Office

Lincoln Property Sells First Office Building at The Grand at Papago Park Center in Arizona for $90M

by Amy Works January 2, 2020

TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand 1, an office building within The Grand at Papago Park Center in Tempe. The sale marks the first Class A office building to be developed, fully leased and sold by LPC at the office complex. Florida-based Susquehanna Holdings Ltd. acquired the property for $90 million. The four-story Grand 1 offers 219,212 square feet of office space, as well as an adjacent four-story parking garage. Tokyo-based MUFG, a financial group, and SAP, a global logistics company, occupy the property on a long-term basis. The building is located at 1101 W. Washington St. along Loop 202 Freeway. Grand 1 is the first of 1.8 million square feet of Class A office space slated to be developed by LPC at The Grand at Papago Park Center. The mixed-use project totals 60 acres and is slated for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space on the last developable parcel within the 350-acre Papago Park Center business park. LPC serves as the developer, leasing agent and property manager for all office space at the property. Kevin Shannon, Ken White and CJ Osbrink of Newmark Knight Frank represented …

January 2, 2020

Acquisitions California Office Western

NAI Capital Negotiates $6.1M Sale of Ionian Plaza Office Building in Lancaster, California

by Amy Works January 2, 2020

LANCASTER, CALIF. — NAI Capital has arranged the sale of Ionian Plaza, a multi-tenant office building located at 42225 10th St. W. in Lancaster. A.J. Eliopulos Commercial/Industrial Development sold the property to 10835 Camarillo Apartments LLC for $6.1 million, or $270 per square foot. Built in 2004 on a 1.95-acre lot, the single-story building features 22,790 square feet of office space. At the time of sale, the property was fully leased to four tenants ranging in size from 1,720 square feet to 15,930 square feet. The Social Security Administration occupies 73 percent of the building. Tristan Greenleaf of NAI Capital’s Investment Services Group represented the seller in the transaction.

January 2, 2020

Acquisitions Industrial Office Texas Top Stories

Howard Hughes Corp. Acquires Two Office Campuses in Metro Houston for $565M

by Alex Tostado January 2, 2020

HOUSTON AND THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired Century Park in Houston and The Woodlands Towers at The Waterway in The Woodlands, a master-planned municipality just north of Houston. HHC paid $565 million for the 2.8 million-square-foot office/industrial portfolio, nearly all of which is Class A office space. Century Park is a 17-building, 1.3 million-square-foot office park in Houston’s Energy Corridor. The Woodlands Towers at The Waterway is a three-building campus that includes two office buildings totaling 1.4 million square feet and a 125,000-square-foot warehouse. The purchase also includes 9.3 acres of developable land adjacent to The Woodlands Towers at The Waterway. The seller of the portfolio, Occidental Petroleum Corp. (NYSE: OXY), will fully lease back the 32-story, 808,000-square-foot office building and warehouse at the Woodlands property. The tower was built in 2002. Both leases are for 13 years. HHC announced in October that it would relocate its corporate headquarters from Dallas to The Woodlands Towers at The Waterway, where it will occupy the 595,000-sqaure-foot building at 9950 Woodloch Forest Drive, which was built in 2014. The 31-story building features a rooftop garden, fitness center, basketball court and conference rooms. The Woodlands is a …

January 2, 2020

Hawaii Market Reports Office Western Western Market Reports

Government Services Keep Downtown Honolulu’s Office Market Humming

by Taylor Williams December 28, 2019

Honolulu’s office market has remained relatively unchanged for the past decade, but recent events have led to a dramatic shift in the direction of the Downtown submarket. Office vacancy rates in Downtown Honolulu have increased consistently in recent years, and steady leasing activity has led to declining vacancy. The Downtown office market is currently the tightest it has ever been. The vacancy rate in Downtown Honolulu decreased 70 basis points to 12.1 percent in the third quarter of 2019, which is the lowest vacancy rate for the submarket in more than nine years. The average gross asking rate in Downtown decreased slightly from $2.94 per square foot to $2.90 per square foot in third-quarter 2019. A significant amount of movement within the Downtown office market is driven by government need. The federal government, IRS, and city and county of Honolulu, as well as other engineering firms tied to civil projects, are some of the most active employers when it comes to leasing office space in the area. Non-governmental office-using job growth has stagnated in the past four years, which has hindered more growth in the overall office market. Unemployment statewide was at 2.7 percent for October 2019, according to Hawaii …

