Office

Hubris Capital Purchases Two Downtown Baltimore Office Properties for $29.2M

by Alex Tostado January 9, 2020

BALTIMORE — JLL Capital Markets has arranged the $29.2 million sale of two office properties in downtown Baltimore. An investment group led by Dallas-based Hubris Capital purchased both 100 South Charles-Tower II and 201 North Charles in two separate transactions. Jay Wellschlager, Andrew Finkelstein and Elizabeth Runge of JLL represented both undisclosed sellers in the two deals. 100 South Charles-Tower II is a 160,754-square-foot, eight-story office building situated atop a three-story podium containing the retail space and common lobby of the 100 South Charles development. Tower II was 74.6 percent leased at the time of sale to tenants including Liberty Mutual Group, Jacobs Engineering Group Inc., Behavioral Health System and four federal government departments. The property recently underwent nearly $2 million of capital upgrades, while the complex’s common areas were renovated separately. The 28-story, 251,943-square-foot 201 North Charles office building is one of the tallest office properties in downtown Baltimore. Located within walking distance of the Lexington Market Metro station, the property was 77.2 percent leased at the time of sale. The building features 52 underground parking spaces, a café, fitness center with showers and a locker room and 24-hour building security.

January 9, 2020

Acquisitions North Carolina Office Southeast

Bridge Acquires Two Office Properties in Raleigh

by Alex Tostado January 9, 2020

RALEIGH, N.C. — Bridge Office Fund Manager LLC, a subsidiary of Bridge Investment Group LLC, has purchased two office buildings in Raleigh. The properties include Capital Center, a seven-story, 161,698-square-foot building located at 5511 Capital Center Drive in west Raleigh. The other asset is Somerset Corporate Center, a two-building property totaling 168,310 square feet located at 4505 Falls of Neuse Road. The sales price was not disclosed. Capital Center was 93 percent leased at the time of sale to tenants including Plexus Services Corp., K4Connect, MyComputerCareer and Certara USA Inc. The property’s amenities include an onsite conference facility, outdoor common area and a fitness center. Bridge plans to invest nearly $3 million in capital improvements for the office building, including renovations for corridors and restrooms, the outdoor plaza and the entryway. Somerset Corporate Center was recently renovated with a new conference center and business hub. Capital improvements were also made to corridors, lobbies and restrooms. Somerset was 90 percent leased at the time of sale to tenants including KCI Technologies Inc., TowneBank Mortgage, Care Services LLC and Select Bank & Trust. Bridge plans to invest an additional $2.6 million to further improve corridors and restrooms and add spec suites in the …

January 9, 2020

Development Office Southeast Virginia

Hana to Open 39,000 SF Coworking Space in JBG Smith’s National Landing in Arlington, Virginia

by Alex Tostado January 9, 2020

ARLINGTON, VA. — Hana, a coworking office operator and subsidiary of Los Angeles-based CBRE Group Inc., will lease 39,000 square feet of space within JBG Smith Properties’ National Landing development, home of Amazon’s future HQ2 campus. Hana will occupy 2451 Crystal Drive, an 11-story, nearly 400,000-square-foot office building in Arlington. The National Landing location, five miles south of Washington, D.C., will be one of Hana’s six announced offices in the United States and United Kingdom. The property’s amenities include an onsite childcare facility, fitness center with showers and locker rooms, restaurants, café and bike storage/repair. 2451 Crystal Drive is less than one mile from the Virginia Railway Express Crystal City station and the Crystal City Washington Metro station. Hana expects to open the National Landing location this year. The first Hana concept opened in Dallas in August and three additional locations have been announced in London, as well as one in Irvine, Calif.

