Office

NKF Negotiates $42.4M Sale of Office, Retail Building in Boston’s Back Bay Area

by Taylor Williams August 5, 2020

BOSTON — Newmark Knight Frank (NKF) has negotiated the $42.4 million sale of 8 Newbury Street, a 17,023-square-foot office and retail building located in Boston’s Back Bay area. A Rolex flagship store occupies the ground- and second-floor retail spaces of the property, which was originally built in the 1920s. Robert Griffin, Geoffrey Millerd and Paul Penman of NKF represented the seller, a joint venture between UrbanMeritage and L&B Realty Advisors, in the transaction. The trio also procured the buyer, a partnership between Chile-based family office Corso and GLL Real Estate Partners, an international real estate fund manager based in Germany.

August 5, 2020

Acquisitions Arizona Healthcare Office Western

Equus Sells Scottsdale Gateway I Medical Office Building in Arizona for $27M

by Amy Works August 5, 2020

SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the disposition of Scottsdale Gateway I, a medical office building located on 8.5 acres in Scottsdale. An undisclosed buyer acquired the property for $27 million. Built in 1998, the 107,049-square-foot building features a two-story atrium lobby, 58,000-square-foot floor plates and a parking ratio of 5.8 cars per 1,000 square feet, as well as additional development potential. At the time of sale, the building was 96 percent occupied. Scottsdale Gateway I is located adjacent to Honor Health’s 427-bed Scottsdale Shea Medical facility. The property was originally part of a two-building office portfolio that Equus acquired in 2014 on behalf of BPG Investment Partnership IX, a discretionary fund managed by the firm. Benjamin Geelan and Andrew Milne of JLL represented the seller in the deal. Bryan Taute of CBRE served as leasing agent on the assignment.

August 5, 2020

Acquisitions California Office Western

BLT Enterprises Buys 200,000 SF Television Center Office Campus in Hollywood

by Amy Works August 5, 2020

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has acquired Television Center, a creative office and production campus located on 6.4 acres in the Hollywood submarket of Los Angeles. Terms of the transaction, including seller and acquisition price, were not released. The 200,000-square-foot property was the original headquarters of Technicolor and the studio lot for Metro Pictures, a silent filmmaker and forerunner of Metro-Goldwyn-Mayer. The previous owner updated the property from its original uses and tailored the asset to the needs of traditional media, streaming media companies, television, film and digital production tenants, as well as innovative technology and design professionals. Brad McCoy, Dave Wilson and Aaron Wilder of Lee & Associates West LA represented BLT in the transaction. Bryan Kenny and Will James of Sunrise Mortgage arranged acquisition financing, while Mike Slinger, Patricia Shlageck and their teams at Chicago Title handled title and escrow. With the acquisition, BLT now owns more than 250,000 square feet of office, production and studio space in Hollywood. Last year, BLT purchased a four-stage studio lot adjacent to Television Center and established BLT Studios, serving production clients throughout the area. Earlier this year, the company also acquired two additional creative office projects within a half-mile …

August 5, 2020

Farley Building Penn District Manhattan NYC

Development Leasing Activity Mixed-Use New York Northeast Office Top Stories

Facebook Leases 730,000 SF of Office Space at Vornado’s Farley Building in Manhattan

by John Nelson August 4, 2020

NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …

August 4, 2020

Leasing Activity Office Texas

Ad Agency Signs 13,000 SF Office Lease at M-K-T Mixed-Use Development in Houston

by Taylor Williams August 3, 2020

HOUSTON — Locally based advertising agency Decode has signed a 13,000-square-foot office lease at M-K-T, a mixed-use development in The Heights neighborhood of Houston. Triten Real Estate Partners, Radom Capital and Long Wharf Capital are the co-developers of M-K-T. Bubba Harkins and Jenny Mueller of JLL represented the development team in the lease negotiations. Joe Rambin of Cushman & Wakefield represented the tenant. With the closing of this deal, the office component of the project is 50 percent preleased.

