Office

JLL Arranges $50.4M Sale of Resource Square Office Portfolio in Orlando

by Alex Tostado January 14, 2020

ORLANDO, FLA. — JLL has arranged the $50.4 million sale of Resource Square One and Three, two fully occupied buildings in Orlando’s Central Florida Research Park. A joint venture between Crocker Partners LLC and PCCP LLC purchased the assets from TerraCap Management LLC. The JLL Capital Markets team led by Ike Ojala, Hermen Rodriguez, Robbie McEwan and Matt McCormack represented the seller and procured the buyer in the transaction. JLL’s Maxx Carney and Reid Carleton worked on behalf of the buyers to secure a seven-year, floating-rate acquisition loan with Synovus Financial Corp. Totaling approximately 245,000 square feet, the buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway, near University of Central Florida (UCF) and Fla. State Routes 50 and 408. Resource Square One is a three-story building constructed in 1999, and Resource Square Three is a five-story building delivered in 2003. As the largest office landlord in the state, this acquisition brings Crocker’s total assets under management in Central Florida to almost 1 million square feet.

January 14, 2020

Leasing Activity Office South Carolina Southeast

Tech Firm Renews Office Lease in Greenville, Expands to 44,000 SF

by Alex Tostado January 14, 2020

GREENVILLE, S.C. — Greenville-based Gordian has renewed its lease early and expanded its office space to 44,000 square feet at 30 Patewood Drive in Greenville. Colliers International’s Brantley Anderson and Taylor Allen represented the information technology and services company in the expansion. Gordian provides construction costs analytics, estimating information, pricing data and procurement software and services.

January 14, 2020

Acquisitions Office Texas

Partners Group, Accesso Sell 688,100 SF Riata Corporate Park in Austin

by Taylor Williams January 14, 2020

AUSTIN, TEXAS — A joint venture between global private investment manager Partners Group and Florida-based Accesso has sold Riata Corporate Park, a 688,100-square-foot office campus in Austin. The joint venture acquired the property, which was developed by CarrAmerica between 1998 and 2000, in 2015. The ownership also implemented a value-add program that increased the occupancy rate from 85 to 99 percent. Riata’s amenities include a fitness center, basketball court and an outdoor courtyard with food trucks. The buyer and sales price were not disclosed.

January 14, 2020

Acquisitions Arizona Office Western

ViaWest, Taconic Capital Acquire Two-Building Office Complex in Phoenix for $27M

by Amy Works January 14, 2020

PHOENIX — A joint venture between ViaWest Group and New York-based Taconic Capital Advisors has purchased Canyon Corporate Plaza, a core-plus office campus in Phoenix. An undisclosed seller sold the asset for $27 million. The property consists of a five-story building and a six-story building, each offering a parking garage, plus 6.4 acres of developable land. Constructed in 1989 and 2000, the 313,000-square-foot asset is located at 2510 and 2512 W. Dunlap Ave. in Northwest Phoenix. At the time of sale, the property was 66 percent occupied. The buyers plan to renovate the asset with upgrades including new lobbies, elevator modernizations, a food truck plaza, tenant lounge and more. Dennis Desmond, Tivon Moffitt and Peter Baumann of JLL’s Phoenix office and Lynn LaChapelle of JLL’s San Diego office represented the buyer and seller in the deal. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle leasing for the property.

January 14, 2020

Leasing Activity New York Northeast Office

Northwestern Mutual Signs 91,217 SF Office Lease in Manhattan

by Alex Patton January 14, 2020

NEW YORK CITY — Financial security company Northwestern Mutual has signed a 91,217-square-foot office lease at 200 Liberty Street, a 40-story, Class A office building in Manhattan. Northwestern will occupy the entire 30th through 32nd floors of the 1.74 million-square-foot building. Cesar Pelli & Associates Architects designed the building, which was completed in 1986. Scott Vinett of JLL represented Northwestern in the lease negotiations along with Chris Joyner and Andrew Hegmann of Fischer & Co. Mikael Nahmias represented the landlord, Brookfield Properties, on an internal basis along with Paul Glickman and John Wheeler of JLL.

