Office

Voit Real Estate Brokers $14.5M Sale-Leaseback of Office Property in San Diego

by Amy Works April 28, 2020

SAN DIEGO — Voit Real Estate Services Private Client Group has arranged the sale of a two-building office asset located in San Diego’s City Center neighborhood. San Diego State University Research Foundation sold the property to Casey Brown Cos. for $14.5 million. The off-market transaction was structured as a sale-leaseback, through which the seller signed a five-year lease with one five-year extension option. Kipp Gstettenbauer and Ryan King of Voit represented the sellers. Voit Real Estate Services also represented the buyer in the deal. The property includes two of the largest office buildings on El Cajon Boulevard and a four-story, 149-stall parking structure.

April 28, 2020

New Jersey Northeast Northeast Market Reports Office

Office Developers Renovate, Repurpose Outdated Assets in Northern New Jersey

by Alex Patton April 28, 2020

From start-ups seeking flex space to major corporations that are expanding or relocating an entire office, finding a modern office space in the northern New Jersey commercial market is always a challenge. Barbara Gross, Sheldon Gross Realty Overall, it’s a very mature environment, with many older structures and corporate parks lining the highways, and with limited new development. As an example of the resultant complexities, let’s look back to the 1980s and ’90s, when the Route 280 corridor (primarily in western Essex County) was bustling. Office parks had few vacancies, and rental rates were among the highest in the state. Until relatively recently, only a few companies owned the majority of these buildings, thereby “controlling” who went where and at what rental rate. But over time, these owners have been selling the individual buildings in parks to a variety of new owners, resulting in a more competitive marketplace. It’s refreshing to see the new owners investing in renovations and adding new amenities. However, responding to a younger generation coming to or returning home to New Jersey and demanding greener, 24/7 communities, developers are demolishing some of those older office buildings and parks. Projects are before planning boards now that would …

April 28, 2020

Leasing Activity New York Northeast Office

Equity firms InTandem and Sagewind Jointly Sign 10,165 SF Office Lease in Manhattan

by Alex Patton April 27, 2020

NEW YORK CITY — Private equity firms InTandem Capital Partners and Sagewind Capital LLC, have jointly signed a 10,165-square-foot in Midtown Manhattan. The firms will share one office across a portion of the 24th floor of One Vanderbilt Avenue, an approximately 1,750,000-square foot office tower slated for completion later this year. Lloyd Desatnick of JLL represented the tenants in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.

April 27, 2020

Leasing Activity New York Northeast Office

ABS Partners Negotiates 5,000 SF Office Lease in Manhattan’s NoMad Neighborhood

by Alex Patton April 27, 2020

NEW YORK CITY — ABS Partners Real Estate has negotiated a 5,000-square-foot office lease for Canadian trade union Unifor in the NoMad neighborhood of Manhattan. The company’s new space includes the entire eighth floor at 152 Madison Avenue, an approximately 98,000 square foot office building constructed in 1929. The asking rent was $59 per square foot. Ronnie Zimmerman and Ian Weiss of ABS represented the landlord, Heskells, in the lease negotiations. Newmark Knight Frank represented Unifor.

April 27, 2020

Leasing Activity Office Texas

Four New Office Users Sign Leases at Cypress Waters Mixed-Use Development in Coppell

by Taylor Williams April 27, 2020

COPPELL, TEXAS — Four new office tenants have signed leases at Cypress Waters, a 1,000-acre mixed-use development by Billingsley Co. that is located near DFW International Airport in Coppell. Goosehead Insurance has leased 12,348 square feet; Artisan Design Group LLC has inked a deal for 9,542 square feet; Northstar Builders Group has signed a lease for 5,819 square feet; and Robert Half has leased 6,217 square feet. Marijke Lantz represented Billingsley internally in all lease negotiations.

