Office

Office Market Remains Steady in Albuquerque

by Jeff Shaw July 28, 2020

By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate Group Lease rates are up and vacancy is down, two important things all landlords want to hear. For office landlords in New Mexico, these are two promising trends that have continued for the past few quarters to round out 2019. Average asking rates in Albuquerque came in at $18.76 per square foot, full service, according to Collier’s fourth-quarter 2019 Albuquerque office market report. Colliers also noted this was the first time average market rates have stayed above $18 per square foot for three consecutive quarters. This is currently the highest-recorded asking rate on record for the market. Office users that are relocating are shrinking their overall space with fewer hard-wall offices and more collaborative work areas. With this trend comes ability to use tenant improvement money in different ways than simply walling off an office for each employee. Some of this money can now be spent on amenities like coffee bars, modern finishes, and wellness features, such as showers for those who bike to work or exercise at lunch. Collaboration is also extending beyond the demising walls of the office space as mixed-use projects become more popular. Winrock Town Center and Uptown Tower, two …

July 28, 2020

Acquisitions Loans Nevada Office Western

Moonwater Capital Receives $35M in Equity for Purchase of NV Energy Pearson Office Building in Las Vegas

by Amy Works July 28, 2020

LAS VEGAS — Los Angeles-based Dekel Capital has arranged $35 million in debt equity on behalf of Moonwater Capital for its acquisition of the NV Energy Pearson Building, an office building in Las Vegas. Located at 6226 W. Sahara Ave., the four-story property features 262,000 square feet of office space. NV Energy has been the sole tenant of the corporate headquarters building since it was constructed in 1983. The public utility, wholly owned by Berkshire Hathaway Energy, provides a wide range of services throughout the state of Nevada. In additional to raising joint venture equity for the Las Vegas-based borrower, Dekel arranged $23.8 million in long-term, fixed-rate, first mortgage debt from a West Coast-based regional bank. The borrower acquired the property as a core-plus asset to add to its office portfolio in the Las Vegas market, which totals approximately 700,000 square feet of commercial office space.

July 28, 2020

Acquisitions California Office Western

Colony Capital Sells Commerce Square Business Park in Riverside, California for $14M

by Amy Works July 28, 2020

RIVERSIDE, CALIF. — Colony Capital has divested of Commerce Square Business Park, a four-building office portfolio located at 1550 Marlborough Ave. and 1737, 1777 and 1989 Atlanta Ave. in Riverside. An undisclosed buyer acquired the asset for just over $14 million. At the time of sale, the 128,912-square-foot business park was 90 percent leased to 14 tenants ranging in size from 1,395 square feet to 23,000 square feet. Tenants include Level 3 Communications (Century Link), T-Mobile, Honeywell International and the State of California. Kevin Shannon, Ken White, Sean Fulp, Scott Schumacher and Ryan Plummer of Newmark Knight Frank represented the seller. The buyer was self-represented in the transaction.

July 28, 2020

Acquisitions California Lee & Associates Office Western

Lee & Associates Brokers Acquisition of 23,125 SF Office Building in Costa Mesa, California

by Amy Works July 28, 2020

COSTA MESA, CALIF. — Lee & Associates has arranged the sale of an office building located at 3545 Howard Way in Costa Mesa. Sovereign Lending Group acquired the property from Davies-Torrance Trust for $5.1 million. Built in 1986, the two-story building features 23,125 square feet of office space. The buyer intends to occupy the building. Allen Basso of Lee & Associates Irvine represented the buyer, while Eric Tse of Kidder Mathews represented the seller in the deal.

July 28, 2020

Leasing Activity Maine Northeast Office

BerryDunn Signs 87,906 SF Lease for New Office Headquarters in Portland, Maine

by Taylor Williams July 27, 2020

PORTLAND, MAINE — Accounting and consulting firm BerryDunn has signed an 87,906-square-foot office lease for its new headquarters at 2211 Congress Street in Portland. The company will relocate from 100 Middle Street, where it has operated for the last 30 years, beginning in early 2021. Chris Paszyc and Jessica Estes of The Boulos Company represented BerryDunn in the site selection and lease negotiations. Drew Sigfridson, Craig Young and Jon Rizzo of Boulos worked with Tim Stewart of Cushman & Wakefield to represent the landlord, insurance provider Unum. The building is set to undergo a capital improvement program that will include the build-out of a fitness center and micro-market.

