Office

Kislak Co. Brokers Sale of 29,178 SF Waterfront Office Building in Red Bank, New Jersey

by Alex Patton May 19, 2020

RED BANK, N.J. — Kislak Co. Inc. has arranged the $6.2 million sale of The Coastal Building, a 29,178-square-foot Class A office building in Red Bank, approximately 50 miles south of New York City. Located along the Navesink River at 151 Bodman Place, the four-story building was built in 1982 and renovated in 2013. At the time of sale, tenants primarily included law and investment firms as well as shipping and office equipment companies. The buyer intends to upgrade the building with a focus on green initiatives and technology. Daniel Lanni of Kislak represented the seller, Navesink Investments LLC, in the transaction. Lanni also procured the buyer, National Realty Partners LLC.

May 19, 2020

Illinois Leasing Activity Midwest Office

Sterling Bay Negotiates Seven Office Leases Across Four Chicago Properties

by Kristin Harlow May 19, 2020

CHICAGO — Over the last 30 days, Sterling Bay has negotiated seven office leases across four of its Chicago properties in various submarkets such as the West Loop, East Loop and Fulton Market. Precision medicine startup Tempus has expanded its 150,000-square-foot lease at 600 W. Chicago for an additional 13,000 square feet. AMC Networks has extended its lease at One Two Pru by five years. Goren Eye Associates also renewed its lease at One Two Pru for another five years. Financial technology company LQD Business Finance has signed a new lease for 8,000 square feet at 370 N. Carpenter in Fulton Market. Pinterest extended its lease at 111 N. Canal. Presidio Aircraft Leasing renewed and expanded its lease at One Two Pru to 10,000 square feet, while REX Electric & Technologies expanded its lease at One Two Pru to 11,000 square feet.

May 19, 2020

Acquisitions California Healthcare Office Western

IRA Capital Buys Medical Office Building in Orange County for $38.4M

by Amy Works May 19, 2020

SANTA ANA, CALIF. — Irvine, Calif.-based IRA Capital has acquired a medical office property located at 2212 E. Fourth St. in Santa Ana. St. Joseph Hospital of Orange and affiliated entities sold the asset for $38.4 million. St. Joseph Hospital of Orange is the anchor tenant of the 56,809-square-foot property. The three-story building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building. Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin of CBRE represented the seller, while the buyer was self-represented in the transaction.

May 19, 2020

Acquisitions Arizona Industrial Office Western

Route 66 Properties Acquires Creative Office Asset, Airplane Hangar in Scottsdale

by Amy Works May 19, 2020

SCOTTSDALE, ARIZ. — Los Angeles-based Route 66 Properties has purchased a creative office property and airplane hangar at 7350 E. Evans Road within the Scottsdale Airpark. ICIC Commercial Investments sold the assets for $8.5 million. Situated on 2.6 acres, the property was 72 percent leased at the time of sale. The acquisition included four office buildings, totaling 33,438 square feet, and a 6,082-square-foot airplane hangar. The office complex recently underwent a $2 million renovation to include hard-lit ceilings, generous clear heights, abundant glass, an open courtyard, exposed duct work, concrete floors and an open office environment. The hangar features 20-foot clear door height, storage bays equipped with sodium vapor lighting, block windows and folding metal aircraft doors. Additionally, 10 percent of the hangar facility is improved as office space. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas, along with Brad Anderson, Michael Strittmatter and Lauren Anderson of CBRE Phoenix, represented the seller in the deal.

May 19, 2020

Market Reports Office Texas Texas Market Reports

For Texas Office Owners, Understanding Best Operating Practices Is Critical Post-COVID-19

by Taylor Williams May 19, 2020

By Cody Payne, senior vice president, Colliers International. As strong job growth over the past decade has brought more and more investors to Texas, many of these buyers have looked to office product due to the appealing going-in returns that the property type offers. In addition, many cross-product owners look at office investing to make higher returns outside of their current portfolios. As buyers look toward the office market, there are many factors that need to be considered before making an informed decision. Along with these basic considerations, the impacts of COVID-19 on real estate investing are also important to understand when looking at an office deal. The Dallas-Fort Worth (DFW) market in particular has experienced an influx of cross-product buyers from other asset types such as retail, multifamily and self-storage during this cycle. The higher rate of return is the primary catalyst behind their motivation to purchase office investments. All asset classes are different and so are their opportunities, whether immediate or long-term. Understanding what sets office apart from other types of commercial investments is key to a successful operating strategy. Hidden Costs of Ownership One important factor to consider when buying office properties is that there are many …

