BROOMFIELD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a medical office park located at 3301-3305 W. 144th Ave. in Broomfield. BPC Holdings sold the asset to an undisclosed buyer for $16.8 million, or $284 per rentable square foot. The property features 59,326 rentable square feet of medical office space. Corey Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal.
CHICAGO — Discover has unveiled plans to open a customer care center in Chicago’s Chatham neighborhood. The property is a former big-box retail center and Discover will work with DL3 Realty to redevelop it. Target Corp. sold the vacant site to DL3. Once fully operational, the center will provide nearly 1,000 full-time jobs to the area. Most of the positions will be for customer care representatives. The 100,000-square-foot project will feature more than 500 car parking spots. Completion is slated for the end of this year. The Riverwoods, Ill.-based credit card company has called the Chicago area home for more than 30 years and employs more than 18,000 people. Discover opened a satellite office downtown three years ago.
CRANSTON, R.I. — Massachusetts-based design-build firm Dacon has completed construction of a 25,000-square-foot office headquarters space for insurance brokerage firm Hilb Group in Cranston. Spanning two floors, the layout includes an open office work environment, entrance lobby, conference space, training room, restrooms and a café. The tenant is looking to consolidate its four Rhode Island offices into one regional hub for some 130 employees at this location, which is situated within Carpionato Group’s Chapel View mixed-use development.
NEW YORK CITY — GHH Associates LLC has sold a 4,658-square-foot office condo in Midtown Manhattan to international jeweler Shefi Diamonds for $4.2 million. The space is located within 10 W. 46th Street, a 20-story office condo property that was built in 1985. Michael Rudder and Justin Harris of Rudder Property Group represented GHH Associates in the transaction. Harlan Cygielman of Manhattan Realty Advisors represented Shefi Diamonds.
DENVER — JLL Capital Markets has arranged $54 million in refinancing for 1660 Linc, a 31-story, Class A office tower in Denver’s Uptown neighborhood. Located at 1660 Lincoln St. and built in 1972, 1660 Linc features 298,888 square feet of office space, parking for 425 vehicles, an 8,800-square-foot tenant lounge, training room for 40-plus people, a game room, coffee bar, and gym complete with yoga room and Peloton bikes. The property was renovated in 2016 and 2019-2020 with more than $19 million in improvements, including the installation of a central plant and HVAC systems, a lobby expansion and conversion of the entry into an open, sky-lit space. The current tenant roster includes Ciancio Ciancio Brown PC, United States Meat Export Federation and a number of small start-ups. Leon McBroom led the JLL Capital Markets teams that secured the four-year bridge loan, which features a one-year extension, through Benefit Street Partners. Funds that Westport Capital Partners manages own the borrower.
SAN DIEGO — San Diego-based Murphy Development Co. has commenced construction of two speculative industrial assets – Buildings A and C – at Brown Field Technology Park, a 52-acre corporate industrial and office park in San Diego’s Otay Mesa area. Completion of the two buildings is slated for the third quarter of this year. The 105,150-square-foot Building A and the 123,913-square-foot Building C will both feature 32-foot clear heights, 4,000 amps of 277/480 power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The buildings can accommodate a variety of user requirements ranging from 50,000 square feet to 229,063 square feet. Andy Irwin, Ryan Spradling and Greg Lewis of JLL are overseeing leasing of the two buildings.
BOULDER, COLO. — Graham Street Realty has completed the disposition of 5665 Flatiron Parkway, an office building located in Boulder. Terms of the transaction were not released. GSR originally acquired the asset in February 2019 as part of a three-property portfolio, including 3005 Center Green Drive, 2945 Wilderness Place and 5665 Flatiron Parkway, totaling 114,862 square feet of leasable office and lab space. Situated within East Boulder’s Flatiron Business Park, 5665 Flatiron offers suites ranging from 10,000 square feet to 20,000 square feet.
CHICAGO — SOLVD Health, a life sciences company specializing in data-driven disease prevention, is relocating its corporate headquarters to Chicago from Carlsbad, Calif. The tech startup will occupy space in Sterling Bay’s 2430 N. Halsted, a life sciences research facility located in Lincoln Park. Additionally, SOLVD says it intends to expand future operations at Sterling Bay’s Lincoln Yards development along the Chicago River. SOLVD’s space at 2430 N. Halsted is meant to be temporary until the company moves to Lincoln Yards, according to Sterling Bay. SOLVD expects to begin corporate operations in Chicago while continuing to operate its manufacturing, research and development, and commercial lab facilities in Carlsbad. The company is currently in the process of commercializing two tests, one for opioid use disorder and one for colon cancer.
PARSIPPANY, N.J. — Onyx Equities has begun the renovation of 4 and 6 Campus Drive, a two-building, 300,000-square-foot office complex located in the Northern New Jersey city of Parsippany. Onyx will upgrade the lobbies and exteriors and expand amenity spaces. Renovations will also include a new conference center and cafeteria, as well as upgraded outdoor space. Cushman & Wakefield leases the complex. Onyx Equities acquired 4 & 6 Campus Drive in 2020. The buildings are located in The Arbors @ Parsippany office park. Tenants can utilize the amenities located throughout the campus, including new fitness centers, a golf simulator, game room, conference centers, training rooms and a cafeteria.
SAN FRANCISCO — Kilroy Realty Corp. (NYSE: KRC) has agreed to sell The Exchange on Sixteenth, a 750,000-square-foot office campus located at 1800 Owens St. in San Francisco’s Mission Bay neighborhood. The buyer was not disclosed, but the San Francisco Chronicle reported it was KKR, a private equity firm based in New York. The agreed purchase price is a little more than $1 billion, equating to approximately $1,440 per square foot. Kilroy Realty says this is the highest per-square-foot sales price for a “major property” in the history of San Francisco’s commercial real estate market. The Chronicle reports the sale represents the second largest transaction for a single property in the city’s history. “This transaction demonstrates that quality assets in quality locations remain highly attractive to buyers, and in this case generated a record price,” says John Kilroy, chairman and CEO of Kilroy Realty. Software storage giant Dropbox Inc. (NASDAQ: DBX) signed a 15-year lease for its corporate headquarters at the campus in 2017. The San Francisco Business Times reported last summer that the company listed 270,000 square feet of its space at the campus for sublease as the COVID-19 pandemic caused most of its staff to work remotely. Kilroy …
