Office

Wells Fargo Provides $290M in Construction Financing for Midtown Union Mixed-Use Development in Atlanta

by Alex Tostado December 23, 2020

ATLANTA — Wells Fargo Bank has provided two construction loans totaling $290 million for Midtown Union, a mixed-use development that broke ground last December in Midtown Atlanta. A joint venture between MetLife Investment Management and Granite Properties is developing a 26-story, 612,000-square-foot office building at the project that will serve as the future headquarters of Invesco. Wells Fargo provided the joint venture with a $210 million loan for the office building, for which general contractor Brasfield & Gorrie has completed seven stories. The office tower will feature 24,000 square feet of ground-level retail, a 12,000-square-foot terrace on the eighth floor, a fitness center and 14-foot floor-to-ceiling windows. Cooper Carry designed the building to also feature an HVAC system that features MERV 13 air filters and Needlepoint Bipolar Ionization technology to combat COVID-19. Additionally, a joint venture between MetLife Investment Management and StreetLights Residential received an $80 million loan for Midtown Union’s 18-story, 355-unit multifamily community adjacent to the office tower. Brasfield & Gorrie has completed 12 levels of the residential space and expects to deliver both buildings in the third quarter of 2022. The community will offer studio, one-, two- and three-bedroom floor plans. Communal amenities will include coworking space, …

December 23, 2020

Leasing Activity Michigan Midwest Office

Advertising Agency Doner to Move Southfield Headquarters

by Kristin Harlow December 23, 2020

SOUTHFIELD, MICH. — Advertising agency Doner has unveiled plans to open a new headquarters at 400 Galleria Officentre in Southfield. Doner plans to take occupancy of its new space in summer 2021. Designed by interior design firm Vocon, the 62,000-square-foot office will house roughly 375 employees. The office will include areas for in-person as well as virtual collaboration. The space will also include an advanced air filtration and purification system. Doner has been headquartered in Detroit area since 1937. Its current office is located at 25900 Northwestern Hwy in Southfield. Friedman Real Estate represented Doner in securing its new lease.

December 23, 2020

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges $5.1M Sale of Office, Retail Portfolio Near Minneapolis

by Kristin Harlow December 23, 2020

ST. CLOUD, MINN. — KW Commercial | AMK Properties has arranged the sale of a three-property office and retail portfolio in St. Cloud near Minneapolis for $5.1 million. Named the Heritage Centre Portfolio, the assets include Heritage Market I, Heritage Business Centre and Heritage Professional Building. They range in size from 8,600 square feet to 25,300 square feet. Matthew Klein and Anthony Passanante of KW represented the buyer, Heritage Retail Partners LLC. Amy Senn, Bob Pounds, Tim Prinsen, Pete Tanis and Lori Pounds of Newmark represented the undisclosed seller.

December 23, 2020

Acquisitions Healthcare Life Sciences New Jersey Northeast Office

Prism Capital Sells 157,000 SF Life Sciences Building in Nutley, New Jersey

by Taylor Williams December 23, 2020

NUTLEY, N.J. — Prism Capital Partners has sold 111 Ideation Way, a 157,000-square-foot life sciences building in the Northern New Jersey city of Nutley. The building, which was fully leased at the time of sale, is part of Prism’s 116-acre ON3 campus that is a redevelopment of the former North American headquarters site of Swiss pharmaceutical company Hoffman-La Roche. Prism Capital sold the asset to Chicago-based Harrison Street for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso Kyle Schmidt, John Alascio and Sridhar Vankayala of Cushman & Wakefield brokered the deal.

December 23, 2020

Georgia Loans Office Southeast

Nuveen Real Estate Provides $114M Refinancing Loan for Office Park in Northwest Atlanta

by Alex Tostado December 22, 2020

ATLANTA — Nuveen Real Estate has provided a $114 million refinancing loan for Pennant Park, a six-building office park in northwest Atlanta’s Cumberland-Galleria submarket. The borrower, Rubenstein Partners LP, owns the 760,000-square-foot campus, which is situated near Truist Park, Battery Atlanta and the intersection of Interstates 75 and 285. Rubenstein acquired the property in 2016 and implemented $17 million in renovations to enhance the walkability of the park, as well as introduce an outdoor courtyard dubbed The Quad. Since Rubenstein acquired the park, new tenants and expansions include thyssenkrupp Elevator Americas, Arco Design Build, Artera Services, Juneau Construction and Oversight Systems. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged the loan on behalf of the borrower.