January 9, 2020

Acquisitions Massachusetts Northeast Office

JLL Brokers $46.1M Sale of Office Building in Boston

by Alex Patton January 9, 2020

BOSTON — JLL has brokered the $46.1 million sale of 15 Broad Street, a 77,678-square-foot office building in Boston. Originally constructed in 1910 as the Marshall Building, the property is a landmark in downtown Boston, situated within walking distance of Fairlane Park and multiple transit stations. The property also features street-level retail space. Coleman Benedict, Lauren O’Neil and Matthew Sherry led a JLL team that represented the seller, Brookfield Properties, in the transaction. The team also procured the buyer, TA Realty

January 9, 2020

constitution-professional-park-newington-conn

Acquisitions Connecticut Healthcare Northeast Office

Jacobson Properties Arranges Sale of 31,198 SF Medical Office Complex in Newington, Connecticut

by Alex Patton January 9, 2020

NEWINGTON, CONN. — Jacobson Properties has arranged the $8.8 million sale of Constitution Professional Park, a 31,198-square-foot medical office complex in Newington, a southern suburb of Hartford. Hartford Hospital Eye Surgery Center anchors 55 percent of the three-building complex. Other tenants include Starling Physicians and Select Physical Therapy. Lisa Menin of Jacobson Properties represented the seller, Newington Realty, in the transaction. A national healthcare real estate investor was the buyer.

January 9, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 10,008 SF Office Lease in Manhattan

by Alex Patton January 9, 2020

NEW YORK CITY — Newmark Night Frank has negotiated a 10,008-square-foot office lease on behalf of collegiate sports marketing firm Learfield IMG College in the NoMad neighborhood of Manhattan. The space is located on the 17th floor of 183 Madison Avenue, a 275,413-square-foot office building close to the Grand Central and Penn Station transit stations. Andrew Sachs, Tim Gibson, Josh Gosin and Brittany Silver of NKF represented the landlord, APF Properties, in the lease negotiations. Jack Senske and Brian Given of Colliers International represented Learfield.

January 9, 2020

California Civic Development Mixed-Use Multifamily Office Restaurant Retail Western

Triad Lagoon Valley Acquires 840 Acres for Mixed-Use Development in Vacaville, California

by Amy Works January 9, 2020

VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …

January 9, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $123M Sale of Office Plaza in Hackensack, New Jersey

by Alex Patton January 8, 2020

HACKENSACK, N.J. — CBRE has brokered the $123 million sale of Continental Plaza, a 647,947-square-foot office complex in Hackensack, a northwestern suburb of New York City. The three-building complex was 91 percent leased at the time of sale and offers amenities including a fitness center, conference center, cafeteria and close access to two retail centers. Jeffrey Dunne, Jeremy Neuer and Steve Bardsley led a CBRE team that represented the seller, Capstone Realty Group and JD Companies, in the transaction. The team also procured the buyer, Lionstone Capital.

January 8, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates Sale of 10,438 SF Office Condominium in Manhattan

by Alex Patton January 8, 2020

NEW YORK CITY — Avison Young has arranged the sale of a 10,438-square-foot office condominium in Manhattan to education union Local 372 for $9.2 million. The space is located on the 8th floor of a 13-story office building at 20 W. 33rd St. between Fifth Avenue and Broadway, walking distance from Penn Station, Herald Square and the Port Authority Grand Central Tunnel. Local 372 will use the office as its headquarters. James Nelson, David Lawrence and Carter Lovejoy represented the sellers, which included 60 Guilders.

January 8, 2020

Development North Carolina Office Southeast

FCP, Strategic Capital Break Ground on Forty540 II Office Building in Triangle

by Alex Tostado January 8, 2020

MORRISVILLE, N.C. — FCP and Indianapolis-based Strategic Capital Partners (SCP) have broken ground on the Forty540 II office building, located at 710 Slater Road in Morrisville, almost equidistant between Durham and Raleigh. Forty540 II will be a five-story, 198,535-square-foot office building near the intersection of Interstates 40 and 540. FCP and SCP, which previously co-developed the adjacent Forty540 I office building, also announced that SolarWinds software company has preleased 40 percent (80,000 square feet) of Forty540 II. SolarWinds is also a tenant at Forty540 I, which was sold by FCP and SCP in April 2019 at full occupancy. Forty540 II will feature prominent building signage opportunities, a fitness center, showers and an internet café. Delivery of Forty540 II is anticipated in mid-2021, with SolarWinds expected to occupy its new facility in summer 2021. CBRE|Raleigh’s Investor Leasing group will manage leasing responsibilities for the development.

January 8, 2020

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