Office

Cushman & Wakefield Brokers Sale of 269,720 SF Office Building in Ridgefield Park, New Jersey

by Taylor Williams October 23, 2020

RIDGEFIELD PARK, N.J. — Cushman & Wakefield has brokered the sale of a 269,720-square-foot office building located at 55 Challenger Road in Ridgefield Park, located across the Hudson River from Harlem. The Class A building is located within Overpeck Corporate Center, a 60-acre mixed-use development that houses Samsung’s North American headquarters. Amenities include a fitness center, full-service cafeteria and a conference center. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the sellers, KABR and Kushner, and procured The Birch Group as the buyer. Cushman & Wakefield also serves as the leasing agent for the building.

October 23, 2020

Leasing Activity New York Northeast Office

Centric Brands Signs 212,154 SF Office Lease at Empire State Building

by Taylor Williams October 23, 2020

NEW YORK CITY — Centric Brands Inc., which sources, markets and sells apparel for men, women and children, has signed a 212,154-square-foot office lease at the Empire State Building. The space was previously leased to Global Brands Group and occupied by Centric Brands under a sublease. Peter Riguardi, Joseph Messina and Cynthia Wasserberger of JLL represented Centric Brands in the lease negotiations. Anthony Malkin, Ryan Kass and Shanae Ursini represented the landlord, Empire State Realty Trust, on an internal basis.

October 23, 2020

Acquisitions California Office Retail Western

Madison Partners Arranges $18.7M Sale of Retail, Creative Office Property in Santa Monica

by Amy Works October 23, 2020

SANTA MONICA, CALIF. — Madison Partners has arranged the sale of 1334 Third Street Promenade, a retail and creative office building in Santa Monica. Third Street Limited sold the asset to Vista Investment Group for $18.7 million, or $847 per square foot. At the time of sale, the 22,131-square-foot property was 64 percent occupied. Tenants include Sunglass Hut, SuperDry and Mobile Deluxe. Bob Safai, Matt Case, Brad Schlaak and Randy Starr of Madison Partners represented the seller in the transaction.

October 23, 2020

Acquisitions California Office Retail Western

Newmark Arranges $36.1M Sale of Mixed-Use Property in Beverly Hills

by Amy Works October 22, 2020

BEVERLY HILLS, CALIF. — Newmark has arranged the sale of a mixed-use building located at 139 S. Beverly Drive in Beverly Hills. Sakioka Farms, which owned the asset for more than 70 years, sold the property to Hakim Family for $36.1 million, or $1,216 per square foot. The three-story building features 29,735 rentable square feet with high-street retail on the ground floor and two levels of office space above. Additionally, the asset features a surface parking area. Kevin Shannon, Rob Hannan, Ken White, Laura Stumm, Michael Moll, Sean Fulp and Jay Luchs of Newmark represented the seller. The buyer, led by Sam Hakim, was self-represented in the deal.

October 22, 2020

Acquisitions Colorado Office Western

Quantum Commercial Group Brokers $2.5M Sale of Office Property in Colorado Springs

by Amy Works October 22, 2020

COLORADO SPRINGS, COLO. — Quantum Commercial Group has facilitated the sale of an office property located at 301 and 305 S. Union Blvd. in Colorado Springs. Hillside Community Preparatory School acquired the asset from the County of El Paso, Colorado, for $2.5 million. The property features 103,591 square feet of office space. Taylor Stamp, Dale Stamp and Andrew Oyler of Quantum Commercial Group represented the seller, while Mike Helwege of Core Commercial Brokerage Co. represented the buyer in the deal.

October 22, 2020

Georgia Office Southeast

CBRE: More Than 5 MSF of Office Sublease Available in Metro Atlanta, Highest Total Since 2010

by Alex Tostado October 21, 2020

ATLANTA — There has been 2.5 million square feet of sublease space added to the Atlanta office market since the beginning of March, bringing the total to more than 5 million square feet, the highest the metro area has posted since 2010, a recent study from CBRE has found. Nearly 1.1 million square feet was added to the inventory in August and September alone. Of the 18 industries in the study that are tracked, companies involved in the tech sector have added the most inventory (29 percent) since the onset of the pandemic. The North Fulton and Central Perimeter submarkets have added 453,710 square feet and 447,737 square feet, respectively.

October 21, 2020

Acquisitions Florida Office Southeast

TerraCap Acquires Office Park Near Orlando Airport for $24M

by Alex Tostado October 21, 2020

ORLANDO, FLA. — TerraCap Management LLC has acquired Airport Business Center, a six-building, 196,000-square-foot office/flex park in Orlando. The property is situated at 5730 S. Semoran Blvd., four miles north of Orlando International Airport. The asset was 88 percent leased at the time of sale to tenants including law firm Hogan PA, Reliance Plumbing & Drain Cleaning, Southeast Airport Services Inc. and US Marine Corps Recruiting. TerraCap hired Foundry Commercial LLC to lease the property and Harvard Pacific to manage the property. CBRE | Orlando arranged acquisition financing through Prime Finance on behalf of the Estero, Fla.-based buyer. Ron Rogg of CBRE | Orlando represented the undisclosed seller in the sale.

October 21, 2020

Development Office Texas

Harwood International Unveils Plans for 27-Story Office Tower in Dallas

by Taylor Williams October 21, 2020

DALLAS — Harwood International has unveiled plans for a new 360,000-square-foot office project that will be located in the company’s 19-block Harwood District in between Uptown and downtown Dallas. The 27-story building will feature a 17,000-square-foot rooftop terrace and sky garden, as well as a fitness center with locker rooms and multi-purpose flex space for conferences, catering or other curated events. The design and architecture firms behind Harwood No. 14 are Dallas-based HDF (architect of record), Dallas-based Corgan (associate architect) and Tokyo-based architect Kengo Kuma & Associates (design architect). Construction is scheduled to begin this winter.

October 21, 2020

Development Office Texas

Cawley Breaks Ground on 120,000 SF Parkwood Office Project in Plano

by Taylor Williams October 21, 2020

PLANO, TEXAS — Cawley Partners has broken ground on The Parkwood, a 120,000-square-foot office project that will be located at 3930 N. Dallas Tollway in Plano. Designed by global architecture firm Gensler, the Class A building will serve as the headquarters for First United Mortgage, which will occupy more than 50 percent of the leasable space and open a First United Bank branch on the main floor. Other building features include spacious floor plates, a fitness center and a 4:1000 parking ratio. Ridgemont Construction is the general contractor for the project, which is expected to be complete in November 2021. Cawley Partners also recently announced plans to develop a 150,000-square-foot office project near Dallas Love Field Airport.

October 21, 2020

Acquisitions New Jersey Northeast Office

JLL Negotiates Sale of 228,000 SF Office Building in Florham Park, New Jersey

by Taylor Williams October 21, 2020

FLORHAM PARK, N.J. — JLL has negotiated the sale of 180 Park Avenue, a 228,000-square-foot office building in Florham Park, about 30 miles west of New York City. Built in 2001, The Class A building is situated on 26.6 acres within the 268-acre Green at Florham Park master-planned development that is also home to Summit Medical Group, MD Anderson and the New York Jets. The building was 75 percent leased at the time of sale and offers amenities such as a newly renovated atrium lobby with a coffee bar, full-service cafeteria, fitness center, tenant lounge and a conference center. Container shipping firm Maersk Inc. is the building’s anchor tenant. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the undisclosed seller in the transaction. The buyer was a joint venture between Vision Properties and The Birch Group. Greg Nalbandian of JLL placed a three-year, floating-rate acquisition loan through CBRE Global Investors on behalf of the buyer.

October 21, 2020

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