Office

SunTrust, BB&T Complete Merger, Purchase Own Charlotte Headquarters for $455.5M

by Kristin Harlow December 11, 2019

CHARLOTTE, N.C. — Truist Financial Corp., the new company resulting from a recently completed merger between banking giants BB&T and SunTrust, has exercised its option to purchase Hearst Tower in Uptown Charlotte. Cousins Properties sold the property for $455.5 million. The 46-story office tower, located at 214 N. Tryon St., will serve as Truist’s headquarters and be renamed Truist Center. The transaction is expected to close in March 2020. Truist-branded signage at the property will be installed in phases after the transaction is completed. Truist is in the process of transitioning approximately 2,000 employees to occupy more than 550,000 square feet of the 965,000-square-foot tower. The headquarters is already home to Truist’s executive management team. The building will accommodate several leadership teams for corporate groups such as corporate communications, finance, human resources, insurance, legal, risk management and technology. On-site amenities at the property, which opened in 2002, include a 1,400-space parking garage and a wide variety of restaurants. The location is in the heart of the city, two blocks from two separate Lynx light rail stations and Spectrum Center, home of the Charlotte Hornets NBA team. The seller, Atlanta-based Cousins, announced its own leadership transition on Monday. Executive Chairman Larry …

December 11, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates $84.8M Sale of Citrix Office Building in Downtown Raleigh

by Alex Tostado December 10, 2019

RALEIGH, N.C. — CBRE has negotiated the sale of downtown Raleigh’s Citrix Building, a 189,950-square-foot office building that serves as the divisional headquarters for software company Citrix Systems Inc. Exan Capital of Kuwait-based Exan Group purchased the building for $84.8 million. Located at 120 S. West St., Citrix Systems fully occupies the property. CBRE’s Patrick Gildea, Matt Smith, Grayson Hawkins, Brandon McMenomy and Ben Kilgore represented the seller, real estate company JMC Holdings LLC, in the transaction. The Citrix Building is an adaptive reuse of a former warehouse facility. The LEED-Gold certified office building includes collaborative space, a fitness center, basketball and racquetball courts, locker rooms, a rooftop patio, bocce ball court, yoga studio and a kitchen/dining facility.

December 10, 2019

Loans Office Southeast Virginia

Rubenstein Mortgage Funds $47.8M Refinancing of Office Building in Northern Virginia

by Alex Tostado December 10, 2019

MCLEAN, VA. — Rubenstein Mortgage Capital, a private mortgage lending platform and affiliate of Rubenstein Partners, has provided a $47.8 million loan to Westport Capital Partners LLC. The borrower will use the loan to refinance 2000 Corporate Ridge Road, an office building in the Tysons Corner submarket in McLean, a suburb in the Washington, D.C. metro area. Westport Capital Partners recently completed an extensive capital improvement program at the 263,002-square-foot property. Proceeds of the loan refinanced the existing debt and will provide funding for future leasing costs as the asset is stabilized. NorthMarq arranged financing for Westport Capital Partners.

December 10, 2019

Acquisitions Office Texas

Glenstar Acquires 457,000 SF Premier Place Office Building in Dallas

by Taylor Williams December 10, 2019

DALLAS — Glenstar Properties LLC has acquired Premier Place, a 457,000-square-foot office building located at 5910 North Central Expressway in Dallas. Built in 1985 and renovated in 2014, the 20-story, transit-oriented property offers proximity to Southern Methodist University, the Katy Trail and Dallas Love Field Airport. The building also houses a 62,000-square-foot Life Time Fitness. The seller and sales price were not disclosed.

December 10, 2019

Loans Northeast Office Pennsylvania

J.P. Morgan Chase Provides $388M Loan for Refinancing of Office Complex in Philadelphia

by Alex Patton December 10, 2019

PHILADELPHIA — J.P. Morgan Chase has provided a $388 million loan for the refinancing of 1500 Market Street, a 1.7 million -square-foot, Class A office complex in Philadelphia. The property comprises two towers that rise 36 and 43 floors and are connected by a three-story atrium. Amenities include a fitness center and direct access to food options, retail and subway lines. The property is also the only office in the Philadelphia CBD with its own subterranean parking garage, offering 450 spots. Dustin Stolly and Jordan Roeschlaub led a Newmark Knight Frank team that arranged the financing in conjunction with David Rosenberg and Mark Silbersher of Walker & Dunlop. A partnership between Nightingale Properties and Wafra Capital Partners is the borrower and landlord of 1500 Market Street.

