Office

Cushman & Wakefield Secures $30M Acquisition Financing for Tri-County Business Park in Tampa

by Alex Tostado January 8, 2020

TAMPA, FLA. — Cushman & Wakefield has arranged $30 million in financing for the acquisition of Tri-County Business Park, a collection of 14 light industrial buildings in Tampa totaling 492,235 square feet. The buyer and borrower is a joint venture between South Florida-based companies Biscayne Atlantic and Genet Property Group Inc., which acquired the property for $36.9 million. Jason Hochman and Michael Ciadella of the Cushman & Wakefield Equity, Debt & Structured Finance team represented the joint venture in securing a fixed-rate loan from BankUnited Inc. The loan includes funds for the full acquisition as well as future funds for property improvements and leasing-related expenses. The seller is BAR JCR Tampa Flex Owner LLC. Located at 13300 McCormick Drive, the buildings offer varying clear heights with grade-level and dock-high loading. Bay sizes range from 1,000 to 25,000 square feet. Tri-County Business Park was a 78 percent leased at the time of sale.

January 8, 2020

Acquisitions Office Southeast Virginia

NKF Brokers $19.2M Sale of Office Portfolio in Stafford, Virginia

by Alex Tostado January 8, 2020

STAFFORD, VA. — Newmark Knight Frank (NKF) has arranged the $19.2 million sale of Stafford Commerce Center and Stafford Commerce Park in Stafford, 11 miles southeast of Quantico. The six-building portfolio totals 272,000 square feet of office space, as well as 18 acres of land. NKF’s Larry FitzGerald and Cole Spalding represented the seller, Hudson Advisors LP, in the transaction. The buyer is Next Tier Real Estate Investors. Built between 2001 and 2006, the portfolio is situated near Interstate 95 and Jefferson Davis Highway.

January 8, 2020

Acquisitions Office Oklahoma Texas

Gardner Tanenbaum Holdings Sells Boeing Campus in Oklahoma City for $124.7M

by John Nelson January 8, 2020

OKLAHOMA CITY — Gardner Tanenbaum Holdings (GTH), a development and construction management firm, has sold the Boeing Oklahoma City office campus. The California-based buyer, OKC Aerospace 1 LLC, purchased the property for $124.7 million. Located at 6001 S. Air Depot Road, the campus is situated directly west of Tinker Air Force Base and 10 miles southeast of downtown Oklahoma City. GTH developed the three build-to-suit office buildings for Boeing in 2007, 2011 and 2012. The campus houses about 3,155 Boeing personnel who work with the Tinker Air Force Base for U.S. defense aircraft. Mark Beffort and Brett Price of Newmark Grubb Levy Strange Beffort represented both the buyer and seller in the transaction. Oklahoma City-based GTH manages more than 1 million square feet of multifamily properties, 6 million square feet of industrial and office space and has an inventory of over 250 acres of land holdings for future development in the region.

January 8, 2020

Illinois Leasing Activity Midwest Office

TrueBlue Signs 83,000 SF Office Lease at Chicago’s Old Post Office

by Kristin Harlow January 8, 2020

CHICAGO — Temporary staffing firm TrueBlue has signed an 83,000-square-foot office lease at Chicago’s Old Post Office. The Tacoma, Wash.-based company currently maintains a local office at 860 W. Evergreen Ave. near Goose Island. TrueBlue is expected to move into the new office in early 2021. Jack Keenan of Cushman & Wakefield represented the tenant in the lease transaction. Cushman & Wakefield will also handle project management for the new space. 601W Cos. is redeveloping the Old Post Office project. Other tenants who have signed leases at the property include Walgreens, Uber and Ferrara Candy.

January 8, 2020

Acquisitions Midwest Office Ohio

Alterra Acquires 86,524 SF Office Building in Columbus, Ohio for $6.5M

by Kristin Harlow January 8, 2020

COLUMBUS, OHIO — Brad Kitchen of Alterra Real Estate Advisors has acquired a five-story, 86,524-square-foot office building known as 3 Easton Oval in Columbus for $6.5 million. M/I Homes sold the property and had owned and operated it since 1995. M/I plans to vacate the building this spring. Alterra plans to undertake a renovation of the property that will include an update of the lobby and tenant spaces. Kevin Serna of Liberty National Bank originated acquisition financing.

