Office

MetLife Sells 304,059 SF Office Building in Southeast Denver to Miller Global, Principal Real Estate Investors

by Amy Works February 11, 2021

DENVER — MetLife Investment Management has completed the disposition of 4600 S. Syracuse, an office building located in Denver’s southeast market. A joint venture between Miller Global Properties and Principal Real Estate Investors acquired the 304,059-square-foot asset for an undisclosed price. Completed in 1999 and renovated in 2013, 4600 S. Syracuse features floor-to-ceiling windows, efficient 25,000-square-foot floorplates and recently updated conferencing and fitness facilities. Additionally, the 13-story building features a 727-space parking garage, as well as the development upside through excess land that could potentially host an office tower or multifamily development. At the time of sale, the property was 90 percent leased to 19 tenants across eight industries. Mark Katz and Peter Merrion of JLL Capital Markets represented the seller, while Eric Tupler and Josh Simon, also of JLL Capital Markets, arranged acquisition financing for the buyer.

February 11, 2021

Acquisitions Office Texas

Tishman Speyer Enters Austin with Acquisition of 240,000 SF Foundry Office Complex

by Taylor Williams February 10, 2021

AUSTIN, TEXAS — New York City-based real estate giant Tishman Speyer has entered the Austin market with the acquisition of The Foundry, a 240,000-square-foot office complex located on the city’s east side. Tishman Speyer’s acquisition of Foundry I, which opened in 2019, was completed on February 3. The purchase of Foundry II will close when Austin-based developer Cielo Property Group delivers the building in May 2021. Sixth River Architects and Michael Hsu Office of Architecture designed the first and second buildings, respectively. Amenities include bike storage, outdoor terraces on every floor and underground parking. Mike McDonald and Katy Jane Jenevein of Cushman & Wakefield represented Cielo, which will continue to manage the buildings, in the transaction. Tishman Speyer has tapped CBRE to lease The Foundry.

February 10, 2021

Development Office Texas

JaRyCo to Develop 102,000 SF Office Building at The Farm in Allen, Texas

by Taylor Williams February 10, 2021

ALLEN, TEXAS — Locally based developer JaRyCo will build FarmWORKs One, a 102,000-square-foot office building that will be part of Phase I of The Farm, a 135-acre mixed-use project in the northeastern Dallas suburb of Allen. The building will offer various features that promote health and wellness, such as outdoor workspaces with Wi-Fi connectivity on every floor, oversized elevators, additional restrooms on every level and high-efficiency air filtration systems. JaRyCo is the master developer of The Farm, which upon completion will consist of 1.6 million square feet of office space, 142,000 square feet of retail space, a 150-key hotel, 60,000 square feet of restaurant space, townhomes and 2,400 urban residential units. Construction on FarmWORKs One will begin this year and is scheduled to be complete in summer 2022. Avison Young will handle leasing of the building.

February 10, 2021

Acquisitions Colorado Healthcare Leasing Activity Net Lease Office Western

Avison Young Capital Markets Negotiates $57M Sale-Leaseback of Wellness Campus Near Vail, Colorado

by Amy Works February 10, 2021

EDWARDS, COLO. — Avison Young Capital Markets has arranged the sale-leaseback of All Points North Lodge, a comprehensive wellness and treatment campus in Edwards, approximately 20 minutes west of Vail. WC Acquisition Holdings LLC acquired the asset from All Points North Lodge (APN Lodge) for $57 million. The seller will lease back the building as part of a long-term deal. Opened in March 2020, the 77,000-square-foot facility offers addiction and mental health treatments, trauma therapy, crisis management, coaching and personal development workshops, concierge medicine, athletic performance programs and advanced practices and activities. The patient-centered facility recently underwent a $20 million improvements program. Jonathan Hipp, Richard Murphy, Stan Wyrwicz and Rich Egitto of Avison Young Capital Markets represented the seller in the deal.

February 10, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Berkeley Acquires 97,000 SF Historic Building in Metro Boston, Plans Life Sciences Conversion

by Taylor Williams February 10, 2021

WATERTOWN, MASS. — Boston-based Berkeley Investments has purchased the historic Chase Mills building in the western Boston suburb of Watertown with plans to modernize the property’s utility systems and add life sciences space. Over the years, the 97,000-square-foot building, which is located at 64 Pleasant St. and currently houses the headquarters of architecture firm Sasaki, has also served as a paper factory and garment manufacturing plant. Sasaki sold the building, which it has owned and occupied since the 1950s, to Berkeley Investments for an undisclosed price.