December 10, 2019

Acquisitions Connecticut Northeast Office

CBRE Brokers Sale of 412,231 SF Office Park in Norwalk, Connecticut

by Alex Patton December 10, 2019

NORWALK, CONN. —CBRE has brokered the sale of 800 Connecticut Avenue, a 412,231-square-foot, Class A office park in Norwalk, located approximately 10 miles west of Stamford. Tenants include Booking Holdings, Priceline and Hitachi Capital America Corp. Amenities include a 6,400-square-foot conference center, an outdoor plaza, fitness center and a cafeteria. Jeffrey Dunne, David Gavin, Steven Bardsley, Jeremy Neuer, Gene Pride and Travis Langer of CBRE represented the undisclosed seller in the transaction. The CBRE team also procured the buyer, KH 800 Connecticut Avenue LLC, a subsidiary of Kamran Hakim.

December 10, 2019

Acquisitions New Jersey Northeast Office

PAG Investments Acquires 330,000 SF Office Building in Parsippany, New Jersey

by Alex Patton December 10, 2019

PARSIPPANY, N.J. — New York City-based PAG Investments has acquired 5 Wood Hollow Road, a Class A office building in Parsippany, located approximately 30 miles west of New York City. Amenities include a full-service cafeteria and a fitness center with shower and locker facilities. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The team also procured PAG as the buyer.

December 10, 2019

Market Reports Office Texas Texas Market Reports

Texas Office Owners: Sell or Hold?

by Taylor Williams December 10, 2019

While rumors of a looming recession dot the mainstream media landscape and pervade conversations at bars and water coolers, Dallas-Fort Worth (DFW) and Austin are humming along with the kind of healthy job growth that reduces that talk to little more than a whisper. Growth in office-using sectors like tech, finance, engineering and business services in both the state’s capital and largest metropolis continues to fuel demand for space, push rents to new levels and drive price appreciation on office assets. According to CoStar Group, the Dallas area has added about 90,000 new jobs over the last 12 months, and currently boasts a 3.4 percent unemployment rate, which is lower than both the state and national averages. And based on the most current data from the Austin Chamber of Commerce, payrolls in the state capital grew by about 23,000 between June 2018 and June 2019, while unemployment currently sits below 3 percent. While strong population growth is enough to jumpstart development and absorption in the multifamily, industrial and retail sectors, it’s pure job growth that drives the office space. So it’s not a bad time to be an owner of core properties in desirable submarkets in both cities. But these …

December 10, 2019

Acquisitions Georgia Office Southeast

TerraCap Management Sells Office Portfolio in Northern Atlanta Suburb for $46.1M

by Alex Tostado December 9, 2019

KENNESAW, GA. — TerraCap Management LLC, a privately held investment firm based out of Estero, Fla., has sold Chastain Center to an undisclosed buyer for $46.1 million after completing capital improvements. The six-building, 303,000-square-foot, single-story office portfolio is located 25 miles northwest of Atlanta in Kennesaw. The office portfolio was 86 percent leased at the time of sale, with over seven years of remaining lease term in place. Tom Shafer and John Hinson of CBRE represented TerraCap in the sale. Lincoln Property Co. represented TerraCap on both leasing and management. TerraCap originally purchased the property for $30 million in January 2016.

December 9, 2019

Leasing Activity New York Northeast Office

Amazon Signs 335,408 SF Office Lease at 410 Tenth Avenue in Manhattan

by Alex Patton December 9, 2019

NEW YORK CITY — Amazon has signed a 335,408-square-foot office lease at 410 Tenth Avenue in Manhattan. Landlord SL Green is currently redeveloping the 638,000-square-foot building, which was previously known as the Master Printers Building, as a Class A office property at the intersection of Manhattan West and Hudson Yards. The redevelopment will include a redesign of the lobby as well as construction of an 8,000-square-foot roof deck and lounge. The timeline of construction and Amazon’s occupancy was not disclosed, but the building is now 96.2 percent leased.

December 9, 2019

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