Office

Smartcap Buys Nike-Occupied Flex Warehouse Near Portland for $12.2M

by Amy Works October 15, 2020

BEAVERTON, ORE. — Smartcap, a Seattle-based real estate investment firm, has purchased The Cortez Building, a warehouse and office property located at 701 SW 158th Ave. in Beaverton, a suburb eight miles west of Portland. An undisclosed seller sold the asset for $12.2 million. Nike Inc. occupies the 73,200-square-foot flex property through April 2025. The apparel company has leased the building since its delivery in 1994. Keith Young of Kidder Mathews and Denis Mehigan of The Mehigan Co. represented the buyer in the transaction.

October 15, 2020

Development New York Northeast Office

Extell Development Begins Lease-Up of 441,600 SF Harlem Headquarters Office Building

by Taylor Williams October 14, 2020

NEW YORK CITY — Locally based firm Extell Development has begun the lease-up of Harlem Headquarters, a 441,600-square-foot office building located at 180 E. 125th St. between Third and Lexington avenues in Harlem. Gensler designed the property, which also houses 50,000 square feet of retail space. Amenities include a rooftop terrace, bicycle storage space, locker rooms and showers and other outdoor gathering spaces. Harlem Headquarters also features floor-by-floor direct expansion air-conditioning units, four passenger elevators, one dedicated service elevator and one retail service elevator. Cushman & Wakefield is handling leasing of the project, completion of which is slated for 2022.

October 14, 2020

Development Industrial Midwest Nebraska Office

McCarthy Converts Old Warehouse into 220,000 SF Headquarters for Elliott Equipment in Omaha

by Kristin Harlow October 14, 2020

OMAHA, NEB. — McCarthy Building Cos. has completed the conversion of a decades-old warehouse into a headquarters, manufacturing facility and showroom for Elliott Equipment Co. in Omaha. The 220,000-square-foot project includes a renovated 26,000-square-foot office building originally constructed in 1982 and a modernized 194,000-square-foot warehouse originally built in 1977. Elliott has consolidated manufacturing operations that had been spread out across five buildings in different locations across Omaha. Founded in Omaha in 1948, Elliott specializes in designing and manufacturing cranes, trucks and aerial platforms.

October 14, 2020

Acquisitions Office Southeast Virginia

NKF Arranges $87.5M Sale of Office Campus in Metro D.C.

by Alex Tostado October 14, 2020

FALLS CHURCH, VA. — Newmark Knight Frank (NKF) has arranged the $87.5 million sale of two office buildings located at 3170 and 3180 Fairview Park in Falls Church. The seller, an affiliate of Boston-based Marcus Partners, completed a renovation at the property this year. The upgrades included adding 25,000 square feet of amenity space, an outdoor terrace, firepit, 100-person auditorium, 100-person conference facility and a fitness center. The assets were 98 percent leased at the time of sale to tenants including General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty. The leases have a weighted average of 11 years remaining. The asset is situated 15 miles west of downtown Washington, D.C. James Cassidy, Jud Ryan and Cliff Cummings of NKF represented the seller in the transaction. Joe Donato and Kassi Saridakis of NKF worked with the buyer, Vanderbilt Office Properties, on the financing of the acquisition. Terms of the financing were not disclosed.

October 14, 2020

Company News Office Texas

Reports: Pabst Blue Ribbon to Relocate Headquarters to Downtown San Antonio

by Taylor Williams October 14, 2020

SAN ANTONIO — California-based beer brewer Pabst Blue Ribbon (PBR) will relocate its corporate headquarters from Los Angeles to downtown San Antonio, according to multiple news sources including CultureMap San Antonio and the San Antonio Business Journal. According to the former publication, PBR was headquartered in San Antonio between 1996 and 2006 and still maintains an office there. Local cable news outlet WOAI reports that PBR currently has about 60 employees in San Antonio and plans to grow its workforce to more than 115 employees in the coming months. PBR owns several different brands, Old Milwaukee, Rainier and National Bohemian.

October 14, 2020

Acquisitions Office Southeast Virginia

Colliers Brokers $20M Sale of Office Building at Military Circle Mall in Norfolk

by Alex Tostado October 14, 2020

NORFOLK, VA. — Colliers International has brokered the $20 million sale of an office building at Military Circle Mall in Norfolk. The property, which is located at 824 N. Military Highway, was originally built for J.C. Penney in 1969 and used to anchor Military Circle Mall. Now a 200,000-square-foot office building, the property sits on 16 acres and offers 1,436 parking spaces. Movement Mortgage and Sentara Health Plans occupy the asset. Patrick Gill of Colliers represented the seller, the City of Norfolk Economic Development Authority, in the transaction. MPB Inc. acquired the asset.

