Office

JLL Negotiates Sale of 80,980 SF Single-Tenant Office Building in Redmond, Washington

by Amy Works January 7, 2021

REDMOND, WASH. — JLL has arranged the sale of 9805 Willows, a single-tenant office property located in Redmond. A joint venture between Graymark Capital and Blue Vista Capital Management sold the asset to Invesco Real Estate for an undisclosed price. Originally built in 1998, the 80,980-square-foot building, which features 14-foot ceilings, is currently undergoing an extensive renovation. Logan Greer, Gerry Rohm, Michael Leggett and Kaden Eichmeier of JLL Capital Markets represented the seller and procured the buyer.

January 7, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Brokers $4.8M Sale of Adelante Healthcare Plaza in Peoria, Arizona

by Amy Works January 7, 2021

PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as “medtail,” a term for traditional retail centers that include a heavy mix of medical office tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.

January 7, 2021

Acquisitions Development Life Sciences Massachusetts Northeast Office Top Stories

BioMed Realty Acquires Former John Hancock Building in Boston, Plans Life Sciences Conversion

by Alex Tostado January 7, 2021

BOSTON — BioMed Realty has acquired the former headquarters of John Hancock Life Insurance Co. in Boston and plans to convert the 14-story building into a life sciences facility. The building, which is located at 601 Congress St. in the Seaport District, features floor plates ranging from 19,000 to 50,000 square feet, 11 elevators, 14-foot ceilings on the second and third floors, 12-foot ceilings on the fifth through 14th floors, a fitness center, six-story atrium, two rooftop decks, conference center and a café. The property has sat vacant since 2018 when John Hancock consolidated its Boston offices to its building in the Back Bay district. BioMed, a Blackstone subsidiary, acquired the 485,000-square-foot property from an affiliate of Manulife Investment Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark brokered the deal. BioMed says the building is ideal for the planned conversion due to its mechanical and structural infrastructure, collaborative meeting areas and strong visual identity. BioMed is yet to select a general contractor for the conversion project, which the San Diego-based company expects to deliver in the second half of 2022. The Seaport District is situated along the Boston Main Channel and is …

January 7, 2021

Acquisitions California Office Western

KBS Sells 96,502 SF Office Building in San Jose to Thor Equities for $50.5M

by Amy Works January 6, 2021

SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the sale of an office property located within District 237, an eight-building, 415,492-square-foot office/R&D complex in San Jose. Thor Equities acquired the asset for $50.5 million. Located at 350 Holger Way, the three-story, 96,502-square-foot building was fully renovated in 2019 and is currently 100 percent leased through 2027. The building offers extensive glass lines and efficient floor plates, as well as an outdoor amenity area and upgraded exteriors, landscaping and parking lot. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the transaction. Bruce Fischer, Howard Chu and Amanda Kennedy of Greenberg Traurig LPP’s Orange County office represented KBS as legal counsel in the disposition.

January 6, 2021

Teleflex-Knitting-Mills-Wyomissing-Pennsylvania

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

Equus Sells 262,615 Life Sciences Portfolio in Wyomissing, Pennsylvania

by Taylor Williams January 6, 2021

WYOMISSING, PA. — Philadelphia-based Equus Capital Partners has sold a three-building, 262,615-square-foot life sciences portfolio in Wyomissing, located just outside Reading in Berks County. An affiliate of Miami-based Kawa Capital Management purchased the portfolio for an undisclosed price. The buildings are located within the 53-acre Knitting Mills campus and house office and lab space that is leased to tenants such as UGI Energy Services, Teleflex and Tower Health. The site was originally built in the early 20th century as a manufacturing hub for The Berkshire Knitting Mills. Equus bought the site in 2016 with plans to redevelop it into a life sciences campus.

January 6, 2021

Development New Jersey Northeast Office

Unity Construction Completes 38,000 SF Office Project for Key Food in Old Bridge, New Jersey

by Taylor Williams January 6, 2021

OLD BRIDGE, N.J. — General contractor Unity Construction Services Inc. has completed a 38,000-square-foot office project for regional grocer Key Food’s corporate headquarters in Old Bridge, about 40 miles south of New York City. Key Food is relocating from Staten Island to the new building, which houses open and private offices, conference rooms, a fitness center, an executive suite and a test kitchen. California-based Ware Malcomb designed the project.

