Office

National University System Sells Its Two-Building Headquarters Campus in San Diego

by Amy Works August 19, 2020

SAN DIEGO — National University System, a veteran-founded nonprofit university, has completed the disposition of The Pointe at Torrey Pines, an 11.4-acre office campus in San Diego. An institutional investor acquired the property for an undisclosed price. Located at 11255 and 11355 N. Torrey Pines Road in San Diego’s La Jolla submarket, the existing property features two office buildings totaling 139,135 square feet with views of the Pacific Ocean and Torrey Pines Reserve. The property is currently home to the National University System headquarters. Louay Alsadek, Hunter Rowe and Caitlin Little of CBRE represented the seller, while the buyer was self-represented in the transaction.

August 19, 2020

Development Illinois Industrial Midwest Office

Heitman Architects, McShane Complete Bystronic’s 163,350 SF North American Headquarters in Metro Chicago

by Amy Works August 19, 2020

HOFFMAN ESTATES, ILL. — Heitman Architects Design, serving as architect/designer, and McShane Construction Co., serving as general contractor, have completed the development of a North American headquarters facility for Swiss-based Bystronic Inc. The tenant is a high-tech manufacturer of high-quality machines and systems for processing sheet metal and other flat materials for laser cutting, bending and automation. Bystronic is relocating from nearby Elgin to the 163,350-square-foot property, which includes 30,400 square feet of office space, 67,750 square feet of production space, 35,000 square feet of warehouse space and a 30,200-square-foot showroom. Designed and organized around the visitor experience, the facility features a catwalk that bisects the showroom and the manufacturing floor, stacking hospitality rooms that overlook the showroom and a large central conference room perched off the catwalk. Construction of the property began in fall 2018.

August 19, 2020

Development Illinois Midwest Multifamily Office

Optima Signature Luxury Apartment Tower in Chicago Converts Office Suites to Student E-Learning Space

by Amy Works August 19, 2020

CHICAGO — Optima Signature, a luxury office tower in Chicago, is now offering its on-site office suites as e-learning spaces for residents and non-residents alike. Designed by David Hovey Sr. and completed in 2017, Optima Signature is a 490-unit Class A residential tower located at 220 E. Illinois St. Located on the 57-story building’s second and seventh floors, the study suites are furnished with five to seven workstations, a mini-fridge, built-in cabinetry and window treatments, Wi-Fi access, professional cleaning and a curated selected of building amenities, including outdoor lounge areas. The suites are available for rent, ranging from $1,800 to $2,400 per month.

August 19, 2020

Development Office Texas

Kaizen to Develop 200,000 SF Spec Office Project at District 121 in McKinney

by Taylor Williams August 19, 2020

MCKINNEY, TEXAS — Kaizen Development Partners, in a public-private partnership with the McKinney Economic Development Corp., will develop a 200,000-square-foot speculative office project within the District 121 mixed-use development in the northern Dallas suburb of McKinney. Construction of the eight-story, Class A building is expected to begin in the first quarter of 2021 and to be complete in the second quarter of 2022. Perkins & Will is designing the project, and JLL is handling leasing.

August 19, 2020

KDC plans to bring more than 1 million square feet of build-to-suit office space to Peña Station NEXT outside of Denver International Airport.

Colorado Development Office Western

KDC to Develop 1 MSF of Office Space at Peña Station NEXT Near Denver International Airport

by Amy Works August 18, 2020

DENVER — KDC has entered into a partnership with master developer L.C. Fulenwider to develop build-to-suit office space at Peña Station NEXT, a mixed-use community near Denver International Airport. L.C. Fulenwider and Denver International Airport’s real estate division are co-developing Peña Station NEXT, a master-planned, transit-oriented, mixed-use community. The development is 12 minutes by train to Denver International Airport and less than 30 minutes to downtown Denver. The KDC partnership will add more than 1 million square feet of office space to Peña Station NEXT, which features 218 multifamily housing units and a 226-room Hyatt Place Hotel. An additional 600 multifamily units with ground-floor retail space are currently being planned. KDC plans to market the build-to-suit sites with Tom Lee and David Hart of Newmark Knight Frank. Additionally, the company will work with HKS Architects on master planning and building design.