May 19, 2020

Features Office

COVID-19 Changes How Office Owners Approach Music Licensing

by Taylor Williams May 19, 2020

By Jeffrey A. Tinker, partner, Bell Nunnally LLP Amenities often play an outsized role in influencing companies’ decision on where to lease office space. In the not-so-distant past before COVID-19 came along, open, spacious common areas were the most desirable. The music played in those common areas could not only increase customer satisfaction, but also accentuate a building’s vibe and environment. However, music from sound systems and televisions in public spaces like lobbies and elevators is subject to copyright licensing requirements. In general, a license from Performing Rights Organizations (PROs) is required for public performances of music from sources other than over-the-air radio (on a limited number of speakers) or subscription music services like Spotify Business, Apple Music for Business or Mood Media. As businesses reopen, common areas are being modified or even removed in order to comply with government mandates and provide peace of mind to their customers. As common areas disappear, the public performance of music in those areas will also disappear. The following is a brief overview of the licensing requirements to keep in mind as you plan ahead. Office Music 101 A PRO is an organization that grants, administers and enforces public performance licenses on behalf …

May 19, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of Two Office Buildings Totaling 77,464 SF in Mechanicsburg, Pennsylvania

by Alex Patton May 18, 2020

MECHANICSBURG, PA. — Marcus & Millichap has brokered the $8.2 million sale of a pair of office buildings totaling 77,464 square feet in Mechanicsburg, a western suburb of Harrisburg. The properties are located at 600 and 1000 Bent Creek Blvd. and were completed in 2006. At the time of sale, the properties were fully leased to a mix of medical and other professional office tenants. Craig Dunkle of Marcus & Millichap represented the buyer, a locally based limited liability company, in the transaction. Laura Martin of SVN Latus represented the seller, another limited liability company. Both parties requested anonymity.

May 18, 2020

Georgia Leasing Activity Office Southeast

Microsoft Leases 523,000 SF in Atlanta’s West Midtown District, Expects to Create 1,500 Jobs

by Alex Tostado May 18, 2020

ATLANTA — Microsoft Corp. is investing $75 million for its new office space at Atlantic Station in West Midtown Atlanta. The software giant is leasing 523,000 square feet within Atlantic Yards, a two-building office project that Hines and Invesco Real Estate are developing and where Microsoft will be the sole office tenant. The company expects to open its new offices in summer 2021 and create 1,500 high-tech jobs. Microsoft plans for the new space to focus on artificial intelligence and cloud services and include retail space. In metro Atlanta, Microsoft currently operates a cloud computing engineering center in the Coda Building at Technology Square and maintains offices in Buckhead and at Avalon in Alpharetta, another project co-developed by Hines. Hines and Invesco Real Estate also co-developed T3 West Midtown within Atlantic Station, which has attracted other high-profile technology companies such as Facebook.

May 18, 2020

Georgia Office Southeast

New York Life Earns LEED Gold Certification for Prominence in Buckhead Office Tower in Atlanta

by Alex Tostado May 18, 2020

ATLANTA — New York Life Real Estate Investors has earned a Leadership in Energy and Environmental Design (LEED) Gold Certification for its Prominence in Buckhead office tower in Atlanta. The 433,237-square-foot property is situated at 3475 Piedmont Road in Atlanta’s Buckhead district, nine miles north of downtown Atlanta. In order to achieve the certification, the owner enhanced the building ventilation to improve indoor air quality, completed a lighting project in the parking garage that reduced electricity by 65 percent and implemented a recycling program that diverted 50 percent of waste from the building from landfills. Onsite amenities include a newly renovated fitness center, conference facility, café and covered parking. New York Life acquired the asset in 2018, and according to LoopNet Inc., it was built in 1999. State Farm Arena in downtown Atlanta was the most recent building in Georgia to receive the award after a 2019 renovation project was completed.

May 18, 2020

Acquisitions Illinois Midwest Office

Thor Equities Sells 98,000 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow May 18, 2020

CHICAGO — Thor Equities Group has sold 905 W. Fulton Market in an off-market transaction to Germany-based Deka Immobilien. Located on the corner of West Fulton Market and North Peoria Street in the heart of Chicago’s Fulton Market, the new building spans nearly 98,000 square feet over five stories. Mondelez International’s global headquarters anchors the property and occupies floors two through five. Hospitality and events company DineAmic Hospitality recently leased 8,000 square feet. There is more than 6,500 square feet of retail space on the ground floor. Thor Equities was not represented by a broker. Tom Sitz, Cody Hundertmark, David Knapp, Josh McGee, Paul Lundstedt and Dan Deuter of Cushman & Wakefield assisted the buyer.

May 18, 2020

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