Office

Investment Management Firm Expands Lease in Miami Beach, Breaking Florida’s Rental Rate Record Per Square Foot

by John Nelson September 14, 2020

MIAMI BEACH, FLA. — J. Goldman & Co. LLP, an independent investment management firm, has signed an eight-year lease for 3,318 square feet of office space and a 700-square-foot covered terrace at The Yukon Miami. J. Goldman, which already leases 1,223 square feet on the fourth floor of the Class A office building, broke Florida’s per square foot rental rate pricing record with the new lease at $92 per square foot. The 88,148-square-foot Yukon Miami is situated at 119 Washington Ave. in Miami Beach’s South of Fifth enclave. The property features 9,081 square feet of ground-floor retail space and a rooftop development opportunity. The owner, an entity known as Yantra 119 LLC, is listing Yukon Miami for sale at $45 million. The Global Consulting Organization and longtime landlord representative The Company Real Estate are marketing the property on behalf of the ownership.

September 14, 2020

Market Reports Office Southeast Southeast Market Reports Virginia

Is it Time to Start Investing in Richmond’s Office Market? All Signs Point to ‘Yes’

by John Nelson September 14, 2020

Richmond has been considered a secondary market in the eyes of many national investors, and for good reason. Rental rates don’t compare to Washington D.C., New York City or other major primary markets. But a strong leasing market mixed with a large-scale population shift leads to one question: is now the time to start investing in the Richmond office market? Home to seven Fortune 500 companies, as well as fast-growing companies such as CoStar Group and Capital One, Richmond has made its mark as one of the top cities in the country when it comes to attracting recent college graduates. Offering affordable and diverse housing, amazing food and entertainment, close proximity to beaches and the nation’s capital with a high demand for skilled workers, Richmond is the perfect city for just about anyone. Hence, Richmond has seen a massive boom in its working-class population, which has led to lower vacancy rates, increased rents and a rise in new office developments. The revitalization of two major submarkets is also impacting the growth in millennial population. Scotts Addition and Manchester have both seen significant interest and investment from local and national developers. These submarkets are bringing the live-work-play feel to Richmond’s downtown …

September 14, 2020

Development New York Northeast Office Top Stories

SL Green Opens $3.3B One Vanderbilt Office Tower in Midtown Manhattan

by Taylor Williams September 14, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), a locally based developer and Manhattan’s largest office owner, has opened One Vanderbilt. The $3.3 billion office tower is located across the street from Grand Central Station in Midtown Manhattan. Designed by Kohn Pederson Fox Associates, One Vanderbilt spans 1.7 million square feet. Rising 77 stories and 1,401 feet, it is the tallest commercial building in the Midtown area. CBRE is the leasing agent for One Vanderbilt. SL Green developed the building in partnership with Houston-based Hines and the National Pension Service of Korea, according to the New York Post. The local media outlet also reports that One Vanderbilt is currently 67 percent leased to companies such as TD Securities, Carlyle Group and KPS Capital Partners. SL Green will occupy 70,000 square feet at the building for its new headquarters. Move-ins are scheduled to begin before the end of the year. Asking rents range from $125 to $300 per square foot. SL Green began assembling various tracts on the block between 42nd and 43rd streets and Madison and Vanderbilt avenues for the project more than 20 years ago, the Post reports. As part of the project, SL Green also made …

September 14, 2020

Acquisitions Loans Office Texas

JLL Arranges Sale, Financing of 463,969 SF Chasewood Technology Park in Houston

by Taylor Williams September 11, 2020

HOUSTON — JLL has arranged the sale of Chasewood Technology Park, a 463,969-square-foot office campus in northwest Houston. The four-building campus spans 10.4 acres and was 93 percent leased at the time of sale to tenants in the energy, consulting, technology, architecture, healthcare and food services industries. Rick Goings and Ethan Goldberg of JLL represented the seller, The GenCap Group, and procured the buyer, Nitya Capital, in the sale. John Ream and Laura Sellingsloh of JLL arranged a $46 million acquisition loan through Morgan Stanley on behalf of Nitya Capital.

