Office

AT&T to Sell CNN Center in Downtown Atlanta, Consolidate Offices at Techwood Campus

by Alex Tostado July 1, 2020

ATLANTA — AT&T informed CNN employees Monday that it will sell the CNN Center in downtown Atlanta, according to multiple media reports. AT&T took control of CNN in 2018 when it acquired Time Warner Media. Employees were notified that the move will not happen right away, as CNN will lease One CNN Center for another five years before moving to Time Warner’s Techwood campus in Midtown Atlanta. Ted Turner founded media giant at Techwood in 1980 before moving to downtown in 1987. It was not immediately clear if AT&T had a buyer lined up. CNN Center totals 150,490 square feet. The building includes a food court with tenants such as Starbucks, BurgerFi, Dunkin’, Moe’s Southwest Grill and Chick-fil-A. Retail tenants include the Atlanta Braves Dugout Store and Wells Fargo. The building is situated next to Mercedes-Benz Stadium, Centennial Olympic Park, State Farm Arena, Omni Hotel & Resort, the Georgia Aquarium, World of Coca-Cola and the College Football Hall of Fame.

July 1, 2020

Development Office South Carolina Southeast

Iron Bridge to Install Medical-Grade Air Filtration System, UV Lights at Charleston Tech Center to Combat COVID-19

by Alex Tostado July 1, 2020

CHARLESTON, S.C. — Iron Bridge Capital Partners will install a medical-grade air filtration and UV light system at Charleston Tech Center to prevent the spread of COVID-19 or other pathogens through its ventilation system. Iron Bridge, the lead developer of the 92,000-square-foot building, expects to open the property by the end of the year. Charleston Digital Corridor will anchor the property. The system will include an electrostatic filtration process similar to what surgery centers and medical facilities install to prevent the spread of airborne bacteria and viruses from room-to-room. Additionally, the system features a bank of UV lights that will treat any remaining pathogens, as well as reduce the amount of airborne mold and dust. In addition to the air treatment system, Charleston Tech Center will also include COVID-19 protocols and features such as occupancy maximums for elevators and shared conference spaces, hand sanitizer stations in the lobby and at each elevator, touchless faucets and the strong encouragement for workers and guests to wear masks in all common areas.

July 1, 2020

California Life Sciences Loans Office Western

NKF Arranges $165M in Financing for BioMed Life Sciences Building in Emeryville, California

by Amy Works July 1, 2020

EMERYVILLE, CALIF. — Newmark Knight Frank (NKF), on behalf of property owner BioMed Realty, has arranged $165 million in financing for an asset located at 5300 Chiron Way in Emeryville. The Class A life sciences building, which totals 303,509 rentable square feet, is located within Emeryville Center of Innovation. Zymergen, a science and material innovation company, fully occupies the property. BioMed will use the loan to transform the asset into a specialized and innovative high-tech environment for the tenant’s new headquarters location. Ramsey Daya and Chris Moritz of NKF’s Debt & Structured Finance office in San Francisco secured the financing for the owner, which is a provider of real estate solutions to the life science and technology industries.

July 1, 2020

Acquisitions California Office Western

Kennedy Wilson Fund VI Buys Silicon Valley R&D Portfolio for $53.5M

by Amy Works July 1, 2020

SAN JOSE, CALIF. — Kennedy Wilson Fund VI has acquired a six-building R&D/office portfolio in South San Jose for $53.5 million. The name of the seller was not released. Totaling 257,000 square feet, the portfolio consists of five single-story R&D buildings and a two-story office building. The portfolio is currently 100 percent occupied by 15 tenants. The acquisition expands Kennedy Wilson’s presence in Silicon Valley and its growing portfolio of flex office assets across a global footprint. Kennedy Wilson has an 11 percent interest in Fund VI, which has a portfolio that includes 13 multifamily, office, retail and other commercial assets in markets in San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The assets have an aggregate purchase price of $1.1 billion.

July 1, 2020

Acquisitions Michigan Midwest Office

L. Mason Capitani Brokers Sale of 70,000 SF Office Building in Troy, Michigan

by Kristin Harlow July 1, 2020

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 70,000-square-foot office building located at 550 Stephenson Highway in Troy. The sales price was undisclosed. The multi-tenant property was 97 percent leased at the time of sale. Mason L. Capitani, a principal with the brokerage firm, represented the buyer, California-based LREH Michigan LLC. L. Mason Capitani will oversee leasing efforts moving forward while the company’s affiliate, Liberty Property & Asset Management, will serve as property manager.

