Office

Cawley Partners Acquires Rent-A-Center’s Corporate Office Building in Plano

by John Nelson January 3, 2020

PLANO, TEXAS — Cawley Partners, an office real estate investment and development firm based in Dallas, has purchased 5501 Headquarters, a three-story, 169,179-square-foot office building in Plano’s Legacy submarket. Situated near the Dallas North Tollway, the office serves as the corporate headquarters of Rent-A-Center, a rent-to-own furniture and electronics retailer. Rent-A-Center sold the asset to Cawley Partners for an undisclosed price and will remain in roughly 60 percent of the building on the east side. About 70,000 square feet of office space is coming available at 5501 Headquarters in April. Cawley Partners plans to modernize the 2007-era property for multiple tenants. Updates are planned for the lobby, restrooms, fitness center and conference rooms, and Cawley Partners plans to add an upscale convenience market and tenant lounge. Additionally the land off Headquarters Drive has future development opportunities, according to Cawley Partners.

January 3, 2020

Development Office Texas

Barings, B&Z Development to Break Ground on 701 Rio Office Building in Downtown Austin

by John Nelson January 3, 2020

AUSTIN, TEXAS — Barings and B&Z Development LLC plan to break ground on 701 Rio in west downtown Austin next Wednesday, Jan. 8. Situated in the Original Austin Neighborhood at Rio Grande and 7th streets, 701 Rio will span 120,983 square feet of office space across five floors. JLL is leasing the property on behalf of the ownership group. The design team includes architect BGK and Colorado-based general contractor Hensel Phelps. Barings, a subsidiary of MassMutual, is a $335 billion global asset management firm.

January 3, 2020

Acquisitions Healthcare Northeast Office Pennsylvania

Norvin Healthcare Acquires 96,000 SF Medical Office Building in Philadelphia

by Alex Patton January 3, 2020

PHILADELPHIA — Norvin Healthcare has acquired 3 Crescent Drive, a 96,000-square-foot medical building in Philadelphia. The property is 100 percent leased to Thomas Jefferson University Hospitals Inc. and stands at the gateway of the Philadelphia Navy Yard. The 1,200-acre Navy Yard houses more than 165 businesses, including the South Philadelphia Sports Complex. Liberty Property Trust was the seller.

January 3, 2020

Illinois Midwest Office

Willis Tower Becomes Largest Building in U.S. to Earn LEED Platinum Certification

by Kristin Harlow January 3, 2020

CHICAGO — Chicago’s Willis Tower has become the largest building in the country to earn the LEED Platinum designation, the highest ranking possible given by the U.S. Green Building Council. The property owner, EQ Office, made energy, sustainability and comfort improvements to achieve the designation. EQ worked with Rivion, a Wisconsin-based energy consulting firm. Some of the enhancements include revamping the heating and cooling system, replacing electric hot-water generators with natural gas hot-water boilers, upgrading the building’s lighting and installing low-flow faucets and toilets. The 110-story Willis Tower is undergoing a $500 million renovation. The property, largest in the United States by square footage, earned LEED Gold certification in 2018.

January 3, 2020

Acquisitions Arizona Industrial Office Western

CBRE Brokers Sale of 55,392 SF Flex Industrial/Office Building in Gilbert, Arizona

by Amy Works January 3, 2020

GILBERT, ARIZ. — CBRE has arranged the sale of a flex industrial and office building located at 1145 W. Gary Road in Gilbert. Martinsburg, Pa.-based Curry Supply Co. acquired the property from Edmonton, Alberta-based Silent-Aire. Curry Supply, a manufacturer and dealer of commercial service vehicles, will occupy the building, which serve as its fifth U.S. location and first Arizona location. Situated on 3.16 acres, the two-story, 55,392-square-foot building features 10,000 square feet of office space that includes offices, conference rooms, open bullpen areas, break rooms, restrooms and a dedicated server room. The remaining industrial space features an evaporate-cooled warehouse with LED lighting throughout, 24-foot clear ceiling heights, five grade-level doors, two truck wells and existing five-ton and one-ton cranes. Additionally, the property offers 72 parking spaces. Rusty Kennedy, Pat Feeney, Dan Calihan and James Cohn of CBRE in Phoenix represented the seller, a global manufacturer of HVAC equipment and modular data centers, in the transaction.