September 11, 2020

Development Office Texas

RPM xConstruction to Build 90,000 SF Office Headquarters at Craig Ranch in McKinney

by Taylor Williams September 11, 2020

MCKINNEY, TEXAS — RPM xConstruction LLC will build a 90,000-square-foot office building at McKinney Corporate Center at Craig Ranch, located north of Dallas, for its new office headquarters. Approximately 750 employees will work at the new building, which offers proximity to the Sam Rayburn Tollway and multiple retail and restaurant establishments. Construction is scheduled to begin early next year and to be complete in early 2022. Pross Design Group is the project architect.

September 11, 2020

Development Midwest Office Wisconsin

BMO Opens New 25-Story Headquarters in Downtown Milwaukee

by Kristin Harlow September 11, 2020

MILWAUKEE — BMO Financial Group has opened its new Wisconsin headquarters building in downtown Milwaukee. Known as BMO Tower, the 25-story building is located at 790 N. Water St., immediately beside the company’s previous headquarters. Approximately 600 BMO employees will be based at the 336-foot-tall tower. The main floor features a new BMO branch for customers. Many aspects of the interior design of the workspaces pay tribute to BMO’s roots in Milwaukee. Many meeting and conference rooms are named after Milwaukee neighborhoods. Much of the artwork is from local artists. BMO Harris Bank is headquartered in Chicago.

September 11, 2020

Leasing Activity Office Texas

NexBank Signs 27,733 SF Office Lease Extension at Chateau Plaza in Uptown Dallas

by Taylor Williams September 10, 2020

DALLAS — NexBank has signed a 27,733-square-foot office lease extension at Chateau Plaza, an 18-story office building located at 2515 McKinney Ave. in Uptown Dallas. Rhett Miller and Sara Terry of Stream Realty Partners represented the landlord, Chateau Plaza Holdings LP, in the lease negotiations. NexVest Realty Advisors represented the tenant.

September 10, 2020

Acquisitions New Jersey Northeast Office

Colliers Arranges Sale of 65,253 SF Office Building in Piscataway, New Jersey

by Taylor Williams September 10, 2020

PISCATAWAY, N.J. — Colliers International has arranged the sale of a 65,253-square-foot office building located at 225 Old New Brunswick Road in Piscataway, about 40 miles southeast of New York City. The three-story property was built in 1978 and was 28 percent occupied at the time of sale. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers represented the seller, Rafael Holdings Inc., in the transaction. The sales price was approximately $3.9 million.

September 10, 2020

Loans Midwest Office Ohio

NorthMarq Arranges $13.5M Acquisition Loan for Office Campus in Beavercreek, Ohio

by Kristin Harlow September 10, 2020

BEAVERCREEK, OHIO — NorthMarq has arranged a $13.5 million loan for the acquisition of The Acropolis at Fairfield Commons in Beavercreek near Dayton. The 211,576-square-foot office property is located at 2611-2689 Commons Blvd. Susan Branscome of NorthMarq arranged the fixed-rate, 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.

September 10, 2020

District of Columbia Leasing Activity Office Southeast

CommonGrounds Workplace Opens Two New Coworking Spaces in D.C. Totaling 73,692 SF

by Alex Tostado September 10, 2020

WASHINGTON, D.C. — CommonGrounds Workplace has opened two new coworking spaces in Washington, D.C., totaling 73,692 square feet. The first office location spans 29,509 square feet and occupies the entire second floor of 1500 K St. NW. The office building is one block north of The White House and less than one block from McPherson Station. The other location spans 44,183 square feet within a newly built, 11-story office building at 99 M St. E. CommonGrounds occupies the entirety of the eighth and ninth floors of the asset, which is located in D.C.’s Navy Yards district. The property is located four miles southeast of downtown D.C. and less than one mile from Nationals Park, home of MLB’s Washington Nationals. BBGM was the architect for both locations.

September 10, 2020

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