Office

Innovo Property Group Completes 210,000 SF Office Project at Mixed-Use Building in Queens

by Alex Patton June 29, 2020

NEW YORK CITY — Innovo Property Group, a New York City-based developer, has launched 210,000-square-feet of office space in the Long Island City neighborhood of Queens. The space is located on two floors of The Bridge, an 830,000-square-foot mixed-use building located at 24-02 49th Ave. and can be adapted for coworking or shared office use. The building was originally completed in 1928 as an industrial facility and once served as a warehouse for Bloomingdale’s. The New York City Housing Authority holds a 30-year lease for 600,000 square feet of at the building.

June 29, 2020

Acquisitions Georgia Office Southeast

Skyline Seven Brokers $2.2M Sale of Office Building in Metro Atlanta

by Alex Tostado June 29, 2020

CHAMBLEE, GA. — Skyline Seven Real Estate has brokered the $2.2 million sale of 5115 New Peachtree Road, a 16,740-square-foot office building in Chamblee. The property was 95 percent leased at the time of sale to nine tenants, including Emory University, MARTA, Improve IT! of Atlanta and BryTech. The asset, which was built in 1973, is located adjacent to the Chamblee MARTA Station and 13 miles northeast of downtown Atlanta. Elliott Kyle of Skyline Seven represented the seller, Atlanta-based First American Exchange Co., in the transaction. Southern First Bank provided an acquisition loan on behalf of the buyer, Old Ivy Property Re Fund I.

June 29, 2020

Development Office Texas

Granite Properties to Undertake 623,624 SF Office Redevelopment Project in Uptown Dallas

by Taylor Williams June 29, 2020

DALLAS — Granite Properties will redevelop Cedar Maple Plaza, an office complex located at the corner of Cedar Springs Road and Maple Avenue in Uptown Dallas. Granite will rebrand the new 623,624-square-foot mixed-use office property as 23Springs. The locally based developer will demolish three existing buildings on the 2.5-acre site and build a 26-story office tower, two detached buildings that will house 16,000 square feet of restaurant space and a small park. Amenities at 23Springs will include a coffee and wine bar, fitness studio, conference facilities and a tenant lounge with a golf simulator. GFF is the project architect, and DPR is the general contractor. Granite has received all necessary permits and entitlements and expects to begin construction in the first quarter of 2021.

June 29, 2020

Acquisitions District of Columbia Office Southeast Top Stories

Smithsonian Institution Pays $254M for New Headquarters in Washington, D.C.

by Alex Patton June 26, 2020

WASHINGTON, D.C. — The Smithsonian Institution has acquired the 318,557-square-foot West Tower of the Capital Gallery office property in Washington, D.C. for $254 million. The U.S. government entity, which operates 19 museums and nine research centers, will use the building as its new headquarters. Located at 600 Maryland Ave. S.W., the 10-story glass building makes up just over half of the two-building property, which totals 631,029 square feet of Class A office space. Smithsonian also acquired four floors of the eight-story East Tower. Smithsonian already leases office space within the building, and the acquisition is part of a plan to consolidate five office spaces in the Washington, D.C. area into a single location. The financial and administrative offices, currently located in Crystal City at 2011 Crystal Drive, in Arlington, Virginia, are the largest offices to move to the new administrative headquarters. Other offices to be consolidated include spaces at 955 L’Enfant Plaza S.W.; 425 Third St. S.W.; and 901 D St. S.W. The move is scheduled to begin early next year. “The reason for purchasing an office building near the National Mall is twofold — it is more efficient to have staff together in a central location and it is …

June 26, 2020

Leasing Activity New Jersey Northeast Office

JLL Negotiates 68,000 SF Office Lease for WuXi Biologics in Cranbury, New Jersey

by Alex Patton June 26, 2020

CRANBURY, N.J. — JLL has negotiated a 68,000-square-foot office lease for WuXi Biologics, a Chinese medical technology development company, in Cranbury, a northeastern suburb of Trenton. The company has leased the entirety of a facility located at 7 Clarke Drive for 10 years. The building includes a research and development laboratory, biologics manufacturing space and office space. The facility was constructed in 1998 and is located within Cedar Brook Corporate Center, a 1.2 million-square-foot office and technology park. This is the third lease for the WuXi Biologics in the United States, along with a facility in Worcester, Massachusetts, and a 33,000-square-foot development laboratory in King of Prussia, Pennsylvania. Cedar Brook Corporate Center, the owner of the building, was represented internally. Robert Ryan and John Buckley of JLL represented WuXi Biologics in the lease negotiations.