July 1, 2020

Acquisitions Northeast Office Pennsylvania Top Stories

Independence Blue Cross Acquires Philadelphia Headquarters for $360M

by Kristin Harlow July 1, 2020

PHILADELPHIA — Independence Blue Cross has acquired 1901 Market Street, a Class A office tower in Center City Philadelphia, for $360 million. The 45-story, 800,000-square-foot building has served as the health insurance company’s headquarters since construction was completed in 1989. Atlanta-based Piedmont Office Realty Trust (NYSE: PDM) was the seller. The property has received more than $110 million in capital improvements over the last eight years. Upgrades included a new lobby, outdoor plaza and mechanical systems, as well as renovations throughout the interiors for a more modern look. The building is the eighth-tallest office tower in Philadelphia and houses nearly 2,500 Independence associates. Independence is the sole occupant of the building. In addition to 1901 Market Street, Independence’s campus includes a customer service call center and Independence LIVE, a customer experience center. Both connect to the company’s headquarters via a courtyard that is open to the public. Prior to the purchase, Independence was in a long-term lease. But the company found the purchase attractive because low interest rates enabled Independence to lower its annual cost of occupancy, according to Donna Farrell, vice president of corporate communications. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets marketed …

July 1, 2020

Content Partner Features Heartland Feature Archive Lee & Associates Office Restaurant Retail

Facility Management Will Require Changes Under New COVID-19 Regulations

by Sarah Daniels July 1, 2020

Facility managers across the nation are sorting through information about the coronavirus and looking at building modifications that can prevent the spread. Owners and tenants alike in the office and retail sectors have turned to facility management professionals to help their businesses thrive under rapidly evolving circumstances. REBusinessOnline recently spoke with three facility management professionals from Lee & Associates via video conference about their company’s approach to facility management during the coronavirus pandemic. Teresa Gascho, Director of Management Services, Indianapolis; Frances Smith, Senior Vice President, Property Manager, Cincinnati; and John Rickert, President-Executive Managing Director, Cincinnati, spoke about how facility managers communicate with tenants, encourage healthy behaviors and support businesses in compassionate and creative ways. Communicating with Tenants About COVID-19 Regulations Early in the pandemic, facility managers were charged with limiting access to properties as buildings shut down. Now that occupants are returning to retail and office buildings, the team at Lee & Associates sees themselves as “facilitators and accommodators” for their tenants. Working to reopen buildings under the guidance and recommendations from state health departments and the Centers for Disease Control & Prevention (CDC) is a lot more involved than closing buildings — and it can be frustrating for all involved. However, Rickert notes, “We’re …

July 1, 2020

Development Mixed-Use Multifamily Office Restaurant Retail Utah Western

Lowe, BCG Holdings, Q Factor Break Ground on $144M Post House Mixed-Use Project in Salt Lake City

by Amy Works June 30, 2020

SALT LAKE CITY — A partnership between Lowe Property Group, BCG Holdings and Q Factor has broken ground on Post House. The mixed-use, pedestrian-friendly development will be located in Salt Lake City’s downtown Post District. MVE + Partners designed Post House, which will feature five buildings offering a total of 580 residential units, 22,405 square feet of retail space and 86,000 square feet of private and public outdoor space. Completion of the 488,765-square-foot project is scheduled for spring 2023, with the first residential and retail units slated to open in spring 2022. The current site holds features a variety of existing mixed-use industrial buildings, including the Newspaper Agency Corp. Building, that will be integrated into the community’s plan. The community’s walkable ground level will include 22,000 square feet of retail space, including Post House Market, a multi-tenant market hall. Comprising 461,921 square feet of rentable space, Post House Apartments will offer units ranging from 385 square feet to 2,030 square feet. Amenities will include lofts and private outdoor space, including four rooftop decks with firepits, bars, lounges, seating and barbecue grills. Additionally, the property will feature two private outdoor courtyards featuring a series of indoor/outdoor pools and a 5,604-square-foot fitness …

June 30, 2020

Acquisitions California Industrial Office Western

KBS Sells Two Buildings at Office/R&D Complex in San Jose for $95.2M

by Amy Works June 30, 2020

SAN JOSE, CALIF. — KBS has completed the disposition of two buildings at District 237, a Class A office/R&D complex located at 100 Headquarters Drive and 200-350 Holger Way in San Jose. EXAN Group, an independent real estate fund and asset management company, acquired the buildings from KBS Real Estate Investment Trust II for $95.2 million. Totaling 142,710 square feet, the properties are located at 100 Headquarters Drive and 200 Holger Way. Built in 1999 and 2001, District 237 features eight one-, two- and three-story buildings ranging from 20,009 square feet to 101,194 square feet. KBS recently repositioned and rebranded the complex, resulting in a combined total of 315,622 square feet in new leases. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Bran Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the sale. Bruch Fischer, Howard Chu, Chrisdo Fan and Amanda Kennedy of Greenberg Traurig LLP’s Orange County, Calif., office represented KBS as legal counsel in the disposition. EXAN Group has been retained to manage District 237.

June 30, 2020

Acquisitions California Office Western

Voit Real Estate Arranges $3.1M Sale of Office Building in San Diego

by Amy Works June 30, 2020

SAN DIEGO — Voit Real Estate Services has brokered the sale of an office property in San Diego. 9565 Waples Investment Group LLC sold the asset to Renda Law Offices P.C. for $3.1 million. Located at 9565 Waples St., the property features 13,695 of office space within San Diego’s Sorrento Mesa submarket. The buyer plans to use the building for its San Diego-based bankruptcy firm. Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit Real Estate Services represented the seller in the transaction.

June 30, 2020

Newer Posts

Older Posts