PHILADELPHIA — Coworking office space provider Hana, a subsidiary of CBRE Group Inc., will open a 50,000-square-foot space in Philadelphia. The office will occupy two floors at 1818 Market Street, a 981,000-square-foot office building in the Center City district. Slated for to come on line in 2020, the space will provide rentable coworking office space as well as conference rooms and event space. Shorenstein Properties is the owner of the building.
FAIR LAWN, N.J. — NAI James Hanson has arranged the sale of a 6,100-square-foot office condo at 17-10 River Road in Fair Lawn, a northwestern suburb of New York City. Ho-Ho-Kus Inc., a designer and manufacturer of latching and clamping systems for commercial, business and military applications, acquired the asset in order to house its growing staff. Darren Lizzack and Randy Horning of NAI Hanson represented the seller, RPM 1, in the transaction. The sales price was undisclosed.
MIAMI — Greenwich, Conn.-based Ivy Realty has sold the Waterford Centre at Blue Lagoon office building in Miami for $30.4 million. An affiliate of Coral Gables-based Patton Real Estate Group bought the six-story property for $332 per square foot. The 91,431-square-foot office building is located on four acres at 6205 Blue Lagoon Drive. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell and Mike Davis of Cushman & Wakefield’ s Capital Markets team represented Ivy Realty in the sale, while Stuart Kapp of Kapp Morrison LLP provided the seller with legal counsel during negotiations. Ivy Realty originally acquired Waterford Centre for $21.9 million in an entity sale in 2014. Developed in 1999, Waterford Centre is situated in Miami’s Waterford Business District, a 250-acre master-planned, mixed-use park located directly across the Dolphin Expressway (Fla. State Road 836) from Miami International Airport. The park is composed of 22 office buildings totaling more than 3.3 million square feet, as well as four hotels, numerous restaurants, banking facilities, a day care center and a United States Postal Service branch. The building was 88.8 percent leased at the time of sale to tenants including The Parker Co., CheckAlt LLC, Travel Traders LLC and Cardinia Real Estate LLC of Omnicom Group.
CHATTANOOGA, TENN. — Atlanta-based Coro Realty Advisors LLC has acquired Signal Mill, a 44,764-square-foot office and retail building situated on three acres in the NorthShore district of Chattanooga. An affiliate of Woodberry Group LLC sold the renovated property, which is a former textile mill, for an undisclosed amount. Colliers International’s Hayes Swann, Joe Montgomery and Tony D’Ambrosio brokered the sale. Signal Mill was built in 1916 and is listed on the National Register of Historic Places. The two-story brick building at 205 Manufacturers Road was originally used for making clothing until it closed in 1986. Developers renovated the former mill in 2017. Food Works, Genevieve Bond Gifts, Edley’s Bar-B-Que, Mean Mug Coffee and Pigtails & Crewcuts are among the retail and dining tenants occupying Signal Mill’s first floor. Covenant Transport Service, a trucking and logistics company, occupies the entire second floor. Located across the street from the 23-acre Renaissance Park, Signal Mill is within walking distance of the historic Walnut Street Pedestrian Bridge, which connects the NorthShore area to downtown Chattanooga.
MORRISTOWN, N.J. — Accounting firm Deloitte has preleased a 110,000-square-foot office space at M Station, an office redevelopment project in Morristown. SJP Properties and Scotto Properties plan to convert the Midtown Shopping Center strip in downtown Morristown into two office buildings totaling 400,000 square feet. Deloitte’s lease is contingent on SJP and Scotto receiving full municipal approvals for the project. The company plans to relocate from its previous office in Parsippany and will occupy floors two through six of M Station East. The building will also include 10,000 square feet of ground floor retail. M Station West is planned to be seven stories and approximately 253,000 square feet, which will include approximately 230,000 square feet of office space and 23,000 square feet of retail space. David Stefancic, Lexis Livengood, Ben Brenner and Josh Cohen of Cushman & Wakefield represented Deloitte in the lease negotiations. Robert Donnelly, Robert Donnelly Jr. and Brian Decillis of Cushman & Wakefield represented SJP and Scotto. Gensler designed the project.
PARSIPPANY, N.J. — The Birch Group has purchased a 191,249-square-foot office complex in Parsippany, located approximately 30 miles west of New York City. The complex comprises two buildings located at 99 and 119 Cherry Hill Road that were 88 percent leased at the time of sale. Jeffrey Dunne, Jeremy Neuer and Steve Bardsley led a CBRE team that represented the undisclosed seller in the transaction. The team also procured the Birch Group as the buyer. The sales price was undisclosed.
HOUSTON — JLL has negotiated the sale of Concourse at Westway, a 130,223-square-foot office building located at 4700 W. Sam Houston Parkway in Houston. Built in 1999, the Class B property was 56 percent leased at the time of sale. Trent Agnew, Kevin McConn and Marty Hogan of JLL represented the seller, EverWest, in the transaction. The buyer was Houston-based investment firm Griffin Partners, which will implement a value-add program.
DALLAS — Travel advisory firm TripActions has signed an 88,490-square-foot office lease at Renaissance Tower, a 56-story office tower located at 1201 Elm St. in downtown Dallas. Dennis Barnes, Clay Gilbert and Ben Davis of CBRE represented the landlord, a partnership between Moinian Group and SMA Equities, in the lease negotiations. Evan Hammer, David Harris and Jade Scott of Whitebox Real Estate, along with Bo McNally and David Bergeron of T3 Advisors, represented TripActions.
MALDEN, MASS. — Burgess Properties Inc. has brokered the $11.8 million sale of three office buildings totaling 34,696 square feet in Malden, a northern suburb of Boston. Located at 15-23 Pleasant St., 11 Dartmouth St. and 17 Dartmouth St., the buildings are situated in close proximity to each other as well as to the Malden Orange Line T and Commuter Rail Stop transit lines. Steve Nohrden of Burgess Properties represented the seller, North River Malden II, in the transaction. Nohrden also represented the buyer, Boston-based developer Quaker Lane Capital.
CINCINNATI — Neyer Properties has hired Cushman & Wakefield to manage a portfolio of office properties totaling 1.9 million square feet throughout greater Cincinnati. The portfolio includes buildings such as 36 E. 7th Street, Centennial Plaza III, Baldwin 200, Keystone Parke I and Fountain Pointe I and II. Marnie Castleberry of Cushman & Wakefield will serve as account manager for the portfolio. Cincinnati-based Neyer is one of the largest property owners in greater Cincinnati.