February 10, 2021

Acquisitions Massachusetts Northeast Office Retail

Gazit Horizons Buys 50,000 SF Retail, Office Building in Boston for $45M

by Taylor Williams February 10, 2021

BOSTON —Gazit Horizons, a subsidiary of global real estate firm Gazit-Globe, has purchased a 50,000-square-foot office and retail building located at 1430 Massachusetts Ave. in Boston. University Common Real Estate sold the property for $45 million in an off-market transaction. The historic building is located within the Harvard Square area and was originally constructed in the 1830s as a dormitory for the Ivy League university. Gazit Horizons will implement a value-add program that will renovate the lobby, common areas and building systems and will operate the building in a joint venture with private investment firm Hennick & Co.

February 10, 2021

Loans New York Northeast Office Top Stories Walker & Dunlop

Walker & Dunlop Arranges $205M Refinancing for Hudson Research Center in Manhattan

by Kristin Harlow February 10, 2021

NEW YORK CITY — Walker & Dunlop Inc. has arranged a $205 million loan for the refinancing of Hudson Research Center in Manhattan’s Midtown West neighborhood. Located along the Hudson River at 619 W. 54th St., the Class A life sciences and medical office property spans 320,000 rentable square feet. Originally built in 1930 as a film-editing house for Warner Brothers Pictures, the Art Deco property came to be known as The Movie Lab Building. Taconic Partners purchased the asset in October 2012 and undertook a capital improvement plan, including creating several floors of research space; updating the building’s façade, interior and crown; and adding tenant amenities such as bike storage and private showers. In 2017, Taconic recapitalized the asset with Silverstein Properties Inc. Since the end of 2013, the number of life sciences jobs nationally has increased by 70,000 per year, according to Walker & Dunlop. Demand for well-located, modernized life sciences and medical office space has soared nationally amid industry growth and lack of available product, adds the finance company. A Walker & Dunlop team led by Aaron Appel and Keith Kurland arranged the loan, with Square Mile providing the funds. The interest-only financing features a floating rate, …

February 10, 2021

District of Columbia Healthcare Hospitality Industrial Loans Multifamily Office Retail Southeast

MBA: Commercial, Multifamily Borrowing Falls 18 Percent in Fourth-Quarter 2020

by John Nelson February 9, 2021

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations were 18 percent lower in the fourth quarter of 2020 compared to a year ago, and increased 76 percent from the third quarter of 2020, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A decrease in originations for hotel, retail, office and healthcare properties led the overall decline in lending volumes when compared to the fourth quarter of 2019. There was a 79 percent year-over-year decrease in the dollar volume of loans for hotel properties, 72 percent dip for retail properties, 6 percent decline for office properties and a 12 percent decrease for healthcare properties. Industrial property loan originations increased 15 percent, while multifamily property lending rose 14 percent. Jamie Woodwell, MBA’s vice president of commercial research, says that unsurprisingly the data shows that the property types most affected by the pandemic struggled to transact. “Borrowing and lending remain weakest for the property types most impacted by the pandemic — particularly hotel and retail buildings,” says Woodwell. “Multifamily, led by government-backed financing from FHA, Freddie Mac and Fannie Mae, continued to see the strongest commercial mortgage activity.” Among investor types, the dollar volume of loans …

February 9, 2021

Loans New Jersey Northeast Office

Amherst Capital Provides $14.1M Acquisition Loan for Office Building in Morristown, New Jersey

by Taylor Williams February 9, 2021

MORRISTOWN, N.J. — Amherst Capital Management has provided a $14.1 million acquisition loan for 500 College Road East, a 159,227-square-foot office building in the Northern New Jersey city of Morristown. The property was built in 1984 and was 53 percent occupied at the time of sale. Amenities include a fitness center, conference room and a café. Michael Klein, Greg Nalbaldian and Michael Lachs of JLL arranged the floating-rate loan on behalf of the buyer, a partnership between Bergman Real Estate Group, Eight Fold Capital and Hornig Capital Partners.

February 9, 2021

Development Illinois Midwest Office

Skender Completes Interior Construction of 200,000 SF Walgreens Technology Center at Chicago Old Post Office

by Kristin Harlow February 9, 2021

CHICAGO — Skender has completed the interior construction of the 200,000-square-foot Walgreens Technology Center of Excellence within Chicago’s Old Post Office. The office will eventually welcome hundreds of employees, including e-commerce, mobile, pharmacy technology and digital team members as well as Walgreens Boots Alliance information technology personnel. The office space spans multiple levels and features a staircase, open and private offices, collaboration and conferencing spaces, data rooms, lounge spaces and a kitchen. Walgreens was the first major tenant to commit to space at the Old Post Office redevelopment project in 2018. Stantec Inc. served as the architect and engineering firm on the project, and Mace served as the owner’s representative.

February 9, 2021

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