Office

AP Construction Reaches Midpoint of PGA of America Headquarters Project in Frisco

by Taylor Williams March 29, 2021

FRISCO, TEXAS — General contractor Adolfson & Peterson Construction (AP Construction) has reached the midpoint of the development of PGA of America’s 106,622-square-foot headquarters building in Frisco. The building will be situated on a 6.2-acre tract within the new 660-acre campus, which will also include two new championship golf courses, a 500-room Omni PGA Frisco Resort and a golf entertainment district. Approximately 150 employees will work in the four-story headquarters building, which is scheduled to be fully complete in the first quarter of 2022. PGA of America originally announced its relocation from South Florida to Frisco in December 2018. At the time, the organization projected an initial investment of $500 million in the local economy, a figure that is anticipated to grow to $2.5 billion over the next 15 to 20 years.

March 29, 2021

Development Northeast Office Pennsylvania

American Real Estate Completes $15M Renovation of Philadelphia Office Tower

by Taylor Williams March 29, 2021

PHILADELPHIA — American Real Estate Partners (AREP) has completed the $15 million renovation of 1600 Market Street, a 39-story, 825,968-square-foot office tower in Philadelphia’s Center City neighborhood. According to LoopNet Inc., the property was built in 1980 and initially renovated in 1997. The project included a number of health and wellness upgrades, such as elevating exterior air settings to maximize HVAC exchanges of fresh air, using MERV 13 air filters throughout and installing ultraviolet light and ion technology air purifiers in elevators. AREP originally acquired the asset in 2018 and began this renovation project in December 2019.

March 29, 2021

Development Healthcare Life Sciences Northeast Office Pennsylvania

Brandywine, PABC to Develop 50,000 SF Life Sciences Project in Philadelphia

by Taylor Williams March 29, 2021

PHILADELPHIA — A partnership between locally based REIT Brandywine Realty Trust (NYSE: BDN) and the Pennsylvania Biotechnology Center (PABC) will develop a 50,000-square-foot life sciences project in Philadelphia. The property will be located adjacent to Brandywine’s Schuylkill Yards mixed-use development in the University City area. Construction is scheduled to begin immediately and to be complete in the fourth quarter.

March 29, 2021

California Company News New York Northeast Office Top Stories Western

BowX Acquisition Corp. Agrees to Buy WeWork, Plans to Take Company Public at $9B Valuation

by Taylor Williams March 29, 2021

MENLO PARK, CALIF. AND NEW YORK CITY — Flexible office space provider WeWork has entered into an agreement with special purpose acquisition company (SPAC) BowX Acquisition Corp. (NASDAQ: BOWX) to be taken public at an initial valuation of $9 billion. A SPAC is a business entity with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring other companies. Menlo Park, Calif.-based BowX Acquisition Corp. is an affiliate of Bow Capital, a venture capital firm begun by Vivek Ranadive, the founder of TIBCO software and owner of the NBA’s Sacramento Kings. The transaction, which is expected to close by the third quarter, will provide New York City-based WeWork with approximately $1.3 billion of cash to fund future growth initiatives. The transaction will be funded with BowX’s $483 million of cash in trust, in addition to $800 million in private investment from capital sources such as Insight Partners, funds managed by Starwood Capital Group and others. SPACs have recently grown in popularity among private and institutional investors alike as vehicles for taking companies public. According to Forbes, which recently analyzed the U.S. activity of SPACs, these entities raised as much …

March 29, 2021

Acquisitions Kentucky NAI Office Southeast

NAI Isaac Brokers Sale of 120,000 SF Corporate Plaza Office Building in Lexington, Kentucky

by Julia Sanders March 26, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of 771 Corporate Drive, a 120,000-square-foot office building in Lexington. An entity doing business as Corporate Drive LLC sold the 10-story property was sold to a private, undisclosed buyer. Al Isaac of NAI Isaac represented the seller in the transaction. The price was not disclosed. The Corporate Plaza is located about four miles from Bluegrass Airport. The new property owner has retained NAI Isaac as the exclusive leasing agent and property manager for the building, marking over two decades of the local firm managing Corporate Plaza.

