Office

CBRE Brokers $9M Sale of Office Property in Parsippany, New Jersey

by Alex Patton June 8, 2020

PARSIPPANY, N.J. — CBRE has brokered the $9 million sale of a 75,049-square-foot, Class B office property in Parsippany, approximately 30 miles west of New York City. Located at 10 Lanidex Plaza West, the three-story building was constructed in 1987 and offers convenient access to Interstates 80 and 287. Business management consultant Solix Inc. leased 31,442 square feet at the building earlier this year. Charles Berger, Elli Klapper and Mark Silverman of CBRE, along with A&T Services’ Thomas Mallaney, represented seller Lincoln Property Co. in the transaction. MSM Equities was the buyer.

June 8, 2020

Acquisitions Midwest Office Ohio

NAI Pleasant Valley Brokers Sale of 37,000 SF Office Building Near Cleveland

by Kristin Harlow June 8, 2020

SHAKER HEIGHTS, OHIO — NAI Pleasant Valley has brokered the sale of a 37,000-square-foot office building located at 20820 Chagrin Blvd. in Shaker Heights, just east of Cleveland. The sales price was undisclosed. Gerilyn Gleason and Jeffrey Kahn of NAI Pleasant Valley represented the seller. The local buyer plans to occupy the property, which is near the Van Aken District, an $18.5 million mixed-use project featuring multiple retailers and apartments.

June 8, 2020

California Loans Office Western

Gantry Arranges $35M in Financing for Two San Francisco Office Buildings

by Amy Works June 5, 2020

SAN FRANCISCO — Gantry has secured $35 million in permanent financing for two Class B office buildings in San Francisco. Located at 1301 Sansome St. and 945 Battery St., the two buildings are situated just north of San Francisco’s Financial District. Built in 1910-1940 and renovated in 1999, 1301 Sansome Street features six stories, including a penthouse, offering 38,868 square feet of office space. Grove Collaborative occupies the entire building. Built in 1911 and renovated in 1999, the six-story 945 Battery Street features 67,966 square feet of office space, including a penthouse. Second Life, an online virtual platform, and Lightstep, a provider of software solutions that help organizations stay in control of their systems, occupy the building. George Mitsanas and Josh Natker of Gantry’s Los Angeles office arranged the 15-year loan, which has a 30-year amortization schedule, with a correspondent life insurance company for the undisclosed borrower. Gantry will service the permanent loan.

June 5, 2020

Leasing Activity Office Texas

Holt Lunsford Negotiates 29,571 SF Office Lease in Fort Worth

by Taylor Williams June 5, 2020

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 29,571-square-foot office lease at Overton Centre in Fort Worth. Matt Carthey and Jake Neal of Holt Lunsford represented the landlord, FLDR/TLC Overton Centre LP, in the lease negotiations. Matt Heidelbaugh and Jim Smith of Cushman & Wakefield represented the tenant. Overton Centre is a two-building, 417,000-square-foot development located near Interstate 20 and Chisholm Trail Parkway.

June 5, 2020

Development Midwest Missouri Office

Grand Place Slated to Be First WELL-Certified Project in Kansas City, Missouri

by Kristin Harlow June 5, 2020

KANSAS CITY, MO. — Grand Place is slated to be the first WELL-certified project in Kansas City. Similar to how the LEED building rating system measures sustainability and energy efficiency, the WELL standard measures a building’s health and wellness performance for its occupants. 3D Development, the developer of Grand Place, is also seeking LEED certification for the project, which involves the redevelopment of the former headquarters for The Kansas City Star newspaper. Building systems will be actively monitored for WELL standards. A third-party company will test and analyze the building’s air quality. The entire building will be equipped with a water filtration system. Upon completion, Grand Place will include 300,000 square feet of office space and a European-style market and grocery store. Floor plates will range from 5,000 to 40,000 square feet. The International WELL Building Institute, based in New York City, administers the WELL standard, which launched in October 2014.

