Office

Griffin Capital Sells 151,289 SF Office Building Near Los Angeles for $63.5M

by Amy Works November 26, 2019

EL SEGUNDO, CALIF. — Griffin Capital Essential Asset REIT has completed the sale of an office building located at 2160 Grand Ave. in El Segundo. SteelWave acquired the asset for $63.5 million, or $420 per square foot. Griffin Capital acquired the 151,289-square-foot property in February 2014 for $52.7 million. At that time the property was fully leased to a single tenant with a lease expiration of June 30, 2021. As part of the transaction, Griffin delivered the property unencumbered by the lease. The Shannon Team of Newmark Knight Frank represented the seller in the transaction.

November 26, 2019

Loans Office Oregon Western

Clarity Real Estate Receives $18.2M in Refinancing for Creative Office Asset in Portland

by Amy Works November 26, 2019

PORTLAND, ORE. — Canada-based Clarity Real Estate and its affiliated private equity fund received an $18.2 million bridge loan for the refinancing of 1500, a five-story creative office building located at 1500 NE Irving St. in Portland. Originally built in 1965, the 73,274-square-foot building was fully renovated into creative office space this year. The repositioned property features 10-foot windows, exposed ceilings, polished concrete floors and full-floor availability on the second floor. On-site amenities include a fitness center with shower facilities, conference room, bike room, tenant lounge and 100 parking stalls. Zack Holderman, Zach Kersten and Daniel Pinkus of JLL arranged the 36-monnth, floating-rate loan for the borrower.

November 26, 2019

Acquisitions Colorado Office Western

Pinnacle Negotiates Sale of 7,514 SF Office Building in Denver for $2.3M

by Amy Works November 26, 2019

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1666 S. University Blvd. in Denver. An undisclosed seller sold the asset to 1666 S University LLC for $2.3 million. The building features 7,514 square feet of office space. Darrin Revious of Pinnacle Real Estate Advisors represented the buyer in the deal.

November 26, 2019

Development Illinois Midwest Office

North Wells Capital Begins Expansion of 45,000 SF Office Building in Chicago’s River North

by Kristin Harlow November 26, 2019

CHICAGO — North Wells Capital, the investment affiliate of Urban Innovations Ltd., has begun expansion of 306 W. Erie, a 45,000-square-foot office building in Chicago’s River North. North Wells Capital acquired the building in May 2017 with plans to more than double its size. The expansion, designed by NORR Architects, integrates the existing brick and timber loft structure with a modern five-story addition, which will include an outdoor terrace and amenity space. Upon completion, the project will span 93,535 square feet. ARCO/Murray is the general contractor and JLL is the leasing agent. Urban Innovations will continue providing property management services.

November 26, 2019

Leasing Activity New York Northeast Office

CBRE Negotiates 4,800 SF Office Lease at Starrett-Lehigh Building in Manhattan

by Alex Patton November 26, 2019

NEW YORK CITY — CBRE has negotiated a 4,800-square-foot office lease for architecture firm Populous at The Starrett-Lehigh Building in the West Chelsea neighborhood of Manhattan. Populous is known for designing Yankee Stadium, Citi Field, Allianz Field and both Tottenham and Wembley Stadiums. The firm designed its own space on the 17th floor and will relocate from its Midtown location in April 2020. Evan Fiddle, Michael Movshovich, Mary Ann Tighe and Katja Volz of CBRE represented Populous in the lease negotiations. Daniel Birney and Denise Rodriguez represented the landlord, RXR Realty, on an internal basis.

November 26, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $32.7M Sale of Sawgrass Village Office Campus in South Florida

by Alex Tostado November 25, 2019

SUNRISE, FLA. — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a more than 112,000-square-foot office campus in Sunrise, 12 miles northwest of Fort Lauderdale in Broward County. MG3 Realty LLC acquired the asset for $32.7 million, or $290 per square foot. The name of the seller was not disclosed, but multiple media outlets have reported the seller as DWS Group, a subsidiary of Deutsche Bank. Sawgrass Village comprises two single-story office buildings developed in 2000 on an 11.3-acre site within Sawgrass International Corporate Park. The 612-acre master-planned office park houses more than 3 million square feet of office and industrial space. Located at 1300 Concord Terrace, the park is adjacent to Interstates 75 and 595, offering direct access to Fort Lauderdale-Hollywood Airport and Miami International Airport. Both buildings at Sawgrass Village were 100 percent occupied at the time of sale by Comcast and Bolton Medical. Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella of Cushman & Wakefield’s Capital Markets team represented DWS in the sale. Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance Group secured a $21.3 million acquisition loan from Citigroup Inc. for MG3 …

November 25, 2019

Development North Carolina Office Southeast

SLI Capital, Atlas Stark to Begin Construction on 65,000 SF East End Market Project in Raleigh

by Alex Tostado November 25, 2019

RALEIGH, N.C. — SLI Capital, a real estate investment management firm, and Atlas Stark, a Raleigh-based real estate development firm, will soon begin the construction of East End Market, a 65,000-square-foot adaptive reuse project located in Raleigh’s East End neighborhood. Common Desk, a Dallas-based coworking space provider, signed on to take 28,423 square feet in East End Market in partnership with Workplace Hospitality Management, which is expanding Common Desk throughout the Carolinas and Tennessee. Common Desk’s East End Market location will feature space for community events, private offices and enterprise suites, as well as custom design elements like local art installations, industrial-sized roll-up doors, conference rooms and an outdoor patio. The project is scheduled for completion in fall 2020.

November 25, 2019

Development Office Texas

Partnership to Develop 215,000 SF Office Project in Deep Ellum Area of Dallas

by Taylor Williams November 25, 2019

DALLAS — A partnership between Hines, Westdale Real Estate Investment & Management and Ivanhoe Cambridge has acquired land in the Deep Ellum area of Dallas for the development of The Stack Deep Ellum, a 215,000-square-foot commercial project. The 16-story building will be located at 2700 Commerce St. and feature 200,000 square feet of office space and 15,000 square feet of ground-floor retail space. 5G Studio Collaborative is the architect for the project, construction of which is scheduled to begin in December.

November 25, 2019

Development Midwest Office Wisconsin

Hy Cite Opens 90,000 SF Headquarters in Middleton, Wisconsin

by Kristin Harlow November 25, 2019

MIDDLETON, WIS. — Hy Cite Enterprises has opened its 90,000-square-foot corporate headquarters in Middleton, a suburb of Madison. Designed by EUA and built by Ideal Builders, the new office consolidates three offices and multiple departments into one building. Amenities include a fitness center, café, outdoor garden, demonstration kitchen and underground parking. The project incorporates energy-efficient features such as a solar panel array and high levels of insulation. Hy Cite sells kitchenware through a network of 6,000 independent distributors in the United States, Mexico and South America.

November 25, 2019

Development Northeast Office Pennsylvania

AREP, Partners Underway on Development of 260,000 SF Office Building in Metro Philadelphia

by Alex Patton November 25, 2019

CONSHOHOCKEN, PA. — American Real Estate Partners (AREP), Oliver Tyrone Pulver Corp. (OTP) and Partners Group are underway on the development of Seven Tower Bridge, a 260,000-square-foot office building in Conshohocken, a northern suburb of Philadelphia. OTP will lease 4,000 square feet of space in the new building, and asset management firm Hamilton Lane will lease 130,000 square feet. Amenities include walking paths, a 30-mile bike trail and a fitness center. Skidmore, Owings & Merrill designed the building, which is slated for delivery in early 2021.

November 25, 2019

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