April 27, 2020

Acquisitions Midwest Office Ohio Top Stories

Zamir Equities Acquires 538,437 SF Columbia Plaza Office Building in Downtown Cincinnati

by Alex Patton April 24, 2020

CINCINNATI — Zamir Equities LLC, a private equity investment firm based in New York City, has acquired Columbia Plaza, a 538,437-square-foot office building in downtown Cincinnati. The 29-story tower is located at 250 E. 5th St. near the entertainment districts of Newport and Covington, as well as The Banks, the home stadium of the Cincinnati Bengals and Reds. The building was constructed in 1984. Columbia Plaza’s amenities include a fitness center with classes, a 3,000-square-foot tenant lounge, conference facilities, outdoor plaza, cafe, dry cleaning, car washing and detailing, art gallery and transportation services. The property also features a 494-space underground parking garage. The location in Cincinnati’s central business district offers convenient access to Interstates 71 and 75. The seller, New York City-based HighBrook Investors, acquired the property in 2015 and invested approximately $10 million in capital improvements during its ownership. Renovations included expansion of the lobby to 10,000 square feet, upgrading the building’s outdoor space and parking garage and renovations to the bathrooms and other common areas. At the time of sale, the property was approximately 76 percent leased. Western & Southern Financial Group anchor the tower with a 540,000-square-foot office lease across the top seven floors. The company moved into …

April 24, 2020

Loans New Jersey Northeast Office

JLL Arranges $59.9M Acquisition Loan for Office Complex in Parsippany, New Jersey

by Alex Patton April 24, 2020

PARSIPPANY, N.J. — JLL has arranged a $59.9 million acquisition loan for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, a western suburb of New York City. Bridge Investment Group provided the four-year, floating-rate loan to the borrower, P3 Properties. The complex is located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center. Amenities at the center include a 5,000-square-foot fitness center with a yoga studio, two cafes and two conference areas. At the time of sale, the buildings were 67 percent leased to tenants including Zurich Insurance and York Risk Services. Greg Nalbandian and Andrew Zilenziger arranged the loan.

April 24, 2020

Leasing Activity New York Northeast Office

Oak Hill Advisors Expands Office Prelease to 69,802 SF in Manhattan

by Alex Patton April 24, 2020

NEW YORK CITY — Investment firm Oak Hill Advisors has expanded its prelease to 69,802-square-feet in Midtown Manhattan. The firm originally preleased 45,954 square feet at One Vanderbilt Avenue, an approximately 1.7 million-square foot office tower slated for completion later this year. The firm has leased an additional 23,848 square feet and will now occupy space across the 15th and 16th floors. Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.

April 24, 2020

Arizona Loans Office Western

Velocis Receives $33.8M Refinancing for Park One Office Campus in Phoenix

by Amy Works April 24, 2020

PHOENIX — Velocis has received a $33.8 million loan for the refinancing of Park One, a Class A office property in Phoenix’s Camelback Corridor. Dana Summer, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek of CBRE secured the financing through Alliance Bank of Arizona for the borrower. Located at 2111, 2121 and 2141 E. Highland Ave., Park One is a three-building campus offering a total of 217,433 square feet of office space. The campus comprises a two-story building, four-story building and a freestanding restaurant. At the time of financing, the property was 92 percent leased. Park One features remodeled common areas and amenity spaces, including lobbies, corridors, elevator cabs, on-site café, landscaping and outdoor seating areas. The property is within walking distance to a variety of restaurant and shopping options, including Biltmore Fashion Park.

April 24, 2020

Leasing Activity Midwest Office Ohio

Burns & McDonnell to Lease Full Floor at New Office Building Nearing Completion in Akron, Ohio

by Kristin Harlow April 24, 2020

AKRON, OHIO — Burns & McDonnell has signed a lease to occupy the entire third floor of a new speculative office building within White Pond Crossing in Akron. The engineering, architecture and construction firm will occupy 14,940 square feet upon completion of the 45,000-square-foot building this summer. White Pond Crossing currently consists of six buildings totaling 67,900 square feet. Stacy Tramonte of NAI Pleasant Valley brokered the lease transaction. Tramonte handles all leasing for the new spec building.

April 24, 2020

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