Office

Adler Realty Investments Divests of Cal Twin Towers Office Complex in Bakersfield

by Amy Works February 7, 2020

BAKERSFIELD, CALIF. — Adler Realty Investments has completed the sale of Cal Twin Towers, an office asset located at 4900 California Ave. in Bakersfield. Steve Blumer, a local investor, acquired the office complex for an undisclosed price. Adler originally purchased the 151,829-square-foot asset in 2005, completing a building renovation and maintaining high occupancy during its 15 years of ownership. Current tenants include Omni Healthcare, Regus, Progressive Insurance and Principal Life. The seller recently updated the building’s energy systems, which included a solar installation with covered carports. Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno of Cushman & Wakefield represented the seller in the deal.

February 7, 2020

Development Northeast Office Pennsylvania

Fe Equus Underway on 20,000 SF Office Building in Pittsburgh

by Alex Patton February 7, 2020

PITTSBURGH — Fe Equus Development LLC, a Wisconsin-based developer, is underway on BLD 2563, a 20,000-square-foot Class A office building in Pittsburgh. Situated at 2563 Brandt School Road, the property will offer amenities including a full kitchen, billiards and game room and a fitness room with Peloton bikes. Software company SRS Computing is the building’s first signed tenant, with 6,400 square feet on the top floor. Construction is slated for completion by the third quarter of this year. Tim Goetz and Darin Shriver of Cushman & Wakefield are leading the leasing initiative.

February 7, 2020

Acquisitions Connecticut Northeast Office

NKF Arranges $12.2M Sale of Office Building in New Haven, Connecticut

by Alex Patton February 7, 2020

NEW HAVEN, CONN. — Newmark Knight Frank has arranged the $12.2 million sale of 545 Long Wharf Drive, a 245,389-square-foot Class A office building in New Haven. The nine-story building previously served as AT&T’s corporate office and is now partially leased by a number of companies and start-ups. Steven Schultz, Cory Gubner, Tony Georgiev and Alex Haendler represented the undisclosed seller in the transaction. Vision Real Estate Partners was the buyer.

February 7, 2020

Company News Development Industrial Midwest Office Ohio Top Stories

Sherwin-Williams to Develop World Headquarters, R&D Center in Metro Cleveland for $600M

by Alex Tostado February 7, 2020

CLEVELAND AND BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) plans to develop a new world headquarters building in downtown Cleveland, as well as a research and development (R&D) center in the Cleveland suburb of Brecksville. The company plans to invest $600 million to construct both facilities. The paint manufacturer and retailer’s headquarters building will span 1 million square feet just west of Public Square between Saint Clair and Superior avenues. The R&D center will span 500,000 square feet and will be located off Interstate 77 at Miller and Brecksville roads, 16 miles south of downtown Cleveland. The transition to the new facilities won’t occur until 2023 at the earliest, the company says. Sherwin-Williams previously launched a nationwide search for its new headquarters location before deciding to stay in Ohio, where it has been based since it was founded in 1866. “We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs,” says John Morikis, the company’s chairman and CEO. “The major planned investment in Cleveland and Northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and …

February 7, 2020

Acquisitions Loans Office Texas

JLL Brokers Sale of 2900 Weslayan Office Building in Houston’s Greenway Plaza District

by John Nelson February 6, 2020

HOUSTON — JLL has arranged the sale of 2900 Weslayan, a six-story boutique office building located at the corner of Weslayan and West Alabama streets in Houston’s Greenway Plaza submarket. Houston-based Griffin Partners, using its investment vehicle Griffin Partners Office Fund III, purchased the 136,698-square-foot office building from Madison Marquette. Dan Miller and Katherine Miller of JLL represented the seller in the transaction. The office building was nearly 82 percent leased at the time of sale, including to retailers Baggy’s Grill, Apteek Pharmacy and Results Physiotherapy. Wally Reid, Cameron Cureton and John Ream, also with JLL, secured a three-year, floating-rate acquisition loan through Frost Bank on behalf of Griffin Partners. Janie Snider and Lee Moreland of Griffin Partners will manage 2900 Weslayan internally. The new ownership has retained Madison Marquette to lease the property.

