Office

Farley Building Penn District Manhattan NYC

Facebook Leases 730,000 SF of Office Space at Vornado’s Farley Building in Manhattan

by John Nelson August 4, 2020

NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …

August 4, 2020

Leasing Activity Office Texas

Ad Agency Signs 13,000 SF Office Lease at M-K-T Mixed-Use Development in Houston

by Taylor Williams August 3, 2020

HOUSTON — Locally based advertising agency Decode has signed a 13,000-square-foot office lease at M-K-T, a mixed-use development in The Heights neighborhood of Houston. Triten Real Estate Partners, Radom Capital and Long Wharf Capital are the co-developers of M-K-T. Bubba Harkins and Jenny Mueller of JLL represented the development team in the lease negotiations. Joe Rambin of Cushman & Wakefield represented the tenant. With the closing of this deal, the office component of the project is 50 percent preleased.

August 3, 2020

Acquisitions Georgia Healthcare Office Southeast

Anchor Health Acquires New Medical Office Building in Metro Atlanta for $29.8M

by Alex Tostado August 3, 2020

BROOKHAVEN, GA. — Anchor Health Properties has acquired Brookhaven Medical Center II, a new 51,429-square-foot medical office building in Brookhaven. The developers, G.H. Anderson & Co. and The Gipson Co., sold the property for $29.8 million, or $581 per square foot. Piedmont Healthcare’s Piedmont Physicians of Brookhaven fully occupies the property, which was delivered in early June. At the location, Piedmont Physicians of Brookhaven provides ENT, dermatology, orthopedic, ophthalmology and pulmonary services. The asset is situated at 3929 Peachtree Road NE, five miles from Piedmont Atlanta Hospital and 10 miles northeast of downtown Atlanta. Steve Hall and Kevin Markwordt of Transwestern Real Estate Services represented the sellers in the transaction.

August 3, 2020

Loans Midwest Minnesota Office

JLL Arranges $26.6M Loan for Acquisition of Suburban Minneapolis Office Campus

by Kristin Harlow August 3, 2020

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged a $26.6 million loan for the acquisition of UnitedHealth Group’s Optum Campus in Eden Prairie, a suburb of Minneapolis. The fully leased office property spans 473,325 square feet and is located on Technology Drive. Completed in 2001, the mid-rise complex comprises three buildings. Amenities include a cafeteria, fitness center, auditorium and covered parking. Doug Opalka, Chris McColpin and Alastair Barnes of JLL arranged the 10-year, fixed-rate loan on behalf of the buyer, Virtus Real Estate Capital. A CMBS lender provided the loan.

August 3, 2020

Development Illinois Midwest Office

Glenstar, Rubenstein Complete $20M Renovation of Continental Towers Office Property in Suburban Chicago

by Kristin Harlow August 3, 2020

ROLLING MEADOWS, ILL. — Glenstar and Rubenstein Partners have completed a $20 million renovation of Continental Towers in Rolling Meadows. Built between 1978 and 1982, the 910,000-square-foot office complex is located at 1701 Golf Road. The three-building property sits on 34 acres and is home to tenants such as Verizon and Panasonic. The main portion of the modernization project was a one-acre outdoor space, which now houses flexible seating, gathering areas, fire pits and grills. Additional improvements were made to the lobbies, elevator cabs, common areas and tenant lounge. Michael Klein, co-founder and managing principal of Glenstar, says the owners have a robust program in place to address today’s safety and social distancing concerns. “Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance.” In 2015, Glenstar invested $30 million in the construction of a parking garage, reconfigured site plan and renovation of a 23,000-square-foot fitness center run by Midtown Fitness. Glenstar originally acquired Continental Towers in 2013 and recapitalized the property in 2018 with the help of Rubenstein Partners, which is a fund manager for a series of private equity funds focused on office investments …

August 3, 2020

California Loans Office Walker & Dunlop Western

Walker & Dunlop Arranges $8M Refinancing for Orange County Office Property

by Amy Works August 3, 2020

TUSTIN, CALIF. — Walker & Dunlop has secured a $8 million loan for the refinancing of Pointe Red Hill, a single-tenant office building located in Tustin. The borrower is Fortland Inc. Symetra Life Insurance Co. provided the 10-year, fixed-rate loan, which allowed the borrower to refinance the property’s existing debt and implement property improvements, including the installation of solar carports. Grant Robertson and Kevin Dinneen of Walker & Dunlop’s Los Angeles-based team arranged the financing. The two-story, 51,065-square-foot property features an open floor plan with a mix of private suites and conference rooms. Since 2018, an online retail company has occupied the building.

August 3, 2020

Acquisitions Office Texas

Colliers Arranges Sale of 174,147 SF Tower at Frisco Square Office Building

by Taylor Williams July 31, 2020

FRISCO, TEXAS — Colliers International has arranged the sale of Tower at Frisco Square, a 174,147-square-foot office building situated on 3.2 acres at 5757 Main St. in Frisco. Video game developer Gearbox Software is the anchor tenant of the five-story building, which was constructed in 2015 and has an adjacent five-level parking garage with additional ground-floor office and retail space. Dallas-based Encore Enterprises sold the property to Missouri-based REIT Maxus Realty Trust for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal.

July 31, 2020

Illinois Leasing Activity Midwest Office

Wildlife Conservation Nonprofit Renews 8,373 SF Office Lease in Chicago

by Kristin Harlow July 31, 2020

CHICAGO — Openlands, a wildlife conservation nonprofit organization, has renewed its 8,373-square-foot office lease at 25 East Washington in Chicago. Openlands occupies space on the 16th floor and has resided in the building for over 20 years. Jonathan Seeley and Merrick Wells of Bradford Allen represented the tenant in the lease transaction. Aspire Properties is the landlord for the 22-story office building. Founded in 1963 as a program of the Welfare Council of Metropolitan Chicago, Openlands is one of the oldest metropolitan conservation organizations in the nation. It has helped to protect more than 55,000 acres of land for public parks, forest preserves, wildlife refuges, urban farms and community gardens in northeastern Illinois.

July 31, 2020

Acquisitions California Healthcare Loans Office Western

CIT Provides $25M in Acquisition Financing for MLK Community Hospital Medical Office Building in Los Angeles

by Amy Works July 31, 2020

LOS ANGELES — CIT Group and its Healthcare Finance unit has funded a $25 million loan supporting Seavest Healthcare Properties’ acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. Established in 2015, MLK Community Hospital is part of a public-private partnership with Los Angeles County created to meet the needs of the South Los Angeles community, including the uninsured and underinsured. The private, nonprofit hospital provides healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.

July 31, 2020

Acquisitions California Office Western

Atlantic Pearl Investments Sells 78,404 SF Multi-Tenant Office Building in Southern California

by Amy Works July 31, 2020

LONG BEACH, CALIF. — Atlantic Pearl Investments has completed the disposition of a multi-tenant office property located at 1501 Hughes Way in Long Beach. A private 1031-exchange investor purchased the asset for $16 million. Recently renovated, the 78,404-square-foot building is 96 percent occupied by six tenants, including Daylight Transport, Stars Behavioral Health, DB Schenk and CraneMorley. Sean Fulp, Ryan Plummer, Mark Schuessler and Ryan Tetrault of Newmark Knight Frank represented the seller in the transaction.

July 31, 2020

Newer Posts

Older Posts