Office

CBRE Brokers $41.5M Sale of Two Industrial Ground Leases in San Diego’s Sorrento Mesa

by Amy Works August 28, 2020

SAN DIEGO — CBRE has arranged the sale of two ground leases covering three land parcels totaling 12.5 acres in San Diego’s Sorrento Mesa neighborhood. A private investor acquired the assets from San Francisco-based Stockbridge Capital Group for $41.5 million. Louay Alsadek, Hunter Rowe and Madison Mawby of CBRE represented the seller, while Bob Safai of Madison Properties represented the buyer in the transaction. Totaling 76,000-square-feet, the first parcel is under South Rim Business Park, a three-building flex office campus located at 5744, 5754 and 5764 Pacific Center Blvd. The second parcel is under two data center buildings totaling 115,000 square feet located at 5732 and 5738 Pacific Center Blvd., while the third parcel is a 0.85-acre open space adjacent to the two other properties.

August 28, 2020

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of 110,101 SF Office Portfolio in Winston-Salem

by Alex Tostado August 27, 2020

WINSTON-SALEM, N.C. — CBRE has negotiated the sale of the Novant Healthcare portfolio, a two-building office portfolio totaling 110,101 square feet in Winston-Salem. The portfolio was fully leased at the time of sale to Novant Health and serve as offices for billing, human resources and IT operations for the locally based healthcare system. The two buildings are situated at 480 W. Hanes Mill Road, seven miles north of downtown Winston-Salem, and 4020 Kilpatrick St., six miles west of downtown Winston-Salem. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany, Patrick Gildea, Greg Wilson, Matt Smith and Grayson Hawkins of CBRE represented the seller, RiverOak Investment Corp., in the transaction. Raleigh-based Nova Capital acquired the assets for an undisclosed price.

August 27, 2020

Florida Loans Office Southeast

Concord Summit Capital Arranges $38.3M Refinancing of Office Building in Fort Lauderdale

by Alex Tostado August 27, 2020

FORT LAUDERDALE, FLA. — Concord Summit Capital LLC has arranged a $38.3 million refinancing loan for the Offices at Plantation Walk, a 172,959-square-foot office building in Fort Lauderdale. The owner and borrower, Encore Capital Management, recently implemented a $15 million renovation at the property, which is situated at 261 N. University Drive within Plantation Walk, a 27-acre mixed-use development. Kevin O’Grady of Concord Summit Capital originated the loan on behalf of the Boca Raton, Fla.-based owner. New York Life Insurance Co. provided the loan.

August 27, 2020

Leasing Activity New York Northeast Office

FTI Consulting Signs 120,720 SF Office Lease at 1166 Avenue of the Americas in Manhattan

by Taylor Williams August 27, 2020

NEW YORK CITY — FTI Consulting Inc., a publicly traded global advisory firm, has signed a 120,720-square-foot office lease at 1166 Avenue of the Americas in Manhattan. The company will occupy the 14th, 15th and 16th floors of the 1.6 million-square-foot building as its New York City headquarters. Paul Glickman, Jonathan Fanuzzi, Cynthia Wasserberger, Diana Biasotti and Jeffrey Sussman of JLL represented the landlord, Edward J. Minskoff Equities Inc., in the lease negotiations. Connor Faught, Brian Given, Sheena Gohil, Robert Gallucci and Jim Southard of Colliers International, along with in-house representatives Daniel Johnson and Chuck Cerria Jr., represented FTI Consulting. Trevor Adler and Ida Phair of law firm Stroock & Stroock & Lavan LLP advised the property owner in the transaction. Bruce Saber, Genta Stafaj and Samuel Grubner of DLA Piper LLP provided legal counsel to the tenant.

August 27, 2020

Development Illinois Midwest Office

J.C. Anderson to Complete 109,000 SF Office Build-Out for Bosch in Oakbrook Terrace, Illinois

by Kristin Harlow August 27, 2020

OAKBROOK TERRACE, ILL. — J.C. Anderson has been selected to complete a 109,000-square-foot office build-out for German engineering and technology company Bosch at One Tower Lane in Oakbrook Terrace. The project encompasses the top five floors of the 31-story office building as well as a 15,883-square-foot separate commercial space at the property known as “The Annex.” Bosch plans to relocate about 350 employees from its automotive aftermarket division in Broadview to the new space in Oakbrook Terrace. Scheduled for completion in November, the project will include the addition of conference rooms, private offices and open seating areas. The annex portion will serve as a testing and lab facility. Whitney is the project architect and Cushman & Wakefield is providing project management services.