August 18, 2020

Development New York Northeast Office

Steiner Studios Plans $320M Film, TV Production Hub in Brooklyn

by Taylor Williams August 18, 2020

NEW YORK CITY — Steiner Studios, a locally based soundstage operator, has announced plans for a 500,000-square-foot film and TV production hub within Sunset Park in Brooklyn. The project will generate $320 million in private investment and create 2,200 permanent industry jobs, according to Steiner. The New York City Economic Development Corp. and the Mayor’s Office of Media & Entertainment are partnering with Steiner Studios on the project, which is also expected to create about 1,800 temporary construction jobs. The development team will renovate two historic buildings, deliver a new parking facility and establish eight new soundstages as part of construction. A timeline for groundbreaking and completion was not released.

August 18, 2020

Company News Development Office Washington Western

Amazon to Create 3,500 New Jobs by Expanding Six US Tech Hubs

by Amy Works August 18, 2020

SEATTLE — Amazon (NASDAQ: AMZN) plans to create 3,500 new tech and corporate jobs across six cities with the expansion of its Tech Hubs in Dallas, Detroit, Denver, New York, Phoenix and San Diego. The Seattle-based e-commerce company will invest more than $1.4 billion in the new offices, which will host teams supporting businesses across the company. The Tech Hub and corporate office expansions include: Adding more than 100,000 square feet of space and 600 tech and corporate roles at the company’s existing Dallas Tech Hub in North Dallas. The acquisition of more than 25,000 square feet of office space in Detroit and the addition of 100 jobs. An expansion of 20,000 square feet of office space and 100 jobs at the Denver Tech Hub. The opening of a 630,000-square-foot office, creating 2,000 new jobs, in New York City at the former Lord & Taylor Fifth Avenue building. A 90,000-square-foot expansion at the Phoenix Tech Hub allowing for more than 500 new jobs. The addition of more than 40,000 square feet of office space at the San Diego Tech Hub for the creation of 200 new jobs. Teams in these cities will support various businesses across Amazon, including AWS, Alexa, …

August 18, 2020

Acquisitions Colorado Office Western

Marcus & Millichap Arranges $1.4M Sale of Fastenal Center Flex Office Property in Rifle, Colorado

by Amy Works August 18, 2020

RIFLE, COLO. — Marcus & Millichap has arranged the sale of Fastenal Center, a flex office property located at 695 Buckhorn Drive in Rifle. A private investor purchased the property from Value Investment Group for $1.4 million. Fastenal Center features 9,750 square feet of flex office space. Cory Gross of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.

August 18, 2020

Leasing Activity Midwest Mixed-Use Multifamily Office Ohio Retail

ACRE Provides $68.5M Refinancing for City Club Apartments in Cincinnati

by Amy Works August 18, 2020

CINCINNATI — Asia Capital Realty Estate (ACRE) has provided $68.5 million of floating-rate debt to refinance City Club Apartments. The loan, which was underwritten with a loan-to-value ratio of 63.4 percent, has a two-year term and two single-year extension options. Located at 309 Vine St. in Cincinnati, City Club Apartments is a mixed-use property featuring 294 apartments and penthouses, 31,928 square feet of office space and 17,498 square feet of retail space. The sponsor acquired the property in 2016 as a vacant office building and recently repositioned the asset into a Class A mixed-use apartment community. At the time the financing closed, 90 percent of the multifamily units were leased, 100 percent of the retail space was leased and 67 percent of the office space was occupied. Chicago-based Draper and Kramer brokered the transaction.

August 18, 2020

Development Loans North Carolina Office Southeast

JLL Arranges $21M Construction Loan for Office Building in Chapel Hill

by Alex Tostado August 17, 2020

CHAPEL HILL, N.C. — JLL has arranged a $21 million construction loan for The Gwendolyn, a four-story office building in Chapel Hill totaling 1106,000 square feet. Bank OZK provided the funds to the developer, Charlotte, N.C.-based Grubb Properties. The building is expected to open by the end of this year and will offer 25,000-square-foot floor plates, onsite property management, a café on the ground level, a fitness center and 432 parking spaces. The Gwendolyn is part of Phase I of the Glen Lenox redevelopment, a 70-acre planned community that will include retail, office and residential space. Glen Lenox is situated one mile from the University of North Carolina-Chapel Hill and 13 miles south of downtown Durham. Hal Kempson and John Gavigan of JLL originated the loan on behalf of the borrower.

August 17, 2020

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