January 3, 2020

Leasing Activity Office Texas

Paragon Healthcare Leases 67,000 SF at The Apex Building in Plano

by John Nelson January 2, 2020

PLANO, TEXAS — Paragon Healthcare, a medical firm specializing in infusible and injectable pharmacy services, has leased 67,000 square feet of office space at The Apex Building in Plano. The company will move more than 250 employees from its current headquarters in Dallas to its new offices at 3033 W. President George Bush Highway. Paragon plans to create an additional 75 positions at the office by 2021. Brad Struck, Darren Woodson and Roy Reis of esrp represented Paragon in the lease negotiations, and Susan Arledge of esrp arranged incentives with the City of Plano. Duane Henley of Transwestern represented the landlord, Dallas-based Champion Partners.

January 2, 2020

Acquisitions Life Sciences Massachusetts Northeast Office

NKF Brokers Sale of 224,305 SF Life Sciences Building in Cambridge, Massachusetts

by Alex Patton January 2, 2020

CAMBRIDGE, MASS. — Newmark Knight Frank has brokered the sale of The ARC, a 225,305-square-foot life sciences building in Cambridge, a northern suburb of Boston. The property is 100 percent leased to five biopharmaceutical and biotechnology companies complemented by a burger restaurant. Amenities include a fitness center, indoor solarium and outdoor green space. An NKF team including Robert Griffin, Edward Mahar and Matthew Pullen represented the seller, a partnership of The Davis Cos. and Invesco. The team also procured the buyer, Healthpeak Properties Inc.

January 2, 2020

Loans New York Northeast Office

JLL Arranges $20M Refinancing Loan for Office Building in Manhattan

by Alex Patton January 2, 2020

NEW YORK CITY — JLL has arranged a $20 million refinancing loan for 16 West 36th Street, a 67,271-square-foot office building with ground-floor retail in Midtown Manhattan. An undisclosed life insurance company provided the loan to the borrower, Windsor Management Corp., which has owned the building since the 1940s. Windsor recently invested in renovations of the building’s office suites with new glass walls, new bathrooms, polished concrete floors and finished kitchens. Steven Klein and Alex Staikos of JLL arranged the loan.

January 2, 2020

Georgia Leasing Activity Office Southeast

Dilweg Inks Leases with 10 Companies for Downtown Atlanta’s 101 Marietta Street Office Tower

by Alex Tostado January 2, 2020

ATLANTA — The Dilweg Cos. has signed new leases or extensions with CIM Group and nine other companies at 101 Marietta Street, a 36-story downtown Atlanta office tower adjacent to The Gulch district. California-based CIM will occupy two of the new spec suites in the office building. Formerly known as Centennial Tower, the well-known chevron-marked building overlooks CIM’s future Centennial Yards, a mixed-use development in The Gulch. Existing office tower tenants DeLong, Caldwell, Bridgers, Fitzpatrick, & Benjamin LLC; Atlanta Dream; Amadeus and The VGM Group have all renewed their respective leases. Softgiving Inc, The Dennis Law Firm LLC, Volkert Inc., IVITA and BlackiNation have signed new leases. Located near Mercedes-Benz Stadium, State Farm Arena, Centennial Olympic Park, Georgia Aquarium, the CNN Center and three MARTA stations, 101 Marietta Street offers 650,000 square feet of space, as well as a conference center with training rooms, fitness center, Revelator Coffee in the lobby and tenant lounge with TVs, pool tables and a kitchen. Construction for another round of spec suites at 101 Marietta Street will commence this month. CBRE is handling the leasing assignment on behalf of Dilweg.

January 2, 2020

Acquisitions Michigan Midwest Office

Dominion Arranges Sale-Leaseback of 21,887 SF Office Building in Southfield, Michigan

by Kristin Harlow January 2, 2020

SOUTHFIELD, MICH. — Dominion Real Estate Advisors (DRA) has arranged the sale-leaseback of 29444 Northwestern Highway, a 21,887-square-foot office building in Southfield, for an undisclosed price. Sean Jamian and Jordan Banks of DRA represented the buyer, JQK Properties LLC. As part of the transaction, DRA negotiated a new lease between the seller, ENCO Systems, and the new buyer. Enco, an audio-visual equipment supplier, will continue occupying a portion of the building while JQK completes renovations to the property’s interior.

January 2, 2020

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