August 27, 2020

Leasing Activity New York Northeast Office

CBRE Negotiates 12,900 SF Office Lease Expansion in Harrison, New York

by Taylor Williams August 27, 2020

HARRISON, N.Y. — CBRE has negotiated a 12,900-square-foot office lease expansion at 440 Mamaroneck Ave. in Harrison, located near the New York-Connecticut border. The tenant, Stillman Management Realty, renewed its 8,000-square-foot lease and committed to an additional 4,900 square feet. Bud Wiesenberg and Bob Caruso of CBRE represented the tenant in the lease negotiations. RPW Group owns the building.

August 27, 2020

Acquisitions Office Texas

Nitya Capital Acquires 466,025 SF One Westchase Center Office Building in Houston

by Taylor Williams August 27, 2020

HOUSTON — Locally based investment firm Nitya Capital has acquired One Westchase Center, a 466,025-square-foot office building located at 10777 Westheimer Road in Houston. Built in 1982 and renovated in 2019, the 12-story building features an onsite deli, fitness center and a 2,700-square-foot conference center, as well as a 1,400-space parking garage. Transwestern handles the office building’s leasing assignment, and Griffin Partners manages it.

August 27, 2020

Acquisitions Colorado Office Western

Quiver Investments Arranges $12M Acquisition of Viewpoint Office Property in Littleton, Colorado

by Amy Works August 27, 2020

LITTLETON, COLO. — Denver-based Quiver Investments has arranged the purchase of Viewpoint I & II, a two-building office property located in Littleton. Pantheon Viewpoint LLC acquired the asset from IBC Denver VII for $12 million. Located at 7901-7921 Southpark Plaza, the 93,069-square-foot property was 72 percent occupied at closing. The buyer plans to continue reinvestments that are currently underway in the building resulting in increased energy efficiency, HVAC optimization and improved common areas. John Witt and Ben Swanson of Quiver Investments represented the buyer, while Riki Hashimoto of Newmark Knight Frank represented the seller in the deal.

August 27, 2020

Acquisitions Healthcare Office Utah Western

CBRE Brokers Sale of 108,456 SF Medical Office Building in Metro Salt Lake City

by Amy Works August 27, 2020

WEST VALLEY CITY, UTAH — CBRE has facilitated the sale of 4100 Bangerter, a medical office building located in West Valley City, a suburb of Salt Lake City. Terms of the transaction, including the names of the buyer and seller and acquisition price, were not released. Located on 7.1 acres at the intersection of 4100 South and Bangerter Highway, the building features 108,456 square feet of space. The buyer plans to convert the property, which was vacant at the time of sale, into a series of condominiums equipped for medical, lab and office space. Marty Plunkett, Vickey Walker, Craig Thomas and Melissa McIntyre of CBRE’s Salt Lake City office represented the seller in the transaction.

August 27, 2020

Acquisitions Massachusetts Northeast Office Top Stories

Newmark Knight Frank Arranges $330M Sale of Reservoir Woods East Office Campus Near Boston

by Alex Tostado August 27, 2020

WALTHAM, MASS. — Newmark Knight Frank (NKF) has arranged the $330 million sale of Reservoir Woods East, a two-building, 515,273-square-foot office campus in Waltham. The building located at 40 Sylvan Road is a three-story, 312,845-square-foot asset, while the building at 50-60 Sylvan Road is a two-story, 202,428-square-foot property. The campus, which is situated 18 miles west of downtown Boston, also features up to 440,000 square feet of development potential, ideal for life-sciences use. A subsidiary of Verizon Laboratories leases space at 50-60 Sylvan on a short-term basis. Edward Maher, Robert Griffin, Matthew Pullen and Samantha Hallowell of NKF represented the seller, a joint venture between affiliates of Marcus Partners and The Davis Cos., in the transaction. The buyer was not disclosed. William Sleeper, also of NKF, provided financial analysis support. “Reservoir Woods East offers an attractive combination of near-term cash flow and long-term development upside within greater Boston, which is arguably the country’s most attractive market,” says Maher, vice chairman of NKF. “The property presents an exceptional opportunity to benefit from the momentum of the Waltham-Lexington life sciences cluster, which has become a bona fide extension of Cambridge in recent years.” The Reservoir Woods East campus also includes a structured …

August 27, 2020

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