Office

Stone Harbour to Convert Office, Retail Building in Stamford, Connecticut into 77-Unit Multifamily Property

by Alex Patton December 24, 2019

STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.

December 24, 2019

Leasing Activity Massachusetts Northeast Office

L.E.K. Consulting Renews, Expands Boston Office Lease to 78,000 SF

by Alex Patton December 24, 2019

BOSTON — L.E.K. Consulting, which consults with private and public sector organizations, private equity firms and emerging entrepreneurial businesses, has renewed and expanded its lease at 75 State Street in Boston’s Financial District by 15,000 square feet for a total footprint of 78,000 total square feet. The company will occupy floors 18 through 21 of the 1.1 million-square-foot, Class A office building. Nat Kessler and Kevin Kennedy of CBRE represented L.E.K. Consulting in the lease negotiations. Rockpoint Group and DivcoWest are the landlords.

December 24, 2019

Acquisitions District of Columbia Office Southeast

Skanska Sells Office Building in D.C. to Polinger Development for $163M

by Alex Tostado December 24, 2019

WASHINGTON, D.C. — The U.S. affiliate of Swedish construction and development company Skanska AB has sold the 99M office building in Washington, D.C., to Chevy Chase, Md.-based Polinger Development Co. for $163 million. The transfer of the property is expected to close in the first quarter of 2020. Located at 99 M St. SE in D.C.’s Navy Yard neighborhood, the 11-story office building spans 234,000 square feet and is LEED Gold-certified. Built in 2018, 99M is 87 percent leased to tenants including PYXERA Global, an international trade and development nonprofit organization, and GiveCampus, a digital fundraising and volunteer management platform for educational institutions. In addition to ground floor retail, the building offers a rooftop terrace, fitness facility and a secured bike room.

December 24, 2019

Development North Carolina Office Southeast

East West Partners, Northridge Capital Open Crabtree Terrace in Raleigh’s Brookside Village Area

by Alex Tostado December 24, 2019

RALEIGH, N.C. — Developer East West Partners and equity partner Northridge Capital LLC have opened Crabtree Terrace in the Brookside Village neighborhood of North Raleigh. Located at 4950 Creedmoor Road, the 173,468-square-foot office and retail project was completed earlier this month and tenants are expected to occupy the building in January 2020. The tenant roster includes coworking company Spaces, JLL, Longleaf Law Partners and Perry’s Steakhouse & Grille. Designed by Gensler and Kimley-Horn, Crabtree Terrace has floor-to-ceiling glass throughout, as well as covered parking. The building offers nearby access to U.S. Routes 50 and 70 and the Capital Area Greenway trail system. In addition to the ground-floor retail, a fitness facility with showers is planned in the building. Brasfield & Gorrie served as general contractor, and CBRE | Raleigh’s Advisory & Transaction Services | Investor Leasing group and Retail Services group are handling the office and retail leasing for Crabtree Terrace.

December 24, 2019

Acquisitions Development North Carolina Office Southeast Top Stories

Childress Klein, CGA Capital Acquire Duke Energy’s Office Tower Underway in Uptown Charlotte

by John Nelson December 24, 2019

CHARLOTTE, N.C. — Childress Klein and CGA Capital have partnered to purchase the Uptown Charlotte site for Duke Energy’s future office tower. Located at 525 S. Tryon St., the 40-story Charlotte Metro Tower project is set for a 2022 completion. Construction is currently underway. Charlotte-based Childress Klein and Baltimore County-based CGA Capital have agreed to fully fund the development and construction of the project, which could total up to $675 million as per the purchase agreement with seller and future tenant Duke Energy (NYSE: DUK), an energy holding company based in Charlotte. “We look forward to working with Childress Klein and its team to fund the creation of a dynamic office tower and a terrific new addition to the city skyline,” says Kyle Gore, managing director and principal of CGA Capital. As part of the sale-leaseback agreement, the new ownership will enter into a long-term lease with Duke Energy at the tower upon completion. The development will span 1 million square feet of office and retail space and include a 1,100-space parking garage. Nuveen, a TIAA Company, is leading a debt investment group to help fund the development. The project team includes general contractor Batson-Cook Co. and architect tvsdesign, which …