June 26, 2020

Acquisitions New Jersey Northeast Office

Golden Gate Capital Acquires Office Portfolio in Mount Laurel, New Jersey for $14.8M

by Alex Patton June 26, 2020

MOUNT LAUREL N.J. — Brooklyn-based private equity firm Golden Gate Capital has acquired a seven-building office portfolio in Mount Laurel, an eastern suburb of Philadelphia, for $14.8 million. The portfolio totals 244,000 square feet and includes a building located at 10001 Briggs Road in the Cambridge Crossing office complex, as well as six buildings in Greentree North Corporate Center. Tenants of the portfolio include Vertical Screen, Cooper Institute for Reproductive Hormonal Disorders, Ancero LLC, Just Children and Virtua Infectious Disease. Both properties offer convenient access to the New Jersey Turnpike and Interstate 295. Stephen Marzullo, Adam Silverman and Jon Sarkinsian of CBRE represented the undisclosed seller in the transaction.

June 26, 2020

Acquisitions New Jersey Northeast Office Retail

Kislak Brokers Sale of 40,000 SF Office, Retail Property in Parsippany, New Jersey

by Alex Patton June 26, 2020

PARSIPPANY, N.J. — The Kislak Company Inc. has brokered the $4.3 sale of Colony Plaza, a 40,000-square-foot office and retail property in Parsippany, a northwestern suburb of New York City. The site is located on a 3.2-acre site at 1180-1220 Route 46 near State Routes 10 and 287 and currently houses three buildings. Tom Scatuorchio and Matt Weilheimer of Kislak represented the seller, a private investor, in the transaction. The buyer was undisclosed.

June 26, 2020

Acquisitions Office Southeast Virginia

Divaris Arranges Sale of 310,745 SF Office Building Housing Norfolk Southern’s Headquarters

by Alex Tostado June 25, 2020

NORFOLK, VA. — Divaris Real Estate has arranged the sale of the Arnold B. McKinnon Norfolk Southern headquarters, a 310,745-square-foot office building in downtown Norfolk. The building has been home to Norfolk Southern Railroad’s headquarters since 1988. The company will finish out its lease, which has 18 months remaining, then move to Midtown Atlanta. A joint venture between TowneBank and Children’s Hospital of the King’s Daughter (CHKD) acquired the 22-story tower for an undisclosed price from Norfolk Southern. As part of the acquisition, the buyers also purchased the Commercial Place Garage, a 744-space parking garage connected to the tower via skybridge. The parking garage features retailers on the ground level. TowneBank and CHKD will each occupy 10 stories, with CHKD bringing over 475 employees and TowneBank relocating 400. TowneBank has hired WM Jordan as the general contractor to renovate the bank’s future home, on floors that Norfolk Southern is not currently occupying. Creative Development Partners will manage the renovations. Gerald Divaris, Michael Divaris and Jason Oliver of Divaris Real Estate represented the buyers in the transaction. Gayle Bartlett of Divaris Property Management Corp. will continue to manage the building, as well as the parking garage and retail on the first …

June 25, 2020

Development North Carolina Office Southeast

Atco, Shorenstein Open 140,000 SF Office Building at Camp North End in Charlotte

by Alex Tostado June 25, 2020

CHARLOTTE, N.C. — Atco Properties & Management and Shorenstein Properties LLC have opened the Gama Goat Building, a 140,000-square-foot office building in Charlotte. The new building is situated at 1701 N. Graham St. within the 1 million-square-foot mixed-use development, Camp North End. The open-air property also features four food halls, including La Caseta, Bleu Barn Bistro and Saru by Bow Ramen, which were all unveiled during the grand opening ceremony held Wednesday. S9 Architecture served as the design architect, BB+M Architecture served as the local production architect and LandDesign served as the civil engineer and landscape architect for the Gama Goat Building. Jessica Brown, David Dorsch, Kris Westmoreland and Grant Keyes of Cushman & Wakefield will handle leasing efforts at the building. Approximately 3,000 square feet of retail space is available for lease, including the fourth food stall. Fitness concept bloc also leases space at the Gama Goat Building.

June 25, 2020

Development Office Texas

CIM Group Completes 44,000 SF Creative Office Building in Austin

by Taylor Williams June 25, 2020

AUSTIN, TEXAS — Los Angeles-based developer CIM Group has completed a 44,000-square-foot creative office building located at 3601 S. Congress Ave. in Austin. The building is situated within Penn Field a 16-acre campus that was originally developed in 1918 as a U.S. Army air base and now houses tenants such as Deep Eddy Vodka, High Brew Coffee and Pandora. The new building can accommodate single or multiple users and features floor-to-ceiling windows and outdoor patios and terraces. AQUILA Commercial is handling leasing of the property.

June 25, 2020

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