February 6, 2020

Arizona Development Office Western

Cousins, Hines to Develop 18-Story Office Tower in Downtown Tempe

by Amy Works February 6, 2020

TEMPE, ARIZ. — Cousins Properties and Hines have unveiled plans for 100 Mill, an 18-story office tower in downtown Tempe. Cousins will have 90 percent ownership and Hines will have 10 percent ownership interest in the project. Located at the southwest corner of Mill Avenue and Rio Salado Parkway, the 287,000-square-foot office building is 44 percent pre-leased, with two long-term lease commitments from a Fortune 100 company and a professional services firm. Completion is scheduled for the first quarter of 2022. Total development cost is anticipated to be approximately $153 million.

February 6, 2020

California Development Hospitality Mixed-Use Multifamily Office Retail Western

Sea Breeze Properties Breaks Ground on 40-Acre Mixed-Use Development in San Diego

by Amy Works February 6, 2020

SAN DIEGO — Sea Breeze Properties has broken ground for MERGE 56, a 40-acre mixed-use development located in the Torrey Highlands submarket of San Diego. Adjacent to State Route 56 at Camino Del Sur, MERGE 56 will feature a 450,000-square-foot, Class A office and retail space; a boutique hotel; and 242 residential units, including single-family homes, townhomes and affordable apartments. The land was originally approved in 2004 as a big-box retail center before Sea Breeze Properties acquired the land in 2013 and redesigned it into a pedestrian-centric, mixed-use environment. CBRE’s Chris Pascale, Mike Hoeck and Ellycia Halden will handle leasing for the office space, while Steve Avoyer of Flocke & Avoyer will handle leasing for the retail component.

February 6, 2020

Jefferson-Creative-Campus-Los-Angeles-CA

Acquisitions California Lee & Associates Office Western

NKF Brokers $169M Sale of Jefferson Creative Office Campus Near Los Angeles

by Amy Works February 6, 2020

CULVER CITY, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of Jefferson Creative Campus, a three-building office property located in the Culver City submarket of Los Angeles. Clarion Partners and Lincoln Property Co. acquired the asset from Rader Properties Group VII and Rodeo Properties for $169 million. Situated on seven acres at 5870, 5880 and 5890 W. Jefferson Blvd., the asset offers a total of 152,146 square feet of office space. Excess development potential could allow for more than 600,000 square feet of additional office buildings. At the time of sale, the property was fully leased. Major tenants include Spin Master, MedMen and Prana Studios. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF, along with Ron Rader of Lee & Associates, represented the sellers. The buyers were self-represented in the transaction.

February 6, 2020

Acquisitions Development Office Southeast Tennessee

Forstone Capital Purchases Nashville Warehouse, Plans to Convert into Boutique Office Space

by Alex Tostado February 6, 2020

NASHVILLE, TENN. — Forstone Capital has purchased a 130,000-square-foot warehouse located at 3040 Sidco Drive in Nashville. The Stamford, Conn.-based buyer plans to redevelop the building into a 157,000-square-foot office project with central conference and meeting rooms, food and beverage services, a fitness center with locker rooms and showers, a gaming room, outdoor leisure space and tenant programming with rotating food trucks and entertainment vendors. The building was originally built in 1962 just south of downtown Nashville. Forstone expects to begin construction on the project this month with the base building projected to be completed in less than a year. Custom buildouts for tenants will start as early as July. Norwalk, Conn.-based Beinfield Architecture designed the redevelopment, and locally based T.W. Frierson will serve as the general contractor. Bill Adair and Ashley Albright of JLL will handle the marketing and lease negotiations. Further details of the transaction were not disclosed.

February 6, 2020

Development Illinois Midwest Office

Skender Begins Interior Construction of 536,000 SF Bank of America Tower in Chicago

by Kristin Harlow February 6, 2020

CHICAGO — Skender has begun interior construction of the new 536,000-square-foot Bank of America Tower at 110 N. Wacker Drive in Chicago. Bank of America will relocate approximately half of its employees, roughly 2,000 people, from its current office at 135 S. LaSalle St. upon completion of the new building. The Charlotte, N.C.-based bank will occupy 17 floors of the 56-story office tower. Bank of America’s space will include private offices, open workstation areas, conference rooms, work cafes, support space and other workplace amenities. Unique features will include a trading floor, barista bar and market café with two outdoor terraces. The interior will also feature an internal staircase that will connect a two-floor conference center and executive suite. Serving as general contractor, Skender is collaborating with Interior Architects and JLL on the project. Completion is slated for the fourth quarter of this year. Howard Hughes Corp. and Riverside Investment & Development are the developers of the nearly $800 million project. Several law firms, including King & Spalding, as well as investment bank Lincoln International and coworking space provider No18 have signed leases at the property, according to the Chicago Tribune.

February 6, 2020

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