December 28, 2019

Market Reports Office Texas Texas Market Reports

Dallas, Fort Worth Office Markets See Strong Growth in Professional Services

by Taylor Williams December 27, 2019

The Dallas office market has changed drastically over the past 10 years. Though Far North Dallas has gotten its fair share of notoriety during this time (and justifiably so), the fundamentals of North Texas as a great place for business are sparking growth and activity across the market for established companies and those looking to relocate. Consider Las Colinas, which over the last few years has seen several major headquarter relocations, including large healthcare providers that have expanded or consolidated their regional workforces in this area. Currently, Dallas has 5.3 million square feet of Class A office product under construction, 2 million of which is in Las Colinas. In fact, since 2009, Las Colinas has added over 54,000 employees. That’s equivalent to a full Boeing 737 landing in Las Colinas every day for a year, unloading its passengers and everyone staying. Even with this remarkable influx of new jobs and our growing population, the competition for talent in Dallas remains fierce. Jason Savings, an economist with the Federal Reserve Bank of Dallas, recently noted that we’re in the midst of a historically tight labor market, the likes of which haven’t been seen since 1969. The Irving–Las Colinas submarket leads the …

December 27, 2019

Acquisitions Midwest Office Ohio

Lingerfelt CommonWealth Acquires 308,337 SF Office Tower in Downtown Columbus

by Kristin Harlow December 24, 2019

COLUMBUS, OHIO — Lingerfelt CommonWealth Partners LLC has acquired 100 East Broad Street, a 308,337-square-foot office tower in downtown Columbus. The purchase price was undisclosed. The property, also referred to as Chase Tower after its anchor tenant JP Morgan Chase, is situated in the heart of downtown Columbus across from Capitol Square. It is 60 percent occupied. Lingerfelt CommonWealth plans to immediately implement a multi-million-dollar renovation, consisting of a full elevator modernization, lobby improvements, new HVAC equipment and a new amenity package. Atlantic Real Estate Capital provided acquisition financing.

December 24, 2019

Development Illinois Midwest Office

Parkside Realty Tops Off 90,000 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow December 24, 2019

CHICAGO — Parkside Realty Inc. has topped off Fulton East, a 12-story, 90,000-square-foot office building in Chicago’s Fulton Market district. Clayco is leading the design-build construction along with its in-house architecture firm Lamar Johnson Collaborative. Located at 215 N. Peoria St., the building is slated for occupancy in June 2020. Fulton East features an 8,000-square-foot landscaped rooftop park exclusively for tenant use. Each floor also has its own balcony. On the ground level, 5,000 square feet of retail space is available for lease.

December 24, 2019

Illinois Leasing Activity Midwest Office

Law Firm Signs Full-Floor Office Lease in Downtown Chicago

by Kristin Harlow December 24, 2019

CHICAGO — Law firm Schoenberg Finkel Newman & Rosenberg LLC has signed a full-floor lease at The 300, an office building located at 300 S. Wacker Ave. in downtown Chicago. The law firm will occupy the entire 15th floor for a total of 15,460 square feet. The lease commences in September 2020. Founded in 1946, the firm currently resides at 222 South Riverside. Golub & Co. owns The 300 and completed a renovation of the 536,000-square-foot property last year. Deborah Frank and Sandy Macaluso of Golub & Co. represented the landlord in the lease with the law firm. Tony Karmin and Corby Marx of Colliers International represented the tenant.

December 24, 2019

Acquisitions Office Washington Western

KKR Enters Seattle Market With Acquisition of 1.4 MSF Office Portfolio for $1.2B

by Amy Works December 24, 2019

SEATTLE AND BELLEVUE, WASH. — KKR, a global investment firm, has closed on two real estate transactions totaling more than $1.2 billion. The firm purchased Summit in downtown Bellevue and F5 Tower in downtown Seattle, both office assets. Located in Bellevue’s central business district, Summit features 915,000 square feet of Class A office space. The complex is 99 percent leased and comprises two existing LEED Platinum office buildings and a third building that is currently under construction, with completion slated for third-quarter 2020. Recently completed, F5 Tower is a 43-story office tower in Seattle’s central business district. The property includes a fully leased, 516,000-square-foot office condominium acquired by KKR alongside a separate 189-room luxury hotel. The building is architecturally significant to the Seattle skyline and home to F5 Networks as its global headquarters. Urban Renaissance Group, a Seattle-based real estate investor, developer and manager of real estate, will operate the properties. The company also assisted with the acquisition. These investments are being funded by accounts co-advised by KKR and KKR’s balance sheet. The names of the sellers were not released.

December 24, 2019

Acquisitions Office Texas

Greystone Negotiates Sale of 53,861 SF Office Building in Dallas

by Taylor Williams December 24, 2019

DALLAS — Greystone has negotiated the sale of a 53,861-square-foot office building located at 17440 N. Dallas Parkway on the city’s north side. According to LoopNet Inc., the Class B property was built in 1983. Jeff Burgfechtel and Todd Franks of Greystone represented the seller and advised the buyer in the transaction.

December 24, 2019

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