December 22, 2020

District of Columbia Leasing Activity Office Southeast

The Atlantic to Move Office Headquarters to The Wharf in D.C.

by Alex Tostado December 22, 2020

WASHINGTON, D.C. — Media company The Atlantic will move its headquarters to the top two floors of an office building located at 610 Water St. within Phase II of The Wharf in Washington, D.C. Hoffman Madison Waterfront,a joint venture between Hoffman & Associates and Madison Marquette, is developing the 90,000-square-foot office building, which is situated three miles south of downtown D.C. and along the Washington Channel waterway. The Atlantic’s current headquarters are located at 600 New Hampshire Ave. in D.C. Morris Adjmi Architects is designing the five-story office building, which will feature 11-foot ceilings, 360-degree views and a 10,000-square-foot outdoor terrace. Phase II of The Wharf, which will also include retail, hospitality and residential space, is expected to deliver in 2022. Phase II will also include two more office buildings known as 670 and 680 Maine Avenue, which will be anchored by law firm Williams & Connolly LLP.

December 22, 2020

Leasing Activity Office Texas

JLL Signs 81,999 SF Office Lease in Houston, Consolidates Footprint

by Taylor Williams December 22, 2020

HOUSTON — JLL has signed an 81,999-square-foot office lease at 200 Park Place, a 210,000-square-foot building in Houston’s Galleria neighborhood, in a deal that consolidates the commercial real estate giant’s Houston offices into a single location. JLL will occupy three floors at the 15-story building, which is owned by Stonelake Capital Partners and was completed in 2020. Ronnie Deyo and Beau Bellow represented JLL internally in the lease negotiations. William Peeples represented Stonelake Capital, also on an internal basis.

December 22, 2020

Illinois Leasing Activity Midwest Office Retail

Fitness Startup BOLD to Open in Chicago’s Fulton Market

by Kristin Harlow December 22, 2020

CHICAGO — Real estate development firm Sterling Bay has licensed space to local fitness startup BOLD, which will open modular fitness pods at 1000 W. Carroll Ave. in Chicago’s Fulton Market. BOLD will enable Chicago residents to reserve private pods outfitted with fitness equipment that are cleaned to commercial-grade standards between each use. Pods can be reserved in 60-minute increments. Each one features kettlebell sets, medicine balls, bikes, rowing machines and high-definition screens for streaming guided workouts. The 320-square-foot pods are made from shipping containers. “In looking at how the pandemic so quickly impacted the ability of traditional fitness studios to operate at full capacity, it became clear that BOLD’s model for small, private training facilities could help to fill a need for Chicago gym-goers,” says Andy Gloor, CEO of Sterling Bay. Former Wall Street hedge fund investor and investment banker Jake Goldstein founded BOLD on the heels of COVID-19 as a way of offering a safe gym option that bridges the gap between physical gym space and digital fitness. BOLD uses filtration units from AEX Technology Solutions to disinfect its pods. Each pod features its own isolated HVAC air filtration system to prevent recycled air. Users are required to …

December 22, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

DivcoWest Tops Offs Two Life Sciences Buildings in Cambridge Totaling 906,000 SF

by Taylor Williams December 22, 2020

CAMBRIDGE, MASS. — Developer DivcoWest has topped off 350 Water Street and 450 Water Street, two life sciences buildings in Cambridge that total 906,000 square feet. The buildings are located within the 45-acre Cambridge Crossing campus and will be the future home of biopharmaceutical giant Sanofi, where some 3,000 employees will work. Perkins + Will designed 350 Water Street, and NBBJ designed 450 Water Street. Other tenants at the 4.5 million-square-foot Cambridge Crossing development include Bristol Myers Squibb and Cerevel Therapeutics. Sanofi expects to take occupancy of the buildings in 2022.

December 22, 2020

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Newmark Brokers $72.5M Sale of One Patriots Park Life Sciences Building Near Boston

by Taylor Williams December 22, 2020

BEDFORD, MASS. — Newmark has brokered the $72.5 million sale of One Patriots Park, a 143,616-square-foot life sciences building in Bedford, about 20 miles northwest of Boston. The property was 66 percent leased at the time of sale to tenants such as Homology Medicines Inc., Novartis and N2 Biomedical. Edward Maher, Matthew Pullen, Samantha Hallowell and Dominick Romano of Newmark represented the sellers, Longfellow Real Estate Partners and Bain Capital Real Estate, in the transaction. The team also procured the buyer, a partnership between Jumbo Capital Management and Iron Point Partners.

December 22, 2020

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