Office

Black Salmon Buys Office Tower in Downtown Orlando for $68M

by Alex Tostado December 19, 2019

ORLANDO FLA. — Miami-based investment firm Black Salmon has acquired a 245,201-square-foot office building located at 111 N. Orange Ave. in Orlando for $68 million. The 21-story building is 94 percent leased to tenants including Regions Bank, UBS, Geico and coworking space provider Regus. Located at the corner of North Orange Avenue and East Washington Street, 111 North Orange is near the LYNX Central and Church Street SunRail stations. The building’s amenities include access to the free LYMMO shuttle service, building security, a common conference center, Nature’s Table Cafe in the building and a fitness center. Ron Rogg of CBRE represented the undisclosed seller in the transaction.

December 19, 2019

Development Midwest Minnesota Office

DRA Advisors, Wildamere Capital to Renovate, Rename Office Towers in Downtown Minneapolis

by Kristin Harlow December 19, 2019

MINNEAPOLIS — Owners DRA Advisors and Wildamere Capital Management plan to renovate and rename the office towers located at 900 and 920 S. Second Ave. in downtown Minneapolis. Previously known as Oracle and International Centre, the new name for the 622,173-square-foot property will be Forum. Plans call for an overhaul of the multi-story atrium and construction of a new skyway lounge with conference facilities and spec suites. Construction is expected to begin before the end of the year and be completed in 2020. Katie Tufford, Peter Fitzgerald, Tom Tracy and Courtney Rosoff of Cushman & Wakefield are the leasing agents. DRA Advisors and Wildamere purchased the towers in March.

December 19, 2019

Development Midwest Office Ohio

M+A Architects Completes Design of New 80,000 SF Office for White Castle in Columbus

by Kristin Harlow December 19, 2019

COLUMBUS, OHIO — M+A Architects has completed the interior design work of the new 80,000-square-foot home office for White Castle in Columbus. The office design incorporates shared workspaces and tributes to the hamburger chain’s history. Located at 555 W. Goodale St., it features a library, café, indoor fitness area, mother’s nursing suite and a spiral slide connecting the second floor to the first floor. The project team also included Architectural Alliance, POD Design and Elford.

December 19, 2019

Tuscany-Village-Center-Greenwood-Village-CO

Acquisitions Colorado Office Western

PCCP Provides $51M Acquisition Loan for Tuscany Village Center Office Asset in Metro Denver

by Amy Works December 19, 2019

GREENWOOD VILLAGE, COLO. — PCCP has provided a $51 million senior loan to America’s Capital Partners for the acquisition of Tuscany Village Center, an office property located at 6312 S. Fiddlers Green Circle in Greenwood Village within Denver’s Fiddler’s Green submarket. The seller, a local real estate investment firm, acquired the asset in 2016 and invested more than $6 million in renovations, including improvements to the atrium and common areas. At the time of sale, the property was 97 percent leased with stable cash flow from a rent roll of high-quality tenants with staggered lease expirations. Built in 1989 on 8.6 acres, the 257,875-square-foot Tuscany Village consists of two six-story towers connected by an open-space atrium lobby. Additionally, the property includes a three-level structured parking garage, an outdoor seating area with public Wi-Fi, a fitness center with locker rooms and showers, and a conference room facility.

December 19, 2019

Acquisitions Northeast Office Pennsylvania

CBRE Arranges Sale of 71,685 SF Einstein Medical Building in East Norrington, Pennsylvania

by Alex Patton December 19, 2019

EAST NORRINGTON, PA. — CBRE has arranged the sale of the Einstein Medical Building, a 71,685-square-foot medical office in East Norrington, located approximately 20 miles north of Philadelphia. The transaction was part of a 470,000-square-foot portfolio sale that included nine properties in Pennsylvania, Illinois, Minnesota and Virginia. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sabrina Solomiany of CBRE arranged financing for the acquisition from a mix of life insurance companies, banks and debt funds.