July 27, 2020

Acquisitions Georgia Office Southeast

TerraCap Acquires Two Office Buildings in Metro Atlanta for $27.6M

by Alex Tostado July 27, 2020

MARIETTA AND NORCROSS, GA. — TerraCap Management LLC has acquired Cobb Corporate Center in Marietta and Northwood Commons in Norcross for a combined $27.6 million. The two properties comprise eight single-story buildings totaling 297,000 square feet. Cobb Corporate Center was 80 percent leased at the time of sale and Northwood Commons was 53 percent leased. Cobb Corporate Center is located at 400 Franklin Gateway SE, 17 miles northwest of downtown Atlanta. Northwood Commons is situated at 5000 Peachtree Industrial Blvd., 23 miles northeast of downtown Atlanta. TerraCap has hired Lincoln Property Co. to handle leasing efforts and to manage the properties. Tom Shafer and John Hinson of CBRE-Atlanta represented the undisclosed seller in the transaction. Bridge Debt Strategies Fund Manager and the CBRE-Atlanta debt team provided acquisition financing on behalf of the buyer.

July 27, 2020

Leasing Activity Office Southeast Virginia

Family Insight PC Signs 9,926 SF Office Lease in Richmond

by Alex Tostado July 27, 2020

RICHMOND, VA. — Family Insight PC, an organization that helps treat mental health and substance use disorders, has signed a 9,926-square-foot lease within One Paragon Place in Richmond. The building is located at 6800 Paragon Place, eight miles northwest of downtown Richmond. The landlord is Map Ground Lease Owner LLC. John Jay Schwartz of The Man with Square Feet represented the tenant in the transaction.

July 27, 2020

Arizona Loans Office Western

CIM Provides $95.6M Bridge Loan for Galleria Corporate Center in Scottsdale, Arizona

by Amy Works July 27, 2020

SCOTTSDALE, ARIZ. — CIM Group has funded a $95.6 million bridge loan for Stockdale Capital Partners for the firm’s Galleria Corporate Center in Scottsdale. Located at 4301-4343 N. Scottsdale Road, the asset features a 546,000-square-foot creative office building connected by a skybridge to a 10-story parking garage. The specific use of the funds was not disclosed.

July 27, 2020

Leasing Activity Office Texas

Arts & Crafts Retailer Michaels to Relocate Office Headquarters to 123,740 SF Space in Irving

by Taylor Williams July 24, 2020

IRVING, TEXAS — Michaels, a chain retailer that sells art supplies, hobby accessories and home décor goods, will relocate its office headquarters to a 123,740-square-foot space at Royal Ridge III in Irving. Michaels, which has operated out of Irving since 2002, will occupy the entirety of the Class A building. John Brownlee and Michael Williams of JLL represented the landlord, Accesso, in the lease negotiations. Jamie Jennings of Stream Realty Partners and Damian Rivera of ESRP represented Michaels. A timeline for the relocation was not disclosed.

July 24, 2020

Development Illinois Midwest Office

J.C. Anderson to Renovate 150,000 SF Office for West Monroe Partners in Chicago

by Kristin Harlow July 24, 2020

CHICAGO — J.C. Anderson has been selected to complete a 150,000-square-foot office buildout for West Monroe Partners at 311 W. Monroe St. in Chicago. Founded in 2002, West Monroe Partners is a national consulting firm with seven offices throughout the country. The firm is relocating from 222 W. Adams St. J.C. Anderson will build out additional offices, open areas, phone rooms, conference rooms and collaborative work areas. The multi-floor project will include a break room on each floor as well as a reception area on the 14th floor and a new staircase leading up to the 15th floor. Completion is slated for October. The 15-story office building spans 382,490 square feet in Chicago’s Loop.

July 24, 2020

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