Office

NAI Mertz Brokers Sale of 116,000 SF Office Complex in Mount Laurel, New Jersey

by Alex Patton December 23, 2019

MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of East Gate Business Center, a 116,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The complex comprises eight buildings that were 94 percent leased at the time of sale. Tenants include NJ Default Group LLC, pest control company Terminix International Co. and employee recruitment firm The McSweeney Agency. Scott Mertz, John Adderly, Rebecca Ting and Julie Kronfeld of NAI Mertz represented the seller, Eastgate Business Center LLC, in the transaction. The buyer was Strategic Funding Alternatives LLC. The sales price was undisclosed.

December 23, 2019

Development Illinois Midwest Office Top Stories

Riverside, Convexity Break Ground on 50-Story BMO Tower Office Building in Chicago

by Taylor Williams December 23, 2019

CHICAGO — A partnership between Riverside Investment & Development and Convexity Properties has broken ground on BMO Tower, also known as Union Station Tower. The 50-story office building is part of the Union Station redevelopment project in Chicago. Global architecture firm Goettsch Partners (GP) designed the property, which will be situated on 2.2 acres directly south of the Union Station headhouse building. The office tower will feature 1.4 million square feet of office space. The tower and new public space are part of the larger redevelopment of Chicago Union Station, which originally opened in 1925. Riverside and Complexity unveiled plans for the $1 billion project in September 2018, beginning with the demolition of a 404-unit apartment building and the design of a 1.5-acre plaza and park. “This project will activate a prime site that has been largely underutilized next to Chicago’s busiest commuter station,” says James Goettsch, chairman and co-CEO at GP. “The office tower and park will bring vibrant, complementary additions to the city.” As the name indicates, Montreal-based BMO Financial Group will be the building’s anchor tenant. Construction is scheduled for completion in 2022. Although development costs were not disclosed, the Chicago Tribune reports that the developers received $476 million …

December 23, 2019

Acquisitions Office Southeast Tennessee

Highwoods Properties Sells Memphis Office Building for $76.4M

by Alex Tostado December 20, 2019

MEMPHIS, TENN. — Raleigh-based Highwoods Properties Inc. has sold International Paper IV, a 248,000-square-foot, single-customer building, for $76.4 million. The property, located at 1740 International Drive in Memphis, was sold to an undisclosed buyer. Highwoods also expects to sell Atrium I and II, a two-building office complex in nearby Germantown encompassing 84,000 square feet, for $13.2 million prior to the end of 2019. The sales are part of Highwoods’ two-phased plan to exit the Greensboro and Memphis markets. The first phase consists of selling a specific portfolio of assets in Greensboro and Memphis by mid-2020, with the remaining assets to be sold as part of the second phase. No timeline has been announced for the second phase.

December 20, 2019

Acquisitions Massachusetts Northeast Office Top Stories

The Fallon Co., Barings Sell Boston Seaport Office Tower for $482M

by Alex Patton December 20, 2019

BOSTON — A joint venture between The Fallon Co. and Barings LLC has sold One Marina Park Drive, a 491,573-square-foot, multi-tenant office tower in the Boston Seaport district. An affiliate of Clarion Partners LLC acquired the property for $482 million. The 18-story One Marina Park Drive is the tallest building situated within Fan Pier, Fallon’s 3 million-square-foot mixed-use development in the Seaport. Fan Pier comprises six buildings with 2.6 million square feet of commercial space and 229 residential units. The ground floor of One Marina Park Drive features 19,000 square feet of retail and dining, including the Strega Waterfront Italian restaurant, the Empire Asian restaurant and the SailTime Boston sailing club. A host of other retail and entertainment attractions are located within walking distance, including the Fan Pier Park, Boston Children’s Museum, the Equinox Seaport fitness center and Trillium Brewing Co. At the time of sale, One Marina Park Drive was fully leased to tenants including law firms Fish & Richardson and Gunderson Dettmer; energy tech companies Enel X and Battery Ventures; Intarcia Therapeutics; and healthcare and tech investment firm Polaris Ventures. The Fallon Co. was the original developer of the One Marina Park Drive, which was designed by Elkus Manfredi and completed …

December 20, 2019

Acquisitions California Office Western

IDS Real Estate Group Buys 148,488 SF Office Asset in Central San Diego for $23.7M

by Amy Works December 20, 2019

SAN DIEGO — IDS Real Estate Group has purchased an office building, located at 4181 Ruffin Road in San Diego’s Kearny Mesa district. Massachusetts-based Office Properties Income Trust sold the property for $23.7 million. Originally built in 1981 and renovated in 2013, the property features 148,488 square feet of office space. At the time of sale, the property was 83 percent leased to four tenants, including the U.S. General Services Administration, a travel insurer and a technology company. Louay Alsadek, Hunter Rowe and Brad Black of CBRE represented the seller in the transaction.