January 14, 2020

Leasing Activity New York Northeast Office

Helmsley Spear Negotiates 8,266 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton January 14, 2020

NEW YORK CITY — Helmsley Spear LLC has negotiated an 8,266-square-foot office lease renewal and expansion for boutique corporate and real estate law firm Burgher Gray LLP in Manhattan. The law firm, which moved into its office space at 1350 Broadway in October 2016, renewed its lease for 10 years. The company also expanded its office space by 3,460 square feet to a total of 8,266 square feet. Often called the Herald Square Building, the 25-story tower spans 400,000 square feet. Rene Hamilton and Shanae Ursini represented the landlord, Empire State Realty Trust, in the lease negotiations.

January 14, 2020

Acquisitions North Carolina Office Southeast

JLL, Capital Associates Broker $17.7M Sale of Biomedical Partnership Center in Raleigh

by Alex Tostado January 13, 2020

RALEIGH, N.C. — JLL and Raleigh-based Capital Associates have co-brokered the $17.7 million sale of the Biomedical Partnership Center, a 44,835-square-foot flex/lab building in Raleigh. The newly built property is located at 1001 William Moore Drive on the North Carolina State University’s Centennial Biomedical Campus. Located on 2.6 acres at the corner of Blue Ridge Road and Hillsborough Street, the two-story property has nearby access to Interstates 40 and 440, N.C. Highway 54 and Raleigh-Durham International Airport. The Biomedical Partnership Center was 95 percent leased at the time of sale to multiple tenants. JLL and Capital Associates represented the seller, CBC Flex Lab LLC, and procured the purchaser, Flex III Subsidiary LLC, a Tennessee-based entity that purchased the facility in a 1031 exchange. Ryan Clutter, Scot Humphrey, Christopher Lingerfelt and Zack Drozda of JLL and Tom Huff of Capital Associates represented the seller.

January 13, 2020

Acquisitions Office Texas

JLL Brokers Sale of River Oaks Bank Building in Houston

by John Nelson January 13, 2020

HOUSTON — JLL has brokered the sale of The River Oaks Bank Building, a 170,233-square-foot office building located at 2001 Kirby Drive in Houston’s River Oaks District. A client of L&B Realty Advisors LLP sold the 14-story building to a joint venture between Houston-based Fuller Realty Partners and Independencia Asset Management for an undisclosed price. The recently renovated property features 185 surface parking spaces and an attached garage holding 323 spaces. Kevin McConn, Rudy Hubbard and Rick Goings of JLL represented the seller in the transaction. John Ream, Wally Reid and Cameron Cureton of JLL arranged acquisition financing on behalf of the joint venture.

January 13, 2020

Development Healthcare New York Northeast Office

University of Rochester Plans $240 Million Orthopedics Campus in Rochester, New York

by Alex Patton January 13, 2020

ROCHESTER, N.Y. — The University of Rochester (UR) plans to develop The UR Medicine Orthopaedics & Physical Performance Center at The Marketplace Mall in Rochester. The 330,000-square-foot facility would be the largest off-site building in UR history. Wilmorite, owner of The Marketplace Mall, plans to sell the former Sears department store and surrounding mall property to UR. Plans call for repurposing the vacant Sears building as the shell for the new ambulatory surgery center, with new operating rooms and procedure rooms. New construction would create a multi-story tower above the surgery center, housing services such as diagnosis and treatment of bone, spine, muscle and joint conditions as well as sports medicine, injury prevention and other wellness services. The Orthopaedics & Physical Performance Center could cost up to $240 million, which will be paid for through a combination of philanthropy, UR funds and borrowing. Trustees have approved $11 million for project design. If approvals and construction proceed as expected, the campus could be completed by 2023.

January 13, 2020

Development Northeast Office Pennsylvania

Center City Investment to Develop 296,000 SF Spec Office Building in Allentown

by Alex Patton January 13, 2020

ALLENTOWN, PA. — Center City Investment Corp. will develop 1 Center Square, a 296,000-square-foot Class A office building in the City Center business district of Allentown, located approximately 60 miles north of Philadelphia. The 16-story office building will be built with a speculative corporate headquarters anchor tenant in mind and will feature open floorplans and theater-style auditoriums. JDavis Architects is designing 1 Center Square and Gensler is the interior designer. North Star Construction Management is the general contractor. Construction is slated to begin this fall, with initial occupancy scheduled for 2022. The project is estimated to cost $100 million.

January 13, 2020

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