December 19, 2019

Connecticut Leasing Activity Northeast Office

Choyce Peterson Negotiates 41,417 SF Office Lease in Shelton, Connecticut

by Alex Patton December 19, 2019

SHELTON, CONN. — Choyce Peterson Inc. has negotiated a 41,417-square-foot office lease for the new headquarters of railway inspector and servicer Sperry Rail Inc. in Shelton, a western suburb of New Haven. The property is located at 5 Research Drive. A new, 11,000-square-foot building will be constructed on the site to accommodate needs for additional production space. The company is consolidating its new headquarters from its previous location in Danbury, where it occupied three buildings. John Hannigan of Choyce Peterson represented Sperry Rail in the lease negotiations. Rob Scinto represented the landlord, R.D. Scinto, on an internal basis.

December 19, 2019

Acquisitions New York Northeast Office Top Stories

Munich Reinsurance America Agrees to Purchase 39-Story Madison Avenue Office Tower in Manhattan

by Alex Tostado December 19, 2019

NEW YORK CITY — Munich Reinsurance America Inc. has agreed to purchase 330 Madison Ave., a 39-story, 852,000-square-foot office tower in Manhattan. The building was originally constructed in 1963 and was renovated in 2012 to include a new glass curtainwall façade, upgraded lobby and updated systems that achieved LEED Gold certification. The asset is located adjacent to Grand Central Station and near the New York Public Library and Bryant Park. The sales price was not disclosed, although multiple news outlets reported the negotiations were in the range of $850 million to $900 million. At the time of the agreement, the building was 95 percent occupied by tenants including Guggenheim Partners, JLL and HSBC. “We are glad to invest in the United States, given the U.S. share of [the buyer’s] insurance portfolio,” says Hans-Joachim Barkmann, managing director of MEAG, which advised the buyer in the transaction. “The overall American real estate market is also currently outperforming continental Europe, especially Midtown Manhattan, which is really unique in the world in terms of status and prospects.” CBRE represented the seller, which was undisclosed, though several outlets report the seller was Abu Dhabi Investment Authority. Based in Princeton, N.J., Munich Reinsurance America is the …

December 19, 2019

Connecticut Loans Northeast Office

Marcus & Millichap Arranges $6M in Financing for Rehabilitation Facility in New Haven, Connecticut

by Alex Patton December 18, 2019

NEW HAVEN, CONN. — Marcus & Millichap has arranged $6 million in financing for Retreat at Southern Connecticut, a rehabilitation facility in New Haven. The facility specializes in mental health services and substance abuse rehabilitation, and the loan will be used to increase treatment options and hire more than 150 new staff members. Stonehenge Capital provided the loan, terms of which were undisclosed. Robert Noeldechen of Marcus & Millichap handled the debt placement.

December 18, 2019

Acquisitions Maryland Office Southeast

Zamir Equities Buys Value-Add Office Building in Baltimore’s CBD for $26.9M

by Alex Tostado December 18, 2019

BALTIMORE — Zamir Equities has purchased 36 S. Charles St., a 25-story office building located in Baltimore’s Central Business District (CBD), from an undisclosed seller. The 314,000-square-foot building currently houses the Baltimore U.S. Attorney’s Office, The Law Offices of Peter T. Nicholl and the City of Baltimore Development Corp. One block away from Baltimore’s Inner Harbor, 36 S. Charles is situated less than a block from the Metro SubwayLink Charles Center station. The location also provides nearby access to Interstates 95 and 83 and the city’s Light RailLink system. The Camden Station of the Maryland Area Regional Commuter (MARC), which provides high-speed access to Washington, D.C. and other major East Coast cities, is less than one mile away. The office building currently features cafes, onsite storage and a parking garage. The previous ownership invested $6.5 million into base building improvements and updates to the lobby, conference center and elevators. Zamir Equities plans to make additional capital improvements, including further improvements to the elevators, upgrades to the common areas, enhanced building security and a new coffee shop.

December 18, 2019

Development Office Texas

Shorenstein Breaks Ground on 210,500 SF Office Building in Austin’s Mueller Business District

by Taylor Williams December 18, 2019

AUSTIN, TEXAS — Shorenstein Properties has broken ground on the Alpha Building, a 210,500-square-foot office property located within Austin’s Mueller Business District. Mueller Business District comprises three development sites with the capacity to house four office buildings totaling roughly 800,000 square feet of space. Designed by architecture firm Page, the Alpha Building will be located across the street from an Alamo Drafthouse Cinema and the site of the future Origin Hotel and will include 26,000 square feet of ground-floor retail space. AQUILA Commercial handles leasing of the building, which is scheduled to be complete in the first quarter of 2021.

December 18, 2019

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