December 20, 2019

Acquisitions Arizona Development Mixed-Use Multifamily Office Retail Western

Sunchase Holdings Sells 30-Acre Opportunity Zone Redevelopment Site in Scottsdale

by Amy Works December 20, 2019

SCOTTSDALE, ARIZ. — Sunchase Holdings has completed the disposition of Scottsdale Entrada, a 30-acre former auto mall at the northeast corner of 64th Street and McDowell Road in Scottsdale. Los Angeles-based Banyan Residential acquired the site for an undisclosed price through a qualified Opportunity Zone fund. Banyan Residential plans to redevelop the site into a speculative mixed-use development, which is slated to break ground in April 2020 and deliver mid-2021. Scottsdale Entrada will feature 735 multifamily units, 7,000 square feet of retail space, and a three-story, 245,000-square-foot office building. The office plans call for floor plates of approximately 80,000 square feet, high ceilings, full-height windows and indoor-outdoor space. Office amenities will include an on-site fitness center, game lawns, dog park, pedestrian walkways with direct access to the Arizona Crosscut Canal and tunnel access to Papago Park. Tom Adelson and Erin McClure of Newmark Knight Frank (NKF) handled the transaction. Mike Garlick and Jimmy Hoselton of Newmark Knight Frank will represent the project’s office leasing. DPC Cos. is serving as developer for the project.

December 20, 2019

Loans New Jersey Northeast Office

Meridian Capital Arranges $200M Loan for Refinancing of Bell Works Office Campus in Holmdel, New Jersey

by Alex Patton December 20, 2019

HOLMDEL, N.J. — Meridian Capital Group has arranged a $200 million loan for the refinancing of Bell Works, a 1.4-million-square-foot, class A office campus in Holmdel, located approximately 30 miles south of New York City. A balance sheet lender provided the loan, which the borrower, a partnership between Somerset Development Group and Adarsan Holdings, will use to complete capital improvements and pay off existing debt. Located at 101 Crawford’s Corner Road, the former research and development facility for Bell Labs and Alcatel Lucent is comprised of four six-story buildings with ground-floor retail space. The building was redeveloped from the Bell Labs scientific research center and current tenants including software companies iCIMS and WorkWave, as well as Guardian Life Insurance and Jersey Central Power & Light. Drew Anderman, Josh Berman and Eli Serebrowski of Meridian arranged the loan.

December 20, 2019

Acquisitions Affordable Housing Midwest Minnesota Office

Upland Negotiates Sale of Minneapolis Office Building for Affordable Housing Project

by Kristin Harlow December 20, 2019

MINNEAPOLIS — Upland Real Estate Group Inc. has negotiated the sale of the Rockler Fur building in downtown Minneapolis for an undisclosed price. The buyer, Beacon Interfaith Housing Collaborative, plans to convert the property into 48 units of affordable housing. The seven-story, 38,305-square-foot building was originally built as a Printer’s Exchange building in 1915 with a Gothic Revival style. Rockler Fur has occupied the property since the 1940s. Upland will also represent Rockler in its relocation process in spring 2020.

December 20, 2019

Acquisitions Industrial Office Texas

Mohr Capital Buys 404,800 SF Office, Industrial Portfolio in Austin for $100M

by Taylor Williams December 20, 2019

AUSTIN, TEXAS — Dallas-based investment firm Mohr Capital has purchased a 404,800-square-foot office and industrial portfolio in Austin for $100 million. The portfolio includes a 160,000-square-foot industrial building leased to Amazon and Uber and a four-building, 244,800-square-foot office facility leased to a mix of technology, government and healthcare tenants. JLL represented the seller, Zydeco Development, in the transaction. Boyd Messmann and Kyle Campbell represented Mohr Capital on an internal basis.

December 20, 2019

Market Reports New Hampshire Northeast Northeast Market Reports Office

Mass Timber Emerges as Preferred Construction in New Hampshire Office Market

by Taylor Williams December 20, 2019

If you’ve spent time in quaint New England cottages, you know that unique indoor environment can conjure feelings of warmth, happiness and comfort. Exposed wood inside of houses provides sensations of coziness and security that have been emulated in biophilic design — a term referring to the human connection with nature — across America. So why hasn’t this warm and healthy feeling spread to America’s offices? We’ve seen the mill brick buildings and the steel and concrete office developments scattered along America’s highways and suburban areas. Some of us may have even worked in them. They are reliable, cost-effective and provide tenants with the basic amenities needed to get their work done. But the American office building is changing. Today’s companies demand more for their employees and are recognizing that comfortable offices with exceptional amenities are quickly becoming the new standard to attract top, young talent. According to Cushman & Wakefield’s 2019 “CRE Perspectives on Coworking” report, nearly two-thirds of companies are utilizing some form of coworking space. Look at the most popular coworking spaces in the country — many provide biophilic design elements to keep occupants happy. In early October, building owner Farley White, along with Cushman & Wakefield, …

December 20, 2019

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