Office

CBRE | Raleigh Arranges 245,159 SF Life Sciences Lease at The Stitch in Metro Raleigh

by Julia Sanders April 23, 2021

MORRISVILLE, N.C. — CBRE | Raleigh has arranged a full-building lease for Invitae Corp. at The Stitch, the former Morrisville Outlet Mall that was converted into a life sciences campus. San Francisco-based Invitae Corp., a medical genetics company, will occupy 245,159 square feet of Class A creative office, research and lab space. The company is expected to create 374 jobs over the next five years for the Raleigh area. The Stitch, owned and developed by Equator Capital Management and OCS Holdings, features a 18,000-square-foot indoor amenity center with a fitness center, onsite healthcare provider, coffee bar with food offerings, prep kitchen, private phone booths and quiet gathering areas. Outdoor amenities include a yoga lawn, outdoor conference rooms, bocce ball court and walking paths. Architecture firm Gensler led the project design, and Atlanta-based Choate Construction led the base building construction. John Brewer and Hastings Crockard Jones of CBRE | Raleigh represented the landlord in the lease transaction, and Newmark represented Invitae.

April 23, 2021

Development Life Sciences Massachusetts Northeast Office

Davis, BDG to Develop 450,000 SF Life Sciences Campus in Metro Boston

by Kristin Harlow April 23, 2021

WATERTOWN, MASS. — A joint venture between two locally based firms, The Davis Cos. and Boston Development Group, will develop a 450,000-square-foot life sciences campus at 66 Galen St. in the western Boston suburb of Watertown. Phase I of the project, construction of which is set to begin in May, will consist of a 224,106-square-foot research and lab building. Amenities will include a fitness center, bike room and an onsite café and retail space. Elkus Manfredi is the architect for the project. About 40 percent of the site’s total acreage will be dedicated to parks and green spaces.

April 23, 2021

Acquisitions North Carolina Office Southeast

Crescent Communities Buys 84,800 SF One University Place Office Building in Charlotte’s University Submarket

by Julia Sanders April 23, 2021

CHARLOTTE, N.C. — An affiliate of Crescent Communities has purchased One University Place, an 84,800-square-foot suburban office building located in Charlotte’s University office submarket. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, an affiliate of Chicago-based Origin Investments, located in Chicago, Ill. According to the Charlotte Business Journal, the price was nearly $12.8 million. One University Place was 86 percent leased at the time of sale. The office building is situated on six acres near the J.W. Clay and UNCC Lynx Blue Line stations. After purchasing the office building in 2015, Origin executed a capital improvement plan that transitioned the late-80s office building to a more modern design. Crescent Communities has retained Trinity Partners to continue providing leasing and management services at One University Place.

April 23, 2021

Connecticut Leasing Activity Northeast Office

Beiersdorf Inc. Signs 27,942 SF Office Lease in Stamford, Connecticut

by Kristin Harlow April 23, 2021

STAMFORD, CONN. — Beiersdorf Inc., the US affiliate of global skin care company Beiersdorf AG, has signed a 27,942-square-foot office lease at Stamford Plaza, a 1 million-square-foot campus in southern Connecticut. Margaret Carlson represented the landlord, RFR Realty, on an internal basis, along with agents from Cushman & Wakefield. Edward Tonnessen and Paul Tortora of JLL represented the tenant.

April 23, 2021

Loans New York Northeast Office

Houlihan-Parnes Arranges $4.5M Loan for Refinancing of Metro NYC Office Building

by Kristin Harlow April 23, 2021

WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $4.5 million loan for the refinancing of a 35,000-square-foot office building at 297 Knollwood Road in White Plains, a northern suburb of New York City. An undisclosed local bank provided the loan, which carried a 3.75 percent fixed interest rate for the first 10 years of the 15-year term, as well as a flexible prepayment schedule and a 30-year amortization schedule.

April 23, 2021

Acquisitions Healthcare Office Washington Western

Marcus & Millichap Arranges $7.8M Sale of Medical Office Building in Spokane Valley, Washington

by Amy Works April 23, 2021

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Vivacity Care Center, a medical office property located at 16009 E. Indiana Ave. in Spokane Valley. An undisclosed developer sold the asset to a limited liability company for $7.8 million. Built in 2020, the net-leased property features 12,000 square feet of medical office space. The property is long-term leased, with annual rent increases, to the tenant, which is corporate guaranteed by Permera Blue Cross. Clayton Brown, Christopher Edwards and Ruthanne Romero of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.

April 23, 2021

Acquisitions Office Texas

West Star Marketing Brokers Sale of 142,000 SF Office/Warehouse Building in Houston

by John Nelson April 23, 2021

HOUSTON — Montgomery, Texas-based West Star Marketing Group has brokered the sale of a 142,000-square-foot office/warehouse building located on an 8.3-acre site within Westchase Business Park in Houston. The property is situated along Richmond Avenue in Houston’s Westchase district. A partnership between ABE Richmond LLC and Pinnacle West LLC purchased the asset from Houston-based Miracles Inc. for an undisclosed price. Tom Clarkson of West Star brokered the deal.

April 23, 2021

Leasing Activity Office Texas

NewRez Signs 60,188 SF Office Lease at 17000 Katy Freeway in West Houston

by John Nelson April 23, 2021

HOUSTON — National mortgage origination and servicing firm NewRez has signed a 60,188-square-foot lease at 17000 Katy Freeway, a 174,521-square-foot office building in West Houston. Eric Anderson and Parker Burkett of Transwestern represented the owner, an affiliate of Insite Realty Partners LP, in the lease negotiations. Marshall Clinkscales with Colliers International represented NewRez. With the signing of this transaction, the building is now 70 percent leased.

April 23, 2021

Acquisitions Healthcare Office Texas

Rycore Capital Acquires 58,517 SF Medical Office Building in Houston

by John Nelson April 23, 2021

HOUSTON — An affiliate of locally based investment firm Rycore Capital has acquired Bellaire Medical Plaza, a 58,517-square-foot medical office building located near the Texas Medical Center in Houston. The sale included a 3.6-acre parcel for future development. Kevin McConn and Brian Bacharach of JLL represented the seller, Ridgeline Capital Partners, in the transaction. Matt Kafka and Cameron Cureton of JLL arranged acquisition financing on behalf of Rycore Capital. The property was 88 percent leased at the time of sale to tenants such as UT Physicians, Quest Diagnostics, LabCorp. and Harris Health System.

April 23, 2021

Acquisitions California Office Western

Longfellow Real Estate Buys Office Campus in San Mateo from Rubicon Point Partners for $156M

by Amy Works April 22, 2021

SAN MATEO, CALIF. — Longfellow Real Estate Partners has purchased San Mateo Bay Center, a two-building office campus located at 901 and 951 Mariners Island Blvd. in San Mateo. Rubicon Point Partners sold the asset for $156 million. Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps of Newmark represented the seller in the deal. Totaling nearly 250,000 square feet, the campus is currently 88 percent occupied with substantial near-term rollover of 198,000 square feet in the first three years, enabling a conversion to life sciences space for the buyer. The campus has received more than $17 million in capital improvements since 2015, including multiple outdoor amenity spaces, a ground-floor café, onsite fitness center, creative exposed ceilings in tenant areas, HVAC renovations, lobby upgrades and parking lot resurfacing.

April 22, 2021

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