Office

NorthMarq Arranges $19.5M Acquisition Loan for Office Building in Metro D.C.

by Alex Tostado September 30, 2020

ALEXANDRIA, VA. — NorthMarq has arranged a $19.5 million acquisition loan for 1199 North Fairfax Street, a 108,118-square-foot office building in Alexandria. NorthMarq arranged a 10-year term loan through an undisclosed life insurance company. The financing featured a fixed interest rate followed by a 30-year amortization schedule on behalf. The 10-story building features an underground parking garage and was 87 percent leased at the time of financing. The asset is situated eight miles south of downtown Washington, D.C. The borrower was not disclosed.

September 30, 2020

Development Office Texas

Adolfson & Peterson Begins Work on Frisco Headquarters Building for PGA of America

by Taylor Williams September 30, 2020

FRISCO, TEXAS — General contractor Adolfson & Peterson has broken ground on the new headquarters building in Frisco for the PGA of America, which is relocating to the northern Dallas suburb from South Florida. The 106,622-square-foot building will be situated on 6.2 acres within the new 660-acre campus, which will also include two golf courses, a 500-room Omni hotel and a golf entertainment district. Architecture firm Page designed the building, which will initially house about 150 employees, and Cushman & Wakefield is managing the construction team on behalf of PGA of America. The new headquarters campus is expected to come on line during the first quarter of 2022. The PGA of America is an organization of about 29,000 members dedicated to elevating the standards of and growing interest in golf.

September 30, 2020

Acquisitions Florida Office Southeast

Boutique National Negotiates $8.3M Sale of Four-Building Office Portfolio in Tallahassee

by Alex Tostado September 30, 2020

TALLAHASSEE, FLA. — Boutique National LLC has negotiated the $8.3 million sale of four office buildings within Woodcrest Office Park in Tallahassee. The buildings total 89,284 square feet and are located at 323-325 John Knox Road, three miles north of downtown Tallahassee. At the time of sale, the assets were leased to 26 tenants. Nick Ganey, Tommy Szarvas and Estevan Lamas of Boutique National represented the buyer, an undisclosed private investor, in the transaction. Jimmy Nystrom of NAI Talcor represented the seller, an undisclosed limited liability company.

September 30, 2020

Development Office Texas

Manifold Real Estate Breaks Ground on 45,600 SF Office Project in Austin

by Taylor Williams September 30, 2020

AUSTIN, TEXAS — Locally based investment and development firm Manifold Real Estate has broken ground on a 45,600-square-foot office project at 1608 W. 5th St. in Austin. Designed by Studio8 Architects, the three-story, Class A project includes three levels of underground parking and is 75 percent preleased. Zapalac/Reed Construction Co. is the general contractor. Construction is expected to last about 14 months.

September 30, 2020

Leasing Activity Massachusetts Northeast Office

Columbia Threadneedle Signs New Headquarters Lease at Atlantic Wharf in Downtown Boston

by Taylor Williams September 30, 2020

BOSTON — Global asset management firm Columbia Threadneedle Investments has signed an office lease for its new headquarters at Atlantic Wharf, a 32-story office building located at 290 Congress St. in downtown Boston. John Boyle, Michael Joyce, Tom O’Regan and Maeve Cleary of Cushman & Wakefield represented the tenant, which expects to move in next summer, in the lease negotiations. Boston Properties owns the building. Columbia Threadneedle employs more than 2,000 people and has offices in 17 countries.

September 30, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Azzur Group Signs 50,300 SF Life Sciences Lease in Metro Boston

by Taylor Williams September 30, 2020

BURLINGTON, MASS. — Azzur Group, a firm that helps life sciences companies start and scale, has signed a 50,300-square-foot office lease in Burlington, located north of Boston. Azzur Group plans to take occupancy of its space at 60 Blanchard Road by summer 2021. Newmark Knight Frank represented the building owner, a partnership between locally based development and investment firm Nordblom Co. and Alcion Ventures, in the lease negotiations. The Stevens Group represented the tenant.

September 30, 2020

Leasing Activity Northeast Office Pennsylvania

ROCK Commercial Negotiates 14,479 SF Office Lease in York, Pennsylvania

by Taylor Williams September 30, 2020

YORK, PA. — ROCK Commercial Real Estate has negotiated a 14,479-square-foot office lease at Susquehanna Commerce Center, a 260,000-square-foot office complex in York. The property houses tenants such as Morgan Stanley Wealth Management and Wells Fargo Financial Advisors and offers an onsite parking garage and a café. David Bode of ROCK Commercial represented the landlord in the transaction. The tenant was Dentsply International Inc., a provider of dental equipment.

September 30, 2020

Illinois Midwest Office

Nielsen Selects Chicago for Consumer Business Unit Headquarters

by Kristin Harlow September 30, 2020

CHICAGO — Nielsen’s Global Consumer Business unit has selected Chicago as its global headquarters effective Jan. 1. Nielsen Holdings, which was founded in Chicago more than 95 years ago, decided late last year to spin off the consumer business as its own company. The branch will relocate its headquarters from New York City to its already-established office at 200 W. Jackson Blvd. in Chicago. The unit plans to further invest in and refresh the office, which currently employs a team of more than 600 workers. Nielsen’s Global Consumer Business plans to add at least 50 jobs over the next two years in Chicago. Worldwide, the consumer business employs approximately 30,000 people in nearly 100 countries. Nielsen is a marketing research and data analytics company.

September 30, 2020

Acquisitions Office Utah Western

NKF Arranges Sale of 221,145 SF Creative Office Building in Salt Lake City

by Amy Works September 30, 2020

SALT LAKE CITY — Newmark Knight Frank (NKF) has arranged the sale of a creative office building located at 324 S. State St. in downtown Salt Lake City. Hamilton Partners and Cantor Equities sold the asset to Mortenson Cos., the real estate investment arm of M.A. Mortenson Cos., for an undisclosed price. The recently renovated, five-story building features 221,145 square feet of creative office space. The property features large floorplates, scenic views, fitness center, adjacent parking structure, collaborative common areas and signage. Additionally, the building features ground-floor retail space that Ginger Street restaurant occupies. At the time of sale, the asset was 75 percent leased to a variety of tenants, including Ancestory.com, Spectrum Engineers and Utah’s Department of Financial Institutions. Kevin Shannon, Ken White, Rick Stumm and Bryce Blanchard of NKF brokered the transaction.

September 30, 2020

Acquisitions California Office Western

KBS Sells 250 Holger Way Office Building in San Jose for $38.2M

by Amy Works September 30, 2020

SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the disposition of 250 Holger Way, an office building located within District 237, a 415,492-square-foot office/R&D complex in San Jose. Foster City-based Bailard acquired the property for $38.2 million. The 76,410-square-foot office building is one of eight buildings that make up District 237, which was built in 1999 and 2001. All buildings of the property feature efficient floorplates and high visibility with more than 3,000 feet of Highway 237 frontage. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker of CBRE Northern California Capital Markets represented the seller, while the buyer was self-represented in the deal. Bruce Fischer, Howard Chu and Robyn Foianini of Greenberg Traurig LLP’s Orange County office provided legal counsel for KBS in the disposition.

September 30, 2020

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