Office

Office Landlords in Northeast Offer an Array of Amenities to Attract Tenants

by Taylor Williams January 15, 2020

In the largest office markets of the Northeast, landlords are competing to attract valuable corporate tenants by providing the highest quality work-life balance for the region’s talented workforce. The Boston, New York and Philadelphia office markets are among the most competitive in the country. While factors like salary, commute time and personal fulfilment remain important in deciding where to work, employees are now placing more emphasis on amenities and work-life balance in their final decisions. Consequently, employers are making a point to meet those demands by investing in properties with convenient access to those amenities, in particular fitness, dining and transit. According to Colliers International, Class A office asking rents in Boston rose 9.9 percent in the third quarter of 2019, commanding $100 per square foot in the city’s hottest markets. Lauren Vecchione, senior vice president in the Boston office of Colliers, says that landlords have to provide competitive amenities if they want to command and achieve the asking rents in submarkets with the strongest demand, including the Seaport, Financial District, Back Bay and Cambridge’s Kendall Square. “Larger and smaller tenants alike are focused on finding efficient spaces that allow them to build out a creative office experience for their …

January 15, 2020

Loans Office Top Stories Washington Western

Gemini Rosemont Receives $204M Refinancing for Office Campus in Bellevue, Washington

by Kristin Harlow January 15, 2020

BELLEVUE, WASH. — Gemini Rosemont Commercial Real Estate, in partnership with an affiliate of Beacon Capital Partners, has received a $204 million loan for the recapitalization and refinancing of One Twelfth @ Twelfth, an office campus in Bellevue. The asset comprises three six-story buildings totaling 480,187 square feet. The Class A, LEED Gold-certified buildings are located just off the I-405 corridor in downtown Bellevue, about 10 miles east of Seattle. Constructed in 2000, the property features a full-service café, fitness center, outdoor balconies, electric car charging stations, bicycle storage, conference room, outdoor plazas and close proximity the Bellevue Transit Center. Gemini Rosemont acquired the property in December 2016 and completed a capital improvement program in 2019. “In late December 2019, our new partner acquired an 80 percent interest in the joint venture formed to hold the asset,” says Jon Dishell, chief capital officer for Gemini Rosemont. “Beacon shares our vision for the asset, and we are looking forward to working together to continue to increase One Twelfth’s value, as well as pursuing other opportunities together.” MetLife Investment Management provided the five-year, floating-rate loan. It includes a $19 million facility for future leasing costs and capital expenses. Los Angeles-based Gemini Rosemont’s …

January 15, 2020

Acquisitions Development North Carolina Office Southeast

Beacon Partners Purchases 7.6 Acres in Charlotte for LoSo Station Office Building

by Alex Tostado January 14, 2020

CHARLOTTE, N.C. — Beacon Partners has purchased two parcels totaling over 7.6 acres in Charlotte from Raleigh-based Cherokee Fund that will house a five-story, office building. The project will be part of LoSo Station, a mixed-use development in Charlotte’s Lower South End (LoSo) neighborhood. Beacon’s office development will encompass 80,000 square feet of office and retail space, with an expected move-in date of 2021. The design team for the office building includes RBA Architects and landscape architect LandDesign. Beacon’s Kristy Venning is overseeing leasing. The 15-acre LoSo Station is master-planned to include over 1 million square feet of office and retail space, a hotel and 350 multifamily units to be developed by Crescent Communities. LoSo Station is located directly across from the Scaleybark Lynx Station and is situated on the Charlotte Rail Trail, a 3.5-mile public path. The master plan for LoSo Station incorporates rooftop entertainment, meeting space, outdoor retail plazas and athletic fields.

January 14, 2020

Acquisitions Florida Office Southeast

JLL Arranges $50.4M Sale of Resource Square Office Portfolio in Orlando

by Alex Tostado January 14, 2020

ORLANDO, FLA. — JLL has arranged the $50.4 million sale of Resource Square One and Three, two fully occupied buildings in Orlando’s Central Florida Research Park. A joint venture between Crocker Partners LLC and PCCP LLC purchased the assets from TerraCap Management LLC. The JLL Capital Markets team led by Ike Ojala, Hermen Rodriguez, Robbie McEwan and Matt McCormack represented the seller and procured the buyer in the transaction. JLL’s Maxx Carney and Reid Carleton worked on behalf of the buyers to secure a seven-year, floating-rate acquisition loan with Synovus Financial Corp. Totaling approximately 245,000 square feet, the buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway, near University of Central Florida (UCF) and Fla. State Routes 50 and 408. Resource Square One is a three-story building constructed in 1999, and Resource Square Three is a five-story building delivered in 2003. As the largest office landlord in the state, this acquisition brings Crocker’s total assets under management in Central Florida to almost 1 million square feet.

