Office

Cawley Chicago Negotiates $4.6M Sale of Office Building in Oak Brook, Illinois

by Kristin Harlow February 26, 2020

OAK BROOK, ILL. — Cawley Chicago has negotiated the sale of a 70,497-square-foot office building in Oak Brook for $4.6 million. Built in 1978, the three-story property is located at 915 Harger Road near Oak Brook Mall. Amenities include a conference facility and kitchen area. Building renovations are currently underway. Tony Russo and Ryan Freed of Cawley Chicago represented the buyer, KMMRD Enterprises. Jane Stroebeck of Stroebeck Real Estate represented the seller, 915 Harger LLC. Russo and Freed will serve as the leasing representatives and Cawley Chicago Management will manage the property on behalf of the new ownership.

February 26, 2020

Colorado Development Office Western

McCaffery, Ivanhoé Cambridge, Hines to Develop 240,000 SF Office Building in Denver

by Amy Works February 26, 2020

DENVER — McCaffery, Ivanhoé Cambridge and Hines have started construction of T3 RiNo, a six-story T3 (timber, transit and technology) office building in Denver. Situated in the River North Art District (RiNo), the 240,000-square-foot building will feature common, hospitality-driven social areas; large, private tenant terraces on each floor; a modern fitness facility and bicycle facility; 17,000 square feet of retail space; and convenient access to the Regional Transportation District (RTD) commuter rail system. Designed by Pickard Chilton Architects and DLR Group, T3 RiNo is slated for completion in spring 2022.

February 26, 2020

Leasing Activity New York Northeast Office

CBRE Negotiates 30,900 SF Office Sublease in Midtown Manhattan

by Alex Patton February 26, 2020

NEW YORK CITY — CBRE has negotiated a 30,900-square-foot office sublease in Midtown Manhattan. Financial crime, risk and compliance solutions company Exiger Holdings Inc. signed an 11-year lease for the entire 15th floor and a portion of the 16th floor at 1675 Broadway, a 35-story office tower. The company will relocate from its previous space at 1095 Avenue of the Americas later this year. Gregg Rothkin, John Maher and Paul Myers led a CBRE team that represented the undisclosed sublandlord in the lease negotiations. Rudin Management owns the building.

February 26, 2020

Georgia Loans Office Southeast

PCCP Funds $48.4M Refinancing Loan for Two-Building Office Campus in Atlanta’s Central Perimeter Area

by Alex Tostado February 25, 2020

ATLANTA — PCCP LLC has provided a $48.4 million refinancing loan for Sterling Pointe, a two-building, 348,399-square-foot office campus in Atlanta’s Central Perimeter submarket. The seven- and eight-story buildings were 42 percent leased at the time of financing. The borrower, The Simpson Organization, will use the funds to lease-up the property. The buildings were originally built in 1980 and the owner implemented a $2 million renovation in 2018 to upgrade the lobby and common areas, along with amenity improvements including the café, outdoor courtyard space and a fitness center. Sterling Pointe is situated at 303 Perimeter Center N., 16 miles north of downtown Atlanta.

February 25, 2020

Florida Loans Office Southeast

Ready Capital Closes $5.4M Acquisition Loan for Office Building in Metro Miami

by Alex Tostado February 25, 2020

MIAMI GARDENS, FLA. — Ready Capital has closed a $5.4 million acquisition loan for a 77,000-square-foot, Class B office building in Miami Gardens. The undisclosed borrower plans to upgrade the common areas and lease up vacant suites. The three-year, non-recourse loan features a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

February 25, 2020

Leasing Activity Office Texas

Energy Surveying Firm Signs 97,295 SF Office Lease Renewal in Houston

by Taylor Williams February 25, 2020

HOUSTON — TGS-NOPEC Geophysical Co., a Norwegian provider of surveying services for the energy industry, has signed a 97,295-square-foot office lease renewal at 10451 Clay Road in Houston. Doug Little and Louann Pereira of Transwestern represented the landlord, Office Properties Income Trust, in the lease negotiations. Jon Silberman of NAI Partners represented the tenant.

February 25, 2020

Industrial Loans Office Oregon Western

Ready Capital Closes $7.7M Refinancing for Industrial, Office Portfolio in Portland, Oregon

by Amy Works February 25, 2020

PORTLAND, ORE. — Ready Capital has closed $7.7 million in financing for the recapitalization, renovation and lease-up of an industrial and office portfolio located in the Lloyd District submarket of Portland. The sponsor will use loan proceeds to recapitalize funds and repurpose the older industrial buildings into a combination of Class B creative office, commercial kitchen and industrial office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

February 25, 2020

Indiana Leasing Activity Midwest Office

Do it Best Corp. to Anchor $440M Electric Works Project in Fort Wayne, Indiana

by Kristin Harlow February 25, 2020

FORT WAYNE, IND. — Do it Best Corp. has signed on as the anchor tenant of Electric Works in Fort Wayne. The company will relocate its headquarters and all 440 of its employees to a nearly 200,000-square-foot space within the campus as well as add up to 90 new jobs. The Electric Works project is a $440 million office redevelopment of the abandoned GE campus in Fort Wayne. Construction is expected to begin later this year. The 1.2 million-square-foot project is approximately 60 percent pre-leased. Besides office space, plans call for a coffee shop, restaurant and health and educational facilities. The 39-acre campus once employed 40 percent of the city’s population at its peak in the 1920s. Do it Best Corp. is a hardware, lumber and building materials cooperative, which is a type of organization that is both owned and controlled by its members.

February 25, 2020

Illinois Industrial Loans Midwest Office Ohio

NorthMarq Arranges $16.9M in Acquisition Financing for Two Flex Industrial Properties in Illinois, Ohio

by Kristin Harlow February 25, 2020

DES PLAINES, ILL. AND DUBLIN, OHIO — NorthMarq has arranged $16.9 million in acquisition financing for two flex industrial properties in Illinois and Ohio. Jeff Frankel of NorthMarq arranged both fixed-rate loans with Ready Capital Structured Finance. The first is a three-building property spanning 140,134 square feet in Des Plaines, a northwestern suburb of Chicago. The second is a three-building property totaling 124,929 square feet in Dublin, a northern suburb of Columbus. The Des Plaines property was 94 percent occupied at the time of acquisition, while the Dublin asset was 80 percent occupied.

February 25, 2020

Acquisitions Development District of Columbia Multifamily Office Southeast

Joint Venture Acquires Office Building in D.C. for $34.7M, Plans to Reposition as Apartments

by Alex Tostado February 24, 2020

WASHINGTON, D.C. — A joint venture between Lincoln Property Co. and Cadillac Fairview has acquired 1313 L Street, an 84,040-square-foot office building in downtown Washington, D.C., for $34.7 million. The property is situated less than a mile from The White House. The building was formerly the headquarters of the seller, the National Association for the Education of Young Children (NAEYC). The asset was originally built in 1984 and has served at NAEYC’s headquarters since 2006. Dek Potts, Susan Carras, Walter Coker and Brian Crivella of JLL represented the seller in the transaction. West, Lane & Schlager (WLS) is advising NAEYC on its relocation to a new headquarters. The buyers plan to redevelop the building into apartments, but provided few details.

February 24, 2020

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