October 14, 2020

Leasing Activity Office Texas

Heritage Title Signs 20,459 SF Office Lease at Indeed Tower in Downtown Austin

by Taylor Williams October 14, 2020

AUSTIN, TEXAS — Heritage Title Co. of Austin Inc., which provides title insurance and settlement services, has preleased 20,459 square feet of office space at Indeed Tower, a 36-story development nearing completion at 200 W. Sixth St. in downtown Austin. The developer, a partnership between Trammell Crow and Principal Real Estate Investors, broke ground on the 673,000-square-foot tower, formerly known as Block 71, in October 2017. The partnership expects to compete construction during the first half of next year. Troy Holme, Casey Ford and Katie Ekstrom of CBRE represented ownership in the lease negotiations, while Derek Lewis and Todd Gilfillan of Lincoln Property Co. represented the tenant.

October 14, 2020

Acquisitions California Office Western

Nome Ventures Buys Pacific Gateway Office Tower in Torrance, California for $55.5M

by Amy Works October 14, 2020

TORRANCE, CALIF. — Silicon Valley-based Nome Ventures has purchased Pacific Gateway, an office tower located at 19191 S. Vermont Ave. in Torrance within the South Bay submarket of Los Angeles County. An undisclosed seller sold the asset for $55.5 million. Built in 1981 and renovated in 2019, the 10-story tower features 237,145 square feet of Class A office space. The $6 million renovation included an upgraded lobby, new corridors, a new tenant amenity center and exterior improvements. At the time of sale, the building was nearly 84 percent occupied. Current tenants include Optum Care (formerly DaVita Medical Group), Kumon, Farmers Insurance Federal Credit Union and Olgetree Deakins. Kevin Shannon, Bill Bloodgood, Ken White, Scott Schumacher and Aly Chelf of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction. Greg Grant of CBRE Capital Markets in Los Angeles, along with Mike Longo, Todd Tydlaska and Sean Sullivan of CBRE, arranged $39.3 million in financing for the buyer.

October 14, 2020

Development Illinois Midwest Office Top Stories

Howard Hughes, Riverside Open 55-Story Office Tower Along Chicago River

by Kristin Harlow October 14, 2020

CHICAGO — The Howard Hughes Corp. and Riverside Investment & Development have opened 110 North Wacker Drive, a 55-story office tower situated along the Chicago River. The 1.5 million-square-foot project is the tallest office building completed in the city in the last three decades, according to the developers. Bank of America is the anchor tenant. Other opening-day tenants include real estate investment advisor Heitman, global investment bank Lincoln International and law firms Jones Day and Morgan Lewis. Construction began in summer of 2018. Although no development cost was disclosed, Bank of America and JP Morgan Chase provided a $495 million construction loan at that time. The Class A tower features a 45-foot-wide riverwalk on its ground level. The covered area, which connects two downtown pedestrian paths and a small park, offers 22,000 square feet of public space. The project features technology designed to maximize overall health and wellness. This includes best-in-class HVAC systems, advanced dispatch elevators and a customized app that provides touchless building access, transportation information, event listings and the ability to book fitness and spa activity. Several enhancements have been added to address COVID-19 concerns, including advanced secondary air filtration systems, more air changes per hour than most …

October 14, 2020

Acquisitions North Carolina Office Southeast

Turnbridge Equities Purchases 180,000 SF Office Tower in Durham

by Alex Tostado October 13, 2020

DURHAM, N.C. — Turnbridge Equities has purchased Tower at Mutual Plaza, a 15-story, 180,000-square-foot office building in Durham’s American Tobacco District. Turnbridge acquired the property out of foreclosure. The previous owner implemented $11 million in renovations to the building’s façade, common areas, lobby and courtyard. The loan, which the previous owner defaulted on in December 2019, had $37.2 million left on the balance. North Carolina Mutual Life Insurance Co. originally developed the asset, which is situated at 411 W. Chapel St., in the 1960s. At the time of sale, tenants included North Carolina Mutual Life Insurance Co., Duke University, Duke Health, the Department of Veterans Affairs and architecture firm Perkins & Will. Knighthead Funding LLC provided acquisition financing for the New York City-based buyer.

October 13, 2020

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