December 24, 2019

Acquisitions District of Columbia Office Southeast

WashREIT Completes $129.5M Sale of 1776 G Street Office Building in D.C. to World Bank

by Alex Tostado December 23, 2019

WASHINGTON, D.C. — Washington Real Estate Investment Trust (WashREIT) has sold 1776 G St. for $129.5 million to World Bank Group, an international financial institution that makes loans to developing nations. According to LoopNet Inc., the office building was built in 1979, spans 266,000 square feet and is located one block from the White House. World Bank’s headquarters is located at 1818 H St. NW, which is kitty-corner to 1776 G St. World Bank has operated out of 1776 G St. for over 30 years and is currently the building’s sole office tenant.

December 23, 2019

Acquisitions Office Southeast Tennessee

Security Properties, Pacific Life Buy Broadstone Gulch in Nashville for $80.8M

by Alex Tostado December 23, 2019

NASHVILLE, TENN. — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Broadstone Gulch, a new, 238-unit multifamily property located in Nashville’s Gulch district, for $80.8 million. Located at 803 Division St., Broadstone Gulch offers a fitness center, rooftop lounge, pool, demonstration kitchen, package access system, office space, a pet spa and Google Fiber. The building is a half-mile walk from Music City Center in the Nashville’s south of Broadway (SoBro) neighborhood. Security Properties-affiliate Security Properties Residential will manage the property. Walker & Dunlop’s Telly Fathaly and Kris Mikkelsen represented the seller and developer, Alliance Residential.

December 23, 2019

Acquisitions North Carolina Office Southeast

Mohr Capital Sells University Highlands Office Building in Charlotte to CIM Group

by Alex Tostado December 23, 2019

CHARLOTTE, N.C. — Mohr Capital, a privately held REIT based in Dallas, has sold the University Highlands office building located at 10330 David Taylor Drive in Charlotte to Los Angeles-based CIM Group. Mohr Capital acquired the 100,000-square-foot facility on a speculative basis in 2017 then completed capital improvements before securing a single, long-term tenant, United Rentals Inc., earlier this year. Stamford, Conn.-based United Rentals is an equipment rental company that specializes in construction and industrial rentals. Mohr Capital’s Gary Horn and Bob Mohr handled the sale internally. The sales price was not disclosed.

December 23, 2019

Acquisitions Illinois Midwest Office

Cawley Chicago Arranges $5.7M Sale of Office Building in Oak Brook

by Kristin Harlow December 23, 2019

OAK BROOK, ILL. — Cawley Chicago has arranged the sale of a 57,832-square-foot office building in Oak Brook for $5.7 million. The three-story property is located at 2021 Midwest Road. Ryan Freed and Rawly Lantz of Cawley represented the seller, Chesapeake Associates Limited. Dan McKay of McKay Investments represented the buyer, BBI Property Management Inc., which will occupy a portion of the building.

December 23, 2019

Leasing Activity New York Northeast Office

Kith Signs 57,679 SF Industrial Lease in Brooklyn

by Alex Patton December 23, 2019

NEW YORK CITY — Apparel and shoe retailer Kith has signed a 57,679-square-foot industrial lease at 25 Kent, a building in Brooklyn with both office and manufacturing space. Kith will occupy approximately two thirds of the building’s 87,000 square feet of manufacturing space. A partnership of Rubenstein Partners and Heritage Equity Partners developed the building, and Hollwich Kushner and Gensler designed it. Michael Yadgard of Compass represented Kith in the lease negotiations. A team from Lee & Associates in collaboration with JLL represented Rubenstein Partners.

December 23, 2019

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