January 14, 2020

Leasing Activity Office South Carolina Southeast

Tech Firm Renews Office Lease in Greenville, Expands to 44,000 SF

by Alex Tostado January 14, 2020

GREENVILLE, S.C. — Greenville-based Gordian has renewed its lease early and expanded its office space to 44,000 square feet at 30 Patewood Drive in Greenville. Colliers International’s Brantley Anderson and Taylor Allen represented the information technology and services company in the expansion. Gordian provides construction costs analytics, estimating information, pricing data and procurement software and services.

January 14, 2020

Acquisitions Office Texas

Partners Group, Accesso Sell 688,100 SF Riata Corporate Park in Austin

by Taylor Williams January 14, 2020

AUSTIN, TEXAS — A joint venture between global private investment manager Partners Group and Florida-based Accesso has sold Riata Corporate Park, a 688,100-square-foot office campus in Austin. The joint venture acquired the property, which was developed by CarrAmerica between 1998 and 2000, in 2015. The ownership also implemented a value-add program that increased the occupancy rate from 85 to 99 percent. Riata’s amenities include a fitness center, basketball court and an outdoor courtyard with food trucks. The buyer and sales price were not disclosed.

January 14, 2020

Acquisitions Arizona Office Western

ViaWest, Taconic Capital Acquire Two-Building Office Complex in Phoenix for $27M

by Amy Works January 14, 2020

PHOENIX — A joint venture between ViaWest Group and New York-based Taconic Capital Advisors has purchased Canyon Corporate Plaza, a core-plus office campus in Phoenix. An undisclosed seller sold the asset for $27 million. The property consists of a five-story building and a six-story building, each offering a parking garage, plus 6.4 acres of developable land. Constructed in 1989 and 2000, the 313,000-square-foot asset is located at 2510 and 2512 W. Dunlap Ave. in Northwest Phoenix. At the time of sale, the property was 66 percent occupied. The buyers plan to renovate the asset with upgrades including new lobbies, elevator modernizations, a food truck plaza, tenant lounge and more. Dennis Desmond, Tivon Moffitt and Peter Baumann of JLL’s Phoenix office and Lynn LaChapelle of JLL’s San Diego office represented the buyer and seller in the deal. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle leasing for the property.

January 14, 2020

Leasing Activity New York Northeast Office

Northwestern Mutual Signs 91,217 SF Office Lease in Manhattan

by Alex Patton January 14, 2020

NEW YORK CITY — Financial security company Northwestern Mutual has signed a 91,217-square-foot office lease at 200 Liberty Street, a 40-story, Class A office building in Manhattan. Northwestern will occupy the entire 30th through 32nd floors of the 1.74 million-square-foot building. Cesar Pelli & Associates Architects designed the building, which was completed in 1986. Scott Vinett of JLL represented Northwestern in the lease negotiations along with Chris Joyner and Andrew Hegmann of Fischer & Co. Mikael Nahmias represented the landlord, Brookfield Properties, on an internal basis along with Paul Glickman and John Wheeler of JLL.

January 14, 2020

Leasing Activity New York Northeast Office

Helmsley Spear Negotiates 8,266 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton January 14, 2020

NEW YORK CITY — Helmsley Spear LLC has negotiated an 8,266-square-foot office lease renewal and expansion for boutique corporate and real estate law firm Burgher Gray LLP in Manhattan. The law firm, which moved into its office space at 1350 Broadway in October 2016, renewed its lease for 10 years. The company also expanded its office space by 3,460 square feet to a total of 8,266 square feet. Often called the Herald Square Building, the 25-story tower spans 400,000 square feet. Rene Hamilton and Shanae Ursini represented the landlord, Empire State Realty Trust, in the lease negotiations.

January 14, 2020

Acquisitions North Carolina Office Southeast

JLL, Capital Associates Broker $17.7M Sale of Biomedical Partnership Center in Raleigh

by Alex Tostado January 13, 2020

RALEIGH, N.C. — JLL and Raleigh-based Capital Associates have co-brokered the $17.7 million sale of the Biomedical Partnership Center, a 44,835-square-foot flex/lab building in Raleigh. The newly built property is located at 1001 William Moore Drive on the North Carolina State University’s Centennial Biomedical Campus. Located on 2.6 acres at the corner of Blue Ridge Road and Hillsborough Street, the two-story property has nearby access to Interstates 40 and 440, N.C. Highway 54 and Raleigh-Durham International Airport. The Biomedical Partnership Center was 95 percent leased at the time of sale to multiple tenants. JLL and Capital Associates represented the seller, CBC Flex Lab LLC, and procured the purchaser, Flex III Subsidiary LLC, a Tennessee-based entity that purchased the facility in a 1031 exchange. Ryan Clutter, Scot Humphrey, Christopher Lingerfelt and Zack Drozda of JLL and Tom Huff of Capital Associates represented the seller.

January 13, 2020

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