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2160-S-El-Camino-Real-Oceanside-CA
AcquisitionsCaliforniaOfficeWestern

CBRE Brokers $6.6M Sale of Single-Tenant Office Building in Oceanside, California

by Amy Works

OCEANSIDE, CALIF. — CBRE has arranged the sale of an office building located at 2160 S. El Camino Real in Oceanside. An Orange County, Calif.-based 1031 private buyer acquired the asset for $6.6 million, or $493 per square foot. The U.S. Federal Government occupies the 13,500-square-foot, single-tenant property on a 15-year lease that commenced in 2018. The building was a build-to-suit in 2004 for the Social Security Administration and was fully remodeled and upgraded in 2018 to current U.S. General Services Administration standards. The upgrades included a new roof and HVAC system. Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson and Matt Harris of CBRE represented the seller, a private investor, in the transaction.

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Firmspace-Austin
FeaturesOffice

Why Coworking Space Will Survive COVID-19

by Taylor Williams

By Charlie Tanner, Director of Real Estate & Development, Firmspace The COVID-19 pandemic has proven that many companies can operate successfully while working remotely. This out-of-office trend has spurred many discussions about whether coworking spaces, a relatively new concept in commercial real estate, may already be a thing of the past. However, these workspaces represent an important part of doing business and developing relationships with colleagues and clients, particularly in the commercial real estate industry. Moving forward, while many aspects of working in an office will change, real estate professionals will continue to rely on a new kind of coworking space to support their operations and employees. Here’s what the coworking landscape will look like in the months and year ahead: Health, Safety Emphases At the start of the first quarter of 2020, 70 percent of all office spaces in the United States had at least a partially open design plan. As major companies have scrambled to erect new walls and plexiglass desk dividers, offices that were originally constructed to facilitate private work have risen in demand. Much has already been written about the return of the cubicle, and those who prefer to work in private, soundproof rooms with doors …

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Ovation-Hollywood-CA
CaliforniaDevelopmentMixed-UseOfficeRestaurantRetailWestern

Gaw Capital USA, DJM Unveil Plans for Ovation Hollywood Mixed-Use Project in Los Angeles

by Amy Works

LOS ANGELES — Gaw Capital USA, a Hong Kong- and Los Angeles-based real estate private equity firm, and DJM, a San Jose- and Los Angeles-based private equity real estate developer, have released plans for transforming the shopping center at Hollywood & Highland into Ovation Hollywood. Upon completion in late 2021, Ovation Hollywood will be a mixed-use project offering 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of restaurant space, 65,000 square feet of entertainment space and 40,000 square feet of event space. Gensler is providing design and architectural services to update the property’s physical appearance, including a simplified façade and color scheme, new concept for the tower, an easier to navigate layout, updated landscape design, new art pieces and enhanced outdoor space. In addition to physical upgrades, the project team is focusing on refreshing the property’s tenant mix. Renovations are slated to begin later this year, with completion scheduled for late 2021.

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FloridaLoansOfficeSoutheast

New York Life Provides $38.3M Refinancing Loan for Office Building in Fort Lauderdale

by Alex Tostado

FORT LAUDERDALE, FLA. — New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale. The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts. The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022. Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.

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Leasing ActivityNew YorkNortheastOffice

Advertising Agency Mother Signs 61,000 SF Office Lease in Brooklyn

by Taylor Williams

NEW YORK CITY — Mother, a creative advertising agency with offices in London, Shanghai and South America, has signed a 61,000-square-foot office lease in the Gowanus area of Brooklyn for its new headquarters in New York City. The company signed a 15-year lease to occupy space at Roulston House, a redeveloped office building that originally served as a warehouse for Roulston, a grocery chain founded in the 1880s. Michael Schoen, Marc Schoen and Harrison Katzman of The Schoen Group, a division of New York City-based Savitt Partners, represented Mother in the lease negotiations. Joseph Hamway and Josh Sloan represented the landlord, ICP Realty, on an internal basis.

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Leasing ActivityMaineNortheastOffice

Cardente Negotiates 5,618 SF Office Lease in Portland, Maine

by Taylor Williams

PORTLAND, MAINE — Locally based brokerage firm Cardente Real Estate has negotiated a 5,618-square-foot office lease at 11 Baxter Blvd. in Portland. Matthew Cardente of Cardente Real Estate represented the landlord, the William C. Rowell Family LP, in the lease negotiations. Derek Miller of The Boulos Company represented the tenant, behavioral healthcare provider LifeStance.

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DevelopmentIllinoisMidwestOffice

Skender Completes Interior Construction of Equity Residential’s Chicago Office

by Kristin Harlow

CHICAGO — Skender has completed interior construction of the 75,000-square-foot Chicago office of Equity Residential (NYSE: EQR), an owner, developer and manager of apartments. Equity occupies two floors at Two North Riverside and has private access to the building’s roof terrace, which Skender built out as part of the project. The renovated office space features a new atrium with connecting staircase; a mix of open workstations and private offices, conference rooms and board rooms; and new bathrooms. Skender collaborated with architect Partners by Design, owner’s representative JLL and engineering consultant ESD.

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Leasing ActivityMidwestMinnesotaOffice

Nerdery Signs 65,000 SF Office Lease in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Nerdery has signed a 65,000-square-foot office lease at 7700 France Ave. in Edina, just south of Minneapolis. Nerdery is a digital business consulting firm focused on product and service development. Jim Damiani, Ryan Bohrer, Andrew Commers and Maura Carland of Newmark Knight Frank (NKF) represented the tenant in the lease transaction. Bloomington, Minn.-based Frauenshuh owns the property. Nerdery is slated to relocate from Bloomington to its built-out space in Edina in September. Minneapolis-based Studio KKChong designed the new office, which features an internal staircase, reception area with coffee bar and a rooftop patio. Nerdery’s lease is the largest office lease year to date in the Minneapolis market, according to NKF.

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Twelve24-Atlanta
DevelopmentGeorgiaOfficeSoutheastTop Stories

Trammell Crow Completes 345,000 SF, Transit-Served Office Building in Metro Atlanta

by Taylor Williams

DUNWOODY, GA. — Dallas-based developer Trammell Crow Co. has completed Twelve24, a 345,000-square-foot office building located at 1224 Hammond Drive in Dunwoody, a suburb of Atlanta in the metro’s Central Perimeter submarket. The 16-story building features a skybridge with direct access to the Dunwoody MARTA Station. Twelve24 is also located adjacent to Perimeter Mall and in close proximity to Interstate 285 and State Route 400. In addition, Twelve24 houses 11,000 square feet of ground-floor retail space, 7,500 square feet of which is preleased to Iron Hill Brewery & Restaurant. Insight Global, a national staffing and services company, has leased approximately 72 percent of the office space as the anchor tenant. The building offers an amenity floor with a fully staffed, 10,000-square-foot fitness center, an indoor conference center, tenant lounge and a café. Outdoor amenities include a yoga lawn, multiple lounge areas and a covered outdoor conference center. According to a second-quarter report on the Atlanta office market from Colliers International, the Central Perimeter submarket has a direct vacancy rate of 14.7 percent and has seen more than 1 million square feet of positive absorption year-to-date. Trammell Crow is also working with Concord Hospitality Group to develop a 177-room Hyatt Place …

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