March 26, 2021

Development North Carolina Office Southeast

JLL to Open New 41,000 SF Office at Legacy Union in Uptown Charlotte

by Julia Sanders March 26, 2021

CHARLOTTE, N.C. — JLL will open its new office at 650 S. Tryon at Legacy Union in Uptown Charlotte. The office spans nearly two floors and 41,000 square feet at the mixed-use development. Jaime Boast, Bryan White and Chris Schaaf of JLL represented the company internally in the lease negotiations. Lincoln Harris is the developer and landlord of Legacy Union. JLL’s Charlotte team has grown 47 percent year-over-year since 2019. The firm’s new location consolidates four offices spread throughout the city, bringing together 150 professionals in a larger setting. The space can accommodate up to 200 employees, with additional options for future expansions available. Designed by Gensler, the new office will feature flexible furniture selections that can be reconfigured based on need, as well as floor plans that allow for social distancing, enhanced collaboration for in-person and remote workers and easy movement throughout the space. Charlotte-based Rodgers Builders was the general contractor of the new space, and JLL’s Project and Development Services group oversaw the build-out. Additionally, the new office will pursue both LEED Gold and WELL Silver certifications. While LEED focuses on sustainability within the building’s materials and processes, WELL seeks to increase employee productivity and happiness through biophilic …

March 26, 2021

Development Office Texas

KBS Completes Renovation of 522,043 SF Legacy Town Center Office Complex in Plano

by Taylor Williams March 26, 2021

PLANO, TEXAS — California-based KBS has completed the renovation of Legacy Town Center, a three-building, 522,043-square-foot office complex in Plano. The property was developed in phases between 2001 and 2006 and offers amenities such as a fitness center, conference center, bike sharing program, car wash and a wellness room. KBS renovated the leasing office, conference center and locker rooms and added two new spec suites as part of the capital improvement program.

March 26, 2021

Acquisitions California Healthcare Office Western

UBS Realty Investors Divests of Five-Story Medical Office Building in Beverly Hills for $74.4M

by Amy Works March 26, 2021

BEVERLY HILLS, CALIF. — UBS Realty Investors has completed the disposition of a five-story medical office building located at 9033 Wilshire in Beverly Hills. LaSalle Investment Management acquired the asset for $74.4 million. University of Southern California’s Keck Medical Center anchors the 49,721-square-foot property, which was extensively renovated in 2011. SIM & Associates designed the building, which features a surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck. Kevin Shannon, Rob Hannah, Ken White, Laura Stumm and Steven Salas of Newmark represented the seller in the transaction.

March 26, 2021

Acquisitions Industrial Office Oregon Western

Norris & Stevens Brokers $1.5M Sale of Office/Warehouse Building in Portland

by Amy Works March 26, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of an office/warehouse property located at 1623 SE Sixth Ave. in Portland. Thomas Dwight Short Revocable Trust sold the building to 1623 SE Pants LLC for $1.5 million. Constructed in 1932 with additions in 1945 and 1966, the 11,318-square-foot building offers 2,370 square feet of office space and 8,948 square feet of warehousing space. Todd VanDomelen of Portland-based Norris & Stevens represented the seller, while Eli Haworth of Cloud City Realty represented the buyer in the transaction.

March 26, 2021

Development Industrial Massachusetts Northeast Office

Edwards Vacuum to Open 121,800 SF Office, Industrial Facility in Haverhill, Massachusetts

by Taylor Williams March 26, 2021

HAVERHILL, MASS. — Edwards Vacuum, a manufacturer owned by Swedish industrial conglomerate Atlas Copco, will open a 121,800-square-foot facility in Haverhill, located north of Boston. The property will feature space for office, manufacturing, warehousing and research and development. The largest portion of the first floor centers on manufacturing, alongside warehouse/storage, R&D labs, a training room, cafeteria, fitness area and bike storage space. Offices, conference rooms and an observation room will be situated in the mezzanine area. Dacon Corp. is designing the project, which is expected to bring about 200 new jobs to the area. Completion is slated for the second quarter of 2022.

March 26, 2021

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