August 3, 2020

Acquisitions Georgia Healthcare Office Southeast

Anchor Health Acquires New Medical Office Building in Metro Atlanta for $29.8M

by Alex Tostado August 3, 2020

BROOKHAVEN, GA. — Anchor Health Properties has acquired Brookhaven Medical Center II, a new 51,429-square-foot medical office building in Brookhaven. The developers, G.H. Anderson & Co. and The Gipson Co., sold the property for $29.8 million, or $581 per square foot. Piedmont Healthcare’s Piedmont Physicians of Brookhaven fully occupies the property, which was delivered in early June. At the location, Piedmont Physicians of Brookhaven provides ENT, dermatology, orthopedic, ophthalmology and pulmonary services. The asset is situated at 3929 Peachtree Road NE, five miles from Piedmont Atlanta Hospital and 10 miles northeast of downtown Atlanta. Steve Hall and Kevin Markwordt of Transwestern Real Estate Services represented the sellers in the transaction.

August 3, 2020

Loans Midwest Minnesota Office

JLL Arranges $26.6M Loan for Acquisition of Suburban Minneapolis Office Campus

by Kristin Harlow August 3, 2020

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged a $26.6 million loan for the acquisition of UnitedHealth Group’s Optum Campus in Eden Prairie, a suburb of Minneapolis. The fully leased office property spans 473,325 square feet and is located on Technology Drive. Completed in 2001, the mid-rise complex comprises three buildings. Amenities include a cafeteria, fitness center, auditorium and covered parking. Doug Opalka, Chris McColpin and Alastair Barnes of JLL arranged the 10-year, fixed-rate loan on behalf of the buyer, Virtus Real Estate Capital. A CMBS lender provided the loan.

August 3, 2020

Development Illinois Midwest Office

Glenstar, Rubenstein Complete $20M Renovation of Continental Towers Office Property in Suburban Chicago

by Kristin Harlow August 3, 2020

ROLLING MEADOWS, ILL. — Glenstar and Rubenstein Partners have completed a $20 million renovation of Continental Towers in Rolling Meadows. Built between 1978 and 1982, the 910,000-square-foot office complex is located at 1701 Golf Road. The three-building property sits on 34 acres and is home to tenants such as Verizon and Panasonic. The main portion of the modernization project was a one-acre outdoor space, which now houses flexible seating, gathering areas, fire pits and grills. Additional improvements were made to the lobbies, elevator cabs, common areas and tenant lounge. Michael Klein, co-founder and managing principal of Glenstar, says the owners have a robust program in place to address today’s safety and social distancing concerns. “Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance.” In 2015, Glenstar invested $30 million in the construction of a parking garage, reconfigured site plan and renovation of a 23,000-square-foot fitness center run by Midtown Fitness. Glenstar originally acquired Continental Towers in 2013 and recapitalized the property in 2018 with the help of Rubenstein Partners, which is a fund manager for a series of private equity funds focused on office investments …

August 3, 2020

California Loans Office Walker & Dunlop Western

Walker & Dunlop Arranges $8M Refinancing for Orange County Office Property

by Amy Works August 3, 2020

TUSTIN, CALIF. — Walker & Dunlop has secured a $8 million loan for the refinancing of Pointe Red Hill, a single-tenant office building located in Tustin. The borrower is Fortland Inc. Symetra Life Insurance Co. provided the 10-year, fixed-rate loan, which allowed the borrower to refinance the property’s existing debt and implement property improvements, including the installation of solar carports. Grant Robertson and Kevin Dinneen of Walker & Dunlop’s Los Angeles-based team arranged the financing. The two-story, 51,065-square-foot property features an open floor plan with a mix of private suites and conference rooms. Since 2018, an online retail company has occupied the building.

August 3, 2020

Acquisitions Office Texas

Colliers Arranges Sale of 174,147 SF Tower at Frisco Square Office Building

by Taylor Williams July 31, 2020

FRISCO, TEXAS — Colliers International has arranged the sale of Tower at Frisco Square, a 174,147-square-foot office building situated on 3.2 acres at 5757 Main St. in Frisco. Video game developer Gearbox Software is the anchor tenant of the five-story building, which was constructed in 2015 and has an adjacent five-level parking garage with additional ground-floor office and retail space. Dallas-based Encore Enterprises sold the property to Missouri-based REIT Maxus Realty Trust for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal.

July 31, 2020

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