January 8, 2020

Acquisitions Office Texas

ECR Brokers Sale of 117,000 SF Office Property in South Austin

by John Nelson January 8, 2020

AUSTIN, TEXAS — ECR has arranged the sale of a 117,000-square-foot office property located on 27 acres at 7211 Circle S. Road in south Austin. David Dawkins of ECR represented the seller, Commemorative Brands Inc., parent company of class ring manufacturer Balfour, in the transaction. David Stojanik of The Kucera Cos. also represented Commemorative Brands in the sale. Dani Tristan of McAllister & Associates represented the undisclosed buyer.

January 8, 2020

Acquisitions Office Texas

BH Properties Acquires 60,000 SF Office Building in Richardson, Texas

by John Nelson January 8, 2020

RICHARDSON, TEXAS — BH Properties has purchased a vacant, four-story office building in Richardson, the second investment in the Dallas-Fort Worth market in the past 24 months for the Los Angeles-based company. Built in 1991, the property is located at 2021 Lakeside Blvd. and spans 60,000 square feet. Mac Morse of Citadel Partners, along with BH’s Scott Henry, represented the buyer in the transaction. Jeff Wood of JLL represented the undisclosed seller. Chuck Sellers of Avison Young will handle the property’s leasing assignment. BH Properties specializes in the acquisition and repositioning of distressed office, industrial and retail assets in California, Arizona and Texas. The firm’s Texas portfolio totals more than 2 million square feet.

January 8, 2020

Acquisitions Office Top Stories Washington Western

Invesco Acquires Two Microsoft-Occupied Office Buildings in Metro Seattle for $585M

by Kristin Harlow January 8, 2020

BELLEVUE, WASH. — Invesco Real Estate has acquired Bravern Office Commons, two Class A office buildings within the Bravern mixed-use development in Bellevue, about 10 miles east of Seattle. A joint venture between Principal Real Estate and PNC Realty sold the office properties, which are fully leased to Microsoft Corp. The purchase price was $585 million, according to several media reports. The office component of Bravern includes 749,694 square feet of space and a seven-level, subterranean parking garage with 3,134 stalls. Bravern Office Commons sits atop 305,000 square feet of retail space, which is adjacent to 455 luxury apartments. Built in 2009, the office asset includes a 12-story, 255,171-square-foot building located at 688 NE 110th Ave. and a 23-story, 494,523-square-foot building located at 11025 NE Eighth St. “The Bellevue central business district is a well-established and highly amenitized office submarket, which has become one of the most sought-after locations for technology tenants in not only greater Seattle but the entire country,” says Chris Cole, senior director of transactions at Invesco Real Estate. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rob Hannan, Tim O’Keefe and Alex Foshay of Newmark Knight Frank (NKF) represented the seller, while Invesco was self-represented in …

January 8, 2020

Leasing Activity New York Northeast Office

Debevoise & Plimpton Signs 530,000 SF Office Headquarters Lease at The Spiral in Manhattan

by Alex Patton January 7, 2020

NEW YORK CITY — Law firm Debevoise & Plimpton LLP has signed a 530,000-square-foot office lease for its new headquarters at The Spiral, a 2.8 million-square-foot office building currently under construction in the Hudson Yards district of Manhattan. The law firm will move from its current location at 919 Third Ave. into floors 40 through 52 of the 65-story tower under a 20-year lease agreement beginning in the second half of 2022. As a result of this latest lease signing, The Spiral is now 54 percent preleased. Other tenants include biopharmaceutical company Pfizer, which will occupy 800,000 square feet, and asset management company AllianceBernstein, which will occupy 189,000 square feet. The base of the building will also include 25,000 square feet of retail space. Designed by BIG Bjarke Ingels Group, construction of the building began in 2019 and is slated for completion in the second half of 2022. Tishman Speyer is the developer and owner of The Spiral.

January 7, 2020

Development Healthcare New Jersey Northeast Office

The Hampshire Cos., Hackensack Meridian Health to Open 45,375 SF Medical Office in Montclair, New Jersey

by Alex Patton January 7, 2020

MONTCLAIR, N.J. — The Hampshire Cos. and Hackensack Meridian Health will open the 45,375 Mountainside Medical Center office building in Montclair, a western suburb of New York City. The medical center will provide a range of medical services including general surgery, cardiology, orthopedics and pediatrics. The Class A, three-story building will be located at 1 Bay Ave. NK Architects designed the building and construction began in 2018. The medical center will open this Thursday, Jan. 9.

January 7, 2020

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