FORT WAYNE, IND. — Summit Reinsurance Services has renewed its 6,970-square-foot office lease at 7030 Pointe Inverness Way in Fort Wayne. Brady Gardner of Sturges Property Group represented the tenant as well as the landlord, Fort Wayne Portfolio Corp. Summit is a managing general underwriter and reinsurance advisor working with health insurers, managed care organizations and self-funded employers.
NEW BRAUNFELS, TEXAS — Locally based developer Koontz Corp. has sold Parkview Plaza, a 58,574-square-foot office building in the San Antonio suburb of New Braunfels. The property and was fully leased to PNC Bank at the time of sale. The buyer was New York-based Royal Oak Realty Trust. Once a golf course, the site of Parkview Plaza is located within Sundance Business Park, about a mile from Interstate 35.
BOULDER, COLO. — AGC Biologics has acquired a vacant, 300,000-square-foot pharmaceutical plant in Boulder from AstraZeneca. The Japan-based company plans to invest $100 million in the plant and create 280 jobs, according to multiple news outlets. The facility will provide AGC with additional capacity and significantly larger production scale. AGC expects to move into the facility in April 2021, 18 months sooner than it would take to build a new facility, according to the company. In February, the Colorado Economic Development Commission approved a tax credit on the property worth up to $6.4 million. AstraZeneca vacated the 20-acre property in January 2019, according to the Denver Post. The sales price was not disclosed, though the Boulder Daily Camera reports the property traded for $40 million. The Camera also reports jobs at the plant will pay an average of $96,253 per year. “This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company,” says AGC Biologics CEO Patricio Massera. Although the specific drugs and research planned for the facility were not disclosed, Massera made reference to “mammalian projects,” suggesting that animal research will take place there. The property is located at 5550 Airport …
WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE: FSP), a Wakefield, Mass.-based REIT, has reported that it collected 95 percent of rent payments due for May at its office properties despite revenue concerns amid the COVID-19 outbreak. When the outbreak began in the United States, office users across the country were forced to lay off employees while others were restricted to working from home. Even as states begin to reopen and some employees are returning to their offices, many companies are reconsidering lease signings and expansions. In addition, Franklin reported that none of its properties has sustained significant damage as a result of the ongoing nationwide protests. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 Southeastern and Midwestern states. Some tenants have requested rent relief in the form of deferrals for varying lengths of time, which Franklin has granted in particular instances while seeking extended lease terms. The REIT’s stock price closed at $5.15 per share on June 2, down from $7.52 per share at the same time last year.
PHILADELPHIA — CBRE has negotiated a 32,500-square-foot office and lab prelease for biotechnology company Century Therapeutics in Philadelphia’s University City district. The space is located at One uCity Square, a 400,000-square-foot mixed-use development currently under construction and that will feature Class A office, lab and retail space. The project is slated for completion in early 2022. Bob Zwengler, Matthew Knowles and Anthony Pell led a CBRE team that represented Century Therapeutics in the lease negotiations. A joint venture between University City Science Center, Wexford Science & Technology LLC and Ventas Inc. owns the property.
DURHAM, N.C. — Grail Inc. will invest $100 million at a new laboratory facility in Durham’s Research Triangle Park, a project that is expected to create about 400 new jobs. Menlo Park, Calif.-based Grail will be able to detect more than 50 types of cancer from a single blood sample at the facility. The average salary at the cancer center will be in line with Durham’s average household income of $71,756 per year, according to North Carolina Gov. Roy Cooper. Over the course of 12 years, the project is estimated to grow the state’s economy by $1.2 billion. The North Carolina Economic Investment Committee approved a Job Development Investment grant, which authorizes the potential reimbursement of $5.2 million to Grail if the company meets specific job creation measures and investment targets. This will mark Grail’s first production lab outside of California. Jay Phillips, Wayne Kumagai, Ben Stern and Doug Brock of Newmark Knight Frank (NKF) represented Grail in the land transaction. Alan Reeves, Joe Gioino, Ramya Sannananjegowda and Bob Hess, also of NKF, advised the buyer on the site selection. A timeline for construction was not disclosed.
PHOENIX — CBRE has brokered the sale of a single-tenant office building located at 16212 N. 28th Ave. in Phoenix’s Deer Valley submarket. Merit Properties Group sold the asset to a fund managed by a Chicago-based investment management firm for $7.6 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Situated on 3.8 acres, the 61,304-square-foot property has been fully leased to a government entity since 2004. The building was constructed in 1980 and extensively renovated in 2004, with numerous specialized tenant improvements.
NEW YORK CITY — Hospital for Special Surgery (HSS) has opened a new 15,000-square-foot outpatient medical center at the Hudson Yards mixed-use development in Manhattan. The space is located within 31 Hudson Yards, a 72-story building that also houses the Equinox Hotel and an Equinox fitness club. The facility will be staffed by physicians and surgeons specializing in hand and upper extremity, spine, joint replacement and pain management. Related Cos. is the developer and owner of Hudson Yards.
NEW YORK CITY — Cushman & Wakefield has negotiated a 7,400-square-foot office lease for Australian pension fund AustralianSuper in the Plaza District of Manhattan. AustralianSuper leased the entire 20th floor of 527 Madison Avenue, an approximately 240,000-square-foot office building that was constructed in 1986. Jim Frederick and Gordon Hough of Cushman & Wakefield represented the landlord, Mitsui Fudosan America Inc., in the lease negotiations. Paul Amrich, Neil King and Georgina Cook of CBRE represented AustralianSuper.
WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $13.8 million sale of Brandywine Centre I, a 69,954-square-foot office building in West Palm Beach. The three-story property comprises 60,854 square feet of office space and a 9,100-square-foot restaurant outparcel. Notable tenants at the time of sale included Divine Blalock Martin Sellari LLC, Renegades Country Western Bar, Online Trading Academy, Landcastle Title Group and DBA Trident Title. The asset is located at 580 Village Blvd., four miles west of downtown West Palm Beach. Greg Miller, Scott O’Donnell, Dominic Montazemi, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the sellers, KAS Brandywine LLC and KAS Hags CUP LLC, in the transaction. John DeMarco of ReMax 5 Star Realty represented the buyer, Palm Beach Business Center GP.