent living, assisted living and memory care options. The medical office building will rise 10 stories and include 12,000 square feet of ground-floor retail space. The project will be located about 9.5 miles from downtown Washington, D.C., and 4.4 miles from Ronald Reagan Washington National Airport. JM Zell Partners and CBRE Global Investors will be co-developers on the project. The majority investor, TCC will team up with Senior Resource Group, a luxury senior living operator and developer, on the senior living component of the project. Remedy Medical Properties, a medical office real estate investment firm, will be a partner on the medical office component. Perkins Eastman is the …

August 13, 2021

Company News District of Columbia Office Southeast

Merchants Capital Opens New Office in D.C., Fifth Location Nationwide

by Julia Sanders August 13, 2021

WASHINGTON, D.C. — Merchants Capital, a Carmel, Ind.-based affordable housing lender, has opened a new office in Washington, D.C., that will be the company’s fifth location nationwide. Located at 505 9th St. NW, Suite 800, the new office serves as a hub for a dozen team members and is part of the company’s strategy to expand its national lending footprint with a concentration on the East Coast. “We are excited to be positioned in downtown Washington, D.C., as it is a natural fit for the firm to be in close proximity to Fannie Mae, Freddie Mac, the Department of Housing and Urban Development (HUD) and other landmark institutions that support affordable multifamily housing across the nation,” says Dwayne George, the executive vice president and national head of production for Merchants Capital. The new office follows the announcement that Merchants Capital was named the No. 4 affordable multifamily lender nationwide in 2020 by the Mortgage Bankers Association. Last year, Merchants Capital closed $2.2 billion in affordable housing loans across 188 transactions, with an average transaction size of $11.8 million.

August 13, 2021

Acquisitions Illinois Midwest Office

North Wells Capital, Skydeck Capital Acquire Five-Story Office Building in Chicago’s River North

by Kristin Harlow August 13, 2021

CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.

August 13, 2021

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