June 5, 2020

Leasing Activity New Jersey Northeast Office

Japan Tobacco International USA Signs 18,500 SF Office Lease Renewal in Teaneck, New Jersey

by Alex Patton June 4, 2020

TEANECK, N.J. — Japan Tobacco International USA (JTI) has signed an 18,500-square-foot office lease renewal in Teaneck, a northwestern suburb of New York City. The space is located at 500 Frank W. Burr Blvd. within the 50-acre Glenpointe office complex. The complex offers 670,000 square feet of Class A office space, a 26,000-square-foot fitness center and 700 guest rooms across three onsite hotels. The tenant has leased its space for 11 years. Greg Barkan of CBRE represented JTI in the lease negotiations. Jerry Barta represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

June 4, 2020

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates 11,200 SF Office Lease in Princeton, New Jersey

by Alex Patton June 4, 2020

PRINCETON, N.J. — Cushman & Wakefield has negotiated an 11,200-square-foot office lease for power semiconductor manufacturer United Silicon Carbide in Princeton. The space is on the first floor of an office building located at 650 College Road E. The 168,000-square-foot property is situated within Princeton University’s 2,000-acre master-planned business/research campus. The leasing team of Todd Elfand, Kevin Carton, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. John Buckley and Jon Compitello of JLL represented the tenant.

June 4, 2020

Leasing Activity Office Texas

Heritage Auctions Relocates Dallas Headquarters to New 160,000 SF Campus

by Taylor Williams June 4, 2020

DALLAS — Dallas-based Heritage Auctions, the country’s largest fine art and collectibles auction house, has relocated its headquarters from 3500 Maple Ave. in the Oak Lawn area to a new, 160,000-square-foot campus at 2801 W. Airport Freeway. The new headquarters is roughly twice the size of its old one and allows the company’s three Dallas offices to be consolidated under one roof. About 450 people will work at the new, single-story complex, which spans the length of three football fields and features an 8,000-square-foot gallery showroom. Nora Hogan, Robert Deptula and Jordan Wade of Transwestern represented Heritage Auctions in the site selection and lease negotiations. Mark Hayes of HPI Real Estate Services & Investments represented the landlord, Bandera Ventures.

June 4, 2020

Acquisitions Arizona Office Western

Roxborough Group Sells Perimeter Parkview Corporate Center in Scottsdale for $30M

by Amy Works June 4, 2020

SCOTTSDALE, ARIZ. — An affiliate of San Francisco-based The Roxborough Group has completed the sale of Perimeter Parkview Corporate Center, an office building located at 8377 E. Hartford Drive in Scottsdale. San Diego-based Cush Enterprises acquired the property for $30 million, or roughly $286 per square foot. Chris Toci, Chad Littell, Tim Whittemore, Grey Mayer and Patrick Schrimscher of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Completed in 2006, the two-story, 104,956-square-foot, Class A office asset features a subterranean parking garage with direct tenant access. At the time of sale, the property was 90 percent leased to three tenants.

June 4, 2020

400-University-Rainier-Square-Seattle-WA

Development Office Washington Western

Wright Runstad, Intercontinental Real Estate Break Ground on 122,000 SF Office Building in Seattle

by Amy Works June 4, 2020

SEATTLE — Local developer Wright Runstad & Co., in partnership with Intercontinental Real Estate Corp., has broken ground on 400 University @ Rainier Square. The 10-story, Class A office building will be located at the southwest corner of University Street and Fourth Avenue in downtown Seattle. Totaling 122,000 square feet, the development will feature 110,000 square feet of office space above 12,000 square feet of street-level restaurant and lounge space. Additional features will include a subgrade mezzanine level, a 6,000-square-foot rooftop deck, third-floor terrace, bike storage, locker rooms with showers and dedicated tenant parking. The plans also include an underground concourse that connects to the Washington Athletic Club, Seattle Hilton, Union Square and the Washington State Convention Center. Upon completion in July 2021, the NBBJ-designed building will complete Rainier Square, a 1.2 million-square-foot mixed-use project Wright Runstad developed. Jeffery Weber and Jason Flynn of Eastdil Secured’s San Francisco office arranged the secured the joint venture partnership. Greg Inglin and David Abbott of Colliers International represent the office leasing team.

June 4, 2020

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