January 6, 2021

Market Reports New Jersey Northeast Northeast Market Reports Office

Will 2020 Be A Year to Remember or Forget for the New Jersey Office Market?

by Taylor Williams January 6, 2021

By Jonathan Glick, executive vice president, Sheldon Gross Realty Projecting future trends is always challenging, particularly when you’re attempting to do it during a global pandemic. But to date, several promising signs suggest that New Jersey’s office market is moving in a positive direction —sluggishly and bumpily, perhaps — but in an encouraging direction nonetheless. Newly delivered projects can provide insight on where the Garden State’s office market is headed in terms of geography, design, functionality and usage. We offer several examples of 2020 deals that help illustrate these trends. Sheldon Gross marketed and brokered the sale of a two-story 13,000-square-foot office building in Cranbury that featured an appealing location, just off exit 8A of the New Jersey Turnpike. The structure had been for sale and vacant for two years, but its out-of-state owner was willing to wait until a fair market offer materialized, which it did just prior to the COVID-19 outbreak. But with the pandemic unleashed on the market, all communication and negotiations ceased. By May, the prospective purchaser had withdrawn from the transaction. It wasn’t until September that a new deal was negotiated with a buyer that intended to occupy most of the building, rather than sharing …

January 6, 2021

Leasing Activity Office Texas

Microsoft Signs Office Lease at The Ion in Midtown Houston

by Taylor Williams January 5, 2021

HOUSTON — Microsoft has signed a lease to occupy an undisclosed amount of space at The Ion, a 300,000-square-foot office project located at 4201 Main St. in Midtown Houston that is a redevelopment of the former Sears building. More than 50 percent of the office space at the 16-acre site is now leased to commercial tenants including Microsoft and Chevron. The Redmond, Wash.-based tech giant will use the space to further develop its Azure cloud storage and similar platforms. Rice Management Co. is leading the redevelopment of The Ion and expects the project to be ready for occupancy this year. Savills handles leasing of the property.

January 5, 2021

California Development Mixed-Use Multifamily Office Retail Western

Lendlease, Aware Super Buy Culver City Site in Los Angeles for Planned $600M Mixed-Use Development

by Amy Works January 5, 2021

LOS ANGELES — In a 50-50 joint venture, Lendlease and Aware Super, an Australian superannuation fund, have acquired a 3.5-acre, transit-oriented, mixed-use development site at 3401 S. La Cienega Blvd. in Los Angeles. La Cienega Properties sold the 156,380-square-foot site for $92 million. The team plans to develop a 500,000-square-foot mid-rise project offering 260 multifamily residential units, 250,000 square feet of creative office space and ground-floor retail space. The site offers transit access to the beach and downtown Los Angeles, as well as the Exposition Corridor Bike Path. Lendlease aims to submit an application to the City of Los Angeles this year and plans to commence development in 2023, with completion slated for 2025. The site currently houses 1,144 self-storage units, totaling 86,897 rentable square feet, which will provide a steady in-place income stream for the partnership during the development planning. Upon completion, the project, which is the partnership’s first Los Angeles development, will have an estimated value of $600 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

January 5, 2021

Acquisitions Industrial Midwest Office Wisconsin

Bascom Group, Capital Trust Group Acquire Two-Building Headquarters Property Near Milwaukee for $100.2M

by Kristin Harlow January 5, 2021

MENOMONEE FALLS, WIS. — California-based Bascom Group and London-based Capital Trust Group have acquired a two-building headquarters property located in Woodland Prime Corporate Park in Menomonee Falls, a northwest suburb of Milwaukee. The purchase price was $100.2 million. The buildings, located on Flint Drive, are home to the naval division of Leonardo DRS. The portfolio includes a recently completed, 372,856-square-foot research and development facility as well as an adjacent 118,620-square-foot office building, which serves as the corporate headquarters for the division. Leonardo DRS is a defense technology company. Workers at the Menomonee Falls facility design, test and produce equipment for the U.S. Navy as well as commercial and international customers. Andy Hess, Bob Flood and Kemp Collings of Founders 3 Real Estate Services represented entities controlled by Weas Development in the disposition of the portfolio. Claudio Sgobba and Christopher Knight of JLL arranged the joint venture partnership and secured a $63.7 million CMBS loan through Citigroup for the acquisition.

January 5, 2021

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